Board of Governors of the Federal Reserve System

key channel in the transmission of monetary policy to the real economy...fundamentals—for example, productivity growth, saving–investment imbalances

compared with preceding periods. Economic growth at a modest pace was ...prices rose in some areas compared with the previous reporting period

the ratio of earnings before interest and taxes relative to interest expenses—and...key indicator of corporate debt vulnerabilities. Nonfinancial corporate

prices. Prices There continued to be more reports of price declines than...price increases are expected to be short-term at best. Prices have increased

compared to year-earlier levels, but oil production is up about 10 percent...compared to a year ago. A Minnesota resort owner says, "We will have a

compared to July and increases over August of last year. For most of the...compared to last year, although stores specializing in footwear did not

and, more recently, the emergence of a significant surplus. This, in turn...oil-price shocks and, thus, how best to respond to them. Any evaluation

compared with a year earlier. A manager at a Minneapolis area mall reported...compared with a year ago. Tourism officials in South Dakota expect an

prices rose a bit less in May; energy prices recorded another sizable ...prices changed little and prices of other items advanced more slowly.

and, as a consequence, the United States at one time had more than 25,000...and, for the most part, do not contain monetary policy recommendations