Board of Governors of the Federal Reserve System

Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. The Macroeconomic

Meeting of the Federal Open Market Committee on June 24–25, 2008 A joint meeting of the Federal Open Market Committee and Board of Governors of

dollars for the reason that, while operations in the System account before...dollars. That the executive committee be further directed, until otherwise

dollar’s subsequent decline.2 Late in the period, the release of trade...dollar. On a bilateral basis, the dollar depreciated against most other

dollars 1997 1998 1999 2000 1 FA165000005 Net lending (+) or net borrowing...dollars; amounts outstanding end of period, not seasonally adjusted 1997

dollars 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1 Credit market...dollars 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1 Domestic 192.9

dollars 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1 Credit market...dollars 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1 Domestic 958.8

dollars 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 1 Credit market...dollars 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 1 Domestic 678.1

dollars 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1 Credit market...dollars 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1 Domestic 37.4

dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Credit market...dollars 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1 Domestic 67.1