Greenbook/Tealbook

Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files of the FOMC Secretariat at the Board of Governors of the Federal Reserve System. This electronic document was created through a comprehensive digitization process which included identifying the bestpreserved paper copies, scanning those copies, 1 and then making the scanned versions text-searchable. 2 Though a stringent quality assurance process was employed, some imperfections may remain. Please note that this document may contain occasional gaps in the text. These gaps are the result of a redaction process that removed information obtained on a confidential basis. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act. 1 In some cases, original copies needed to be photocopied before being scanned into electronic format. All scanned images were deskewed (to remove the effects of printer- and scanner-introduced tilting) and lightly cleaned (to remove dark spots caused by staple holes, hole punches, and other blemishes caused after initial printing). 2 A two-step process was used. An advanced optimal character recognition computer program (OCR) first created electronic text from the document image. Where the OCR results were inconclusive, staff checked and corrected the text as necessary. Please note that the numbers and text in charts and tables were not reliably recognized by the OCR process and were not checked or corrected by staff. Confidential (FR) Class III FOMC May 12, 2000 CURRENT ECONOMIC AND FINANCIAL CONDITIONS Supplemental Notes Prepared for the Federal Open Market Committee by the staff of the Board of Governors of the Federal Reserve System Contents 1 The Domestic Nonfinancial Economy .......................... Producer Prices .................................. Consumer Sentiment .................... ............ . 1 3 Business Inventories ................................. 3 Tables Recent Changes in Producer Prices ........................ Michigan Survey of Consumer Attitudes ................... Changes in Manufacturing and Trade Inventories ............. 2 .4 5 Charts Inventory-Sales Ratios, by Major Sector .................... 6 U.S. International Transactions ............................. Prices of Internationally Traded Goods ..................... 7 Tables Prices of U.S. Imports and Exports ........................ 9 7 10 The Financial Economy ................................... Tables Selected Financial Market Quotations .................... Commercial Bank Credit ............................ . 10 11 Supplemental Notes The Domestic Nonfinancial Economy Producer Prices The producer price index for finished goods declined 0.3 percent in April, after having registered large increases in the previous two months. Energy prices turned down last month, declining 4.1 percent, while food prices were up 1.0 percent. Outside of food and energy, the finished goods index increased 0.1 percent in April. Over the past twelve months, the core measure is up 1.3 percent, down a little from its 1.6 percent rate of rise in the previous twelvemonth period. The downturn in energy prices followed two months of extremely large increases and, for the most part, reflected the pass-through of declines in prices of crude oil. Gasoline prices dropped back 11.7 percent last month while prices of heating oil fell 14.0 percent. In contrast, natural gas prices moved up 1.6 percent in April and have risen more than 10 percent over the past year. Despite last month's decline, energy prices are almost 19 percent higher than twelve months earlier, largely the result of the rise in oil prices over most of that period. The increase in wholesale prices for finished foods largely reflected higher prices for meats, poultry, and fish. In addition, the PPI for eggs rose sharply last month, although weekly data indicate that prices have since retraced that run-up. Over the past twelve months, finished food prices increased 2.8 percent following a small decline over the previous twelve months. Prices of core consumer goods edged up 0.1 percent in April. Prices of passenger cars rose 0.4 percent, but prices of light trucks moved down a touch. Tobacco prices were little changed for the second consecutive month. Over the past twelve months, the PPI for core consumer goods rose 1.7 percent, down about 1 percentage point from its year-earlier pace; this step-down reflects a substantial deceleration in tobacco prices; excluding tobacco, core consumer prices rose about 1 percent over the past year, roughly 1/ percentage point more than their year-earlier pace. Prices of capital goods rose 0.2 percent in April, as higher prices for cars, heavy trucks, and assorted other items were only partly offset by a drop in computer prices. In April, computer prices fell 2.4 percent, after an unusually small decline in March; over the past year, the PPI for computers has fallen about 17 percent, a somewhat slower pace of decline than in the preceding year. Overall prices of capital goods were up 0.7 percent over the past twelve months, an acceleration of roughly 1/2 percentage point from the previous year's pace. RECENT CHANGES IN PRODUCER PRICES (Percent change; based on seasonally adjusted data) 1 Relative importance, Dec. 1999 1999 1998 1999 Q3 2000 Q4 Q1 ----- Annual rate------ Finished goods 2000 Mar. Apr. -Monthly rate- 100.0 .0 2.9 6.8 .9 8.6 1.0 -.3 22.9 13.8 63.3 38.9 24.4 .1 -11.7 2.5 4.2 .0 .8 18.1 .9 1.2 .3 3.3 37.6 2.5 3.8 .3 -2.0 5.9 .8 1.1 1.2 3.3 59.0 1.1 .8 .9 .1 5.8 .1 .1 .1 1.0 -4.1 .1 .1 .2 Intermediate materials 2 Excluding food and energy 95.5 81.6 -3.0 -1.6 4.0 1.9 6.6 3.4 3.6 2.1 9.8 3.9 1.0 .4 -. 2 .4 Crude food materials Crude energy Other crude materials 38.8 39.4 21.8 -11.0 -23.8 -16.0 -. 1 36.9 14.0 3.7 134.4 22.6 -3.6 -27.9 26.2 21.0 91.5 10.2 3.5 1.2 -. 2 1.7 -6.9 -1.2 Consumer foods Consumer energy Other finished goods Consumer goods Capital equipment 1. Changes are from final month of preceding period to final month of period indicated. 2. Excludes materials for food manufacturing and animal feeds. RECENT CHANGES IN PRODUCER PRICES -- RELATIVE CONTRIBUTION 1 (Percent change; based on seasonally adjusted data) 2 Relative importance Dec. 1999 1999 1998 1999 Q3 Q4 2000 --Q1 ----- Annual rate-----Finished goods Consumer foods Consumer energy Other finished goods Consumer goods Capital equipment 100.0 22.9 13.8 63.3 38.9 24.4 .0 .0 -1.6 1.5 1.6 .0 2.9 .2 2.2 .6 .5 .1 6.8 .8 4.3 1.6 1.5 .1 .9 -. 5 .8 .5 .4 .3 8.6 .7 7.0 .7 .3 .2 2000 Mar. Apr. -Monthly rate1.0 .0 .8 .1 .0 .0 1. Data may not add due to rounding. 2. Changes are from final month of preceding period to final month of period indicated. -.3 .2 -. 6 .1 .0 .1 At earlier stages of processing, the PPI for intermediate goods excluding food and energy rose 0.4 percent in April, continuing the steady string of increases seen since early last year. These prices have risen 3.3 percent over the past year, up noticeably from the 1.5 percent decline in the year-earlier period. Prices of core crude goods declined 1.2 percent last month, following small declines in the preceding two months; over the past year, however, these prices are up 15.4 percent. Consumer Sentiment According to the preliminary results, the Michigan Survey Research Center index of consumer sentiment edged higher in early May. Respondents' assessments of their current personal financial situations were markedly more upbeat this month while their views on their expected finances one year from now were unchanged. Expectations of future business conditions improved a bit in early May and have now moved higher for the past two months following a sharp drop in March. Appraisals of buying conditions for large household appliances ticked down this month but still remained at a very positive level. Among those questions not in the overall measure, the index of expected unemployment change dropped five points in early May, suggesting a noticeable improvement in views on the labor market over the next year. Appraisals of car buying conditions edged higher this month. However, assessments of buying conditions for homes fell sharply to the lowest level since June 1995, reflecting less favorable views on interest rates and house prices. Indeed, the share of respondents that felt that now was not a good time to buy because mortgage rates were too high was 15 percent in early May. Last May, only three percent of respondents felt that interest rates were too high. Inflation expectations eased a bit in early May. The mean of expected inflation over the next twelve months edged down 0.1 percentage point to 3.4 percent, and the median dropped 1/4 percentage point to 2.9 percent. The mean of expected inflation over the next five to ten years also ticked down 0.1 percentage point this month to 3.1 percent while the median was unchanged at 2.8 percent. Business Inventories The book value of retail inventories rose at an annual rate of $18.2 billion in March; excluding motor vehicles, retail inventories increased at an annual rate of $12.4 billion. For the first quarter as a whole, non-auto retail inventories accumulated at an $8.4 billion rate, down from a $27.8 billion pace in the fourth quarter of 1999. With sales increasing 1.2 percent in March, the inventory-sales ratio at non-auto retailers edged down to 1.33 months. This ratio has declined substantially since early last year and is now at a very lean level by historical standards. May 12, 2000 UNIVERSITY OF MICHIGAN SURVEY RESEARCH CENTER: SURVEY OF CONSUMER ATTITUDES (Not seasonally adjusted) 1999 1999 1999 1999 2000 2000 2000 2000 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. 107.2 115.9 101.5 103.2 112.7 97.1 107.2 116.8 101.0 105.4 112.2 101.1 112.0 117.3 108.6 111.3 116.8 107.8 107.1 115.4 101.7 109.2 117.8 103.7 110.9 120.6 104.7 Personal financial situation Now compared with 12 months ago* Expected in 12 months* 132 135 127 133 138 138 133 132 135 141 132 138 135 136 130 137 139 137 Expected business conditions Next 12 months* Next 5 years* 150 124 140 118 146 123 150 125 165 133 161 136 146 128 152 130 154 131 Appraisal of buying conditions Cars Large household appliances* Houses 145 169 149 146 166 149 148 166 156 141 158 154 144 169 152 153 172 153 134 165 150 148 176 151 149 175 141 47 62 48 59 50 68 50 70 51 85 48 75 52 67 54 70 45 70 110 112 111 105 104 106 109 109 103 20 20 21 19 19 21 20 19 17 3.2 2.7 3.5 2.9 3.3 2.9 3.6 3.0 3.5 3.0 3.5 2.9 3.8 3.2 3.5 3.2 3.4 2.9 3.5 2.9 3.2 2.8 3.5 2.9 3.2 2.9 3.5 3.0 3.3 2.9 3.8 3.1 3.2 2.8 3.1 2.8 2000 May (p) Indexes of consumer sentiment (Feb. 1966=100) Composite of current and expected conditions Current conditions Expected conditions Willingness to use credit Willingness to use savings Expected unemployment change - next 12 months Prob. household will lose a job - next 5 years Expected inflation - next 12 months Mean Median Expected inflation - next 5 to 10 years Mean Median * -- Indicates the question is one of the five equally-weighted components of the index of sentiment. (p) -- Preliminary (f) -- Final Note: Figures on financial, business, and buying conditions are the percent reporting 'good times' (or 'better') minus the percent reporting 'bad times' (or 'worse'), plus 100. Expected change in unemployment is the fraction expecting unemployment to rise minus the fraction expecting unemployment to fall, plus 100. CHANGES IN MANUFACTURING AND TRADE INVENTORIES (Billions of dollars; annual rate except as noted; based on seasonally adjusted Census book value) 1999 2000 2000 category Q3 Q4 Q1 50.6 79.8 63.9 71.5 72.6 47.7 45.1 69.4 54.2 48.5 79.9 34.4 11.9 18.8 23.4 27.9 39.5 2.6 15.0 27.2 20.1 32.6 32.3 -4.5 Merchant wholesalers Less motor vehicles 23.7 20.7 25.7 22.8 26.2 22.5 29.3 26.4 22.3 21.8 27.0 19.3 Retail trade Automotive dealers Less automotive dealers 15.1 2.6 12.5 35.3 7.5 27.8 14.4 6.0 8.4 14.3 20.1 -5.8 10.7 -7.8 18.5 18.2 5.7 12.4 Manufacturing and trade Less wholesale and retail motor vehicles Manufacturing Less aircraft Jan. Feb. Mar. SELECTED INVENTORY-SALES RATIOS IN MANUFACTURING AND TRADE (Months' supply, based on seasonally adjusted Census book value) Cyclical reference points Range over preceding 12 months Category 1990-91 high Manufacturing and trade Less wholesale and retail motor vehicles 1991-98 low High Low March 2000 1.58 1.37 1.37 1.32 1.31 1.55 1.34 1.34 1.29 1.28 Manufacturing Primary metals Steel Nonelectrical machinery Electrical machinery Transportation equipment Motor vehicles Aircraft Nondefense capital goods Textiles Paper Chemicals Petroleum Home goods & apparel 1.75 2.08 2.56 2.48 2.08 2.93 .97 5.84 3.09 1.71 1.32 1.44 .94 1.96 1.36 1.46 1.59 1.61 1.21 1.51 .53 4.05 2.04 1.38 1.06 1.25 .80 1.59 1.33 1.66 2.10 1.64 1.22 1.52 .55 4.47 .04 1.58 1.20 1.40 .85 1.60 1.28 1.53 1.88 1.47 1.15 1.38 .51 3.68 1.79 1.52 1.12 1.30 .68 1.52 1.26 1.54 1.86 1.48 1.13 1.44 .52 4.72 1.85 1.57 1.12 1.31 .68 1.49 Merchant wholesalers Less motor vehicles 1.36 1.31 1.24 1.22 1.33 1.31 1.27 1.25 1.28 1.25 1.83 .96 1.53 .90 1.61 .99 1.55 .94 1.58 .94 1.61 1.48 1.45 1.39 1.46 1.38 1.41 1.34 1.40 1.33 2.23 2.68 2.54 .83 1.58 2.01 2.29 .80 1.72 1.96 2.33 .82 1.61 1.92 2.19 .79 1.64 1.90 2.17 .81 Durable goods Nondurable goods Retail trade Less automotive dealers Automotive dealers General merchandise Apparel Food .0 Inventory-Sales Ratios, by Major Sector (Book value) Manufacturing Ratio Mar. I .I 1987 I i 1989 1991 I _I i I 1993 I 1995 I I 1997 I 1999 Wholesale Excluding Motor Vehicles 1987 1989 1991 Ratio 1993 1995 1997 1999 Retail Excluding Autos Ratio Mar. - -1 1987 - . 1I 1989 . 1991 11. 1993 I I I I-i 1995 1997 T - 1999 The increase in non-auto retail stocks in March was concentrated at furniture outlets and in the other durables category, a grouping that includes stores selling sporting goods, toys, and jewelry. Sales at furniture and other durables stores were relatively weak in March compared with their recent trends, and inventorysales ratios for both of these categories moved up. In contrast, stocks at general merchandisers fell sharply in March. Total manufacturing and trade inventories excluding auto dealers rose at an annual rate of $34.4 billion in March, following a $79.9 billion increase in February. With total non-vehicle shipments and sales up 1.4 percent in March, the inventory-sales ratio for this aggregate fell to 1.28 months. For the first quarter as a whole, total book-value manufacturing and trade inventories excluding motor vehicles increased at an annual rate of $54.2 billion. This is about $7 billion less than BEA had assumed when preparing the advance estimate of first-quarter GDP. A lower-than-expected rate of stockbuilding by manufacturers accounts for this difference. Today's retail inventory figures were in line with what the BEA had assumed and with the staffs assumptions in the May Greenbook. U.S. International Transactions Prices of Internationally Traded Goods Oil. The price of imported oil (BLS) fell sharply in April following a small decline in March. OPEC's decision in late March to increase production by 1.7 million barrels per day was the main factor driving down oil prices. After having dropped an average of $4 per barrel in April, the spot price of West Texas intermediate has recently moved back up to around $29 per barrel following shipping delays in Norway and amid indications that OPEC may not increase production further when the group meets in June. Non-oil imports. Prices of imported non-oil goods, as well as prices of imported "core" goods (which exclude oil, computers, and semiconductors), increased only slightly in April following two months of stronger rises. Prices of imported industrial supplies rose 0.1 percent in April after having recorded substantially larger increases in February and March. Prices of imported machinery (other than computers and semiconductors) rose marginally in April following small declines in four of the past five months. The price indexes for imported automotive products and consumer goods were unchanged from March levels. Prices of imported computers declined for the fourth consecutive month in April, while prices of imported semiconductors increased for the first time since September. -8Exports. Prices of total goods exports declined slightly in April following three consecutive months of increases. For exported agricultural products, prices rose for the fourth consecutive month. Prices of exported "core" goods (which exclude agricultural products, computers, and semiconductors) declined in April after having risen for the last thirteen months. A drop in the price of exported industrial supplies (led primarily by lower prices for fuels) outweighed an increase (for the fourth consecutive month) in the price of exported machinery. The prices of computer exports declined for the fifth consecutive month, while the price of semiconductor exports, like imports, increased for the first time since September. Prices of U.S. Imports and Exports (Percentage change from previous period) Annual rates 1999 2000 Q4 Q1 Q3 Monthly rates 2000 Feb. Mar. Apr. ---------- BLS prices (1995 weights)-----------9.0 8.2 10.4 2.0 0.2 -1.6 178.2 83.5 104.7 14.7 -0.7 -12.7 -0.1 1.9 1.7 0.3 0.2 0.1 1.0 2.5 1.9 0.5 0.3 0.1 Merchandise imports Oil Non-oil Core goods* Foods, feeds, beverages Industrial supplies ex oil Computers Semiconductors Cap. goods ex comp & semi Automotive products Consumer goods Merchandise exports Agricultural Nonagricultural Core goods* Industrial supples ex ag Computers Semiconductors Cap. goods ex comp & semi Automotive products Consumer goods Chain price index Imports of goods & services Non-oil merchandise Core goods* -6.8 7.9 13.7 -7.4 -2.1 0.8 -0.4 2.6 9.9 -1.0 -1.6 0.3 0.5 0.1 0.7 10.8 -1.9 -3.9 -1.7 0.7 -0.7 -0.3 1.6 -0.4 -0.3 0.1 0.1 0.0 -0.3 2.3 -0.5 -0.3 -0.3 0.0 -0.4 1.1 0.1 -0.5 1.3 0.1 0.0 0.0 0.7 -4.2 1.1 1.6 2.4 -1.7 3.0 4.1 3.0 0.6 3.4 4.4 0.5 1.2 0.5 0.6 0.5 0.1 0.5 0.7 -0.1 0.6 -0.2 -0.3 10.1 -8.6 -9.6 -0.5 0.8 0.3 10.6 -2.0 -3.6 0.5 2.6 1.3 12.4 -3.7 -5.0 0.9 0.5 0.9 1.6 -0.6 -0.1 0.1 0.0 0.2 1.8 -0.3 -0.5 0.1 0.4 -0.1 -0.9 -0.3 0.1 0.2 0.0 0.0 --- Prices 6.2 -0.7 1.1 in the NIPA accounts (1996 weights)--4.9 5.6 0.9 0.7 1.3 1.4 1.3 Exports of goods & services Nonag merchandise 1.0 2.5 Core goods* */ Excludes computers and semiconductors. n.a. Not available. ... Not applicable. 2.6 2.7 3.0 1.8 1.8 1 3.2 Oil Prices Dollars per barrel Spot West Texas Intermediate 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 -10- Selected Financial Market Quotations (One-day quotes in percent except as noted) 1999 Change to May 11from selected dates (percentage points) 2000 Instrument FOMC* 1999 1999 FOMC* June 29 Dec. 31 Mar. 21 May 11 June 29 Dec. 31 Mar. 21 4.75 5.50 5.75 6.00 1.25 .50 .25 4.70 4.92 4.89 5.17 5.49 5.63 5.74 5.89 5.87 5.96 6.15 6.00 1.26 1.23 1.11 .79 66 .37 .22 .26 .13 5.18 5.12 5.13 5.75 6.00 6.04 6.37 6.54 1.19 1.42 1.24 .79 .37 .50 5.21 5.32 5.43 5.72 5.90 6.08 6.07 6.18 6.38 6.50 6.68 6.89 1.29 1.36 1.46 .78 .78 .81 .43 .50 .51 Eurodollar deposits 2 1-month 3-month 5.13 5.25 5.69 5.88 6.06 6.16 6.47 6.69 1.34 1.44 .78 .81 .41 .53 Bank prime rate 7.75 8.50 8.75 9.00 1.25 .50 .25 Intermediate- and long-term U.S. Treasury (constant maturity) 2-year 10-year 30-year 5.68 5.93 6.07 6.24 6.45 6.48 6.52 6.18 5.99 6.82 6.43 6.16 1.14 .50 .09 .58 -.02 -.32 .30 .25 .17 U.S. Treasury 10-year indexed note 4.01 4.33 4.16 4.15 .14 -.18 -.01 Municipal revenue (Bond Buyer) 5.62 6.23 6.16 6.23 .61 .00 .07 Corporate bonds. Moody's seasoned Baa 8.05 8.18 8.32 8.92 .87 .74 .60 10.53 10.94 11.14 11.90 1.37 .96 .76 7.63 5.93 8.06 6.56 8.24 6.68 8.52 6.96 46 .40 .28 .28 Short-term FOMC intended federal funds rate Treasury bills 3-month 6-month 1-year 1 Commercial paper 1-month 3-month Large negotiable CDs 1-month 3-month 6-month 1 High-yield corporate 4 Home mortgages (FHLMC survey rate) 30-year fixed I-year adjustable 5 Record high Level Date Dec. 31 FOMC* Mar. 21 May 11 11,723 1,527 5,049 606 14,752 1-14-00 3-24-00 3-10-00 3-9-00 3-24-00 11,497 1,469 4,069 505 13,813 10,680 1,457 4,610 549 14.053 10,546 1,408 3.500 489 13,041 Stock exchange index Dow-Jones Industrial S&P 500 Composite Nasdaq (OTC) Russell 2000 Wilshire 5000 I. 2. 3. 4. 5. * Change to May 11 from selected dates (percent) 2000 1999 .89 1.03 Record high -10.04 -7.83 -30.68 -19.26 -11.59 Dec. 31 FOMC* Mar. 21 -8.27 -4.18 -14.00 -3.04 -5.58 -1,26 -3.35 -24.09 -10.89 -7.20 Secondary market. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Most recent Thursday quote. Merrill Lynch 175 high-yield bond index composite. For week ending Friday previous to date shown. Data are as of the close on March 20, 2000. BA:DAM -11- Commercial Bank Credit (Percent change, annual rate, except as noted; seasonally adjusted) Type of credit Total 1. Adjusted1 2. Reported Q4 Q1 Feb. Mar. Apr. Level, Apr. 2000 1999 2000 2000 2000 2000 ($ billions) 5.4 4.0 9.2 9.0 11.3 10.8 8.4 8.8 8.9 9.3 12.1 10.7 4,830 4,902 8.0 2.8 2.4 4.3 3.7 -5.8 7.2 5.6 3.5 .4 2.4 3.7 5.6 7.4 -2.8 10.3 5.0 -4.3 1,209 1,281 809 3.5 22.1 9.4 -.3 25.7 21.2 472 1999 Securities 3. 4. 5. 6. Adjusted' Reported U.S. government Other 2 3 7. 8. 9. 10. 11. Loans Total Business Real estate Home equity Other 4.5 4.9 9.1 -2.8 10.2 11.0 9.0 15.6 5.2 16.4 12.7 10.9 17.6 22.6 17.2 11.0 10.8 14.2 25.3 13.4 10.0 10.5 13.4 29.2 12.2 12.7 9.8 16.0 40.6 14.2 3,621 1,039 1,541 113 1,428 12. 13. 14. Consumer Adjusted 4 Other 5 -2.2 4.5 -1.6 2.8 8.1 9.8 12.9 7.6 2.2 11.6 2.1 2.3 7.4 7.2 2.1 9.3 7.9 12.3 509 807 532 Note. All data are adjusted for breaks caused by reclassifications. Monthly levels are pro rata averages of weekly (Wednesday) levels. Quarterly levels (not shown) are simple averages of monthly levels. Annual levels (not shown) are levels for the fourth quarter. Growth rates are percentage changes in consecutive levels, annualized but not compounded. These data have been benchmarked to the December 1999 Call Report. 1.Adjusted to remove effects of mark-to-market accounting rules (FIN 39 and FIN 115). 2. Includes securities of corporations, state and local governments, and foreign governments and any trading account assets that are not U.S. government securities. 3. Excludes interbank loans. 4. Includes an estimate of outstanding loans securitized by commercial banks. 5. Includes security loans and loans to farmers, state and local governments, and all others not elsewhere classified. Also includes lease financing receivables. BA:LRC 

Federal Reserve (2000, May 15). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_20000516_part1

@misc{wtfs_greenbook_20000516_part1,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {2000},
  month = {May},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_20000516_part1},
  note = {Retrieved via When the Fed Speaks corpus}
}