Board of Governors of the Federal Reserve System

key element in the recent firming in aggregate activity. During the second...the typical accelerator effect--and credit conditions tightened. Lately

key variables describing U.S. economic activity and asset prices under...scenario—the euro area, Japan, and developing Asia—experience sharp declines

for instance, if the price of oil were to be lower, the U.S. dollar stronger...key role that the expectations of households, workers, firms, and investors

price of imported crude oil, which led to sharp hikes in retail energy...prices early in the year and again around midyear. Apart from energy,

and the interdependent nature of many of the forces affecting our financial...pricing of credit to their customers as the central bank changes the stance

Prices on Inflation in the Advanced Foreign Economies Harun Alp, Matthew...compared to the average over the past 20 years. DOI: https://doi.org/10.17016

key functions to promote the effective operation of the U.S. economy and...the sum of its reported LCLOR and additional reserves) rated the relative

the latest available data), a rate similar to the average annual gain ...and many others--house price increases have outstripped gains in incomes

price stability and full employment--and puts them on an equal footing...and] to afford means of rediscounting commercial paper." The absence of

best in the years to come. Thank you. [Sustained applause] And now let...prices of U.S. equities—which market participants have attributed to the