Board of Governors of the Federal Reserve System

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price their products, consolidate or eliminate services they believe to...key role to play in this effort, and are in a position to encourage a

Key Findings Noncash Payments Card Payments Automated Clearinghouse Payments...compared with 6.2 percent from 2000 to 2012. The annual number of check

prices continued to put pressure on agricultural incomes. The energy sector...prices rose 3 percent year over year. In Philadelphia, home prices were

price of shelter with rents because rent reflects the price of occupying...And, indeed, the homeownership rate of heads of households younger than

the IOR rate). Meeting participants expressed a range of views on the

key manufacturing sectors continued to feel the adverse impacts of turmoil...and, like residential construction, displayed no signs of slowing in December

for example, AAA) ratings from a list of approved ratings agencies--and...CD rate, typically resulting in a rate close to the federal funds rate

compares the staff’s current economic projection with the one we presented...prices are not expected to fall as rapidly. KEY BACKGROUND FACTORS Monetary

key features: • A New-Keynesian structure for price and wage dynamics....and, hence, price pressures as in Gali (2011). • Production of goods and