Board of Governors of the Federal Reserve System

or worse, the new term malign neglect, a euphemism for competitive devaluation...remain unchanged in our forecast and are about $3 billion less than Administra

remain. Please note that this document may contain occasional gaps in ...remained depressed in February. Prices continued to increase rapidly,

lower trajectory moving into the second quarter.2 Nonetheless, our estimated...or 'better') minus the percent reporting 'bad times' (or 'worse'), plus

yields on Treasury notes and bonds and on 1/ The Board reduced from 6 ...Treasury bills was 6.33 per cent, 20 basis points below its level 4 weeks

lowered because of foreign reinsurance payments for hurricane damage. ...or exports. Manufacturers' inventories, on a current cost basis, declined

remain moderate even if, as assumed, the income tax surcharge were reduced...lower for the sixth consecutive month. There were unusually large net

remain moderate even if, as assumed, the income tax surcharge were reduced...lower for the sixth consecutive month. There were unusually large net

yields on intermediate Treasury issues have increased as much as 60 basis...yields prevailing in bond markets. The Treasury has raised $3.8 billion

remained strong. Rates advanced more for Treasury bills than for other...Yields on long-term securities, like those on short-term issues, rose

yield spread is relative to the seve 9 -year Treasury yield. BBB corporate...Treasury yield. Implied Interest Rate Volatilities Percent Daily Oct 15