Board of Governors of the Federal Reserve System

lower interest rates have not yet appreciably stimulated District car ...remained slow. Credit quality was stable, with problems remaining largely

stable after improving during much of the past year. In the farm economy...remained lower than a year ago, with little refinancing activity taking

remain, particularly for industries most affected by the pandemic and ...debt—high-yield bonds and institutional leveraged loans—surged in the

Treasury securities with remaining maturities of 6 years to 30 years and...Treasury securities with remaining maturities of 3 years or less--by the

lower credit quality on average than high-yield bond issuers, credit losses...remained resilient during the pandemic but the stress episode associated

moving forward with implementation at this particular time is so important...lower credit quality mortgage borrowers, and individual loans and investments

moving up briefly over $5.00 per Mcf in June. The increase in petrochemical...yields for Texas cotton, potentially pushing down prices. Return to top

fast-moving, including runs on funding that can quickly place the very

lower bound where the ability to provide additional support in response...yields a model in which if there is a shock that causes U.S. interest

stable prices. Overall, FOMC participants expected that, under appropriate...stable inflation expectations and steadily diminishing resour