Greenbook/Tealbook
Prefatory Note
The attached document represents the most complete and accurate version available based on original files from the FOMC Secretariat at the Board of Governors of the Federal Reserve System. Please note that some material may have been redacted from this document if that material was received on a confidential basis. Redacted material is indicated by occasional gaps in the text or by gray boxes around non-text content. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act.
Content last modified 05/27/2010.
Confidential (FR) Class III FOMC
June 25, 2004
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 The Domestic Nonfinancial Economy . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Real Gross Domestic Product . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Consumer Sentiment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Home Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Orders and Shipments of Capital Goods . . . . . . . . . . . . . . . . . . . . 6 Tables Real Gross Domestic Product and Related Items . . . . . . . 2 Price Indexes for Gross Domestic Product . . . . . . . . . . . . 3 University of Michigan Survey Research Center: Survey of Consumer Attitudes . . . . . . . . . . . . . . . . . . . . . . 5 New Orders for Durable Goods . . . . . . . . . . . . . . . . . . . . . 8 Orders and Shipments of Nondefense Capital Goods . . . . 9 Charts Indicators of Single-Family Housing . . . . . . . . . . . . . . . . . 7 Orders and Shipments of Nondefense Capital Goods . . . . 9
The Domestic Financial Economy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Tables Commercial Bank Credit . . . . . . . . . . . . . . . . . . . . . . . . . 10 Selected Financial Market Quotations . . . . . . . . . . . . . . . 11
Supplemental Notes The Domestic Nonfinancial Economy Gross Domestic Product According to the BEA’s final estimate, real GDP increased at an annual rate of 3.9 percent in the first quarter after a rise of 4.1 percent in the fourth quarter of last year. The final estimate was 1/2 percentage point lower than the estimate published in last month’s preliminary release. Much of the revision was the result of the incorporation of new and revised data on trade in goods and services that now show a larger drag from net exports than had been reported last month. PCE services also were revised down somewhat reflecting the BEA’s inclusion of new source data on explicit banking services. Real final sales rose at an annual rate of 3.2 percent last quarter after having increased 3.4 percent in the preceding quarter. Among the components of final demand, real PCE moved up at an annual rate of 3.8 percent, as a decline in motor vehicles spending was more than offset by a pickup in spending on other durables, nondurables, and services. Real business fixed investment rose at a rate of 5.3 percent, and residential investment increased at a pace of 4.6 percent; each marked a stepdown from its fourth-quarter pace. Total government consumption and investment rose at an annual rate of 3 percent because of a surge in national defense spending. Net exports shaved about 3/4 percentage point from the change in real GDP last quarter after having been a smaller drag in the fourth quarter. Real private inventories accumulated at an annual rate of $25.5 billion, following a $9 billion accrual in the fourth quarter, and boosted the change in real GDP by nearly 3/4 percentage point. The chain-weighted price index for GDP rose at an annual rate of 2.8 percent in the first quarter. Core PCE prices rose at a rate of 2 percent, 1/4 percentage point more than in the preliminary release. The upward revision reflected incoming data on prices for which market-based source data are not available—mostly the price of imputed banking services. The four-quarter change in core PCE prices was 1.3 percent, compared with a 1.6 percent increase over the year-earlier period. On the income side of the accounts, real disposable personal income rose 4.9 percent in the first quarter, and the saving rate moved up to 2.2 percent, the same figure as in the preliminary release. The staff estimates that compensation per hour in the nonfarm business sector rose at an annual rate of 4.7 percent last quarter. Finally, economic profits (corporate profits with inventory valuation and capital consumption adjustments) increased $20.9 billion last quarter, far short of the $81.4-billion jump in the fourth quarter, but quite close to our expectations. As a share of GNP, profits (excluding Federal Reserve banks) held steady at 10.5 percent.
-2Real Gross Domestic Product and Related Items (Percent change from previous period at a compound annual rate; based on seasonally adjusted data, chain-type quantity indexes) 2003:Q4
2004:Q1
2004:Q1
Final
Preliminary
Final
4.1
4.4
3.9
3.4
3.7
3.2
3.2
3.9
3.8
.7
-4.2
-3.7
Nondurables
5.4
6.6
6.9
Services
2.8
4.2
3.9
Business fixed investment
10.9
5.8
5.3
Nonresidential structures
-1.4
-7.0
-7.4
Equipment and software
14.9
9.8
9.2
7.9
3.8
4.6
.7
9.2
8.5
-.5
-.7
-.3
Exports of goods and services
20.5
4.9
7.5
Imports of goods and services
16.4
5.9
10.4
9.0
28.2
25.5
-515.2
-525.2
-535.6
Nominal GDP
5.7
7.2
6.9
Nominal GDI
7.2
7.5
7.5
-1.3
-8.4
-16.8
GDP price index
1.5
2.6
2.8
PCE price index
1.0
3.0
3.2
1.2
1.7
2.0
81.4
14.4
20.9
10.5
10.4
10.5
Real disposable personal income
1.2
4.9
4.9
Personal saving rate (percent)
1.9
2.2
2.2
Item Gross Domestic Product Final sales Consumer spending Durables
Residential investment Federal government State and local government
ADDENDA: Inventory investment1 Net exports of goods and services1
Statistical
discrepancy2
Excluding food and energy Change in economic
profits2
Profit share, excluding FR
banks3
1. Level, billions of chained (2000) dollars. 2. Billions of dollars. 3. Economic profits as a share of GNP. n.a. not available.
-3Price Indexes for Gross Domestic Product (Based on seasonally adjusted data, chain-type indexes) 2003:Q4
2004:Q1
2004:Q1
Final
Prelim.
Final
1.5
2.6
2.8
1.3
3.3
3.5
1.0
3.0
3.2
4.0
2.6
2.6
-9.5
27.0
26.9
1.2
1.7
2.0
1.8
1.0
1.0
1.0
-0.2
-0.3
-8.0
-6.3
-6.3
4.7
5.3
5.6
Residential investment
7.5
6.2
7.1
Government consumption expenditures and investment
0.7
5.1
5.2
Exports of goods and services
2.6
5.6
5.7
Imports of goods and services
0.9
9.6
9.5
0.8
5.6
5.6
GDP less food and energy
1.4
2.2
2.4
Gross domestic purchases less food and energy
1.5
2.3
2.6
Item Gross domestic product Gross domestic purchases Personal consumption expenditures Food and Beverages Energy Excluding food and energy Business fixed investment Equipment and Software Computers and peripheral equipment Nonresidential structures
Nonpetroleum goods ADDENDA:
NOTE: Percent change from previous period at compound annual rates
-4-
Consumer Sentiment According to the final report, the Michigan Survey Research Center's (SRC) index of consumer sentiment jumped in June to 95.6, more than reversing its decline in the previous month. The implicit level in the second half of the month was 96.2, a moderate increase over the first half reading of 95.2. For the month as a whole, both the "current conditions" component and the "expected conditions" component of the overall index strengthened. Within the "current conditions" component, assessments of buying conditions for large household appliances improved despite recent increases in interest rates. In contrast, consumers' assessments of their current personal financial situation fell a touch relative to last month. Within the "expected conditions" component, consumers' assessments of their expected financial condition in the next twelve months moved up, and assessments of business conditions over both the next twelve months and five years rebounded sharply from their May lows. Among those items not included in the overall index, consumers' expectations about the change in unemployment over the next twelve months improved considerably in June. Consumers' appraisals of buying conditions for cars and houses were roughly unchanged. Compared with May, the June reading on median expected inflation over the next twelve months was unchanged at 3.3 percent while the median of expected inflation over the next five to ten years edged up a bit to 2.9 percent. Both figures are a shade below those in the preliminary report for the first half of June. Home Sales Homebuying remained robust in May, with sales of both new and existing homes reaching new records. New home sales jumped 14.8 percent to an annual rate of 1.37 million units.1 In addition, sales in the previous three months were revised up 5-1/2 percent. The stock of new homes for sale edged down to 372,000 units last month; at the elevated May sales pace, this stock amounted to a record low 3.3 months' supply. Sales of existing homes increased 2.6 percent in May to an annual rate of 6.8 million units. The inventory of homes for sale
1. Our contact at the Census Bureau believes that the May level of sales may be revised down as much as 5 percent next month. The Census mechanically adjusts its preliminary sales figures to reflect the usual pattern of late reports, and the adjustment depends on the number of late reports in recent months. Because April had an unusually large number of late reports and May had an unusually large number of on-time reports, our contact thinks that the typical imputation procedure overstated the number of late reports that will come in during the next month.
-5June 25, 2004
University of Michigan Survey Research Center: Survey of Consumer Attitudes Indexes of consumer sentiment (Not seasonally adjusted) 2003
2004
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
JuneF
93.7 102.5 88.1
92.6 97.0 89.8
103.8 109.5 100.1
94.4 103.6 88.5
95.8 94.2 106.8 105.0 88.8 87.3
90.2 103.6 81.6
95.6 106.7 88.5
Personal financial situation Now compared with 12 months ago2 Expected in 12 months2
107 128
105 122
119 136
111 128
114 134
113 132
113 125
112 130
Expected business conditions Next 12 months2 Next 5 years2
122 104
128 112
143 124
118 110
116 107
116 103
105 98
117 108
Appraisal of buying conditions Cars Large household appliances2 Houses
161 158 170
157 146 163
161 165 164
150 157 158
153 163 163
147 159 167
144 156 160
144 164 162
Expected unemployment change - next 12 months
105
98
95
105
108
107
107
96
Prob. household will lose a job - next 5 years
27
29
26
25
24
26
27
25
Expected inflation - next 12 months Mean Median
3.1 2.7
2.8 2.6
2.9 2.7
2.9 2.6
3.4 2.9
4.0 3.2
3.9 3.3
4.0 3.3
Expected inflation - next 5 to 10 years Mean Median
3.1 2.7
3.1 2.8
3.4 2.8
3.3 2.9
3.4 2.9
3.2 2.7
3.3 2.8
3.4 2.9
Category Composite of current and expected conditions1 Current conditions1 Expected conditions1
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. F Final. 1. Feb. 1966 = 100. 2. Indicates the question is one of the five equally-weighted components of the index of sentiment.
-6-
edged up to 2.37 million units in May, but still represented a low 4.2 months’ supply. The average price of new homes sold in May was 5.3 percent higher than a year earlier; this increase is in the middle of the range of price increases seen in recent years. The median price of new homes sold in May was 1.5 percent higher than a year earlier; this price increase is toward the lower end of the range of recent median price increases. The most recent reading for the constant-quality price index for new homes, which adjusts for changes in geographic composition and in home size and other amenities, was an increase of 5.8 percent for the year ending in the first quarter of 2004. The average price of existing homes was 10.6 percent higher in May than a year earlier, and the median price was 10.3 percent higher. Both of these increases are near the upper end of their respective ranges since early 2002. These price series do not adjust for compositional changes in the structural characteristics and amenities of homes sold. The most recent data for the repeat-sales price index for existing homes—which holds constant some of the compositional shifts that can affect the median and average prices—was 8.5 percent higher in the first quarter than a year earlier, the same rate of increase as that recorded in the fourth quarter of last year. These increases are the most rapid since early 1980.2 Orders and Shipments of Capital Goods New orders for durable goods dropped back for a second month in May. The staff's constructed series on real adjusted durable goods orders—which strips out nondefense aircraft, defense capital goods, and industries for which reported orders actually equal shipments—moved down 1.6 percent in May after having fallen 3.7 percent in April. These declines followed several months of sizable increases, and the trend in real adjusted durable goods orders, as measured by the three-month moving average, continued to edge higher in May. New orders for nondefense capital goods excluding aircraft declined 3 percent in May following a decrease of 2 percent in April. In the high-tech sector, bookings of computers and peripherals dropped back 3.6 percent, and communications orders tumbled 12.9 percent. In both cases, the declines reversed part of the larger gains recorded in April. Outside of the high-tech sector, orders weakened 1.2 percent as bookings for construction machinery and metalworking machinery retraced some of the outsized gains experienced over the past six months. Nonetheless, the overall level of new orders for nondefense
2. This index is calculated by Fannie Mae and Freddie Mac using price data obtained when houses are sold repeatedly or refinanced.
-7-
Indicators of Single-Family Housing
Prices of Existing Homes
Existing Home Sales 7000
Thousands of units 7000 May
6500
6500
6000
6000
5500
5500
5000
5000
4500
1998
1999
2000
2001
2002
2003
2004
4500
20 18 16 14 12 10 8 6 4 2 0 -2 -4
New Home Sales
1300
Thousands of units 1400 May 1300
1200
1200
1100
1100
1000
1000
900
900
800
800 1999
2000
2001
2002
2003
2004
700
20 18 16 14 12 10 8 6 4 2 0 -2 -4
Mortgage Rates Percent 9 8
200
7
7
180
6
6
160
5
140
4
120
3
100
Adjustable rate June
4
1998
1999
2000
2000
2001
2002
Change from year earlier
Average
Constant quality
1998
1999
2000
2001
2002
Percent 20 18 16 14 12 10 8 Q1 6 May 4 2 0 -2 -4 2003 2004
2001
2002
2003
Note. The June reading is based on data through June 25. Source. Freddie Mac.
2004
Index 500 June 18 450
Diffusion index 220
8
3
1999
Homebuying Indicators
Fixed rate
5
1998
Source. Census Bureau.
Source. Census Bureau.
9
Average
Prices of New Homes
1400
1998
Repeat transactions
Source. National Association of Realtors and OFHEO.
Source. National Association of Realtors.
700
Change from year earlier
Percent 20 18 16 14 12 May 10 8 Q1 6 4 2 0 -2 -4 2003 2004
MBA purchase index (right scale)
400 350 June
300 250 200
Michigan homebuying attitudes (left scale) 1998
1999
2000
2001
150 2002
2003
2004
100
Note. MBA index is a 4-week moving average. Michigan Survey data are not seasonally adjusted. Source. Mortgage Bankers Association and Michigan Survey.
-8-
New Orders for Durable Goods (Percent change from preceding period except as noted; seasonally adjusted)
Component Total orders
2003 2004 Proportion, 2003: H2 Q4 Q1 (percent) Annual rate 100.0
18.4
2004 Mar.
Apr.
May
Monthly rate
8.8
5.9
-2.6
-1.6
Adjusted orders1 Computers Communication equipment Other capital goods Other2
75.0 19.1 13.4 5.0 4.7 -14.8 4.0 -56.0 48.3 23.0 27.7 18.5 43.0 26.0 11.7
6.8 -1.1 -7.1 9.5 7.2
-3.0 7.4 18.1 -6.1 -3.8
-1.0 -3.6 -12.9 -1.2 .5
Memo: Real adjusted orders Excluding high tech
... ...
6.3 7.8
-3.7 -5.7
-1.6 -1.0
18.0 22.9
10.8 10.2
1. Orders excluding defense capital goods, nondefense aircraft, and motor vehicle parts. 2. Primary metals; most fabricated metals; most stone, clay, and glass products; household appliances; scientific instruments; and miscellaneous durable goods. . . . Not applicable.
capital goods excluding aircraft remained above the level of shipments in May for the fourth consecutive month. Shipments of nondefense capital goods excluding aircraft also turned down in May. In the high-tech sector, shipments of computers and peripheral equipment slumped 10.7 percent, and shipments of communications equipment contracted 1.3 percent. Outside of the high-tech sector, shipments declined 1.4 percent in May with broad-based declines occurring in the machinery category. The book value of inventories held by durable goods manufacturers increased at an annual rate of $13.5 billion in May, led by stockbuilding at machinery manufacturers. Shipments of total durable goods slipped 0.7 percent in May, and the inventory-shipments ratio ticked up to 1.38 months.
-9Orders and Shipments of Nondefense Capital Goods (Percent change; seasonally adjusted current dollars) 2003 Indicators
2004
Q4
Q1
Feb.
Annual rate
Mar.
Apr.
Monthly rate
Shipments Excluding aircraft Computers and peripherals Communications equipment All other categories
11.2 12.2 7.8 11.3 13.3
10.5 12.1 -4.3 2.6 17.1
-.3 -1.7 -2.7 -4.6 -1.0
3.4 3.6 1.2 .7 4.5
-.1 .5 6.0 4.5 -1.0
Orders Excluding aircraft Computers and peripherals Communications equipment All other categories
9.7 10.2 4.7 -56.0 27.7
10.4 15.8 -14.8 48.3 18.5
4.1 2.3 2.2 6.4 1.8
6.2 6.2 -1.1 -7.1 9.5
-3.0 -3.8 4.5 18.1 -7.9
Memo: Shipments of complete aircraft1
29.0
29.2
31.4
31.2
24.3
1. From Census Bureau, Current Industrial Reports; billions of dollars, annual rate.
Computers and Peripherals
Communications Equipment
Billions of dollars, ratio scale
13 Shipments Orders
12
13 12
11
11
10
10
9
Apr.
9
8
8
7
7
6
1999
2000
2001
2002
2003
2004
6
Billions of dollars, ratio scale
21 18
Shipments Orders
15
590
15
12
12
9
9 Apr.
6
3
1999
Medium and Heavy Trucks 700
2000
2001
2002
2003
2004
6
3
Other Equipment
Thousands of units, ratio scale 700 May 590
Billions of dollars, ratio scale
52
Sales of class 4-8 trucks Net new orders of class 5-8 trucks
525
525
460
52
Shipments Orders 48
48
460 45
395
21 18
May
Apr.
395
45
330
330
42
42
265
265
39
39
200
36
200
1999 2000 2001 2002 2003 2004 Note. Annual rate, FRB seasonals. Source. Ward’s Communications and ACT Research Co.
1999
2000
2001
2002
2003
2004
36
- 10 Commercial Bank Credit (Percent change, annual rate, except as noted; seasonally adjusted) Type of credit Total 1. Adjusted1 2. Reported 3. 4. 5. 6.
Securities Adjusted1 Reported Treasury and agency Other2
7. 8. 9. 10. 11. 12. 13. 14.
Loans3 Total Business Real estate Home equity Other Consumer Adjusted4 Other5
Level, May 2004 ($ billions)
2003
Q4 2003
Q1 2004
Mar. 2004
Apr. 2004
May 2004
5.9 5.6
-.5 .1
10.5 11.2
13.6 14.9
8.6 1.6
4.2 -.4
6,264 6,417
8.7 7.4 8.8 5.3
6.9 8.1 2.6 16.9
17.4 19.0 24.9 10.0
28.8 31.8 36.6 24.0
4.5 -17.9 -5.8 -37.5
-1.5 -16.2 -11.4 -24.3
1,749 1,902 1,191 711
4.9 -9.3 11.1 30.7 8.8 5.6 6.0 6.7
-3.2 -11.9 -2.2 31.4 -6.6 10.7 9.4 -7.3
7.9 -5.4 9.5 38.2 5.4 11.6 10.5 17.1
7.7 -5.8 20.1 42.7 16.8 10.2 10.4 -19.3
10.2 -4.7 26.2 35.4 24.7 2.3 -7.6 -18.5
6.4 -2.5 14.8 34.0 11.8 3.9 -8.4 -9.7
4,515 858 2,376 327 2,050 641 1,003 640
Note. Data are adjusted to remove estimated effects of consolidation related to FIN 46 and 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. 1. Adjusted to remove effects of mark-to-market accounting rules (FIN 39 and FAS 115). 2. Includes private mortgage-backed securities, securities of corporations, state and local governments, foreign governments, and any trading account assets that are not Treasury or agency securities, including revaluation gains on derivative contracts. 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.
- 11 -
Selected Financial Market Quotations (One-day quotes in percent except as noted) 2003 Instrument
Change to June 24 from selected dates (percentage points)
2004
Dec. 31
BIS May 11
May 3
June 24
2003 Dec. 31
BIS May 11
2004 May 3
Short-term FOMC intended federal funds rate
1.00
1.00
1.00
1.00
.00
.00
.00
Treasury bills 1 3-month 6-month
0.93 1.00
1.04 1.33
0.99 1.19
1.26 1.64
.33 .64
.22 .31
.27 .45
Commercial paper (A1/P1 rates)2 1-month 3-month
1.00 1.05
1.02 1.14
1.02 1.08
1.22 1.48
.22 .43
.20 .34
.20 .40
Large negotiable CDs 1 1-month 3-month 6-month
1.06 1.09 1.16
1.05 1.19 1.48
1.04 1.11 1.31
1.29 1.52 1.83
.23 .43 .67
.24 .33 .35
.25 .41 .52
Eurodollar deposits 3 1-month 3-month
1.04 1.07
1.03 1.18
1.03 1.10
1.25 1.50
.21 .43
.22 .32
.22 .40
Bank prime rate
4.00
4.00
4.00
4.00
.00
.00
.00
Intermediate- and long-term U.S. Treasury4 2-year 10-year 30-year
1.83 4.40 5.22
2.63 4.95 5.60
2.35 4.68 5.42
2.75 4.80 5.46
.92 .40 .24
.12 -.15 -.14
.40 .12 .04
U.S. Treasury 10-year indexed note
2.00
2.21
2.09
2.13
.13
-.08
.04
Municipal revenue (Bond Buyer) 5
5.04
5.32
5.28
5.37
.33
.05
.09
Private instruments 10-year swap 10-year FNMA6 10-year AA 7 10-year BBB 7 5-year high yield 7
4.66 4.72 5.05 5.74 7.94
5.32 5.34 5.64 6.23 8.51
4.97 5.00 5.33 5.91 8.04
5.11 5.21 5.49 6.09 8.30
.45 .49 .44 .35 .36
-.21 -.13 -.15 -.14 -.21
.14 .21 .16 .18 .26
Home mortgages (FHLMC survey rate) 8 30-year fixed 1-year adjustable
5.81 3.73
6.12 3.76
6.01 3.75
6.32 4.13
.51 .40
.20 .37
.31 .38
Record high Stock exchange index Dow-Jones Industrial S&P 500 Composite Nasdaq Russell 2000 Wilshire 5000
Change to June 24 from selected dates (percent)
2004
Level
Date
BIS May 11
May 3
June 24
Record high
BIS May 11
2004 May 3
11,723 1,527 5,049 606 14,752
1-14-00 3-24-00 3-10-00 4-5-04 3-24-00
10,019 1,095 1,931 549 10,648
10,314 1,117 1,939 565 10,890
10,444 1,141 2,016 579 11,104
-10.91 -25.32 -60.08 -4.51 -24.73
4.24 4.13 4.36 5.54 4.28
1.26 2.07 3.96 2.40 1.97
1. Secondary market. 2. Financial commercial paper. 3. Bid rates for eurodollar deposits collected around 9:30 a.m. Eastern time. 4. Derived from a smoothed Treasury yield curve estimated using off-the-run securities. 5. Most recent Thursday quote. 6. Constant maturity yields estimated from Fannie Mae domestic noncallable coupon securities. 7. Derived from smoothed corporate yield curves estimated using Merrill Lynch bond data. 8. For week ending Friday previous to date shown. _______________________________________________________________________ NOTES: June 24, 2003, is the last day before the most recent policy easing. May 3, 2004, is the day before the most recent FOMC meeting. _______________________________________________________________________
Cite this document
Federal Reserve (2004, June 29). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_20040630_part3
@misc{wtfs_greenbook_20040630_part3,
author = {Federal Reserve},
title = {Greenbook/Tealbook},
year = {2004},
month = {Jun},
howpublished = {Greenbooks, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/greenbook_20040630_part3},
note = {Retrieved via When the Fed Speaks corpus}
}