Board of Governors of the Federal Reserve System

and, in the event of such stress, how we would respond to avoid failure...compared to our projected net cash outflows over a 30-day period. As shown

portfolio—the Fed can create a larger volume of reinvestments each month...key threats to financial stability. It would also be preferable to having

for example, makeup strategies, forward guidance, and balance sheet policies...pressures—and widespread across broad demographic groups. In this environment

compare that with the data. We examine the time series properties of the...comparing the simulated moments on regional savings from the model with

and/or fuel in consumption. In EMEs, as global price shocks are likely...and/or fuel are indeed necessities in the consumption basket.2 We find

and in, particular, towards a specific monetary regime that had become...practices—and took as given the goals assigned to the FOMC in the Federal

and, at this point, fund nearly 25 percent of community bank assets. For...CD balances may have been transferred to money market or savings accounts

reopened—the Board staff significantly underestimated both the size and...years—for instance, shocks to supply chains and to labor supply—the staff

and/or unsupervised activities), the breadth and nature of product and

1The Commitee states that The maximum level of employment is a broad-based...2The concept of the natural rate is often attributed to Friedman (1968