Board of Governors of the Federal Reserve System

As of and for the Years Ended December 31, 2018 and 2017 and Independent Auditors’ Report Federal Reserve Banks Combined Financial Statements

projection of economic activity in the near term, with real GDP now forecast...projection of economic activity is considerably weaker than in the November

economic slack, while the idiosyncratic component does not. That said,...economic assumptions or ad hoc judgments about what factors are affecting

economic statistics and from anecdotal reports is that the economic expansion...projection for real GDP growth over the second half of this year to reflect

projections should include any planned capital actions including dividends...projections, based on at least four scenarios: i. BHC Baseline - a BHC-defined

projections for the first half of 1973 continued to suggest that growth...projections for the first half of 1973 were very similar to those of 4

projections suggested that the current advance in real GNP, though moderate...projections reflected an expectation that final sales would continue to

projection suggested that, even if the President's 8/15/67 -2 fiscal program...projections for the second half of the year was the possibility of a strike

projections of changes in reserves by weeks during the period October ...projections which Mr. Thomas had pre sented indicated that little decline

Economic Adviser, Federal Reserve Bank of Philadelphia Mr. Sandberg, Securities...Economic Cooperation and Development which implied that it might have