Board of Governors of the Federal Reserve System

Treasury who may or may not feel that it is a good idea to intervene very...moving too far did become

remained positive about economic conditions and the outlook, although ...remained strong across most Districts. Several directors highlighted ongoing

stable. It was not evident whether there soon would be either an upturn...yields in the Govern ment securities market, and intervention in the Government

remain. Please note that this document may contain occasional gaps in ...yield a sizable increase in real GDP if a moderate productivity gain is

treasury, human resources, and other operational and managerial services...treasury management services through the Commercial Banking business.

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

Treasury yields dropped about 35 basis points. Lower interest rates, together...yield spreads on junk bonds have widened slightly but remain relatively

remain. Please note that some material may have been redacted from this...Treasury and municipal securities markets..................... 11 Mortgage

moving average of the staff’s constructed series on real adjusted durable...Treasury yield curve estimated using off-the-run securities. 5. Most recent

lower margin levels in order to attract more trading volume, which is ...lower margins following volatility de- clines, implying that margin-induced