Board of Governors of the Federal Reserve System

remain fairly high for a while, based on reasoning you are familiar with...Treasury are disinvested to permit the Treasury to pay off the first of

remain robust, and inventories appear to be at moderate levels. Furthermore...or nonresidential construction. Atlanta reports little or no slowdown

Treasury's November refunding operation and their support of the au:tion...Treasury bills. As you may remember, they were awarded something over

Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Financial

remained above 25% for the past two decades. A sequence of papers, like

remained skepticism that there was any real commitment to stop the dollar's...lower. The Chairman's Humphrey-Hawkins testimony on February 20 was interpreted

moving average Changes in Private Payroll Employment 1999 2000 2001 2002...moving averages. * Adjusted to the payroll concept. ** Adjusted for benchmark

yield equivalent of around 6 per cent. Other short-term rates have remained...lower level of bond yields can continue in the face of upward rate pressures

stable level without sacrificing long-term growth.1 Several studies have...lower inflation and generally better economic performance than countries

lower yields. Lower longer-term rates helped stimulate the economy, just...lowering the yields on those assets as well. 17 Large-Scale Asset Purchases