Board of Governors of the Federal Reserve System

and, on September 4, the discount rate was increased from 5-1/2 to 6 percent...concerns about inflation and anticipation of some tightening of monetary

Treasury bills and CDs. Interest rates in long-term debt markets declined...fiscal policy, continued to indicate relatively sluggish growth of consumer

yields with savings rates. I- 6 Given the rate structure on time and savings...yield levels of municipals -- of

In te gr at ed A cc ou n ts 142 Z.1, June 11, 2015 S.1.a Total Economy - Current Account Billions of dollars 2004 2005 2006 2007 2008 2009 2010

concern about the proposed amendments to the “trading account” definition...concern about the proposed revisions to the metrics reporting requirements

yields on, say, 91-day bills. There is, of course, something to be said...yields. Policy is formulated only as a continuation of, or change from

and the lingering slack in labor and product markets-- I-2 should be consistent...fiscal policy, we continue to assume that no major budget initiatives

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

yields on money and short-term credit market instruments, and movements...policy which permits member bank borrowings to remain in a $400 - $600

concern about how the Federal Reserve might revise the Comprehensive Capital...yield results that are inconsistent with the spirit of the proposed regulation