Board of Governors of the Federal Reserve System

.4.1 statistical release, �Factors Affecting Reserve Balances of Depository...½to be announced� (TBA) MBS combined with an agreement to sell or purchase

year-to-year changes in the profitability of the credit card operations...4.83 2002 6.06 2003 6.73 2004 6.30 2005 4.40 2006 7.65 2007 5.08 2008

98.4 98.5 98.5 98.6 98.7 98.8 98.9 99.0 99.1 99.1 | 98.3 98.5 98.8 99.1...99.2 99.3 99.4 99.5 99.6 99.7 99.8 99.9 100.0 100.1 100.1 100.2 | 99.3

4 percent in 2017 and about 3/4 percent in 2018 before falling back about...4-1/4 percentage points below its long-run average. Within manufacturing

4 percent in 2017 and about 3/4 percent in 2018 before falling back about...4-1/4 percentage points below its long-run average. Within manufacturing

108.4 114.1 Iron ore mining | 21221 | .04 | 96.2 97.9 99.2 99.0 109.0 ...99.6 97.9 99.2 102.6 100.3 | 95.5 99.6 98.6 102.3 104.5 99.5 Sugar and

4 Interest rates paid (in percent) Reserve balance requirements 1 Top ...99 0 2,516,872 Dec. 2013 170 13 0 59 98 0 2,540,848 Jan. 2014 127 9 0

.4 As discussed below, the size of this value is a reflection of the low...4Details of this simple example are described in Section 1.5 below as

108.4 114.1 Iron ore mining | 21221 | .04 | 96.2 97.9 99.2 99.0 109.0 ...99.6 97.9 99.2 102.6 100.3 | 95.5 99.6 98.6 102.3 104.5 99.5 Sugar and

99.6 100.7 101.7 102.9 | 102.7 97.7 99.3 94.4 98.8 109.3 Copper, nickel...99.2 103.2 101.4 99.1 96.5 | 93.9 95.1 100.8 99.6 99.0 100.4 All other