Board of Governors of the Federal Reserve System

economic analyses of globalization’s impact and those of the broader public

ECONOMIC AND FINANCIAL CONDITIONS Part 2 Recent Developments Prepared ...economic activity held up reasonably well in the first half of the year

economic activity of the municipalities in which these banks operate.

economic policy directive. For example, it is not considered necessary...economic conditions underlying the objectives described, such as are included

Summary. The decline in overall economic activity has moderated considerably...cost-of-living adjustment. Wage and salary disbursements declined slightly

summary descriptions of economic and financial conditions they contain...projections, like those of a month earlier, suggested that real economic

promotion-of-maximum-employment imperative of the Federal Reserve’s dual...part-time-of-necessity” or “underemployed” because their hours have been

SUMMARY AND OUTLOOK Prepared for the Federal Open Market Committee by ...projection. Under our policy and economic assumptions, we put the unified

Summary Staff analysis of the effect of changing the interest rate on ...end-of-period IOER of 50 basis points. As a result, in theory, banks would

projections, and therefore undue reliance should not be placed on them...SUMMARY FINANCIAL INFORMATION ........................................