Board of Governors of the Federal Reserve System

key findings that enhance the understanding of the off-the-run Treasury...key focus for both regulators and investors. The Treasury market has two

over-the- counter options) give rise to exposure to the correspondents...the Board) to prescribe stan- dards to limit the risks posed by exposure

losses—and the interquartile range of firm-level loss rates is 6.3 percent...losses—and the interquartile range of firm-level loss rates is 6.3 percent

Prices, U.S. Office of Management and Budget, and author’s calculations...Prices, U.S. Office of Management and Budget, and author’s calculations

and, the most important providers of market discipline are the large, ...prices created considerable financial and economic stress--the losses

sticky-price model fits best, and captures inflation dynamics as well ...back-of-the-envelope measures of the inflation risk premium. With respect

key financial statistics. Full paper (Screen Reader Version) Keywords:...the "price puzzle") and a delayed disinflation (a "hump"). A conservative

price changes—and persistent, broad-based wage growth in services may ...compare actual core inflation after 2020 with the level predicted by the

and, if applicable, any specific examples. Yes, the Board's FOIA professionals

key question for the Fed and for society more generally. The first era...key roles in precipitating a slowdown that turned into a recession.8 And