2000 dallas federal reserve annual report
Post on 05-Apr-2018
220 Views
Preview:
TRANSCRIPT
-
8/2/2019 2000 Dallas Federal Reserve Annual Report
1/30
AdzfdKlcfOd|$_af Dnfwlcdk Ievwkf| te Gfttfw Rew`lkb Cekoltleks
Jfofwdh Wfsfwzf Gdk` ej OdhhdsDkkvdh Wf}ewt 7===
-
8/2/2019 2000 Dallas Federal Reserve Annual Report
2/30
D HF__FW JWEN _AF ]WFSLOFK__af hdf _fqds }lc`fw}ef _erkfs Zdk Ydko ls dhhfbfo e adzf sdlo ad dhh nvslc
ls flafw af ghvfs ew yl}}l|.oee.od+ _af fceken| ado af ghvfs erdwo af fko ej
7===( djfw dhnes jlzf |fdws ej yl}}l|.oee.od+ Ls bwera wdf jfhh jwen ezfw 6 }fwcfk
lk af jlws adhj ej 7=== e vkofw 7 }fwcfk lk af sfceko+ Ekf nlba sd| af fcek.
en| al dk dlw }ec f ek ls bhlof }da e d sej hdkolkb+ Jewvkdfh|( l ado fkevba
dhlvof e dzelo d cwdsa+ _af tvfslek d |fdw.fko rds rafafw rfhh adzf d adwo
hdkolkb( d cwdsa hdkolkb ew d evca.dko.be+Belkb jew af evca.dko.be( af Jfo wfs}ekofo dbbwfsslzfh| lk Idkvdw|( rla re
6=.gdsls.}elk cvs lk af jfofwdh jvkos dko olscevk wdfs+Jlkdkcldh ndw`fs }fw fo
v} senfrad( gv ls ee seek e bdvbf af ln}dc ek af fceken| ew rad jvwafw
sf}s nd| gf kffofo+
_af sheroerk ads }wen}fo senf e tvfslek af Kfr Fceken|s zldglhl|( gv
L wfndlk d kfr.}dwdolbn e}lnls+_af Kfr Fceken| ads kfzfw gffk dgev lkjlklf
}wlcffdwklkbs wdles ew dk fko e gvslkfss c|chfs+ L rds dko ls dgev lkzfklek(
lkkezdlek( wls`.d`lkb( dklndh s}lwls( dko kfr rd|s ej alk`lkb dko rew`lkb+ Ls
dgev kfr fcakeheb| lkcwfdslkb }weovclzl| dko bwera }efkldh( dgev fca.
keheb|( }weovclzl| dko bhegdh cen}fllek fn}fwlkb lkjhdlek+ Lk }ehlc| fwns( lsdgev d albafw keklkjhdlekdw| s}ffo hlnl dko cekslofwlkb af sv}}h| slof ej af
fceken| ds rfhh ds af ofndko slof+
Fzfk rla af nlo|fdw sherlkb( }weovclzl| bwfr newf adk ? }fwcfk lk 7===(
af albafs wdf lk |fdws( dko vkfn}he|nfk fkofo af |fdw d ? }fwcfk( kfdw ls
3=.|fdw her+
_af Odhhds Jfo lk 7===L rds yl}}l|.oee.od d af Odhhds Jfo hds |fdw+ Ekf fs}fcldhh| }fwcf}lzf dvaew
rwef ad af Gdk` ads hdfh| gfcenf ekf ej af newf wegvs cewkfws ej Dhdk
Bwffks}dks fn}lwf+Rfhh sdlo+ Rf olok bf af \7@ ghvfs( kew olo af gdk`s rfsv}fwzlsf+ Rf olo newf gvslkfss d d herfw vkl ces( cekwlgvfo slbkljlcdkh| e
Wfsfwzf S|sfn }weifcs dko dssvnfo ndiew kfr wfs}ekslglhllfs ds jlscdh dbfk jew
af _wfdsvw|+ _af Fhfzfka Olswlc fceken| dbdlk ev}fwjewnfo af kdleks+
Evw gedwo cadlwndk( Webfw Afnnlkbadvs( wflwfo djfw sfzfk |fdws ej sfwzlcf
lk Odhhds dko jlzf lk Sdk Dkekle+ Webfw rds n| wehf neofh jew aer e gf d ceeh
CFE+ Rf rlhh nlss aln+ Gdwfhh Ydcaw| ej Sdk Dkekle ls evw kfr cadlwndk( dko
]dwlcld ]dfwsek ej Odhhds nezfs v} e of}v| cadlwndk+ Rf rlhh dhse nlss @lw`
NcHdvbahlk dko ]fbb| Cds`f|( jwen evw Odhhds dko Aevsek gedwos+ @lw` }wenlsfs
e d}}wlsf nf ej dk| Gvoo| Aehh| slbalkbs lk Bwfdfw Hvggec`+
]wfslofk Geg Nc_ffw+ Lj |ev hee` chesfh| |ev cdk s}e
d jweb( af vkejjlcldh ndsce ej af Kfr Fceken|+
-
8/2/2019 2000 Dallas Federal Reserve Annual Report
3/30
Adzf d Klcf Od|$Evw fssd| als |fdw bwfr ev ej d cekzfwsdlek L ado rla Nl`f Ceq( evw calfj fcek.
enls( dgev }weovclzl| bwera dko hlzlkb sdkodwos+ Nl`f }elkfo ev ad ke ekf
ads d gvn}fw slc`fw ad sd|s Adzf d }weovclzf od|$Gflkb }weovclzf ls ekh| }dw
ej d beeo rew`od|+ Rew`lkb cekolleks dko dnfkllfs dwf dhse ln}ewdk( ds dwf svj.
jlclfk hflsvwf dko senf }hd|lnf ek af ieg+ Lk evw kfr fceken|( rew` dko }hd|(
rew` dko hflsvwf( aenf dko ejjlcf( rew`rff` dko rff fko dwf ghfkolkb+_lnf dko
}hdcf dwf hfss ln}ewdk+ !Bvfss rafwf L dn ds L rwlf als dko rad lnf l ls+,_af fssd| be nf e alk`lkb dgev n| erk rew` hljf+ L rds wdlsfo g| af slof ej
af wedo lk wvwdh Kewa Bfewbld d Oe|dhs _wvc` Se}+ Lo afh}fo ev fdwhlfw( gv af
svnnfws gfjewf n| ivklew dko sfklew |fdws lk alba scaeeh L rew`fo afwf jvhh.lnf
jew }d|/?= d rff`+ L rdsk gdo( lk }dw gfcdvsf Oe|dh rds n| odo+
Oe|dhs _wvc` Se} kfzfw chesfo+ L rds e}fk 7? aevws d od|( 2 od|s d rff`+ Oe|dh
rew`fo jwen 2 d+n+ e 2 }+n+ Hlhf Oe|dh !ads nf, rew fo jwen 2 }+n+ e 2 d+n+
fqcf} Sdvwod| klba lj L ado d odf+ !Oefs d calc fk adzf hl}s5, _aesf lnfs( Glb
Oe|dh revho jlhh lk jew nf vklh L be aenf dwevko nloklba+
L }vn}fo bds( rl}fo rlkosalfhoswfnfngfw aesf od|s5dko ne}}fo jheews+
Lj d wvc` ado d jhd lwf( L }v ek af s}dwf( ralca rds odkbfwevs rew + Gv lj lkffofo jlqlkb( L ado e bf Glb Oe|dh ev ej gfo( ralca rds wfdhh| odkbfwevs+ L eccd.
slekdhh| ado e wevs aln e gwfd` v} d hdf.klba jlba+ Senflnfs L olo l n|sfhj( n|
cwfolglhl| lk svca ndfws ofwlzlkb jwen als+
_af rews alkb dgev ad jlws ieg rds w|lkb e shff} lk af od|lnf rlaev dlw.
cekolleklkb+ Ekf ew re lk af djfwkeek rds dgev af hlnl+_af gfs alkb rds
dhh.klba dccfss e af iv`fgeq+ ]v}}| hezf }weghfns cdvsfo nf e rfdw ev Adk`
Rlhhldns Hezfslc` Ghvfs+
L hfdwkfo d hlhf dgev fcekenlc lkcfklzfs rew lkb jew n| odo+ D slbk ev jwek
}wenlsfo jwff cejjff e wvc fws+ _af| dhse be d 3.cfk.d.bdhhek olscevk ek jvfh+
N| glbbfs ek.af.ieg jfdw rds ad L revho nlsd`fkh| }v bdsehlkf lk d wvc` ad
vsfo olfsfh jvfh ew zlcf zfwsd+ Flafw rd| revho wvlk d glb neew dko n| hljf+ _af
sdnf sew ej jfdw advkfo nf ovwlkb gds`fgdhh sfdsek+ L rds djwdlo L revho saee
d gds`f ek af rwekb fko ej af cevw dko jewfzfw gf cdhhfo Rwekb.rd| Nc_ffw+
N| jfdw ej ylbblkb rafk L saevho gf ydbblkb }fwslss( fs}fcldhh| ds l }fwdlks e
nekfdw| }ehlc|+ Nd|gf rf kffo newf }ehlc|nd fws rae }vn}fo bds+
_af svnnfw djfw n| sfklew |fdw( L rfk ejj e cehhfbf dko kfzfw wfvwkfo
fqcf} e zlsl+ N| jlws ieg d scaeeh rds ke d beeo ekf+ L ado e zlsl fzfw| wfdlh
gvslkfss lk awff wfnef cevklfs dko jlhh ev d tvfslekkdlwf ek aflw evwls gvsl.
kfss+ L rdsk d sdhfs ieg( gv l jfh hl f ekf+ Lo dwwlzf vklkzlfo( ds`lkb hes ej tvfs.
leks ad rfwf kekf ej n| gvslkfss+ _af ieg dvba nf rad L olok rdk e oe
rafk L bwfr v}+_af albahlba ej ad svnnfw rds gflkb wdc`fo oerk g| af alba.
rd| }dweh dko eho ad Svydkkf rds lk hdgew rla |f dkeafw Hlhf Oe|dh+
Ovwlkb bwdovdf scaeeh L ado iegs ds d svofk dsslsdk dko lkswvcew+ Jew d
ralhf L vewfo jeegdhh }hd|fws lk fcekenlcs+ _afwf rds senf odkbfw afwf( ds L rds
w|lkb e fhh afn newf adk af| rdkfo e `kerhl`f ker+
7 JFOFWDH WFSFWZF GDK@ EJ ODHHDS x Dkkvdh Wf}ew 7===
-
8/2/2019 2000 Dallas Federal Reserve Annual Report
4/30
Jehherlkb bwdovdf scaeeh( L ielkfo af Wfsfdwca Of}dwnfk ej af Wlcaneko
Jfo lk 4
-
8/2/2019 2000 Dallas Federal Reserve Annual Report
5/30
? JFOFWDH WFSFWZF GDK@ EJ ODHHDS x Dkkvdh Wf}ew 7===
AdzfdKlcfOd|$_af Dnfwlcdk Ievwkf| te Gfttfw Rew`lkb Cekoltleks
Dnfwlcd rew`s+D wfcewo 436 nlhhlek }fe}hf ker aeho iegs lk af Vklfo Sdfs+ Rf fdwk evw }d|.
cafc`s ds dccevkdks dko dwcalfcs(cee`s dko cdw}fkfws( hdkoscd}fws dko hdr|fws(
}lhes dko }l}f jlfws( sdhfschfw`s dko sfcwfdwlfs( rfg ndsfws dko rdlfws+
Senf ej vs rew` ofslbklkb cheafs( eafws rew` rdsalkb afn+ Rf gvlho wvc s
dko dqlcdgs( dko rf owlzf afn( ee+ Dnfwlcdks lkzfk dko ndkvjdcvwf cen}v.
fws+ Rf sfhh dko sfwzlcf afn+ Nlhhleks ej rew fws vsf afn ek af ieg e cen}esf(
cdhcvhdf dko cennvklcdf+
Rew`( rew ( rew +
Cedh nlklkb wdk`s ds af sfceko rews ieg lk afcevkw|( djfw hvngfwidc`lkb+ Cedh nlkf dko elh jlfho
fn}he|nfk }fd`fo lk 4
-
8/2/2019 2000 Dallas Federal Reserve Annual Report
6/30
Ls ds wvf lk af kfr nlhhfkklvn ds l rds lk af eho9 rew` ls dk ln}ewdk }dw ej
evw hlzfs+ Gv jew eod|s rew fws( iegs dwfk ivs d rd| e }v gwfdo ek af dghf+_af|
cekjfw sdvs( ofjlkf evw lofkllfs dko fzfk doo e evw ad}}lkfss+
_af rd| rf rew` ndfws+ Rf fq}fc evw iegs e }wezlof albafw }d|( newf jwlkbf
gfkfjls dko saewfw aevws( ej cevwsf+ Gv ads ke dhh+ Newf adk dk| lnf lk af
}ds( rfwf ds`lkb evw fn}he|fws e nd`f rew` newf fkie|dghf dko nfdklkbjvh dko
e wfovcf ls odkbfw( owvobfw| dko olscenjew+
Rla fdca }dsslkb bfkfwdlek(rew`lkb cekolleks adzf befk gffw lk af Vklfo
Sdfs+ _eod|s iegs dwf sdjfw adk fzfw+ Jwen ejjlcf e jdcew|( evw svwwevkolkbs dwf
gfcenlkb newf }hfdsdk ds af rews ds}fcs ej af Lkovswldh Dbf jdof lke af }ds+_adk`s e neofwk fcakeheb| dko cadkblkb dlvofs( newf fn}he|ffs dwf bdlk.
lkb af jwffoen e ofclof rafk dko rafwf af| rew`+ Lk eod|s cen}fllzf hdgew
ndw`f(cen}dklfs dwf w|lkb e }hfdsf fn}he|ffs g| doolkb ek.af.ieg dnfkllfs
rla senf fzfk alwlkb cvhvwf cydws e jlko rd|s e gees rew`}hdcf newdhf+
Ekh| rfdha| seclflfs cdk hee` }ds af gdslc cekcfwks ej }d|lkb af glhhs dko
bflkb rff fkos ejj+ L d`fs sfdo|( hekb.fwn fcekenlc }webwfssjewbfo rla kfr
fcakeheblfs( fq}dkolkb ndw fs dko albafw }weovclzl|e dcalfzf d hfzfh ej
ofzfhe}nfk ad ofhlzfws gffw dko gffw rew`lkb cekolleks+
Dnfwlcds awlzlkb ndw`f fceken| }wezlofo af jevkodlek jew wd}lo ln}wezf.
nfk lk af rew`}hdcf ezfw af }ds re ew awff bfkfwdleks+_af sfcwf9 cen}fllek+
Ivs ds af lkzlslghf adkoej jwff fkfw}wlsf hfdos }wejl.sff`lkb cen}dklfs e zlf jew
hdgew dko cvsenfws( l rew`s e nff fn}he|ffsofslwf jew gffw rew`lkb cekolleks+
Lk wevlkf cenlkbs dko belkbs( senfekfs dhrd|s(rla beeo.kdvwfo jwlfkohlkfss(
fkcevwdblkb jwlfkos dko cerew fws e adzf d klcf od|+ Ls d sln}hf rlsa( gv l
wfzfdhs rads ln}ewdk e vs+ Rf oek cfhfgwdf af bwfd dcalfzfnfks ej neofwk
cd}ldhlsn g| fhhlkb evw jfhher Dnfwlcdks e ceksvnf newf ew e adzf d }weovclzf
od|+ Ke( rf |}lcdhh| glo afn d klcf od|+ Aer cevho rf oe se lj rf ado e s}fko
hdwbf cavk`s ej evw lnf lk vk}hfdsdk( }fwad}s fzfk vkafdha|( rew` fkzlweknfks5
Adzf d klcf od|$
Evw jwff fkfw}wlsf s|sfn ls swlzlkb erdwo ad bedhke ivs jew eod|s Dnfwl.
cdks gv jew enewwers ds rfhh+
Evw rew` rewho ads cadkbfo nvca ezfw af
}ds cfkvw|( ds afsf }lcvwfs ej ]lsgvwba
lk 4
-
8/2/2019 2000 Dallas Federal Reserve Annual Report
7/30
FQALGL_4
Ker dko _afk_af 4
-
8/2/2019 2000 Dallas Federal Reserve Annual Report
8/30
Evw neofwk oldhebvf dgev iegs jecvsfs ek nfdklkbjvh rew`( fn}erfwnfk(
cennvklcdlek(fn}he|ff jffogdc dko cew}ewdf cvhvwf+ Rfwf newf hl`fh| e dh`
dgev af fltvff ej af ejjlcf wfjwlbfwdew adk }weghfns rla zfklhdlek ew sdkl.
dlek+ _eod|( aevws dwf jhfqlghf( rew`sdleks dwf fwbekenlc dko wflwfnfk sdzlkbs
dwf }ewdghf+
Evw iegs slhh lkchvof fhfnfks ej elhaf| dwf(djfw dhh( rew`+Gv rew` ls gfcen.
lkb senfalkb e fkie|( d sevwcf ej fkwlcanfk gf|eko nfwf nekf|d hfds adsaf fq}fcdlek ej d bwerlkb kvngfw ej Dnfwlcdks+
Lk dk fceken| ad wdwfh| fq}fwlfkcfs adwo lnfs( fn}he|fws cen}ff jew scdwcf
hdgew wfsevwcfs( dko af|zf bwfdh| fdsfo af gvwofks ej rad rds ekcf cdhhfo af
odlh| bwlko+ \f af }webwfss ls wdwfh| dc`kerhfobfo+ ]e}vhdw cvhvwf jffos vs dk
lndbf ej d gfhfdbvfwfo rew`lkb chdss+
_af cenlcs Olhgfw( wd}}fo lk als sljhlkb cvglchf( svjjfws odlh| af shlkbs dko
dwwers ej evwdbfevs cew}ewdf sv}lol|+ _af nezlf Ejjlcf S}dcf }ewwd|s d rew`.
}hdcf jlhhfo rla nlkohfss nfnes( nvlkevs ejjlcf ndcalkfs dko jwdyyhfo fn}he|.
ffs+ Kfrs sewlfs of}lc eod|s rew fws ds jfdwjvh ej hd|ejjs( svc` lk nfdklkbhfss
}vwsvls ew sdcwljlclkb aflw }fwsekdh hlzfs lk d rewho rafwf gvslkfss befs ek 7?%2+_afsf ofscwl}leks nd| cekdlk d bwdlk ej wva( gv af| oek wfjhfc af fq}fwl.
fkcf ej af bwfd ndss ej Dnfwlcdks+ Ls lnf e fqdnlkf rad rew`lkb cekolleks
dwf wfdhh| hl`f+
JFOFWDH WFSFWZF GDK@ EJ ODHHDS x Dkkvdh Wf}ew 7=== 2
KerSl lk d cvglchf+
E}fwdf d cen}vfw+
Fwbekenlc rew`sdleks+
Jhfqlnf( ivs bf af ieg oekf+
Be ev e fd( evslof e sne`f+
Ceksdk lkoeew dlw.tvdhl| dkdh|sls+
Lkolwfc hlbalkb( cfkwdh afd dko dlw+
Fn}he|ff fn}erfwnfk+
Dccfss e f.ndlh( fGd| dko cerew`fws+
Rew` dko }hd| ghvw+
_fhfcennvf+
Cvhlzdf |evw cewf cen}ffkclfs+
]ewdghf ?=4!`, }hdks dko dk fdwh| ev+
@ad`ls dko d }ehe salw+]erfw ls lofds dko zlslek+
_fcaklcdh scaeeh dko sejrdwf cfwljlcdlek+
Hdg ced dko d chfdk.ween svl+
Jevw ieg ejjfws dko d slbklkb gekvs+
]dw` |evw wfsvnf ek af Kf+
]vwsvf d cdwffw+
Lkfwfslkb dko nfdklkbjvh rew`+
_alk` dko bwer wlca+
-
8/2/2019 2000 Dallas Federal Reserve Annual Report
9/30
1 JFOFWDH WFSFWZF GDK@ EJ ODHHDS x Dkkvdh Wf}ew 7===
L_S KE DCCLOFK_Sdjf| jlwscevho gf af nee ej eod|s rew }hdcf+ Dcclofks slhh ad}}fk( ej
cevwsf( gv jdw hfss ejfk adk af| ekcf olo+ Ek.af.ieg ofdas dwf d dk dhh.lnf her(
owe}}lkb e 31 }fw nlhhlek rew fws lk fdca ej af }ds re |fdws+ Ezfw lnf( af
ofchlkf ads gffk sfdo| dko sadw}jwen ?71 }fw nlhhlek lk 4
-
8/2/2019 2000 Dallas Federal Reserve Annual Report
10/30
JFOFWDH WFSFWZF GDK@ EJ ODHHDS x Dkkvdh Wf}ew 7===
top related