Board of Governors of the Federal Reserve System

concerns about decreased leisure travel to the Gulf Coast. Retail sales

and probably in March--and other private demands sluggish, we are holding...and particularly auto dealers--began to liquidate stocks in contrast to

and/or are inconsistent with the institution's business strategies or ...concern regarding both safety-and-soundness issues as well as the appropriate

concerns about excessive stocks were not widespread. Total housing starts...Fiscal policy

concerns about the vigor of the expansion in several of our major trading...and, perhaps, at the expense of direct investment in securities, although

policy concerns, stress tests, and the reliance on economic models in ...policy concern after the Dodd-Frank Act and, if so, based on what considerations

and, as I will explain, there are good reasons to expect that we will ...and, by implication, the appropriate stance of monetary policy will depend

Treasury bills, Difficulties have arisen from time to time in executing...and, when such procedure would be the most effective method, to trade

policy, September 2012 Appropriate timing of policy firming 2012 2013 ...policy, the first increase in the target federal funds rate from its current

policy Appropriate Timing of Policy Firming 2012 2013 2014 2015 2016 Number...policy and in the absence of further shocks to the economy, the first