Board of Governors of the Federal Reserve System

remain. Please note that some material may have been redacted from this...remain disquieting signs of continued weakness in auto sales, in residential

Treasury. Yields on municipal bonds have declined on balance since the...Yields in the Treasury bill market fluctuated in a relatively narrow range

yield in FNMA auction 1/ 5.29 (12/13) 5.10 5,38 5.50 6.31 (12/11) (12/...Yield on short-term forward commitment after allowance for commitment

lowering short-term policy rates alone would not be sufficient to counter...remained on the books of banks are instead converted into securities and

Remained basically unchanged Eased somewhat Eased considerably Total Tightened...Remained basically unchanged Eased somewhat Eased considerably Total All

remain. Please note that some material may have been redacted from this...lower projections in several other areas of final demand. In the latter

remain comparatively high. In the current quarter, according to staff ...remain relatively strong; and that the rate of inventory accumulation

remain near 2 percent. Indicators of longer-term inflation expectations...Treasury securities held outright in the System Open Market Account that

remain. Please note that this document may contain occasional gaps in ...moving them well above the Committee's December-to-March target paths.

lowering the foreign currency price of commodities, and thereby increasing...lower than when actual GDP is included in the regressions. If we include