Board of Governors of the Federal Reserve System

SUMMARY AND OUTLOOK Nonfinancial . . . . . . . . . Outlook . . . . . ....SUMMARY AND OUTLOOK Nonfinancial Data becoming available since the preceding

summary descriptions of economic and financial conditions they contain...projections suggested, however, that the shortfall in growth from the

summary descriptions of economic and financial conditions they contain...cost-of-living increase in social security payments, and other factors

Economic Association, and Federal Reserve Bank of St. Louis for valuable

economic hardship. The war and related events are creating additional ...economic activity and inflation, and economic and financial developments

Summary and GNP outlook, . . . . . .. Industrial production. . . , . ,...Summary and outlook. . . .. . Monetary aggregates, . . . . . Bank credit

economic activity. Consistent with this view of financial stability, the...economic conditions, are typically surprises and are inherently difficult

SUMMARY page i First District-Boston page 1 Second District-New York page...Summary* [Asterisk: Prepared by the Federal Reserve Bank of Cleveland.

Summary and GNP outlook . . . . . . . . . . . . . . .. .. - 1 Industrial...Summary and outlook . . . . . . . .. . . . . . - 1 Monetary aggregates

of, and the outlook for, loan markets and financial markets generally?...economic activity and key economic indicators would indicate a robust