Board of Governors of the Federal Reserve System

policy, including the discount rate. The following then entered the meeting...policies associated with the shift to Phase III, and also the direct and

concerns that second-round effects may lead to sustained inflationary ...concern. 3See, for instance, Bernanke et al. (1997); Barsky and Kilian

Yields minus Central Bank Policy Rates June 1, 2000 - January 26, 2001Basis...Fiscal policy will be stimulative next year. We assume a package of tax

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policy applies some additional restraint in the coming months. The yield...Treasury bond yields are expected to inch upward over the projection period

Policy Statement on the Scenario Design Framework for Stress Testing AGENCY...policy statement SUMMARY: The Board is adopting a final policy statement

Treasury and the private sector picked up, Treasury rates backed up appreciably...yields on higher-rated paper edged down, but rates on lower-grade paper

yield curve (Gurkaynak, Sack & Wright, 2010; D’Amico, Kim & Wei, 2014)...policy, suggesting that surveys reflect, in part, the public’s under-

policy--debates that have often brought alternative perspectives to the...policy actions. . . . We hoped also to improve policy discussion.”2 This

and, although we don’t yet have a full set of December data in hand, sales...fiscal restraint seems probable at the federal level. Moreover, state