Greenbook/Tealbook

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Content last modified 6/05/2009. CONFIDENTIAL SUPPLEMENT CURRENT ECONOMIC AND FINANCIAL CONDITIONS Prepared for the Federal Open Market Committee August 17, 1973 By the Staff Board of Governors of the Federal Reserve System SUPPLEMENTAL NOTES The Domestic Economy Gross national product in the second quarter rose $29.5 billion to a seasonally adjusted annual rate of $1,272.0 billion, according to Commerce Department revised estimates. (The Commerce preliminary esti- mates had indicated a rise of $28.5 billion.) The new estimates indicate that prices rose a little more than indicated earlier, with the GNP implicit price deflator at a 7.3 percent annual rate and the GPP (gross private product) fixed weighted price index at a 7.9 percent annual rate. The larger increases in these aggregate price measures than indi- cated a month ago are due mainly to higher June food prices than had been anticipated when the earlier estimates were made. GNP is In real terms, indicated to have risen at a 2.4 percent per year rate, instead of the 2.6 percent rate shown earlier. Consumer expenditures for nondurable goods and for services, net exports of goods and services, and Federal government nondefense purchases rose slightly more than indicated before, and consumer expenditures for durable goods, business fixed investment, inventory investment, and State and local government purchases of goods and services rose slightly less. Defense purchases are now indicated to have declined a trifle last quarter. Corporate profits before tax increased $10.5 billion to $130.1 billion, annual rate, in the second quarter, and net cash flow of corporations (domestic operations) rose $5.8 billion to $110.7 billion. On an N.I.A. basis Federal government receipts and expenditures were in balance, after being in deficit for more than three years, and the N.I.A. budget position of State and local governments declined further, although continuing in substantial surplus. CONFIDENTIAL - FR -2 - August 16, 1973 GROSS NATIONAL PRODUCT AND RELATED ITEMS (Quarterly figures are seasonally adjusted. Expenditures and income figures are billions of dollars, with quarterly figures at annual rates.) 1973-I 1973-II Rev. Change Amount from 73-1 Amount Change from 72-IV Prel. Change from 73-I 1242.5 1237,8 969.2 969.2 43.3 46.9 39.0 35.5 28.5 27.8 21.4 19.7 1272.0 1267.5 992.2 989.4 29.5 29.6 22.9 20.1 779.4 132.2 322.2 325.0 26.8 9.3 11.5 6.0 15.7 0.9 7.6 7.2 795.6 132.8 330.3 332.6 16.2 0.6 8.1 7.6 194.5 59.0 130.9 4.6 4.4 5.1 2.1 6.6 -3.6 -3.5 4.7 0.5 3.5 0.7 0.7 198.2 59.6 134.1 4.5 4.4 0.0 89.7 89.7 3.5 10.0 6.5 1.7 5.4 3.7 2.8 97.2 94.4 2.8 7.5 4.7 268.6 105.5 74.3 31.2 163.0 7.9 2.8 1.9 0.9 5.0 6.4 1.0 0.2 0.8 5.5 275.3 107.3 74.2 33.1 168.0 6.7 1.8 -0.1 1.9 5.0 Gross national product in constant (1958) dollars GNP implicit deflator (1958 = 100) 829.3 149.8 17.0 5.3 834.3 5.0 Personal income Wage and salary disbursements Disposable income Personal saving Saving rate (per cent) 996.6 666.7 851.5 50.0 5.9 20.5 18.0 22.8 -4.4 Corporate profits before tax Corp. cash flow net of div. (domestic) 119.6 104.9 13.5 7.2 Surplus or deficit (-), (N.I.A. basis) Federal government State and local government -5.0 13.9 Gross National Product Final purchases Private Excluding net exports Personal consumption expenditures Durable Nondurable Services Gross private domestic investment Residential construction Business fixed investment Change in business inventories Nonfarm Net exports of goods and services Exports Imports Gov't. purchases of goods and services Federal Defense Other State & local --- Per Gross National Product GNP in constant (1958) dollars GNP implicit price deflator Gross NATIONAL Product fixed weighted price index 2/ Gross PRIVATE Product fixed weighted price index 2/ 1/ At compound rates. 2/ Using expenditures in 1967 as weights. 15.2 8.7 6.1 - -0.1 0.0 152.5 22.5 15.8 18.9 2.4 1019.0 682.6 869.7 51.0 -- 5.9 - 3.7 0.6 3.2 130.,1/ 110.7- 22.4 15.9 18.2 1.0 10.5 5.8 0.1 -n.a -n.a 11.6 Cent Change at Annual Rates----9.5 -2.6 -6.8 9.9 2.4 7.3 7.8 7.2 7.6 7.0 7.5 7.9 -3Personal income increased by $7.3 billion (annual rate) in July, and the change in June was revised downward slightly to $7.9 billion. Growth in personal income slowed to about a $6-1/2 billion rate during the winter months (November to March), but has been increasing at about a $7-1/2 billion rate since March. Wage and salary disbursements increased by $4.7 billion in July, compared with an average increase of $5-1/2 billion from March to July. Factory payrolls rose by $1.2 billion in July, a considerably smaller increase than in other recent months reflecting a decline in manufacturing employment over the month. PERSONAL INCOME (Billions of dollars; seasonally adjusted, annual rate) Net change: June 1973July 1973 May 1973 June 1018.7 1026.6 1033.9 Wage and salary disbursements Government Private Manufacturing 682.0 143.7 538.3 194.7 688.2 144.4 543.8 197.0 692.9 145.0 547.9 198.2 4.7 0.6 4.1 1.2 Nonwage income 379.2 381.2 384.4 3.2 42.5 42.8 43.4 0.6 Total Less: Personal contributions for social insurance July 7.3 -4Seasonally adjusted private housing starts, which had dropped sharply in June, increased moderately in July to an annual rate of 2.18 million units. Altogether, the July rate was somewhat below the reduced second quarter average and well below the near-record rate in the first quarter of the year. Moreover, with building permits at a new low for this year and mortgage markets generally tightening further, resumption of the earlier decline in starts is indicated over the period ahead. Unlike housing starts, completions of new residential units in the second quarter of the year continued at the record rate reached in the first quarter; and in June--the latest month for which data are available--they were a tenth above a year earlier. Given the lag between starts and completions, further increases in completions are anticipated. PRIVATE HOUSING PERMITS, STARTS, AND COMPLETIONS (Seasonally adjusted annual rates, in millions of units) QI(r) 1973 June(r) QII(r) July(p) Percent change in July from: Year ago Month ago Permits 2.19 1.94 2.03 1.82 -11 -17 Starts 2.40 2.21 2.09 2.18 + 4 - 3 1-family 1.36 1.20 1.12 1.25 +12 - 5 2-or morefamily 1.04 1.01 .93 .93 2.11 2.11 2.10 n.a. Completions - 5 - 3 1/ +10 1/ -7 1/ + 5 1/ MEMO: Mobile home shipments .68 .65 .62 n.a. p/ Preliminary 1/ Percent changes shown based on June 1973. -5The Domestic Financial Situation Nonbank financial institutions. FHLBB estimates of deposit flows at savings and loan associations during July have been revised downward. The estimated loss during the last 11 days of the month is now $800 million instead of $700 million. The monthly growth rate for savings and loan associations is now estimated at 1.0 percent (SAAR), and the revised rate for both sets of institutions is -0.5 percent (SAAR). Data for early August indicate continued deposit outflows at both S&L's and New York mutual savings banks. According to FHLBB sample data, savings and loan associations had a net deposit outflow of about $400 million during the first 10 days of August. Sample data for seventeen large New York City mutual savings banks indicate that these institutions experienced a net deposit loss of $43 million during the first 15 days of August; the net outflow at these banks for the comparable period in July was $126 million. Long-term private security markets. A strong rally developed in the long-term private security markets in mid-week, and yields on the FRB indexes for new issue and recently offered Aaa utility bonds dropped 22 and 14 basis points respectively by Thursday afternoon. The Bond Buyer index of yields on long-term tax-exempt securities declined 11 basis points. Corporate dealers, in particular, have sizable short positions, and the rally is mainly a result of attempts by professional traders to cover shorts. However, institutional investors are exhibiting more interest in long-term securities recently because of the still light forward supply and a conviction on the part of many market participants that rate peaks will occur relatively soon. - 6 SELECTED LONG-TERM INTEREST RATES (Per cent) New Aaa utility bonds 1/ Recently offered Aaa utility bonds 1/ Long-term U.S.Government State and bonds (10-year local bonds 2/ constant maturity) 1973 July Aug. -- * 6 13 20 27 7.92 7.92 3 10 17 8.03 7.80 7.85 7.94 8.12 5.34 5.40 5.37 5.48 8.31 8.52 8.30p 8.28 8.30r 8.16 5.59 5.58 5.47 7.02 7.05 7.09 7.24 7.48 5.54 7. 4 6 p 1/ 2/ * FRB series. Bond Buyer. No observations available for new issues rated A or higher that meet the criteria for inclusion in the series. p/ Preliminary. CORRECTIONS Page 1-33: Table on Wholesale Spot Prices should follow Page 1-31. Column 3 in that table should read July 10, 1973 to August 13, 1973. Page II-22: Paragraph 2, figure on line 5 should be 8.40 percent. - 7 INTEREST RATES 1973 July 16 Aug. Highs Lows 10.58 (7/25) 5.61 (1/3) (8/14) (8/13) (8/16) (8/9) 5.12 (1/4) 8.86 10.25 10.75 11.06 10.38 (8/15) 5.38 (1/3) 9.00 (7/11) 10.38 8.96 (8/14) 10.25 (8/16) 9.72 (8/15) 5.38 (1/4) 7.92 5.63 (1/12) 9.00 5.64 (1/3) 8.73 16 Short-Term Rates Federal funds (wkly. avg.) 3-month Treasury bills (bid) Comm. paper (90-119 day) Bankers' acceptances Euro-dollars 9.05 10.38 10.75 11.69 9.52 (7/11) 10.39 (8/15) 7.85 5.63 (1/12) 9.13 5.75 (1/11) 9.25 5.81 (1/5) 9.88 CD's (prime NYC) 60-89 day Most often quoted new 6-month Treasury bills (bid) Comm. paper (4-6 mo.) Federal agencies CD's (prime NYC) 180-269 day Most often quoted new 8.64 10.25 9.54 9.38 (8/15) 5.63 (1/3) 8.75 (7/11) 9.38 8.49 (7/27) 9.49 (8/13) 5.40 (1/4) 5.86 (1/2) 7.77 8.44 8.26 9.30 8.50 (8/15) 6.00 (8/8) 5.75 (1/3) 3.20 (1/3) 7.90 (7/11) 4.90 (7/11) 8.50 5.90 Treasury coupon issues 5-years 20-years 8.13 (8/7) 7.83 (8/7) 6.23 (1/4) 6.04 (1/3) 7.21 7.21 7.54 7.56 Corporate Seasoned Aaa Baa 7.73 (8/16) 8.57 (8/16) 7.10 (1/2) 7.44 7.88 (1/12) 8.23 7.73 8.57 8.52 (8/8) 7.29 (1/10) 7.92 (7/11) 8.3 0p(8/15) Municipal Bond Buyer Index 5.59 (8/1) 5.00 (1/17) 5.40 (7/11) 5.47 (8/15) Mortgage--implicit yield in FNMA auction 1/ 8.71 (8/8) 7.69 (1/8) 8.71 (818) 1-year Treasury bills (bid) Federal agencies CD's (prime NYC) Most often quoted new Prime municipals Intermediate and Long-term New Issue Aaa Utility 8.38 (7/11) 1/ Yield on short-term forward commitment after allowance for commitment fee and required purchase and holding of FNMA stock. Assumes discount on 30year loan amortized over 15 years. A - 1 APPENDIX A: DEMAND DEPOSIT OWNERSHIP SURVEY SECOND QUARTER 1973* Recently available Demand Deposit Ownership data for all commercial banks indicate an increase in gross IPC demand deposits (daily averages, not seasonally adjusted) in the second quarter of 1973, following a substantial decline in these deposits in the previous three month period (Table 1). According to the survey results, almost all of the total growth in IPC deposits in the April-June period was due to an increase in nonfinancial business deposits and deposits held by households. However, both these ownership categories showed considerably less strength in the second quarter of 1973 than in the same period of last year. Consequently, while the aggregate expansion in IPC deposits in the latest survey period was approximately equal to the increase in the comparable period of 1971, it was substantially less than the abnormally large growth in deposits in the second quarter of 1972. It had been thought that part of the strong growth in M1 during the second quarter of this year was attributable to increased deposits by households associated with larger than expected personal income tax refunds in April and May. However, with consumer deposits in the second quarter showing less strength than in previous years, there is little support for this hypothesis in the DDOS data. In other ownership categories, the survey data show an increase in foreign deposits in the second quarter, while financial business deposits declined. The decrease in these latter deposits, however, appeared to be no more than seasonal and was equally divided between large and small banks (Table 2). A marginal decline in "all other deposits"--which includes deposits of non-profit and charitable organizations--at large banks was offset by an apparently contraseasonal increase in these balances at smaller banks so that in the aggregate there was no net change in these deposits in the April-June period. As shown in Table 2, a slightly larger increase in IPC deposits was reported at non-weekly reporting banks in the second quarter than at the larger weekly reporting banks. This difference is attributable to a somewhat larger expansion in consumer balances at the smaller banks which generally hold a greater proportion of total household balances. It might also be noted in Table 2 that the second quarter changes in *Prepared by Martha Strayhorn, Economist, Banking Section, Division of Research and Statistics. A-2 deposit ownership reflected a relatively different year-over-year pattern at weekly reporting banks compared to non-weekly reporting banks. At the former banks, the change in almost all ownership categories in the second quarter of 1973 closely paralleled changes in the two preceding years, with only foreign-owned deposits showing somewhat greater strength. At non-weekly reporting banks, however, 1973 increases in corporate and household balances were noticeably weaker than last year while other deposit categories were generally stronger. A - 3 Table 1 CHANGE IN LEVEL OF GROSS IPC DEPOSITS BY OWNERSHIP CATEGORY, ALL COMMERCIAL BANKS 1/ (Billions of dollars, not seasonally adjusted) Financial business Year QI 1970 -971 L972 n.a. 1.0 1.7 n.a. 0 - .2 -. 2 -2.3 0 1973 -.2 - .2 Year QI Foreign QII QIII 1970 1971 1972 1973 n.a. .1 0 .2 n.a. - .1 0 .3 QII QIII QIV -. 2 -. 1 0 .3 .6 .9 QIV -. 1 .1 .1 Nonfinancial business QIV QII QIII QI n.a. -6.4 -5.8 n.a. 3.3 5.0 -7.1 3.2 2.7 1.9 4.0 QI All other QII QIII n.a. .3 1.6 -. 5 n.a. 0 -1.3 0 .4 -. 8 .4 4.6 6.9 8.4 Households QI QIII QIV 2.4 1.2 2.6 2.2 1.2 2.4 Total QII QIII QIV QII n.a. .8 -3.9 na. 1.8 5.7 - .3 1.7 QIV QI .3 1.0 .9 n.a. -4.2 -6.3 -8.0 n.a. 4.9 7.1 5.0 5.3 2.1 7.0 7.3 9.7 12.6 1/ Changes are based on daily averages of last-month-in-quarter to last-month-inquarter, not annualized. Data are before deduction for cash item in process of collections. Figures may not sum to total due to rounding. A -4 Table 2 SECOND QUARTER CHANGE IN LEVEL OF GROSS IPC DEMAND DEPOSITS BY OWNERSHIP CATEGORY, AT WEEKLY REPORTING BANKS VS. NON-WEEKLY REPORTING BANKS1/ (Billions of dollars, not seasonally adjusted) Year Financial business WRB NON-WRB TOTAL 1971 1972 1973 -.1 .1 -. 1 Year WRB 1971 1972 1973 Nonfinancial business WRB NON-WRB TOTAL - .1 -2.4 - .1 - .2 -2.3 - .2 1.7 1.3 1.7 Foreign NON-WRB TOTAL WRB 0 .1 .1 -. 1 - .1 0 .3 0 - .3 -1.3 .3 0 .3 -. 1 .1 1.6 3.7 1.5 3.3 5.0 3.2 All other NON-WRB TOTAL 0 -1.3 0 WRB Households NON-WRB TOTAL .6 .8 .6 1.2 4.9 1.1 1.8 5.7 1.7 WRB Total NON-WRB TOTAL 2.5 2.2 2.4 4.9 4.9 7.1 2.3 2.7 5.0 1/ Changes are based on daily averages of last-month-in-quarter to last-monthData are before deduction for cash items in in-quarter, not annualized. data for total and weekly reporting banks are Only process of collection. reported; thus figures for non-weekly reporting banks are residuals. B- 1 SUPPLEMENTAL APPENDIX B: CORPORATE PROFITS* Corporate Profits Corporate profits estimates released today by BEA place aggregate profits in the second quarter at $130.1 billion (seasonally adjusted annual rate), 37 per cent above a year ago and 9 per cent above the first quarter. Foreign dividends and branch profits accounted for $8.5 billion--nearly 50 per cent above a year ago and earnings on foreign exchange transactions are presumed to account for a considerable portion of this increase. Federal Reserve Bank earnings at a $4.4 billion rate were up nearly 30 per cent over a year ago and were 13 per cent (not annualized) above the first quarter. Profits of other financial institutions were at a $17.0 billion rate, 21 per cent above a year earlier and 6 per cent above the first quarter. At $100.2 billion, domestic nonfinancial profits are 40 per cent higher than in the second quarter of 1972. Less than half of the increase represents real growth, however; the remainder, or $21.1 billion, represents inventory profits arising from increases in prices. When allowance is made for this, the increase in earnings for the domestic non-financial sector is 22 per cent over a year ago. On this adjusted basis, manufacturing profits were 34 per cent above a year earlier, 41 per cent for durable goods and 27 per cent for nondurable goods industries. For regulated industries, the addition of the IVA (inventory valuation adjustment) converts a modest increase into a 7 per cent decline, while the trade, service and construction group shows an increase of 8 per cent over a year ago. The substantial decline in the pay-out rate for both the aggregate and domestic nonfinancial business combined with only a modest increase in the effective tax rate contribute to the substantial increase in undistributed profits and cash flow. Furthermore, 60 per centof the $8.5 billion of foreign earnings represents the repatriated earnings on direct investment which are also available to the U. S. parent for liquidity or other financing needs. This is included in the aggregate though not in the domestic nonfinancial total in the table. *Prepared by Helen S. Tice, Economist, Capital Markets Section, Division of Research and Statistics. B -2 CORPORATE PROFITS, NATIONAL INCOME BASIS All Corporations 1/ Percentage 1973-11 Change from: $Billion5 / 1972-11 1973-I Domestic Nonfinancial Corps. Percentage 1973-11 Change from: 5 / 1972-1T 1973-1 $Billion5/ Profits + IVA 109.0 23.9 4.5 79.1 21.7 3.0 Profits before tax 130.1 37.2 8,8 100.2 39.8 8.8 Profits tax 57.5 38.8 9.1 48.3 42,9 9.0 Profits after tax 72.6 36.0 8.5 51.9 36.9 8.6 Dividends 27.3 5.4 1.5 21.8 2.5 1.9 Undistributed profits 45.2 64.4 13,0 30.2 81.9 14.4 115.8 23.6 6.0 97.7 22.0 5.4 .2 Cash flow net of dividends 2/ Effective tax rate 3/ 44.0 .7 .2 48.2 2.3 Payout rate 4/ 37.6 -22.5 -6.5 42.0 -25.3 1/ Includes foreign dividends and repatriated branch profits. 2/ 3/ 4/ 5/ Undistributed profits plus capital consumption allowances. Profits tax/profits before tax, per cent. Dividends/profits after tax, per cent. Seasonally adjusted annual rates. -6.3 B - 3 Sales, Profits and Profit Margins in Manufacturing Industries Preliminary data from the FTC (Federal Trade Commission) indicate that manufacturing profits for the second quarter increased even more sharply than previously reported. For manufacturing as a whole, both before and after taxes, profits were almost 35 per cent higher than in the comparable quarter a year ago. For many industries, the rate of increase over the first quarter was even larger. The greatest increases before taxes were in primary metals (58 per cent) and petroleum (61 per cent); the smallest, in food (15 per cent) and motor vehicles (18 per cent). The relatively weak performance of the motor vehicles sector is largely attributable to the fact that General Motors, which accounted for nearly 60 per cent of before tax profits for this group, had earnings only 11 per cent above the second quarter of 1972. In the food and beverage sector there was a considerable dispersion in rates of earnings growth reported by large companies, and rates of increase were higher for the group of small companies in the FTC sample than for those with assets over $100 million. The substantially improved earnings of major corporate producers of steel, nonferrous metals, and petroleum products are clearly reflected in the approximately 60 per cent rate of increase over a year ago in the earnings of these industries. It is also likely that foreign earnings contributed heavily to the performance of petroleum manufacturers. Although profit margins were increased during the first three months of 1973, they rose still further in the second quarter and now chemicals and additional members of the "other nondurables" group appear to be over their Phase IV ceilings as well as the manufacturers of building materials, instruments, and electric machinery who had reached this position earlier in the year. Motor vehicle manufactureres now appear to be well under their ceiling, though the seasonal adjustment procedure may have overcorrected for the normal sharp second quarter increase in margins. In the case of all other industries except primary metals and petroleum, however, there is little room for margin increases under Phase IV ceilings even if the cost-pass-through regulations should permit it. MANUFACTURING SALES AND PROFITS (Not seasonally adjusted) $Billion 1973Q2 All Manufacturing Sales % Change from: Profits Before Tax $Billion % Change from: 1972Q2 1973Q2 1972Q2 1973Q1 1973Q1 Profits After Tax $Billion % Change from: 1973Q2 1972Q2 1973Q1 255.1 19.6 9.7 22.5 34.6 23.2 13.0 35.4 24.1 135.1 21.2 11.5 12.8 33.8 24.4 7.3 37.6 27.9 Primary metals 16.9 25.9 11.9 1.3 57.6 39.5 53.4 38.8 Motor vehicles 23.8 17.5 4.3 2.7 17.7 2.9 1.5 22.9 4.7 Electrical machinery 22.8 18.1 9.7 1.9 36.8 18.7 1.1 39.4 25.0 Other machinery 22.5 23.4 12.9 2.4 36.5 22.0 1.3 41.2 22.9 Other durables 49.2 21.9 15.4 4.5 36.2 41.9 2.6 39.9 47.1 119.9 17.9 7.7 9.7 35.8 21.5 5.8 32.8 19.6 22.5 17.9 6.7 2.2 61.1 23.4 1.7 53.4 20.6 21.3 20.3 9.3 2.8 41.4 16.4 1.6 39.8 16.8 Food/ 34.4 17.5 6.1 1.6 15.4 15.2 .9 15.7 18.2 Other- 41.7 17.1 8.9 3.2 28.9 28.8 1.6 19.8 22.1 Durables Nondurables Petroleum Chemicals 2/ .8 Source: Preliminary Federal Trade Commission estimates. Confidential until release of final estimates. 1/ Includes other transportation equipment, fabricated metals, stone, clay and glass, lumber, furniture, instruments and miscellaneous manufactures. 2/ Includes drugs. 3/ 4/ Includes alcoholic beverages. Includes tobacco, textiles and apparel, leather, rubber, paper, and printing and publishing. B- 5 BEFORE TAX PROFIT MARGINS IN MANUFACTURING (In Per Cent) Phs IV Phase IV Ceiling All Manufacturing 197 Year 1972 Year Total Seaonll Ajte Seasonally Adjusted 197204 1973Q1 1973Q2 8.56 7.45 7.79 8.06 8.26 8.86 7.71 7.92 8.73 8.48 Primary metals 8.47 5.21 5.90 5,80 6.56 Motor vehicles 10.01 9.13 9.25 10.52 8.55 7.84 7.20 7,78 8.04 8,09 10.76 9.23 9.17 10.39 10.26 8.17 7.42 7.33 8.29 8.47 Nondurables 8.22 7.17 7.70 7.33 7.99 Petroleum 11.84 8.39 9.60 8.23 9.95 Chemicals 12.27 11.22 11.66 11.84 12.72 Food 4.94 4.60 4.67 4.61 4.71 Other 7.05 6.66 7.13 6.89 7.22 Durables Electrical machinery Other machinery Other durables Source; Calculated from the FTC data in preceding table. definitions. See notes for 

Federal Reserve (1973, August 20). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19730821_part1

@misc{wtfs_greenbook_19730821_part1,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1973},
  month = {Aug},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19730821_part1},
  note = {Retrieved via When the Fed Speaks corpus}
}