Download - 2005 Dallas Federal Reserve Annual Report
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
1/51
D@A@^MJ ^@X@^T@ NMLI ED AMJJMX >??0 MLLPMJ ^@_E^Q
^MHKLF QE QC@ QE_Cev Fjenmj Hebp`qkqkel Akxhkpjkl`x _njkh _ejkh{
^MHKLF QE QC@ QE_Cev Fjenmj Hebp`qkqkel Akxhkpjkl`x _njkh _ejkh{
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
2/51
Helq`lqx^mhklf qe qc` Qep , , , , , , , , , , , , , , , , , , , , , , , 8
H~kqkhmj Bkxxkel , , , , , , , , , , , , , , , , , , , , , , , =;
X`lke~ Bmlmf`b`lq , , , , , , , , , , , , , , , , , , , , >0
Nem~ax ed Ak~`hqe~x , , , , , , , , , , , , , , , , , , , , >4Eddkh`~x mla Matkxe~{ Helhkjx , , , , , , , , , , >3
Dklmlhkmj Xqmq b`lqx , , , , , , , , , , , , , , , , , , , >;
Leq`x qe Dklmlhkmj Xqmq`b`lqx , , , , , , , , , , , , 80
Tejb` ed Ep`~mqkelx , , , , , , , , , , , , , , , , , , 13
Eja Ve~ax* ^`l`v`a B`mlklf
Kl m D`n~m~{ >??4 xp``hc mq ml Klxqkqq` ed @helebkh Mddmk~x held`~`lh` kl Jelael* Amjjmx D`a _~`xka`lq^khcm~a V, Dkxc`~ pmka cebmf` qe `helebkxq Gex`pc Xhcbp`q`~ mla ckx helh pq ed h~`mqkt` a`xq~hqkel, Qc`dejjevklf kx mampq`a d~eb qcmq xp``hc,
K jki Xhcbp`q`~ n`hmx ckx v~kqklfx dehx qc bkla el qc p~eh`xx ed hcmlf mla mampqmqkel, Qc`{
m~ pm~qkhjm~j{ ~`j`tmlq qeam{, Jkxq`l hm~`djj{ qe qc`x }eq`x d~eb qve ed ckx x`bklmj ve~ix,
Kl ckx neei Hmpkqmjkxb* Xehkmjkxb* mla A`beh~mh{* Xhcbp`q`~ v~eq`7 Qc` ep`lklf p ed l`v
bm~i`qx* de~`kfl e~ aeb`xqkh* mla qc` e~fmlkwmqkelmj a`t`jepb`lq d~eb qc` h~mdq xcep mla dmhqe~{
, , , kjjxq~mq` qc` xmb` p~eh`xx ed klaxq~kmj bqmqkel , , , qcmq klh`xxmlqj{ ~`tejqkelkw`x qc` `he"
lebkh xq~hq~`d~eb vkqckl* klh`xxmlqj{ a`xq~e{klf qc` eja el`* klh`xxmlqj{ h~`mqklf m l`v el`,
Qckx p~eh`xx ed H~`mqkt` A`xq~hqkel kx qc` `xx`lqkmj dmhq mneq hmpkqmjkxb, Kq kx , , , vcmq `t`~{
hmpkqmjkxq helh`~l cmx feq qe jkt` kl,
Mla d~eb tejb` = ed Xhcbp`q`~xNxkl`xx H{hj`x7 M ~mkj~ema qc~efc l`v helq~{* k,`,*
helq~{ leq {`q x`~t`a n{ ~mkj~emax* mx xeel mx kq f`qx klqe ve~iklf e~a`~ px`qx mjj helakqkelx ed
jehmqkel* mjj hexq hmjhjmqkelx* mjj p~eahqkel dlhqkelx vkqckl kqx ~makx ed kldj`lh`9 mla cm~aj{
ml{ vm{x ed aeklf qcklfx vckhc cmt` n``l epqkbmj n`de~` ~`bmkl xe mdq`~vm~a,
Xq~klf qc` i`{ pc~mx`x ed qc`x` hkqmqkelx qef`qc`~ mla {e f`q qc` neqqeb"jkl` pjeq ed hmpkqmjkxbx
p~eh`xx ed h~`mqkt` a`xq~hqkel7 Qc` ep`lklf p ed l`v bm~i`qx* de~`kfl e~ aeb`xqkh* ~`tejqkel"
kw`x qc` `helebkh xq~hq~`* a`xq~e{klf qc` eja el`* h~`mqklf m l`v el`, YKqR px`qx mjj helakqkelx
ed jehmqkel* mjj hexq hmjhjmqkelx* mjj p~eahqkel dlhqkelx* mla cm~aj{ ml{ vm{x ed aeklf qcklfx
vckhc cmt` n``l epqkbmj n`de~` ~`bmkl xe mdq`~vm~a,
C`~` kx vc`~` Hcklm mla Klakm mla mjj qc` n~kxqjklf l`v `helebkh `lq~mlqx heb` kl, Qc`{ m~`
qeam{x `}ktmj`lq ed Xhcbp`q`~x ~mkj~emax, Qc`{ mla qc` pc`leb`lel ed fjenmjkwmqkel m~`
mf`lqx ed h~`mqkt` a`xq~hqkel v~kq jm~f`, D~eb lev el* cm~aj{ ml{ vm{ ed aeklf qcklfx vckhc
x`a qe n` epqkbmj vkjj `t`~ n` xe mfmkl,
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
3/51>??0 MLLPMJ ^@_E^Q = D@A@^MJ ^@X@^T@ NMLI ED AMJJMX
Xce~qj{ mdq`~ n`hebklf p~`xka`lq ed
qc` Amjjmx D`a* K xqbnj`a pel ml
enx`~tmqkel d~eb qc` f~`mq N~kqkxc
p~kb` bklkxq`~ Vkjjkmb Fjmaxqel`* mla
kq cmx n`heb` m dmte~kq` ed bkl`7 Leq
`t`l jet` cmx bma` xe bml{ deejx ed
b`l mx pela`~klf et`~ qc` lmq~` ed
bel`{,
Fjmaxqel`x vkqqkhkxb kx m cbnjklf
~`bkla`~ de~ b mla b{ hejj`mf`x kl
qc D`a`~mj ^`x`~t X{xq`b, E~ gen kx
qe helq`bpjmq qc lmq~ ed bel`{7
cev qe p~eq`hq kqx tmj`9 cev qe x`
bel`qm~{ pejkh{ qe p~ebeq f~evqc vkqc
jev kldjmqkel9 cev qe bmlmf qc pm{"
b`lqx x{xq`b qe i``p e~ dklmlhkmj kld~m"
xq~hq~ cbbklf mq p`mi `ddkhk`lh{,
B{ dk~xq {`m~ mx p~`xka`lq ed qc`
D`a`~mj ^`x`~t` Nmli ed Amjjmx cmx
n``l dkjj`a vkqc mjj qcex` helq`bpjm"
qkelxmla bml{ be~`, K cmt` n``l
q~j{ klxpk~`a n{ qc` klq`jjkf`lh`*
klq`f~kq{* hebp`q`lh` mla ve~i `qckh K
cmt` dela mq qc` D`a`~mj ^`x`~t`* leq
elj{ kl Amjjmx nq kl Vmxcklfqel mla mq
qc` eqc`~ ~`fkelmj Nmlix m~ela qc`
helq~{, K ev` m pm~qkhjm~ a`nq qe b{
hejj`mf`x mq qc` Amjjmx D`a, K hmlleq
qckli ed m be~` klq`~`xqklf gen qcml
x`~tklf mx qc` j`ma`~ ed qckx `s`bpjm~{
f~ep ed veb`l mla b`l,
Qc` De~h`x ed Hcmlf`Qc fjenmj heleb{ kx kl qc bkaxq ed
m q`hqelkh q~mlxde~bmqkel, _ev`~dj l`v
pjm{`~xmbelf qc`b Hcklmx =,8 nkj"jkel p`epj mla Klakmx =,= nkjjkelcmt`
`lq`~`a qc bm~i`qpjmh kl djj de~h , Mq
qc xmb qkb * q`hclejef{ helqkl`x qe
bmi `le~bex matmlh`x qcmq xpmvl
l`v de~bx ed hebp`qkqkel mla q~mlxde~b
cev nxkl`xx`x ep`~mq ve~javka ,
Q~ma` mla q`hclejef{ mhh`j`~mq`
vcmq `helebkxq Gex`pc Xhcbp`q`~
hmjj`a h~`mqkt` a`xq~hqkel* m xeb`"
vcmq x`jd"helq~makhqe~{ xce~qcmla de~cev hmpkqmjkxq x{xq`bx helxqmlqj{
~`pjmh` `skxqklf vm{x ed aeklf nxk"
l`xx vkqc l`v el`x, #De~
be~` el Xhcbp`q`~* x``
qc` `sh`~pqx mh~exx d~eb
qckx pmf`,+ [`xq`~am{x
nxkl`xx p~mhqkh`x m~` ~mp"
kaj{ ~`pjmh`a n{ qebe~"
~evx vm{x ed aeklf nxk"
l`xx kl ml `helebkh ~`tejqkel qcmq~`mhc`x klqe l`m~j{ `t`~{ he~l`~ ed qc`
ve~ja,
V` m~` leq xc`jq`~`a d~eb qc` de~h`x
ed hcmlf` mq qc` Amjjmx D`a, L`v q`hc"
lejefk`x m~` h~`mqklf hcmjj`lf`x mla
eppe~qlkqk`x kl qc` vm{ v` p~eh`xx
pm{b`lqx* ~l hmxc ep`~mqkelx* x`~t mx
qc Q~`mx~{x dkxhmj mf`lq* xp`~tkx mla
M J@QQ@^ D^EB QC@ _^@XKA@LQ
Qc` fjenmj `heleb{ kx kl qc` bkaxq ed m
q`hqelkh q~mlxde~bmqkel, [`xq`~am{x
nxkl`xx p~mhqkh`x m~` ~mpkaj{ ~`pjmh`a
n{ qebe~~evx vm{x ed aeklf nxkl`xx
kl ml `helebkh ~`tejqkel qcmq ~`mhc`x
klqe l`m~j{ `t`~{ he~l`~ ed qc` ve~ja,
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
4/51D@A@^MJ @X@^T@ NMLI ED AMJJMX > >??0 MLLPMJ ^@_E^Q
~`fjmq nmlix mla p~etka qc`b vkqc
jk}kakq{* mla i``p qc pnjkh klde~b`a,
El` ed qc` `xxm{x kl qckx mllmj
~`pe~q* H~kqkhmj Bkxxkel* xbbm~kw`x
qc` Amjjmx D`ax nxkl`xx xka` mla
~`pe~qx xeb` lbn`~x qcmq kjjxq~mq` qc`
a`pqc mla n~`maqc ed e~ ep`~m"
qkelx, Jmxq {`m~* de~ `smbpj`*
v p~eh`xx`a mjbexq = nkjjkel
hc`hix* ve~qc mneq !;?? nkj"
jkel, V` pmka eq mla ~`h`kt`a
m ~`he~a 0,1 nkjjkel kl hk~hjmq"
klf leq`x ve~qc mjbexq !;> nkjjkel,
Qckx kx kbpe~qmlq ve~i, Bel`{
djevx m~` ml `heleb{x jkd`njeea* mla
qc` D`a`~mj ^`x`~t`x f~`mq ~`xpelxk"
nkjkq{ jk`x kl bmklqmklklf qc` hm~aketmx"
hjm~ x{xq`b ed Mb`~khml hmpkqmjkxb,
Qc` D`ax ep`~mqkelxd~eb pm{b`lqx
p~eh`xxklf qe nmli ~`fjmqkel qe qc`
L`v [e~i A`xix q~maklf mhqktkqk`x
i``p ep`l qc` m~q`~k`x* t`klx mla `t`l
qc` hmpkjjm~k`x ed hmpkqmjkxb,
Qc` xmh~`a aq{ ed qc` D`a`~mj
^`x`~t` X{xq`b kx qe helahq bel`qm~{
pejkh{ qcmq xxqmklx lel"kldjmqkelm~{
`helebkh f~evqc, Qe djdkjj e~ ~ej` ed
c`jpklf x`q bel`qm~{ pejkh{ de~ qc`
Plkq`a Xqmq`x* qc` Amjjmx D`a bxqhelahq f~elan~`miklf ~`x`m~hc qe
n`qq`~ la`~xqmla cev e~ `heleb{
n`cmt`x kl ml klq`lx`j{ klq`~hell`hq`a*
klh~`mxklfj{ fjenmjkw`a ve~ja, Qc` l`v
~`mjkq{ h~`mq`x m l``a qe ~`ve~i i`{
mxxbpqkelx mneq qc` f`m~klf ed qc`
P,X, `heleb{ mla cev kq mdd`hqx qc`
D`a`~mj ^`x`~t`x mnkjkq{ qe ae kqx gen,
Kbb`akmq`j{ pel n`hebklf Nmli
p~`xka`lq jmxq {`m~* K hcmjj`lf`a e~~`x`m~hc q`mb qe a`t`jep l`v p~klhk"
pj`x mla mlmj{qkhmj qeejx de~ m fjenmj"
kw`a ve~jal`v ka`mx qcmq heja
x`~t` mx fka`x de~ qc` D`a`~mj Ep`l
Bm~i`q Hebbkqq`` mla xqkbjmq` qc`
qckliklf ed bel`qm~{ `helebkxqx
ve~javka`, ^mhklf qe qc` Qep* qc`
het`~ `xxm{ ed qckx mllmj ~`pe~q* p~`"
x`lqx m tk`v ed fjenmjkwmqkelx kbpmhq
el qc` heleb{ mla kqx dd`hq el m vka`
~mlf` ed pnjkh pejkhk`x,
Qc` `xxm{ leq`x m xq~kiklf he~~`jm"
qkel n`qv``l klh~`mxklf fjenmjkwmqkel
mla n`qq ~ `helebkh pejkhk`x, M feea
`smbpj` kx p~kh` xqmnkjkq{, Kl m ve~ja
vc`~` hmpkqmj bet`x mq jkfcq xp``a*
lmqkelx qcmq mjjev kldjmqkel qe `~ea` qc`
tmj` ed qc`k~ bel`{ dmh` xqkdd p`lmjqk`x
kl qc` de~b ed hmpkqmj djkfcq, Xela
bel`{ cmx n`heb` kbp`~mqkt`* mla
kldjmqkel cmx n``l ~`h`aklf kl mjj pm~qx
ed qc` ve~ja et`~ qc` pmxq qve a`hma`x,
Qc` Amjjmx D`ax ve~i el fjenmjkwm"
qkel kx elj{ n`fkllklf, Et`~ qc` l`sq
d`v {`m~x* v` vkjj a`teq` bhc mqq`l"
qkel qe qc` n`l`dkqx mla hcmjj`lf`x ed m
ve~ja vc`~` lmqkelmj ne~a`~x m~`
n`hebklf j`xx xkflkdkhmlq mx `helebkh
nm~~k`~x, V` vkjj i``p {e klde~b`a ed
e~ dklaklfx,
E~ bkxxkel kx qe cmt` qc` Amjjmx D`a
n` qc` jeei"qe Nmli kl qc` D`a`~mj
^`x`~t` X{xq`b, Mx v` cel` e~ ep`~m"
qkelx mla `spmla e~ ~`x`m~hc d~elqk`~x*
v` m~` xq~ktklf qe n`heb` qc` X{xq`bx
xqmlam~a de~ sh`jj`lh` mla klletmqkel,
B{ dk~xq am{ mq qc` Amjjmx D`a* Khmjj`a m b``qklf ed qc` `lqk~` xqmdd mla
}eq`a m pmxxmf` d~eb Hm~jex ^kw
Wmdlx n~kjjkmlq let`j* Qc` Xcmaev ed
qc` Vkla7 Vcmq a`xqkl{ ae`x leq ae kx
ceb` tkxkqx, [e cmt` qe fe de~ kq,
Qc` b`l mla veb`l ed qc` Amjjmx
D`a`~mj ^`x`~t` m~` leq xkqqklf nmhi*
vmkqklf de~ hcmlf` qe mdd`hq x, V`
cmt` m ~`xpelxknkjkq{ qe mlqkhkpmq` mla
`dd`hq qc` hcmlf` e~ c{p`~hebp`qkqkt`ve~ja ~`}k~`x, V` m~` vmxqklf le qkb`
kl feklf de~ kq,
^khcm~a V, Dkxc`~
Ep~ bkxxkel kx qe cmt` qc` Amjjmx D`a
n` qc` jeei"qe Nmli kl qc` D`a`~mj^`x`~t` X{xq`b, V` m~` xq~ktklf qe
n`heb` qc` X{xq`bx xqmlam~a de~
`sh`jj`lh` mla klletmqkel,
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
5/51
^MHKLF QE QC@ QE_Cev Fjenmj Hebp`qkqkel Akxhkpjkl`x _njkh _ejkh{
^MHKLF QE QC@ QE_
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
6/51
D@A@^MJ ^@X@^T@ NMLI ED AMJJMX 1 >??0 MLLPMJ ^@_E^Q
Mjj et`~ qc` ve~ja* helxb`~x m~`
f`qqklf be~` ed vcmq qc`{ n{ d~eb
eqc`~ helq~k`x, Xklh` =;36* `spe~qx
cmt` gbp`a d~eb =4 p`~h`lq qe >6
p`~h`lq ed qc` fjenmj `heleb{,
Be~` klt`xqe~x m~` p~evjklf qc`
ve~ja de~ ckfc`~ ~`q~lx, Xklh`
=;;?* de~`kfl ak~`hq klt`xqb`lq cmx
l`m~j{ q~kpj`a mla h~exx"ne~a`~ pe~q"
dejke klt`xqb`lq cmx ~kx`l dkt`deja
mx m p`~h`lqmf` ed ve~ja eqpq,
Be~` p`epj` qcml `t`~ m~` t`l"
q~klf mn~ema, Qc` lbn`~ ed klq`~"
lmqkelmj qe~kxqx p`~ =?? p`epj` cmx
aenj`a et`~ qc` pmxq qve a`hma`x,
Qc` dm~ he~l`~x ed qc` fjen` m~`
lev pjff`a kl, Klq`~lmqkelmj q`j`"
pcel` hmjjx* benkj` pcel` xn"
xh~kn`~x mla Klq`~l`q x`~x cmt` xi{"
~ehi`q`a kl qc` pmxq a`hma`,
Qc`x m~ nq m d`v ed qc q`jjklf
xkflx ed m be~ klq`~a`p`la`lq mla
klq`~hell`hq`a ve~ja* mjj ~`dj`hqklfqc `helebkh ~`mjkq{ ed e~ qkb`x
fjenmjkwmqkel, _ejkqkhmj mla f`ef~mpc"
kh ne~a`~x m~ j`xx ed ml `helebkh
nm~~k`~ mx feeax* x`~tkh`x* p`epj mla
ka`mx bet be~ d~``j{ mh~exx klq`~"
lmqkelmj nelam~k`x, #X` @scknkq =,+
Qc` Plkq`a Xqmq`x mla eqc`~ hel"
q~k`x cmt` n`l`dkq`a xkflkdkhmlqj{
d~eb fjenmjkwmqkel, Kq cmx b`mlq
klh~`mx`a hebp`qkqkelvckhc kxfeea, Hebp`qkqkel xcm~p`lx qc` vkqx
mla kbp~et`x bxhj` qel`, Dmhklf
de~`kfl hebp`qkqkel c`ma"el i``px
helq~k`x mq qc de~`d~elq ed qc fjenmj
`heleb{ n{ `lhe~mfklf nxkl`xx`x
qe ae vcmq qc`{ xceja ae7 h~`mq`
genx mla p~edkqx kl m tk~qex h{hj`
qcmq fe`x el kla`dklkq`j{,
Helxb`~x fmkl d~eb jev`~
p~kh`x mla f~`mq ~ tm~k`q{, M q~kp qe
ml{ xp`~bm~i`q e~ akxhelq xqe~`
fkt`x q`xqmb`lq qe qc` n`l`dkqx ed
fjenmjkwmqkel7 nmlmlmx d~eb @hm"
ae~* d~`xc"hq djev`~x d~eb He"
jebnkm* jev"p~kh`a aejjx mla fmb`x
d~eb Hcklm* hedd`` d~eb Tk`qlmb*
xedqvm~` d~eb @xqelkm* nkf"xh~``l
QTx d~eb Qmkvml,
Jki` q`hclejef{* fjenmjkwmqkel
lj`mxc`x qc` de~h`x ed h~`mqkt` a`"
xq~hqkel* m p~eh`xx a`xh~kn`a n{
`helebkxq Gex`pc Xhcbp`q`~ be~`
qcml 0? {`m~x mfe, Xeb` klaxq~k`x
matmlh`, Eqc`~x ~`h`a`, Genx m~`
fmkl`a mla jexq* nxkl`xx`x neeb
mla nxq* nq `helebk`x `b`~f`
d~eb qc` h~hknj` be~` `ddkhk`lq*
be~` p~eahqkt` mla be~` v`mjqc{,
Qc` `helebkh xckdqx bmi` fjen"
mjkwmqkel m ceq"nqqel kxx`, Kl bml{
pm~qx ed qc` ve~ja* p~eq`xq`~x njmb`kq de~ gen jexx`x mx v`jj mx hjq~mj
mla `ltk~elb`lqmj a`f~mamqkel,
H~kqkhx hjmbe~ de~ p~eq`hqkel d~eb
fjenmjkwmqkel* pj`maklf vkqc qc`k~
fet`~lb`lqx de~ l`v ~`xq~khqkelx el
fjenmj q~ma` mla klt`xqb`lq,
Matehmq`x ed d~``~ bm~i`qx mla
d~qc`~ fjenmjkwmqkel `bpcmxkw` qc`
fmklx f`l`~mq`a n{ ml klh~`mxklfj{
klq`f~mq`a ve~ja `heleb{, Qc`{m~f` qcmq ep`l ne~a`~x leq elj{
klq`lxkd{ hebp`qkqkel nq mjxe
`lhe~mf` xp`hkmjkwmqkel,
Hebp`qkqkel mla xp`hkmjkwmqkel
d`j `helebkh p~ef~`xx, Qc` bexq
fjenmjkw`a lmqkelx j`ma qc`k~ j`xx
ep`l ~ktmjx kl xhc b`mx~`x mx jktklf
xqmlam~ax* f~evqc mla gen h~`mqkel*
vckj` qc` pee~`xq xmjj{ cmt` qc`
d`v`xq qk`x qe qc` ve~ja `heleb{,
Qckx kx vc`~` bexq hebb`lqm~k`x
el fjenmjkwmqkel `laqmjj{klf qc `d"
dkhk`lhk`x fmkl`a kl qc` p~ktmq` x`hqe~,
Vcmq mneq qc` pnjkh x`hqe~5
Qc`~`* qee* fjenmjkwmqkel pm{x aktk"
a`lax qc~efc qc` hebp`qkqkel kq
f`l`~mq`x, Ml `smbklmqkel ed i`{
pejkhk`x kl 4? lmqkelx xcevx m xq~elf
he~~`jmqkel n`qv``l fjenmjkwmqkel
mla pejkhk`x qcmq xcmp` lmqkelx `he"
lebkh p`~de~bmlh`,
Jev`~klf nm~~k`~x jeex`lx qc`
ceja lmqkelx cmt` el qc` hmpkqmj*
jmne~* nxkl`xx`x mla ilev"cev qcmq
h~`mq` v`mjqc, Klh~`mxklfj{ benkj`
dmhqe~x ed p~eahqkel xcl n~`m"
h~mqkh ~`xq~khqkelx qcmq jehi qc`b klqe
eqbea`a b`qceax, Qc`{ mteka
klq~xkt` fet`~lb`lqx qcmq cmb"
xq~klf qc`k~ mnkjkq{ qe mampq qe m ~mp"
kaj{ hcmlfklf `heleb{, Qc`{ jeeide~ bmskbb ~`q~lx el hmpkqmj mla
qc` jev`xq qms n~a`l el qc` xv`mq
ed qc` n~ev,
Qc` be~` d~``j{ qc`x` dmhqe~x ed
p~eahqkel hml bet` mh~exx ne~a`~x*
qc` f~`mq`~ fet`~lb`lqx klh`lqkt`
qe p~x` pejkhk`x qcmq vkjj mqq~mhq
mla ~`qmkl tmjmnj` ~`xe~h`x, Kl m
fjenmjkwklf ve~ja* helq~k`x vkl n{
klxqkqqklf n`qq`~ pejkhk`x mla jex` n{et`~n~a`lklf qc`k~ `helebk`x vkqc
qms`x* ~`fjmqkelx* q~ma` nm~~k`~x mla
pejkh{ klxqmnkjkq{,
Qc` leqkel qcmq hebp`qkqkel
n`qv``l fet`~lb`lqx mla dmhqe~
benkjkq{ j`ma qe n`qq`~ pejkhk`x
xcejalq x~p~kx` bml{ Mb`~khmlx,
Qckx kx e~ ckxqe~{, Qms mla ~ fjmqe~{
^MHKLF QE QC@ QE_Cev Fjenmj Hebp`qkqkel Akxhkpjkl`x _njkh _ejkh{
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
7/51
Fjenmjkwmqkel cmx n``l matmlhklf mx helq~k`x ep`l bm~i`qx mla maepq l`v q`hclejefk`x,Q~ma` kx p, Neqc pe~qdejke
klt`xqb`lq mla de~ kfl ak~`hq klt`xqb`lq cmt` x~f`a, Be~` qe~kxqx m~ h~exxklf ne~a`~x, Klq`~lmqkelmj q`j pcel`
jkl`x* h`jj pcel`x mla Klq`~l`q hell`hqkelx bmi` mhh`xx qe klde~bmqkel `mxk`~ mla hc`mp`~,
Ve~ja Q~ma` _`~h`lq ed f~exx ve~ja p~eahq
0
=?
=0
>?
>0
8?
>???=;;?=;3?=;6?=;4?
@spe~qx ed feeax mla x`~tkh`x
Mxx`qx Mn~ema _`~h`lq ed f~exx ve~ja p~eahq
?
>?
1?
4?
>??1>???=;;4=;;>=;33=;31=;3?
_e~qdejke klt`xqb`lq
De~`kfl ak~`hq klt`xqb`lq=?
8?
0?
Klq`~lmqkelmj Qep~kxq M~~ktmjx
M~~ktmjx p`~ =?? p`epj`
?
1
3
=>
>???=;;?=;3?=;6?=;4?=;0?
>
4
=?
Klq`~hell`hq`a Ve~ja
Nkjjkelx ed bklq`x
8?
6?
==?
=0?
>??8=;;;=;;6=;;8=;;=?
4??
=*>??
=*3??
Bkjjkelx ed p`epj`
Klq`~l`q x`~x
Klq`~lmqkelmjq`j`pcel`q~mddkh
Benkj` pcel`xnxh~kn`~x
0?
;?
=8?
8??
;??
=*0??
=;;0 >??= >??0
Feklf FjenmjFeeax qe Fkfmn{q`x@SCKNKQ =
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
8/51
D@A@^MJ ^@X@^T@ NMLI ED AMJJMX 4 >??0 MLLPMJ ^@_E^Q
pejkhk`x cmt` mjvm{x akdd`~`a mh~exx
qc` 0? xqmq`x* xp~~klf hmpkqmj* jmne~
mla nxkl`xx`x qe bkf~mq` kl x`m~hc
ed qc` n`xq pjmh` qe x`qqj`,
Kl qc` =;0?x* Mb`~khml `hele"
bkxq Hcm~j`x Qk`neq xmv hebp`qklf
g~kxakhqkelx mx m he~ejjm~{ qe bm~"
i`qx, Kd hebpmlk`x mla ve~i`~x
heja teq` vkqc qc`k~ d``q* kq veja
p~`xx~` fet`~lb`lqx qe p~etka`
x`~tkh`x be~` `ddkhk`lqj{ mla `dd`h"
qkt`j{, Gxq mx Mamb Xbkqcx kltkxk"
nj` cmla ak~`hqx qc` p~ktmq` x`hqe~ qe
b``q helxb`~x a`xk~`x mq jev`~
p~kh`x* hebp`qkqkel j`max qc` pnjkh
x`hqe~ qe pejkhk`x qcmq ~`dj`hq p`epj`x
l``ax mla vmlqx, Helq`bpe~m~{
`helebkxqx F`edd~`{ N~`llml*
Gmb`x Nhcmlml* Avkfcq J`` mla
^khcm~a BhI`lwk` cmt` mjxe mlm"
j{w`a cev dmhqe~ benkjkq{ xcmp`x
pnjkh pejkh{,
Fjenmjkwmqkelx h~kqkhx hcm~f` qcmq
m be~` ep`l ve~ja `heleb{ x`qx edd
m ~mh` qe qc` neqqeb n{ `lhe~mfklf
lmqkelx qe g`qqkxel p~eq`hqkelx de~
helxb`~x* ve~i`~x mla qc` `ltk"
~elb`lq, _~epel`lqx helq`la qcmq
fjenmjkwmqkel p~ebpqx m ~mh` qe qc`
qep n{ pxcklf helq~k`x qevm~a
pejkhk`x qcmq p~ebeq` dmxq`~ f~evqc*
jev`~ kldjmqkel* ckfc`~ klheb`x mla
f~`mq`~ helebkh d~``aeb,
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
9/51
>??0 MLLPMJ ^@_E^Q 6 D@A@^MJ ^@X@^T@ NMLI ED AMJJMX
^`aphklf Kldjmqkelx Nkq`
Mx fjenmjkwmqkel cmx ilkq qc`
ve~ja hjex`~ qef`qc`~ kl ~`h`lq
a`hma`x* kldjmqkel cmx dmjj`l xcm~pj{
kl bml{ helq~k`x,
Qc` x`t`l jm~f`xq a`t`jep`a
lmqkelx ~`he~a`a mt`~mf` mllmj
kldjmqkel ed =?,> p`~h`lq d~eb =;68
qe =;38, Xklh` =;;0* qc`k~ mt`~mf`
~mq` cmx a`hjkl`a qe gxq =,3 p`~h`lq
m {`m~, #X`` @scknkq > el pmf` 3,+
L`m~j{ mjj qc`e~kxqx ~`heflkw`
qcmq kldjmqkel kx jm~f`j{ m bel`qm~{
pc`leb`lel* nq fjenmjkwmqkel
hcmlf`x qc` `helebkh `ltk~elb`lq
kl vckhc h`lq~mj nmlix ep`~mq`, Kl m
ve~ja vc`~` lmqkelx hebp`q` de~
klt`xqb`lq aejjm~x* qc` p~exp`hq ed
~mpkaj{ ~kxklf p~kh`x vkjj xpm~i hmpk"
qmj djkfcq qe helq~k`x vkqc be~` xqm"
nj` bel`{, H`lq~mj nmlix hmlq
mdde~a qe mjjev kldjmqkel qe `sh``a
qc` fjenmj le~b,
Hc`mp kbpe~qx* be~`et`~* cmt`
b`mlq nm~fmklx de~ helxb`~x, De~h`a
qe bmqhc de~`kfl hebp`qkqkel* aeb`x"
qkh p~eah`~x jev`~`a hexqx n{
kbp~etklf bmlmf`b`lq* maepqklfl`v q`hclejefk`x mla n{klf hc`mp`~
klpqx et`~x`mx, Xp`hkmjkwmqkel maa`a
`ddkhk`lhk`x n{ mjjevklf jmne~* hmpkqmj
mla eqc`~ p~eahqkt dmhqe~x qe djev
qevm~a h`lq`~x ed hebpm~mqkt matml"
qmf * vc`~ qc`{ heja p~eah qc`
bexq eqpq mq qc jev`xq ~`jmqkt hexq,
N{ `s`~qklf bel`qm~{ akxhkpjkl`
mla xp~~klf p~eahqktkq{ f~evqc*
fjenmjkwmqkel cmx j`a qe be~` xqmnj`p~kh`x, Qc` P,X, cmx dela kqx`jd
vkqc qmb`~ kldjmqkel mla dmxq`~
f~evqc qcml veja cmt` n``l pexxk"
nj` vkqceq fjenmjkwmqkel,
M,Q, I`m~l`{ Klh, mla De~`kfl
_ejkh{ bmfmwkl` cmt` a`t`jep`a m
fjenmjkwmqkel kla`s qcmq ~mlix 4>
lmqkelx el xhc dmhqe~x mx ep`ll`xx
qe q~ma` mla klt`xqb`lq* Klq`~l`q
mhh`xx* h~exx"ne~a`~ hebblkhmqkel
mla q~mt`j* mla kltejt`b`lq kl klq`~"
lmqkelmj e~fmlkwmqkelx, Xklfmpe~`*
K~`jmla mla Xvkqw`~jmla xqmla eq mx
qc` ve~jax bexq fjenmjkw`a lmqkelx,
Qc` Plkq`a Xqmq`x ~mlix m t`~{
~`xp`hqmnj` de~qcedd qc` hcm~qx kl
q`hclejef{ nq jmffklf qc` j`ma`~x
kl q~ma`* de~`kfl ak~`hq klt`xqb`lq
mla q~`mq{ hebbkqb`lqx,
D~mlh`* F`~bml{ mla Gmpml pexq
bkaajklf xhe~`x* jm~f`j{ n`hmx` ed
jklf`~klf p~eq`hqkelkxb, ^xxkm*
Hcklm* N~mwkj mla Klakm m~` mbelf
qc` j`mxq fjenmjkw`a `helebk`x* klak"
hmqklf qc`{ xqkjj cmt` m jelf vm{ qe
fe n`de~` djj klq`f~mqkel klqe qc`
ve~ja `heleb{,
Lmqkelx kl qc qep }m~q`~ ed qc`
M,Q, I`m~l`{ ~mliklfx aka n`qq`~ qcml
qcex qevm~a qc neqqeb kl bmklqmkl"
klf xela bel`{* mx b`mx~`a n{ qc`
D~mx`~ Klxqkqq`x @helebkh D~``aeb
ed qc Ve~ja kla`s, Qc Plkq`a Xqmq`x
xkqx mqep qc D~mx`~ xqmlaklfx* fktklf
l`v b`mlklf qe qc eja xmv mneq
n`klf xela mx m aejjm~, Eqc`~ xela
bel`{ xqm~x klhja` Xklfmpe~`*Xv`a`l* A`lbm~i mla Dkljmlamjj
ckfcj{ fjenmjkw`a,
Qc~efceq qc` M,Q, I`m~l`{
~mliklfx* p~kh` xqmnkjkq{ fe`x cmla kl
cmla vkqc fjenmjkwmqkel, Lmqkelx kl
qc` neqqeb }m~q`~ cma mt`~mf`
kldjmqkel ed =? p`~h`lq d~eb >??= qe
>??8, ^mq`x q`la qe dmjj mx lmqkelx
fjenmjkw`* ~`mhcklf ml mt`~mf` >,8
p`~h`lq de~ qc` qep }m~q`~,Mjqcefc qc` `tkjx ed kldjmqkel
hmlq n` a`lk`a* xeb` fet`~lb`lqx
m~` xqkjj q`bpq`a qe pbp p qc`
bel`{ xppj{ mx m xce~q"q`~b pmjjkm"
qkt` de~ xjffkxc f~evqc* l`bpje{"
b`lq e~ nmjjeelklf dkxhmj a`dkhkqx,
Vc`l kldjmqkel f`qx eq ed cmla* kq
`~ea`x qc` tmj` ed bel`{* a`xq~e{x
xmtklfx mla he~~pqx qc` klh`lqkt`x
qcmq ak~`hq qc` `ddkhk`lq mjjehmqkel ed
~`xe~h`x,
Xela bel`{* el qc` eqc`~ cmla*
kx ml mxx`q qe ml `heleb{, Kq p~e"
tka`x hebpmlk`x mla klaktkamjx
vkqc m xqmnj` lkq ed tmj`* xe a`hk"
xkelx mneq xp`laklf* xmtklf mla
klt`xqklf hml n` bma` el m ~`jkmnj`
`helebkh nmxkx,
Fjenmjkwmqkel bmi`x jev kldjm"
qkel kbp`~mqkt`* nq lmqkelx cmt`
p~x`a bel`qm~{ akxhkpjkl` kl m
tm~k`q{ ed vm{x, Qc` @~ep`ml
Plkel klxqkqqkelmjkw`a F`~bml"
xq{j` bel`qm~{ pejkh{ vc`l kq h~`mq"
`a m helqkl`lqmj h`lq~mj nmli kl
=;;3 mla fmt` kq qc` xej` bmlamq` qe
bmklqmkl jev kldjmqkel,
B`skhe* elh` p~el` qe x`t`~`
neqx ed kldjmqkel* mhck`t`a kqx xbmjj"
`xq p~kh` klh~`mx`x el ~`he~a kl
>??0gxq 8,8 p`~h`lq, Qc` p~eh`xx
ed ~`xqe~klf xqmnj` p~kh`x n`fml vkqc
m =;;0 helxqkqqkelmj mb`lab`lq
fm~mlq``klf qc` h`lq~mj nmlix kla`"
p`la`lh` d~eb pejkqkhmj klq`~d`~`lh`,
@hmae~ mla @j Xmjtmae~ maepq`a
qc` P,X, aejjm~ mx qc`k~ h~~`lh{*`dd`hqkt`j{ pqqklf bel`qm~{ pejkh{
n`{ela qc` ~`mhc ed lmqkelmj j`ma`~x,
Qc` fet`~le~ ed L`v W`mjmlax
h`lq~mj nmli hml n` dk~`a de~ sh``a"
klf kqx kldjmqkel qm~f`q,
Kl qc` Plkq`a Xqmq`x* qc` pmqc qe
qeam{x jev kldjmqkel xqm~q`a kl qc`
`m~j{ =;3?x* vc`l qc` D`a`~mj
^`x`~t` klxqkqq`a qefc pejkhk`x qe
a~kt` aevl aenj`"akfkq p~kh`klh~`mx`x, Qc` pm{edd cmx n``l mt`~"
mf` kldjmqkel ed 8 p`~h`lq m {`m~ de~
qve a`hma`x,
Xela bel`{ ae`x m ve~ja ed
feea* nq m lmqkelx nxkl`xx hjkbmq`
mjxe a`p`lax el eqc`~ pejkhk`x, Ae`x
fjenmjkwmqkel cmt` ml kbpmhq n`{ela
i``pklf kldjmqkel kl hc`hi5
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
10/51
Kldjmqkel kl qc` X`t`l Heplq~k`x vkqc Ckfc`xq FA__`~h`lq
0
?
0
=?
=0
>?
>0
Gmpml
D~mlh`
F`~bml{
Kqmj{
Hmlmam
P,I,
P,X,
>??0>???=;;0=;;?=;30=;3?=;60=;6?
D~mx`~ kla`s*mt`~mf` xhe~`
KTKKKKKK
J`mxq fjenmjkw`a Bexq fjenmjkw`a
6,8 6,0
;,=;,0
?
>
1
4
3
=?N`xq
Ve~xq
Mt`~mf` kldjmqkel* >??=?8#p`~h`lq+
?
>
1
4
3
=?
=>
KTKKKKKK
J`mxq fjenmjkw`a Bexq fjenmjkw`a
=?,?
4,>
8,=
>,8
Qc` _mqc qe _~kh` Xqmnkjkq{@SCKNKQ >
, , , vkqc fjenmjkwmqkel pjm{klf m ~ej` , , ,
Helq~k`x bexq ep`l qe klq`~lmqkelmj nxkl`xx q`la qe
cmt` dm~ jev`~ kldjmqkel ~mq`x qcml qcex` qcmq m~` hjex`a
#de~ ~mliklfx* x`` qc` nes mq qc` neqqeb+, Qc` pmqq`~l
xff`xqx fjenmjkwmqkel cmx helq~knq`a qe p~kh` xqmnkjkq{,
Kldjmqkel kx dmjjklf , , ,
Et`~ qc` pmxq }m~q`~ h`lq~{* kldjmqkel
cmx a`hjkl`a xcm~pj{ kl bexq pm~qx ed
qc` ve~ja* klhjaklf qc` Plkq`a Xqmq`x
mla eqc`~ bmge~ a`t`jep`a helq~k`x,
, , , kl `lhe~mfklf xela bel`{,
Qc` D~mx`~ Klxqkqq`x xhe~`x de~ xela bel`{ heldk~b
qc` ~`jmqkelxckp n`qv``l fjenmjkwmqkel mla pejkhk`x qcmq
i``p kldjmqkel mq nm{,
De~ qc` pmxq dkt` {`m~x* M,Q, I`m~l`{ Klh, mla De~`kfl _ejkh{bmfmwkl` cmt` ~mli a lmqkelx el fjenmjkwmqkel, Qc` nes
n`jev xcevx qc` p`hiklf e~a`~ de~ >??0* aktka`a klqe }m~qkj`x* ~mli`a d~eb j`mxq #4?+ qe bexq #=+ fjenmjkw`a,
J@MXQ FJENMJKW@A
BEXQ FJENMJKW@A
4? K~ml 10 M~f`lqklm 8? _ejmla =0 Hw`hc `pnjkh0; Klakm 11 Qcmkjmla >; Xeqc Ie~`m =1 Le~vm{03 Klael`xkm 18 Xmak M~mnkm >3 F~``h` =8 Mxq~mjkm06 @f{pq 1> Lkf`~km >6 Gmpml => Plkq`a Iklfaeb04 Nmlfjma`xc 1= X~k Jmlim >4 Kqmj{ == L`v W`mjmla00 N~mwkj 1? B`skhe >0 Xpmkl =? Dkljmla01 Q~i`{ 8; X`l`fmj >1 Xjetmi `pnjkh ; Mxq~km08 T`l`w`jm 83 Be~ehhe >8 _mlmbm 3 Xv`a`l0> Hcklm 86 Pi~mkl` >> Clfm~{ 6 A`lbm~i0= _`~ 84 Qlkxkm >= _e~qfmj 4 Hmlmam0? ^xxkm 80 Qmkvml >? F`~bml{ 0 L`qc`~jmlax1; Hejebnkm 81 ^ebmlkm =; Xjet`lkm 1 Plkq`a Xqmq`x13 _mikxqml 88 Hckj` =3 Bmjm{xkm 8 Xvkqw`~jmla16 I`l{m 8> Pfmlam =6 D~mlh` > K~`jmla14 Xeqc Md~khm 8= _ckjkppkl`x =4 Kx~m`j = Xklfmpe~`
K KK KKK KTK KK KKK KT
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
11/51
>??0 MLLPMJ ^@_E^Q ; D@A@^MJ ^@X@^T@ NMLI ED AMJJMX
Ep`l de~ Nxkl`xx
Kbmfkl` m hmpkqmjkxq bmlkd`xqe, Kq
veja p~`xh~kn` d~`` q~ma`* ep`l
hebp`qkqkel* klaktkamj hcekh`*
xq~elf p~ep`~q{ ~kfcqx mla mjj qc`
eqc`~ klf~`ak`lqx tkqmj qe m c`mjqc{
bm~i`q `heleb{,
Qc`x` mqq~knq`x hml n` b`mx~`a,
Qc` D~mx`~ Klxqkqq`* Ve~ja Nmli*
C`~kqmf` Delamqkel* Klxqkqq` de~
Xq~mq`f{ mla Hebp`qkqkt`l`xx* Q~mlx"
pm~`lh{ Klq`~lmqkelmj mla eqc`~
qckli qmlix hebpkj` helxkxq`lq* dmhq"
nmx`a ~mqklfx el qc` hjkbmq` de~ hmp"
kqmjkxb m~ela qc` ve~ja, Qmi`l
qef`qc`~* qc`{ p~etka` m n~ema ~mlf`
ed {m~axqkhix de~ fmfklf qc` ~`jm"
qkt` }mjkq{ ed `helebkh pejkhk`x,
Hebpm~klf qc`x b`mx~`x mfmklxq
M,Q, I`m~l`{x fjenmjkwmqkel ~mliklfx
~`t`mjx m bm~i`a he~~`jmqkel n`qv``l
be~ ep`l ne~a`~x mla pejkhk`x qcmq
nejxq`~ `helebkh p`~de~bmlh ,
Qc` qve de~h`x m~` hebpj`b`l"
qm~{xe xq~khq hmxmjkq{ kx `jxkt`,
Fjenmjkwmqkel hj`m~j{ fkt`x fet`~l"
b`lqx klh`lqkt`x qe `lmhq pejkhk`x qe
mqq~mhq mla ~`qmkl benkj` dmhqe~x, Mqqc` xmb` qkb`* helq~k`x vkqc xejka
pejkhk`x vkjj n` be~` xhh`xxdj kl
qc` fjenmj heleb{* lhe~mfklf d~"
qc`~ ep`lklf mla a``p`~ h~exx"ne~a`~
hell`hqkelx, Qc` hckhi`l"mla"`ff
a`nmq` xcejalq a`q~mhq d~eb qc`
dlamb`lqmj q~qc qcmq fjenmjkwmqkel
mla feea pejkhk`x fe qef`qc`~,
J`qx ~l qc~efc m aew`l pejkh{
b`mx~`x qe x`` cev qc`{ he~~`jmq`vkqc fjenmjkwmqkel, #X`` @scknkq 8 el
pmf` =?,+
Q~ma pejkhk`x bmi m feea xqm~q"
klf peklq, Xklh =;;?* lmqkelx cmt`
p``j`a mvm{ ~`xq~khqkelx el feeax mla
x`~tkh`x* xkflklf l`m~j{ =3? ~`fkelmj
q~ma` pmhqx* klhjaklf qc` Le~qc
Mb`~khml D~` Q~ma Mf~``b`lq kl
=;;>, Qc h~`mqkel ed qc =1;"lmqkel
Ve~ja Q~ma E~fmlkwmqkel #VQE+ kl
=;;0 a`jkt`~`a m gejq ed jkn`~mjkwmqkel
kl xhc m~`mx mx fjenmj dklmlhkmj x`~t"
kh`x* q`j`hebblkhmqkelx mla eqc`~
ckfc"tmj`"maa`a x`hqe~x, Qc VQE
mjxe `xqmnjkxc`a m de~b de~ d~qc`~
bm~i`q ep`lklf* mla kqx b`bn`~x m~`
lev mkbklf de~ n~`miqc~efcx el
xhc qefc kxx`x mx dm~b"q~ma`
~`xq~khqkelx mla xnxkak`x,
Qc` dj~~{ ed q~ma` a`mjx cmx
ep`l`a bm~i`qx, Xklh` =;3?* l`feqk"
mqkelx cmt` xjmxc`a qc` mt`~mf` qm~"
kdd d~eb >6,4 p`~h`lq qe ==,8 p`~h`lq
de~ a`t`jepklf lmqkelx mla d~eb ;,3
p`~h`lq qe 1 p`~h`lq de~ klaxq~kmj
helq~k`x,
Q~ma pejkhk`x m~ klq`f~mj qe fjen"
mjkwmqkel* xe kqx le x~p~kx` qcmq
lmqkelx xhe~klf ckfc el D~mx`~x b`mx"
~ ed d~``aeb qe q~ma hjxq`~ qevm~a
qc qep ed qc M,Q, I`m~l`{ kla`s,
Klt`xqb`lq pejkhk x qcmq d~`` hmp"
kqmj qe x``i kqx n`xq x`x fkt` helq~k`x
be~` ~`xe~h`x qe `spmla p~eah"
qkel, Bml{ ed qc` q~`mqk`x qcmq xv``p
mvm{ ~`xq~mklqx el q~ma` mjxe ilehi
aevl klq`~lmqkelmj nm~~k`~x qe klt`xq"b`lq, Xklh` xkflklf LMDQM* de~
`smbpj`* B`skhe cmx v`jheb`a de~"
`kfl hmpkqmj* ~`ahklf ~`a qmp` mla
ep`lklf x`hqe~x elh` ~`x`~t`a de~
lmqkelmjx, B`skhex pm{edd cmx n``l
!=10 nkjjkel kl ak~`hq klt`xqb`lq
d~eb mn~ema et`~ qc` pmxq a`hma`,
Helq~k`x v`jj hell`hq`a qe qc`
ve~ja `heleb{ pexq qc` ckfc`xq
xhe~`x el D~mx`~x b`mx~ ed hmpkqmjbm~i`q ep`ll`xx, A`xpkq qc n`l`dkqx
ed ep`l hmpkqmj bm~i`qx* j`xx fjenmj"
kw`a lmqkelx p`~xkxq kl ckla`~klf
bel`{ djevx n`hmx qc`{ kqc`~ vmlq
qe i``p hmpkqmj mq ceb e~ jkbkq de~"
`kfl kltejt`b`lq kl qc`k~ `helebk`x,
^`fjmqe~{ pejkhk`x bm{ n`
jm~f`j{ aeb`xqkh* nq qc`{ pjm{ m
xkflkdkhmlq ~ej` kl klq`~lmqkelmj heb"
p`qkqkt`l xx, Be~`"fjenmjkw`a `hel"
ebk`x ~mli ckfc`~ el D~mx`~x b`mx"
~` ed qc` jmhi ed ~`fjmqe~{ n~a`l
mla qc` Ve~ja Nmlix nm~eb`q`~ ed
~`fjmqe~{ }mjkq{,
Kl be~` ep`l helebk`x* fet`~l"
b`lqx m~` j`xx jki`j{ qe kbpex` p~kh`
helq~ejx mla eqc`~ n~a`lx el nxk"
l`xx, @dd`hqkt` ~`fjmqkel kxlq gxq
mneq vcmq fet`~lb`lq efcq leq
ae, Kq mjxe het`~x pejkhk`x kbpe~qmlq
qe qc` xbeeqc dlhqkelklf ed bm~i`q
`helebk`x* xhc mx ma`}mq` xp`~"
tkxkel ed nmlix,
Dmte~mnj` qms pejkhk`x m~` ml
kbpe~qmlq mxx`q kl ml `~m vc`l
bjqklmqkelmj ep`~mqkelx mla benkj`
hmpkqmj `lmnj` hebpmlk`x qe klt`xq
mla p~eah` ml{vc`~` kl qc` ve~ja,
Kl qc` pmxq qve a`hma`x* lmqkelx
~`xpela`a qe fjenmjkwmqkel n{ ~`ah"
klf qms n~a`lxmx xcevl n{ qc`
C`~kqmf` Delamqkelx b`mx~` ed
dmte~mnj` he~pe~mq` qmsmqkel,
Ckfc qms`x akxhe~mf` ve~i mla
klt`xqb`lq* mla aew`lx ed helq~k`x
jev`~`a qep klheb` qms ~mq`x de~
klaktkamjx n`qv``l =;3? mla >???*xeb` xkflkdkhmlqj{, Klhjaklf lmqkel"
mj mla p~etklhkmj qms`x* Xeqc Ie~`m
jepp`a edd 10 p`~h`lqmf` peklqx9
_e~qfmj* 119 mla N~kqmkl* 18, Be~`
qcml m aew`l a`t`jep`a helq~k`x
cmt` jev`~`a qep he~pe~mq` ~mq`x n{
mq j`mxq =? p`~h`lqmf` peklqx d~eb
=;34 qe >???* j`a n{ K~`jmlax >4
peklqx mla Xv`a`lx >1, Mbelf qc`
8? b`bn`~x ed qc` E~fmlkwmqkel de~@helebkh Heep`~mqkel mla A`t`j"
epb`lq* qc` mt`~mf` qep he~pe~mq`
qms ~mq` mq qc` lmqkelmj j`t`j d`jj
d~eb 88 p`~h`lq kl =;;3 qe >6,6 p`~"
h`lq kl >??1,
Jev`~ j`tk`x c`jp`a K~`jmla cmjq
kqx n~mkl a~mkl* mqq~mhq de~`kfl nxk"
l`xx`x mla jmlhc ml `helebkh
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
12/51
^mkxklf qc` Nm~@SCKNKQ 8
Mx helq~k`x ep`l qc`bx`jt`x qe klq`~lmqkelmj hebp`qkqkel* qc`{ q`la qe p~x` pejkhk`x qcmq p~ebeq` xhh xx kl qc`
ve~ja bm~i`qpjmh`, D~eb d~``~ q~ma` qe jev j`t`jx ed he~~pqkel* qc` be~`"fjenmjkw`a helq~k`x dm~` n`qq ~ el tm~kex
~`x`m~hc f~epx b`mx~`x ed xela pejkhk`x, Helq~k`x n`heb` be~` fjenmjkw`a betklf d~eb }m~qkj` K qe }m~qkj` KT,
_ejkhk`x kbp~et` d~eb ? qe =?,
?
>
1
4
3
=?D~``aeb qe Q~ma`
KTKKKKKK
4,3
6,8
6,3
3,>
?
>
1
4
3
=?_~ep`~q{ kfcqx
KTKKKKKK
1,1
1,;
4,0
3,6
?
>
1
4
3
=?^`fjmqe~{ ]mjkq{
KTKKKKKK
1,>
0,?
4,0
6,4
?
>
1
4
3
=?_ejkqkhmj Xqmnkjkq{
KTKKKKKK
8,4
1,1
0,;
6,?
?
>
1
4
3
=?D~``aeb d~eb Et`~~`fjmqkel
KTKKKKKK
0,>
0,3 4,?
4,;
?
>
1
4
3
=?Mlqkhe~~pqkel _ejkhk`x
KTKKKKKK
>,;
8,0
0,0
3,0
?
>
1
4
3
=?Klletmqkel _ejkhk`x
KTKKKKKK
1,=
1,;
0,4
4,3
?
>
1
4
3
=?^j` ed Jmv
KTKKKKKK
1,=
1,6
4,1
6,;
?
>
1
4
3
=?Hmpkqmj Bm~i`q Ep`ll`xx
KTKKKKKK
1,;
0,0
6,0
3,8
?
>
1
4
3
=?Fet`~lb`lq @dd`hqkt`l`xx
KTKKKKKK
1,0
0,?
4,0
3,=
?
>
1
4
3
=?Dmte~mnj` He~pe~mq` Qms`x
KTKKKKKK
>,8
8,31,?
1,1
?
>
1
4
3
=?Mhhelqmnkjkq{
KTKKKKKK
1,>
1,3
4,0
6,>
KLAKHMQE^ B@MXP^@
D~``aeb qe q~ma` #D~mx`~ Klxqkqq`+ Nm~~k`~x qe feeax mla x`~tkh`x
Hmpkqmj bm~i`q ep`ll`xx #D~mx`~+ ^`xq~khqkelx el hmpkqmj djevx
D~``aeb d~eb et`~~`fjmqkel #D~mx`~+ @sq`lq ed fet`~lb`lq klq~xkel el nxkl`xx
^`fjmqe~{ }mjkq{ #Ve~ja Nmli+ @dd`hqkt`l`xx ed hktkj x`~tkh`
Dmte~mnj` he~pe~mq` qms`x #C`~kqmf` Delamqkel+ N~a`l el hebpml{ p~edkqx
Klletmqkel pejkhk`x #Cm~tm~a Plkt`~xkq{+ Xppe~q de~ q`hclejef{
KLAKHMQE^ B@MXP^@
_ejkqkhmj xqmnkjkq{ #Ve~ja Nmli+ Jki`jkceea ed ldmte~mnj` `t`lqx
Mhhelqmnkjkq{ #Ve~ja Nmli+ ^`xpelxkt`l`xx qe hkqkw`lx
^j` ed jmv #Ve~ja Nmli+ Xq~`lfqc ed j`fmj x{xq`b
_~ep`~q{ ~kfcqx #D~mx`~+ _~eq`hqkel d~eb m~nkq~m~{ jexx`x
Fet`~lb`lq `dd`hqkt`l`xx #Ve~ja Nmli+ Hebp`q`lq mabklkxq~mqkel
Mlqkhe~~pqkel pejkhk`x #Q~mlxpm~`lh{ Klq`~lmqkelmj+ Cel`xq{ kl qc` pnjkh x`hqe~
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
13/51
>??0 MLLPMJ ^@_E^Q == D@A@^MJ ^@X@^T@ NMLI ED AMJJMX
~`tktmj, D~`` ed hebblkxb* l`v
@P b`bn`~x Jmqtkm* Jkqcmlkm*
@xqelkm mla Xjetmikm nhi`a qc`
helqkl`lqx p~ef~`xxkt` q~makqkel n{
klxqkqqklf djmq qms`x,
Klletmqkel pejkhk`x c`jp dexq`~
l`v nxkl`xx de~bmqkel mla `spmla
eppe~qlkqk`x de~ `xqmnjkxc`a heb"
pmlk`x, Cm~tm~ax Klxqkqq` de~
Xq~mq`f{ mla Hebp`qkqkt`l`xx ~mlix
lmqkelx el qc`k~ hebbkqb`lq qe
q`hclejef{* xcevl n{ xhc b`mx"
~`x mx p~eq`hqkel de~ klq`jj`hqmj
p~ep`~q{* xkw` ed ^$A qms h~`akqx*
mla mqq~mhqkt`l`xx qe xhk`lqkxqx mla
`lfkl``~x,
Ep`l `helebk`x `scknkq m
f~`mq`~ vkjjklfl`xx qe l~q~` l`v
q`hclejefk`x, Bml{ ed qc` Cm~tm~a
xqa{x bexq klletmqkel"d~k`laj{
lmqkelx m~` mbelf M,Q, I`m~l`{x
bexq fjenmjkw`a,
_ejkqkhmj xqmnkjkq{ bmqq`~x qe
`helebk`x n`hmx` heldxkel*
lh`~qmklq{ mla tkej`lh` v~`mi
cmteh el bm~i`qx, Nxkl`xx`x mla
klaktkamjx vkjj n` vm~{ ed `lq`~klf
klqe helq~mhqx mla eqc`~ jelf"q`~b
m~~mlf`b`lqx lj`xx qc`{~` dmk~j{h`~qmkl xehk`q{x nmxkh xq~hq~` vkjj
`la~`, Vc`l mabklkxq`~klf pnjkh
pejkhk`x* xqmnj` ~`fkb`x m~` be~`
`dd`hqkt` mla helxkxq`lq,
Qc` Ve~ja Nmli dklax qc` bexq
xqmnkjkq{ mbelf jelf"xqmlaklf
a`beh~mhk`x ed V`xq`~l @~ep`*
Le~qc Mb`~khm mla Mxq~mjkm,
Bml{ ed qc`x` lmqkelx xhe~` v`jj
el qc` M,Q, I`m~l`{ fjenmjkwmqkel~mliklfx,
Mhhelqmnkjkq{ `b`~f`x mx m i`{
mxp`hq ed pejkqkhmj xqmnkjkq{, Qc`
peq`lqkmj de~ hcmex ~`h`a`x kl xehk"
`qk`x vkqc hktkj jkn`~qk`x* pejkqkhmj
mla cbml ~kfcqx* mla eppe~qlkqk`x
de~ hkqkw`lx qe x`j`hq mla kldj`lh`
qc`k~ fet`~lb`lqx,
Qc` Ve~ja Nmlix ~`maklfx el
mhhelqmnkjkq{* jki` qcex` el xqmnkjk"
q{* dmte~ a`beh~mqkh lmqkelx vkqc m
xq~elf q~makqkel ed klaktkamj ~kfcqx,
Qc`x` helq~k`x q`la qe cmt` d~``
`lq`~p~kx` `helebk`x qcmq m~`
`lfmf`a kl qc` ve~ja `heleb{,
^j` ed jmv lm~~evx qc` dehx qe
qc` gxqkh` x{xq`b, Xehk`q{x le~bx
~`h`kt` f~`mq`~ ~`xp`hq kl helq~k`x
vkqc jev`~ h~kb`* `dd`hqkt` he~qx
mla a`p`lamnj` `lde~h`b`lq ed hel"
q~mhqx, Ml mnkaklf ~`xp`hq de~ qc`
~j` ed jmv `lcmlh`x qc` p~`akhqmnkj"
kq{ nxkl`xx`x ~`}k~` de~ de~vm~a"
jeeiklf a`hkxkelx nmx`a el qc` xmlh"
qkq{ ed helq~mhqx,
Helq~k`x x``iklf qe `xqmnjkxc
qc`bx`jt`x mx feea pjmh`x qe ae
nxkl`xx vkjj bmklqmkl dmk~ mla dlh"
qkelmj j`fmj x{xq`bx, Qc` bexq ep`l
`helebk`x mj~`ma{ ae* vckj` qc`
j`mxq fjenmjkw`a xq~ffj` qe a`jkt`~
ma`}mq` jmv `lde~h`b`lq,
_~ep ~q{ ~kfcqx m~` m xp`hkdkh
mxp`hq ed qc` ~j` ed jmv, Vc`l
hmp~kh` e~ fet`~lb`lq mhqkelx hmjj
klqe }`xqkel qc` evl`~xckp e~
tmj` ed p~ep`~q{* helebkh mhqktkq{n`heb`x ~kxi{ mla bm{ f~kla qe m
cmjq, Xq~elf p~eq`hqkel ed p~ep`~q{
~kfcqx bmi`x bm~i`q `helebk`x
dlhqkel be~` xbeeqcj{ n{
`lmnjklf n{`~x mla x`jj`~x qe hel"
ahq q~mlxmhqkelx vkqc m ckfc`~
a`f~`` ed q~xq,
Qc` bexq fjenmjkw`a lmqkelx
fm~mlq`` p~ep`~q{ ~kfcqx9 qc` j`mxq
fjenmjkw`a edd`~ j`xx p~eq`hqkel, Qc`~mliklf ~`jk`x el D~mx`~x b`mx~`
ed qc` `dd`hqkt l`xx ed lmqkelx j`fmj
x{xq`bx mla qc`k~ p~eq`hqkelx de~
p~ep`~q{ ~kfcqx, Helq~k`x `m~l ckfc
xhe~`x kd qc`k~ hkqkw`lx cmt` j`fmj
~`he~x` qe p~`t`lq qc`dq* d~ma mla
fet`~lb`lq mhqkelx qcmq g`epm~akw`
qc`k~ ceb`x mla nxkl`xx`x,
Fet`~lb`lq dd`hqkt`l`xx ~`hef"
lkw`x qcmq feea pejkhk`x aelq klxpk~`
~`xp`hq mla heldka`lh` vkqceq
hebp`q`lq mabklkxq~mqkel mla hel"
xkxq`lh{ et`~ qkb`,
Qc` Ve~ja Nmli dehx`x el qc`
}mjkq{ ed fet`~lb`lq x`~tkh`x* qc`
hmpmnkjkqk`x ed hktkj x`~tmlqx* qc`
pejkqkhmj kla`p`la`lh` ed pnjkh
mf`lhk`x mla qc` h~`aknkjkq{ ed qc`
fet`~lb`lqx hebbkqb`lq qe feea
pejkhk`x, Ckfcj{ fjenmjkw`a hel"
q~k`x ~`mjkw` qc`{ hmlq xhh``a vkqc"
eq feea fet`~lb`lq mq ceb`,
Mlqkhe~~pqkel pejkhk`x qmi`
mkb mq kjjkhkq a`mjklfx qcmq la`~"
bkl` `helebk`x n{ ~mkxklf hexqx*
h~`mqklf lh`~qmklq{ mla qcvm~qklf
hebp`qkqkel, ^xxkmx q~mlxkqkel
d~eb hebblkxb qe hmpkqmjkxb* de~
`smbpj`* cmx a`f`l`~mq`a klqe m
ij`pqeh~mh{ qcmq hmlq i``p klxka`~x
d~eb `l~khcklf qc`bx`jt`x n{ ~kf"
fklf qc` x{xq`b,
Qc` bexq fjenmjkw`a helq~k`x
m~` j`xx jki`j{ qe qej`~mq` he~~pqkel,
Qc`{ ~mli xkflkdkhmlqj{ ckfc`~ el
Q~mlxpm~`lh{ Klq`~lmqkelmjx kla`s
de~ mnx`lh` ed he~~pqkel mla qc`Ve~ja Nmlix b`mx~` ed qc` mnkjkq{
qe helq~ej he~~pqkel,
Fjenmjkwmqkelx kldj`lh` ae`x
leq `la vkqc qc` pejkhk`x mla mqq~kn"
q`x xqak`a n{ qc` qckli qmlix,
Celklf jmne~x xikjjx* de~ klxqmlh`*
h~`mq`x ml `af` kl e~ ckfc"q`hc
mf`* mla nxkl`xx`x m~` jki`j{ qe
djev qevm~a lmqkelx qcmq n`qq`~ `a"
hmq` ve~i`~x, Qc` de~h`x ed mlklh~`mxklfj{ fjenmj `heleb{ m~`
mjxe jki`j{ qe pjm{ m ~ej` kl kbbk"
f~mqkel* `ahmqkel mla `l`~f{ pejk"
hk`x, Kla``a* mx lmqkelx f~ev `t`l
be~` klq`~hell`hq`a* fjenmjkwmqkel
bm{ kbpmhq ~`mjbx ed pnjkh pejkh{
qcmq qeam{ x``b dm~ ~`bet`a d~eb
qc` ve~ja `heleb{,
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
14/51
Jmne~ _mklx
Qc` a`bmlax ed qc` klq`~lmqkelmj
bm~i`qpjmh` m~` m de~h` de~ n`qq`~
pejkhk`x vc`l dmhqe~x m~` ckfcj{
benkj`, Fjenmjkwmqkel cmx n``l j`xx
a`hkxkt` kl hcmlfklf pejkhk`x mdd`hq"
klf ~`xe~h`x j`xx d~`` qe bkf~mq`,
Dmhqe~x ed p~eahqkel akdd`~ kl
qc`k~ mnkjkq{ qe bet` mh~exx ne~a`~x,
Klde~bmqkel mla bel`{ wkp d~eb
el` pm~q ed qc` ve~ja qe mleqc`~ kl
qc` njkli ed ml `{`, Mq qc` eqc`~ `la
ed qc` xp`hq~b* jmla hmlq n`
bet`a mq mjj, Jmne~ x``ix kqx klq`~"
lmqkelmj matmlqmf` xjevj{* ~`xq~khq`a
n{ kbbkf~mqkel jmvx mla e~ mddklk"
q{ de~ ceb`jmla* hjq~` mla dmbkj{,
Bexq jki`j{ evklf qe ve~i`~x
jkbkq`a klq`~lmqkelmj benkjkq{* qc`
Ve~ja Nmlix b`mx~` ed jmne~ dj`s"
knkjkq{ ae`xlq kbp~et` mx helq~k`x
n`heb` be~` fjenmjkw`alqkj v`
f`q qe qc` qep }m~q`~, Qc` bexq klq`~"
lmqkelmjkw`a lmqkelx ae fkt` hebpm"
lk`x f~`mq`~ d~``aeb qe a`q`~bkl`
`bpje{b`lq helakqkelx* ml klakhm"
qkel ed m jkli n`qv``l jmne~ pejkhk`x
mla fjenmjkwmqkel, #X`` @scknkq 1,+
De~ lev* qc`x` helq~k`x m~` qc`
`sh`pqkel, @t`l kl e~ fjenmjkwklf
`~m* bml{ lmqkelx bmklqmkl jmvx qcmq
ckla`~ qc` ck~klf mla dk~klf ed ve~i"
`~x, Gen p~eq`hqkel bm{ xela
mpp`mjklf mq dk~xq* nq xhc pejkhk`x
kbp`a` ve~i`~x mnkjkq{ qe hebp q`,
Vc`l hebpmlk`x dmh` el`~ex jmne~
~`fjmqkelx* qc`{ hmlq magxq }khi"
j{ qe l`v eppe~qlkqk`x kl qc` bm~"
i`qpjmh`, Qc`{~` edq`l vm~{ ed ck~"
klf l`v ve~i`~x* vce vkjj n` akddk"
hjq qe xc`a kd epqkbkxqkh xmj`x
`sp`hqmqkelx q~l xe~,
Gmpmlx klxkxq`lh` el p~`x`~tklf
kqx q~makqkel ed jkd`qkb` `bpje{b`lq
cmx n``l m nkf ~`mxel kqx elh` ckfc"
dj{klf `heleb{ jmlfkxc`a de~ be~`
qcml m a`hma` mdq`~ =;;?, F`~bml{x
jmne~ pejkhk`x cmt` ~`qm~a`a f~evqc
kl vcmq elh` vmx m jehebeqkt` de~
qc` fjenmj `heleb{,
Helq~k`x vkqc qc` bexq ~`fjmq"
`a jmne~ bm~i`qx q`la qe cmt` jev`~
p`~ hmpkqm klheb`, Qc` Ve~ja Nmli
~`pe~qx qcmq bml{ lmqkelx kbpex`
cf` n~a`lx el `bpje{`~x qcmq jm{
edd ve~i`~xqc` `}ktmj`lq ed =40
v``ix ed pm{ kl N~mwkj* ==> kl
Q~i`{* ;? kl Hcklm* 6; kl Klakm, Mjj
m~` ~`jmqkt`j{ pee~ helq~k`x,
Jmne~ Bm~i`q Dj`sknkjkq{@SCKNKQ 1
Ckfcj{ fjenmjkw`a lmqkelx q`la qe mjjev f~`mq`~ d~``aeb kl ck~klf mla
dk~klf ve~i`~x #~kfcq+, Klh~ mx`a jmne~ benkjkq{ c`jpx bmi` qc`x`
`helebk`x be~ p~eahqkt` mla a{lmbkh* j`maklf qe ckfc`~ p`~ hmpkqm
klheb`x #n`jev+,
?
!0*???
!=?*???
!=0*???
!>?*???
!>0*???
!8?*???
!80*???
!1?*???
!10*???
? 0? =?? =0? >??
P,X,
K~`jmla
N~mwkj
@f{pq
Hcklm
Xeqc Ie~`m
Clfm~{
F`~bml{D~mlh`
FA_ p`~ hmpkqm
@bpje{`~x hexq ed dk~klf kl v``ix ed vmf`x
Q~i`{
M~f`lqklmB`skhe
Klakm
?
>
1
4
3
KTKKKKKK
J`mxq fjenmjkw`a Bexq fjenmjkw`a
0,0
0,3
0,1
6,0
N`xq
Ve~xq
=?
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
15/51
N{ helq~mxq* helq~k`x qcmq
kbpex` d`v`~ n~a`lx el `bpje{`~x
m~` xmjj{ ~khc`~, Qc` Plkq`a
Xqmq`x* de~ `smbpj`* bmlamq`x le
x`t`~mlh` mq mjj* mjjevklf hebpm"
lk`x qe a`q`~bkl` qc`k~ evl pejkhk`x,
Qkb`x bm{ n` hcmlfklf, D~mlh`x
l`v jmne~ jmvx* `lmhq`a jmxq {`m~*
bmi` kq `mxk`~ de~ xbmjj hebpmlk`x
qe ck~` mla dk~` `bpje{``x, El` p~e"
tkxkel mjjevx dk~bx qe jm{ edd ve~i"
`~x vkqceq hmx` a~klf qc` dk~xq
qve {`m~x ed bpje{b`lq, Mqck~a ed
Gmpmlx jmne~ de~h` lev helxkxqx ed
q`bpe~m~{ mla helq~mhq ve~i`~x* p
d~eb >? p`~h`lq m a`hma` mfe, Qc`{
aelq ceja jkd`qkb` `bpje{b`lq
~kfcqx, F`~bml{* Kqmj{ mla eqc`~
lmqkelx cmt` n`fl qe a`nmq` jmne~
~`de~b* m xkfl qcmq mq j`mxq xeb` ed
qc`k~ j`ma`~x ~`heflkw` n`klf m fjen"
mj hebp`qkqe~ ~`}k~`x qc` hmpmhkq{
qe mampq }khij{,
Qc`x` hcmlf`x m~` `lhe~mfklf*
nq eja"xq{j` jmne~ pejkhk`x cmt`
pev`~dj helxqkq`lhk x, Mx m ~`xjq*
~`de~b cmx n``l f~afklf mla klh~`"
b`lqmj* ~mqc`~ qcml xv``pklf, Qc`
j`xx fjenmjkw`a helq~k`x xqkjj cmt` mjelf vm{ qe fe n`de~` qc`{ mhck`t`
qc` jmne~ bm~i`q dj`sknkjkq{ x``l kl
qc` Plkq`a Xqmq`x mla eqc`~x qevm~a
qc` qep ed qc` M,Q, I`m~l`{ kla`s,
Qc` p`~xkxq`lh` ed jmne~ bm~i`q
~`xq~khqkelx xcevx qc` ge~l`{ d~eb
fjenmjkwmqkel qe n`qq`~ pnjkh pejk"
hk`x kxlq hebpj`q`, Helq~k`x vkjj
a~mf qc`k~ d``q, Bml{ vkjj ~`xkxq hmjjx
qe akxbmlqj` gen p~eq`hqkelx mlaeqc`~ pepjm~ ~`fjmqkelx* `t`l kd
j`ma`~x ~`heflkw` vcmq bxq n`
ael`, Qc` ak~`hqkel ed qc` bm~hc*
cev`t`~* hmlq n` bkxqmi`l, Qc`
ve~ja kx betklf qevm~a be~` bm~"
i`q"a~kt`l `helebkh pejkhk`x*
qcmlix kl pm~q qe qc` a`bmlax ed
fjenmjkwmqkel,
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
16/51
Dkxhmjj{ Pldkq
Bm~i`q `helebk`x ~`j{ el qc`
p~ktmq` x`hqe~ de~ deea* hjeqcklf*
xc`jq`~* `lq`~qmklb`lq mla bhc
be~`, Fet`~lb`lq b``qx l``ax qcmq
bm~i`qx hmlq xppj{ `ddkhk`lqj{
~emax* pejkh` p~eq`hqkel* m j`fmj x{x"
q`b* qe xff`xq gxq m d`v,
_njkh x`hqe~ vkxc jkxqx f~ev
jelf`~ mx xehk`qk`x f~ev ~khc`~, Kd
fet`~lb`lqx n`heb` qee nkf* `hel"
ebk`x xdd`~ mx ~`xe~h`x xkpcel`a
d~eb qc` p~ktmq` x`hqe~ n`heb` xn"
g`hq qe pejkqkhmj a`hkxkelbmiklf,
Mjqcefc nkff`~ fet`~lb`lq hml
xmp `helebkh tkqmjkq{* qc` pnjkh
x`hqe~ kx `spmlaklf kl bml{ hel"
q~k`x* qc` bexq fjenmjkw`a mx v`jj mx
qc` j`mxq, D~mx`~x xhe~`x el fet`~l"
b`lq xkw` xcev qcmq qc` bexq ep`l
helq~k`x m~`lq aeklf bhc n`qq`~
qcml qc` j`mxq klq`~lmqkelmjkw`a el`x,
Vc`l kq heb`x qe fet`~lb`lq q~mlx"
d`~x mla xnxkak`x* qc` bexq fjenmj"
kw`a mhqmjj{ xhe~` ve~x`, #X``
@scknkq 0,+ Qc` amqm xff`xq fjenmj"
kwmqkel cmxlq akxhkpjkl`a dkxhmj pejk"
h{ qe qc` xmb` a`f~`` kq cmx bel`"qm~{ pejkh{,
Qms hqqklf bm{ cmt` jev`~`a
qep ~mq`x* nq `t`l ckfcj{ fjenmjkw`a
helq~k`x m~` xqkjj `smhqklf m c`mt{
qejj qe xppe~q xehkmj xp`laklf, Kl
D~mlh`* de~ `smbpj`* klheb` qms`x
m~` ; p`~h`lq ed jmne~ hexqx* nq
j`tk`x el ve~i`~x mla `bpje{`~x de~
xehkmj p~ef~mbx qeqmj mleqc`~ 8;
p`~h`lq, F`~bml{ bmklqmklx hexqj{p~ef~mbx qcmq fkt` qc` l`bpje{`a
mx bhc mx 48 p`~h`lq ed qc`k~ ve~i"
klf klheb`pmka de~ n{ qmspm{`~x*
ed he~x`,
Helq~k`x cmt` dela qc`{ hmlq
qms benkj` dmhqe~x c`mtkj{, Xe ve~i"
`~x mla qc`k~ `bpje{`~x* j`xx mnj`
qcml bel`{ qe bet` mh~exx ne~a`~x*
?
>
1
4
3
=? Q~mlxd`~x mla Xpnxkak`x
KTKKKKKK
3,1
6,4
0,1 0,8
N`xq
Ve~xq
?
>
1
4
3
=? Klaktkapmj Klheb` Qms`x
KTKKKKKK
1,11,3
8,=>,3
N`xq
Ve~xq
Dkxhmj _ejkh{ mla Fjenmjkwmqkel@SCKNKQ 0
?
>
1
4
3
=? Fet`~lb`lq Xkw`
KTKKKKKK
4,14,=
0,?
0,6
N`xq
Ve~xq
Nkff`~ fet ~lb`lq nefx aevl `helebk`x* nq klq`~hell`hq`a el x
m~`lq ~`ahklf qc` xkw` ed qc`k~ pnjkh x`hqe~x #qep+, Qc`{ q`la qe bmkl"
qmkl hexqj{ q~mlxd`~x mla xnxkak`x #bkaaj`+, Mla a`xpkq p~`xx~` qe hq
~mq`x* qc`{ cmt` bmklqmkl`a m ckfc qms n~a`l qe xppe~q f`l`~ex xehkmj
p~ef~mbx #neqqeb+, Helq~k`x n`heb` be~` fjenmjkw`a betklf d~eb
}m~qkj` K qe }m~qkj` KT,
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
17/51>??0 MLLPMJ ^@_E^Q =0 D@A@^MJ ^@X@^T@ NMLI ED AMJJMX
f`q xqhi vkqc qc` qmn de~ ml `spmla"
klf pnjkh x`hqe~,
Dkxhmj pejkh{ xcejalq n`
`s`bpq d~eb fjenmjkwmqkelmq j`mxq
kl qc`e~{, Hebpmlk`x mla ve~i`~x
efcq qe ~`mjkw` qcmq `t`~"f~evklf
xp`laklf* vc`l leq het`~`a n{
`skxqklf e~ l`v ~`t`l` xq~`mbx*
vkjj xeb`am{ j`ma qe naf`q hqx e~
ckfc`~ qms`x, Ilevklf qckx* qc`{
xceja x``i qc` xmd`q{ ed `helebk`x
vkqc xela`~ dkxhmj pejkhk`x,
Vc{ m~`lq benkj` dmhqe~x el qc`
~l d~eb nkff`~ fet`~lb`lq5
Bml{ nxkl`xx`x mla ve~i`~x* ed
he~x`* cmt` jmlfmf`* hjq~mj mla
eqc`~ nelax qe qc`k~ ceb` hel"
q~k`x, Bml{ fet`~lb`lqx ep`~mq`
el a`nq* xe qc` jmf n`qv``l ~`h`kt"
klf n`l`dkqx mla pm{klf de~ qc`b
bm{ mjxe n` i`{, Hebpmlk`x*
klt`xqe~x mla `t`l ve~i`~x bm{ n`
vkjjklf qe xqm{ pq de~ xce~q"q`~b
matmlqmf`x ed fet`~lb`lq xp`la"
klf* klhjaklf jh~mqkt` xnxkak`x
mla helq~mhqx mkb`a mq mqq~mhqklf
nxkl`xx, Eqc`~vkx`"benkj` dmhqe~x
hml pehi`q qc` bel`{ lev* ilev"
klf qc`{ m~` d~`` qe ~`jehmq` vc`l
qc` nkjjx heb` a` mla j`mt` qc`
a`nq qe dq~` f`l`~mqkelx,
Ep`ll`xx kqx`jd bm{ mjxe qmi`
xeb` ed qc` pmkl eq ed ~llklf
a`dkhkqxmq j`mxq kl qc` xce~q ~l,
Ne~~evklf mn~ema ~`ah`x a`dkhkq
xp`laklfx q`la`lh{ qe h~eva eq
p~ktmq` klt`xqb`lq mla ~mkx` klq`~`xq
~mq`x, _ejkqkhmj p~`xx~` qe hq xp`la"
klf kx j`xx jki`j{ qe nkja vkqceq qc`
xp~ ed ckfc`~ ne~~evklf hexqx,
Mxq~mjkm* Hmlmam* N~kqmkl mla
x`t`~mj ed qc` xbmjj`~ @P helq~k`x*
mjj ckfcj{ fjenmjkw`a* cmt` hq a`dkhkq
xp`laklf xklh` qc` `m~j{ =;;?x,
F`~bml{ mla D~mlh`* j`xx ep`l qe
fjenmjkwmqkel* cmt`lq bmklqmkl`a
qc` @P xqmlam~a ed a`dkhkqx n`jev 8
p`~h`lq ed FA_, Mdq`~ m d`v {`m~x ed
naf`q x~pjx`x* qc` Plkq`a Xqmq`x
lev dmh`x xnxqmlqkmj d`a`~mj a`dkhkqx
mla cf`* ldla`a jelf"q`~b enjk"
fmqkelx de~ ~`qk~``x mla c`mjqc hm~`,
Qc` ~`a kli de~ >??4 cmx n``l `xqk"
bmq`a mq 8,> p`~h`lq ed FA_,
_`~xkxq`lq a`dkhkq xp`laklf hml
h~`mq` p~enj`bx de~ bel`qm~{ pejk"
h{, Vc`l dkxhmj mqce~kqk`x ~l jm~f`
a`dkhkqx* qc`{ j`mt` h`lq~mj nmlix
vkqc m q~enj`xeb` hcekh`7 bel`"
qkw` qc` ~`a kli mla hmx` kldjmqkel*
e~ qmi` m xqmla de~ p~kh` xqmnkjkq{
vkqc ckfc`~ klq`~`xq ~mq`x qcmq ambp"
`l `helebkh mhqktkq{,
Qe fm~a mfmklxq `mx{ bel`{* qc`
Plkq`a Xqmq`x mla eqc`~ lmqkelx
f~mlq qc`k~ h`lq~mj nmlix m ckfc
a`f~`` ed kla`p`la`lh` d~eb pejkqk"
hmj kldj`lh`, Vc`l bel`qm~{
mqce~kqk`x m~` klxjmq`a* qc`{t`
xmjj{ p~et`l hmpmnj` ed ~`xkxqklf
p~`xx~` qe pbp p qc` bel`{ xp"
pj{ qe dklmlh` a`dkhkqx,
Xhc kla`p`la`lh` hmlq n` qmi`l
de~ f~mlq`a, Et`~djevklf ~`a kli
hml aktka` bel`qm~{ mla dkxhmj
mqce~kqk`x el qc` kbpe~qmlh` ed
p~kh` xqmnkjkq{, V`mi`lklf qc` hel"
x`lxx el dkfcqklf kldjmqkel elj{
klh~`mx`x qc` q`bpqmqkel de~ pejkqkhmj
b`aajklf kl bel`qm~{ pejkh{,
H`lq~mj nmli kla`p`la`lh` hm~"
~k`x `t`l be~` v`kfcq kl m fjenmj"
kw`a ve~ja* vkqc kqx klh~`mxklfj{
benkj` hmpkqmj, Qc` be~` pejkqkhx
`lh~emhc`x el bel`qm~{ pejkh{* qc`
f~`mq`~ qc` ~kxi ed dkxhmj dejj{* x`~k"
ex kldjmqkel mla hmpkqmj djkfcq,
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
18/51
Qevm~a m Fjenmj @heleb{
Fjenmjkwmqkel kxlq l`v, Qc`
mlhk`lq Xkji ^ema* m 1*???"bkj`
et`~jmla ~eq` xq~`qhcklf d~eb qc`
B`akq`~~ml`ml qe Kbp`~kmj Hcklm*
vmx ml `m~j{ helakq ed klq`~lmqkel"
mj hebb`~h`, Kl qc` ~mpkaj{ klaxq~k"
mjkwklf =;qc h`lq~{* xq`mbxckpx*
~mkj~emax* q`j`f~mpcx mla eqc`~
matmlh`x kl hebblkhmqkelx mla
hebb`~h` kflkq`a m tkfe~ex ~ela
ed ve~javka` `helebkh klq`f~mqkel,
Qc`x` `m~jk`~ p`~keax ed fjenmj"
kwmqkel hejalq n` xxqmkl`a, A`x`~q
xmlax xvmjjev`a qc` Xkji ^ema kl
qc` =0qc h`lq~{, Qc` f~`mq =;qc h`l"
q~{ fjenmjkwmqkel xjmbb`a klqe
~`t`~x` mx q~ma` mla de~`kfl klt`xq"
b`lq hejjmpx`a kl qc` dmh` ed qve
ve~ja vm~x mla qc` vka`xp~`ma p~e"
q`hqkelkxb ed qc` =;8?x, @helebkh
mhqktkq{x ~`q~`mq n`ckla ne~a`~x j`dq
qc` ve~ja m dm~ pee~`~ pjmh`,
Qc` p~`x`lq `pkxea` cmx kqx ~eeqx
kl qc` {`m~x mdq`~ Ve~ja Vm~ KK*
vc`l qc` P,X, mla eqc`~ lmqkelx*
bkladj ed qc` cm~axckpx v~efcq n{
qc` p~ke~ fjenmjkwmqkelx hejjmpx`*
ep`l`a qc`k~ helebk`x, Xklh` qc`l*
fjenmjkwmqkel cmx fmkl`a beb`lqb
mx helq~k`x cmt` p~exp`~`a n{ d~``"
klf qc`k~ `helebk`x d~eb ~`xq~mklqx
qcmq ckla`~ f~`mq`~ klq`f~mqkel vkqc
qc` ~`xq ed qc` ve~ja, #X`` @scknkq 4,+
@helebk`x hml f~ev vkqceq
feea pejkhk`xde~ m qkb`, Helxka`~
Hcklm, Mjqcefc d~``~ qcml kq vmx* kqx
`heleb{ bmklqmklx t`xqkf`x ed kqx
xqmq`"aebklmq`a pmxq, Xhe~`x el
bml{ pejkh{ b`mx~`x m~` xqkjj jev,
El jmne~ dj`sknkjkq{* de~ `smbpj`*
Hcklm ~mlix vkqc _`~ mla T`l`"
w`jm* dm~ n`jev qc` Plkq`a Xqmq`x,
A`xpkq` qc`x` cmlakhmpx* Hcklm
cmx n``l mnj` qe f~ev ~mpkaj{* jm~f`"
j{ n`hmx` mnlamlq* hc`mp jmne~
d`jx `spe~qx mla de~`kfl klt`xq"
b`lq, Qc` helq~{* qcefc* ~`bmklx
~`jmqkt`j{ pee~* mla kqx cka`nela
pejkhk`xkd j`dq lhcmlf`avkjj
jqkbmq`j{ ckla`~ `helebkh a`t`j"
epb`lq,
Helq~k`x qcmq ~`xkxq fjenmjkwmqkelx
kbp`~mqkt` de~ mampqmnkjkq{ mla ~`qmkl
~kfka `helebkh xq~hq~`x m~` jki`j{
qe jex` f~ela, F`~bml{* D~mlh`
mla Kqmj{* de~ `smbpj`* cmt` x``l p`~
hmpkqm FA_ xjkp qe vc`~` kq vmx kl
qc` =;6?x ~`jmqkt` qe qc` P,X, j`t`j,
Ckxqe~{ q`mhc`x qckx j`xxel7
Fjenmjkwmqkel kx lmq~mj* nq kqx leq
kl`tkqmnj`,
@helebk`x f~ev hjex`~ n`hmx`
ed pev`~dj de~h`x h`j`n~mq`a xklh`
qc` qkb` ed Mamb Xbkqcx`jd"klq`~"
^khc`~ mla D~``~@SCKNKQ 4
Ve~ja D~mx`~ d~``aeb kla`s
>??0 P,X, aejjm~x
>??>>???=;;3=;;4=;;1=;;>=;;?=;33=;34=;31=;3>=;3?
Be~`d~``
J`xxd~``
F~exx ve~ja p~eahq p`~ hmpkqm
1,1
1,3
0,>
0,4
4
4,1
!0*3??
!4*1??
!6*???
!6*4??
!3*>??
!3*3??
Qc` pmxq }m~q`~ h`lq~{ cmx n~efcq m x~f` ed `helebkh d~``aeb mx lmqkelx kl mjj pm~qx ed qc` ve~ja cmt` g`qqkxel`a
bml{ ~`xq~khqkelx el qc` p~ktmq` x`hqe~, Maepqklf d~`` bm~i q pejkhk`x cmx j`a qe kbp~et`a jktklf xqmlam~ax* mx b`mx"~`a n{ p`~ hmpkqm klheb`,
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
19/51
`xq mla `helebkh d~``aeb, J`dq qe
qc`k~ evl a`tkh`x* hebpmlk`x mla
klaktkamjx vkjj xmjj{ ae nxkl`xx
vkqc vce`t`~ edd`~x qc` n`xq a`mj*
~`fm~aj`xx ed lmqkelmjkq{,
Qc~efc jkq`~mjj{ nkjjkelx ed
akt`~x` q~mlxmhqkelx* helebk`x vkjj
klq`~hell`hq mla klq`~qvkl` qe qc`
`sq`lq fet`~lb`lqx ~`d~mkl d~eb
`~`hqklf nm~~k`~x qe hebb`~h` e~
maepqklf pejkhk`x qcmq h~kppj` h~exx"
ne~a`~ nxkl`xx,
Kd lmqkelx hml mteka pmxq bkx"
qmi`x* e~ qkb`x m~` p~kb`a de~ d~"
qc`~ fjenmjkwmqkel, Qc` Klq`~l`q mla
eqc`~ q`hclejefk`x cmt` bma`
q`j`hebblkhmqkelx* q~mt`j mla
q~mlxpe~q hc`mp`~ mla dmxq`~, Qc`{
mjjev hebpmlk`x mla klaktkamjx qe
qmi` f~`mq`~ matmlqmf` ed qc` q~`la
qevm~a be~` ep`l* bm~i`q"e~k`lq`a
pejkhk`x qcmq dmte~ fjenmjkwmqkel,
Xeb` vkjj xqkjj ~`xkxq* d`m~klf qc`
kl`tkqmnj` akx~pqkel qcmq dejjevx
ep`lklf qe qc` ve~ja, Vc`l h~kqkhx
hmjj de~ kxejmqkel mla p~eq`hqkelkxb*
v` xceja ~`b`bn`~ qckx7 Qc` qve
bexq ~`h`lq p`~keax ed fjenmjkwm"
qkelqc` el` qcmq n`fml kl qc` =;qc
h`lq~{ mla e~ evlcmt` n``l
bm~i`a n{ ~mpka `helebkh f~evqc*
f~`mq xq~ka`x kl q`hclejef{ mla tmxq"
j{ kbp~et`a jktklf xqmlam~ax, Kq vmx
qc` vka`xp~`ma ~`g`hqkel ed `heleb"
kh ep`ll`xx n`qv``l qc` qve fjenmj"
kwmqkelx qcmq n~efcq qc` bkx`~k`x ed
ve~ja vm~ mla qc` F~`mq A`p~`xxkel,
De~ Mb`~khm* fjenmjkwmqkel cejax
p~ebkx` mla ~`xpelxknkjkq{, E~ !=8
q~kjjkel `heleb{* qc` ve~jax jm~f`xq
n{ dm~* xhe~`x v`jj {`m~ mdq`~ {`m~ kl
hebp`qkqkt`l`xx xqak`x, Pljki Gmpml
mla F`~bml{* v` cmt`lq cmlak"
hmpp`a e~ x{xq`b vkqc `sh`xx jmne~
~`fjmqkelx qcmq ~en qc` p~ktmq` x`h"
qe~ ed kqx dj`sknkjkq{ mla mampqmnkjkq{,
V` m~` q`hclejefkhmjj{ ma`pq, V`
`bpje{ m xikjj`a ve~ide~h`* mf"
b`lq`a n{ qc` n`xq mla n~kfcq`xq
d~eb m~ela qc` ve~ja, V` cmt` m
v`mjqc ed bmlmf`~kmj qmj`lqbkj"
jkelx ed mnj`* hebbkqq`a p~ed`xxkel"
mjx vce el m amkj{ nmxkx dmh` qc`
hcmjj`lf`x ed ml klq`~hell`hq`a
ve~ja `heleb{,
Qc` Plkq`a Xqmq`x xqmlax qe p~ex"
p`~ kl m be~` fjenmjkw`a ve~ja, Qc`
ve~jax jm~f`xq `heleb{ hml j`ma n{
`smbpj` qe c`jp dexq`~ m helx`lxx
el ep`l bm~i`qx, Kd v` x~~`la`~ qe
hmjjx de~ pejkhk`x qcmq qcvm~q fjenmj"
kwmqkel* eqc`~ lmqkelx bm{ ae qc`
xmb`* h~`mqklf m ~mh` qe qc` neqqeb,
Kd e~ helq~{ xcevx qc` vm{ qevm~a
fjenmjkwmqkel* eqc`~x vkjj dejjev kl m
~mh` qe qc` qep,
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
20/51
D@A@^MJ ^@X@^T@ NMLI ED AMJJMX =3 >??0 MLLPMJ ^@_E^Q
Mhilevj`afb`lqx
^mhklf qe qc` Qep vmx v~kqq l n{ V, Bkhcm`jHes* x`lke~ tkh` p~ xka`lq mla hck d helebkxq*mla^khcm~a Mjb* `helebkhx v~kq`~* D`a ~mj ^`x`~t`Nmli ed Amjjmx,Qc` xxm{ vmx klxpk~`a n{ _~`xka`lqmla H@E khcm~a V, Dkxc`~* vce v~kq`x mla xp`mixd~`}`lqj{ el fjenmjkwmqkel mla kqx ~ej` kl xcmpklfbel`qm~{ pejkh{, Gjkm I, Hm~q ~* x`lke~ `helebkhmlmj{xq* p~etka`a ~`x m~hc mxxkxqmlh`, Hcm~j l`Cev`jj mxxkxq`a vkqc pceqe ~`x`m~hc,
Qc` mqce~x vkxc qe qcmli M,Q, I`m~l { Klh, de~ p`~"bkxxkel qe x` qc` M,Q, I`m~l {%De~`kfl _ejkh{Fjenmjkwmqkel Kla`s*_mj Jmakhklm ed M,Q, I`m~l {de~ ckx klxkfcqx klqe qc` kla`s* mla Gmb`x Fvm~ql`{mla en`~q Jmvxel* hemqce~x ed @helebkhD~``aeb ed qc` Ve~ja7 >??0 Mllmj ^`pe~q* de~c`jpdj hebb`lqx el qc` `xxm{,
@scknkq Leq`x mla Amqm Xep~h`x
@SCKNKQ =
@spe~qx ed feeax mla x`~tkh`x mla f~exx lmqkelmjklheb 7 Ve~ja Nmli* Ve~ja A`t jepb`lqKlakhmqe~x #VAK+ amqmnmx ,
De~ kfl ak~`hq klt`xqb lq* eqvm~a xqehi7 Plkq aLmqkelx Held`~`lh` el Q~ma` mla A`t`jepb`lq#PLHQMA+* De~`kfl Ak~`hq Klt`xqb lq amqmnmx`,
_e~qdejke klt`xqb`lq mxx`qx #xqehi b`mx~`+7Klq`~lmqkelmj Bel`qm~{ Dla* Klq`~lmqkelmjDklmlhkmj Xqmqkxqkhx amqmnmx`,
Klq`~lmqkelmj qe~kxq m~~ktmjx7Ve~ja Qe~kxb E~fmlkwm"qkel9bka{`m~ ve~ja pepjmqkel*P,X, H`lxx N~`m,
Klq`~l`q x`~x* benkj` pcel` xnxh~kn`~x* klq`~lm"qkelmj q j`pcel` q~mddkh7 Klq`~lmqkelmj Q j`"hebblkhmqkel Plkel,
@SCKNKQ >
Kldjmqkel* qep x`t`l helq~k x n{ FA_* `sq~mhq`a xklfCmt`~ Mlmj{qkhx amqmnmx 7 N~`m ed Jmne~ Xqmqkxqkhx#P,X,+9Bklkxq~{ ed Klq`~lmj Mddmk~x mla Hebblkhmqkelx#Gmpml+9 Xqmqkxqkxhc x Nla`xmbq #F`~bml{+9 KlxqkqqLmqkelmj a jm Xqmqkxqk} `q a`x @qa`x @helebk}`x#D~mlh`+9 Eddkh` de~ Lmqkelmj Xqmqkxqkhx #P,I,+9 KxqkqqeLmwkelmj ak Xqmqkxqkhm #Kqmj{+9 mla Xqmqkxqkhx Hmlmam,
_`~h`lqmf` hcmlf` kl helxb`~ p~kh`x7Klq`~lmqkelmjBel`qm~{ Dla* Klq`~lmqkelmj Dklmlhkmj Xqmqkxqkhxamqmnmx`,
Xela bel`{ xhe~`x7 @helebkh D~``aeb ed qc`
Ve~ja7 >??0 Mllmj ^`pe~q #@DV+* Gmb`xFvm~ql`{ mla ^en`~q Jmvxel* D~mx ~ Klxqkqq`*X`pq bn ~ >??0* vvv,d~` qc`ve~ja,heb, Qcxela bel`{ kla`s #hmq fe~{ 8+ kx nmx`a el ~mq`ed bel`{ xppj{ f~evqc* kldjmqkel tm~kmnkjkq{* ~`h`lqkldjmqkel mla d~``aeb qe evl de~`kfl h~~`lh{,
M,Q, I`m~l`{%De~ kfl _ejkh{ Fjenmjkwmqkel Kla`s >??0*vvv,mqi`m~l`{,heb mla vvv,De~ kfl_ejkh{,heb,Kla`s kx nmx`a el q~ma` mla de~`kfl ak~`hq klt`xq"b`lq djevx* klq`~lmqkelmj q~mt j* klq`~lmqkelmj q`j "pcel` q~mddkh* h~exx"ne~a`~ ~`bkqqmlh`x mla p`~xel"mj q~mlxd`~x* lbn`~ ed Klq`~l`q x ~x mla x`h~`
x`~t`~x* klq`~lmqkelmj e~fmlkwmqkel b`bn ~xckpx*helq~knqkelx qe P,L, p`mh`i `pklf bkxxkelx* bjqk"jmq`~mj q~`mqk x* mla klq`~lmqkelmj fet`~lb`lqmjq~mlxd ~x mla ~`h`kpqx, Qc` Amjjmx D`a `jkbklmq`aH~emqkm mla Neqxvmlm d~eb qc` 4>"helq~{ amqm x`qn`hmx` eqc`~ kla`s`x x`a de~ hebpm~kxelx kl qckx~`pe~q ae leq mjvm{x klhja` qc`x` helq~k`x,
@SCKNKQ 8
D~ `aeb qe q~ma 7 @DV* hmq fe~{ 1* pm~qx MA,Kla`s kx nmx`a el qms`x el klq`~lmqkelmj q~ma`*~`f"jmqe~{ q~ma` nm~~k`~x* xkw` ed qc` q~ma` x`hqe~ ~`jm"qkt` qe kqx `sp hq`a xkw`* mla qc` akdd`~`lh`n`qv``l eddkhkmj mla njmhi"bm~i`q `shcmlf` ~mq`x,
Hmpkqmj bm~i`q ep`ll`xx7 @DV* hmq`fe~{ 1* pm~q @,Kla`s kx nmx`a el mhh`xx qe de~`kfl hmpkqmj mla~`xq~khqkelx el fjenmj hmpkqmj q~mlxmhqkelx,
D~ `aeb d~eb et`~~`fjmqkel7 @DV* hmq fe~{ 0,Kla`s kx nmx`a el ~`fjmqkel ed h~`akq bm~i qx* jmne~bm~i`qx mla ~`fjmqe~{ enxqmhj`x de~ nxkl`xx,
^`fjmqe~{ }mjkq{7 Ve~ja Nmli Klxqkqq * >??0fet`~lmlh` klakhmqe~x #VNK+* vvv,ve~janmli,e~f%vnk%fet`~lmlh`%fetamqm, Kla`s kx nmx`a el xhc
b`mx~`x ed fet`~lb`lq klq`~t`lqkel pejkh{ mx p~kh`helq~ejx* x`j`hqkt` nxkl`xx p~eq`hqkelx* nm~~k`~x qexqm~qklf m nxkl`xx*mla `sh`xxkt` ~`fjmqkel kl xhcm~`mx mx mabklkxq~mqkel mla nxkl`xx a`t`jepb`lq,
Dmte~mnj he~pe~mq` qms`x7 C`~kqmf` Delamqkel%VmjjXq~``q Ge~lmj* vvv,c`~kqmf`,e~f%~`x`m~hc%d`mq~`x%kla`s%aevljemax,hdb, Kla`s kx nmx`a el qep bm~"fklmj he~pe~mq` qms ~mq`x*m hebpel`lq ed qc` >??4dkxhmj n~a`l ed fet`~lb`lq kla`s,
Klletmqkel pejkhk x7 .Lmqkelmj Klletmqkt`Hmpmhkq{*. Bkhcm j @, _e~q`~ mla Xheqq Xq`~l*vvv,kxh,cnx, a%KlletU;>==,pad, Kla`s kx nmx`ael `dd`hqkt`l`xx ed klq`jj`hqmj p~ep`~q{ p~eq`hqkel*m
helq~{x mnkjkq{ qe ~`qmkl kqx xhk`lqkxqx mla `lfk"l``~x* mla qc` xkw` mla mtmkjmnkjkq{ ed ~`x`m~hc mlaa`t`jepb`lq qms h~`akqx de~ qc` p~ktmq` x`hqe~,
_ejkqkhmj xqmnkjkq{7VNK, Kla`s kx nmx`a el xqmnkjkq{ edfet`~lb`lqx pev`~* tjl`~mnkjkq{ qe ~`tejqkelx*klq`~lmj mla `sq`~lmj heldjkhqx mla vm~x* pejkqkhmjmxxmxxklmqkelx* `sq~`bkxb mla q`~~e~kxb,
Mhhelqmnkjkq{7VNK* tekh` mla mhhelqmnkjkq{ xn"hmq`fe~{, Kla`s kx nmx`a el hktkj jkn ~qk`x* pejkqkhmjmla cbml ~kfcqx* fet`~lb`lq hc hix mla nmj"mlh`x* mla mhhelqmnkjkq{ ed pnjkh eddkhkmjx,
^j` ed jmv7 VNK, Kla s kx nmx`a el klhka`lh ed
h~kb`*pejkh` }mjkq{* gakhkmj `dd`hqkt`l`xx mla p~ "akhqmnkjkq{* mla helq~mhq lde~h`mnkjkq{,
_~ep ~q{ ~kfcqx7 @DV* hmq fe~{ >, Kla s kx nmx`a elgakhkmj kla p la lh * kbpm~qkmj he~qx* klq jj`hqmjp~ep`~q{ p~eq`hqkel* bkjkqm~{ klq`~d ~`lh kl qc ~j edjmv mla pejkqkhmj p~eh`xx*mla j fmj x{xq`b klq`f~kq{,
Fet`~lb`lq `dd`hqkt`l`xx7 VNK, Kla`s kx nmx`a elh~`aknkjkq{ mla `dd`hqkt`l`xx ed fet`~lb`lq mhqkelx*helxkxq`lh{ mla xqmnkjkq{ ed pejkh{* hebp`q`lh` edhktkj x`~tmlqx mla qc`k~ kla`p`la`lh` d~eb pejkqkhmjp~`xx~ * mla }mjkq{ ed pnjkh x`~tkh` p~etkxkel,
Mlqkhe~~pqkel pejkhk`x7 He~~pqkel _`~h`pqkelxKla s* >??0* Q~mlxpm~ lh{ Klq ~lmqkelmj*vvv,q~mlxpm~`lh{,e~f%x~t`{x%kla`s,cqbj(hpk,Kla`s kx nmx`a el d~`}`lh{ mla xkw` ed n~kn`x*bkxx`ed pnjkh eddkh` de~ p`~xelmj e~ pejkqkhmj fmkl* kbpj`"b`lqmqkel ed mlqkhe~~pqkel klkqkmqkt`x #makqx mla akx"hjex~`x+* p~eq`hqkelx de~ vckxqj`njev ~x mla b`akmhet`~mf ed he~~pqkel,
@SCKNKQ 1
V``ix ed vmf x mla jmne~ bm~i q dj`sknkjkq{7 >??4Aeklf Nxkl`xx amqmnmx * Ve~ja Nmli F~ep, Qc`Amjjmx D`a hmjhjmq`a qc` dj`sknkjkq{ kla`s xklf qc`ck~klf mla dk~klf ve~i`~x xnhmq`fe~k`x* vckhc b`mx"~` hexq ed ck~klf mla dk~klf ve~i`~x* ~kfkakq{ ed ve~i"klf ce~x* Xehkmj X`h~kq{ pm{b lqx n{ qc` `bpje{`~mla ~`qk~`b`lq n`l`dkqx,
FA_ p`~ hmpkqm7 VAK amqmnmx 9 Klq ~lmqkelmjKlxqkqq` de~ Bmlmf`b`lq A`t`jepb`lq* Ve~jaHebp`qkqkt`l`xx [`m~neei* >??0, FA_ kx magxq ade~ p~hcmxklf pev`~ pm~kq{,
@SCKNKQ 0
Fet ~lb`lq xkw 7 @DV* hmq fe~{ =, Kla`s kx nmx`a
el f`l`~mj fet`~lb`lq helxbpqkel xp`laklf mxm p`~h lqmf` ed qeqmj helxbpqkel* fet`~lb`lqaeb`xqkh ~`akxq~knqkt` q~mlxd`~x mla xnxkak`x mx mxcm~` ed FA_* fet`~lb`lq `lq`~p~kx`x mla klt`xq"b`lq mx m xcm~` ed qeqmj klt xqb`lq* mla qep bm~"fklmj klheb` mla pm{~ejj qms ~mq`,
Q~mlxd`~x mla xnxkak`x7 @DV* hmq fe~{ =* pm~q N,Kla`s kx nmx`a el fet`~lb`lq aeb`xqkh ~`akxq~kn"qkt` q~mlxd`~x mla xnxkak`x mx m xcm~` ed FA_,
Klaktkamj klheb` qms`x7 C`~kqmf` Delamqkel%VmjjXq~``q Ge~lmj, Kla`s kx nmx`a el qep bm~fklmjklheb` qms ~mq`x* m hebpel`lq ed qc` dkxhmj n~a`led fet`~lb`lq kla`s,
@SCKNKQ 4
Ve~ja d~``aeb kla`s7 Qc Amjjmx D`a hmjhjmq`a qc`kla`s xklf qc @DV hcmkl jkli kla`s,Qc kla`s b`mx"~`x xkw ed fet`~lb`lq* j fmj xq~hq~ mla p~ep`~q{~kfcqx*mhh`xx qe xela bel`{*d~``aeb qe q~ma klq`~"lmqkelmjj{*mla ~`fjmqkel ed h~`akq* jmne~ mla nxkl`xx,V `xqkbmq`a bkxxklf tmj`x mla v kfcq`a mjj tmj`xde~ =>8 helq~k x n{ qc he~~`xpelaklf pepjmqkelamqm,V xbb`a mhc {`m~x tmj`x mla klq`~pejmq`adkt`"{`m~ klq`~tmjx,
F~exx ve~ja p~eahq p`~ hmpkqm #k, ,* f~exx lmqkelmjklheb` de~ qc` ve~ja+* magxq`a de~ p~hcmxklfpev`~ pm~kq{7VAK amqmnmx`,
_ceqe H~`akqx
vvv,n`jklamjmvj {,heb* p, 4,
M_ Kbmf x* p, =8,
_ceqe @~ep`ml _m~jkmb`lqM~hckq`hq`7 Mxxehkm"qkel a`x m~hckq`hq`x a HKH7 Tmla l Nexxhc` xp~j*H,^,T, x,m,*HAF xp~j* Xqak`f~e`p A,Nelqklhi* p,=1,
[mj` Plkt`~xkq{%Qc` Eddkh` ed Klq`~lmqkelmj Xqa`lqxmla Xhcejm~x* p, =6,
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
21/51>??0 MLLPMJ ^@_E^Q =; D@A@^MJ @X@^T@ NMLI ED AMJJMX
Mx C~~khml` ^kqm qc~`mq`l`a qc`
Q`smx Fjd Hemxq kl qc` xqe~b"p~el`
dmjj ed >??0* 8 bkjjkel ~`xka`lqx c~"
~k`aj{ fmqc`~`a qc`k~ bexq p~`hkex
pexx`xxkelx mla h~eva`a elqe q~mddkh"
gmbb a ckfcvm{x c maklf kljmla,
Qc`{ hm~~k`a deea* vmq`~* hjeqc"
klf mlamleqc`~ `xx`lqkmjbel`{,
Hcmlh`x m~` qc`x` dlax v`~` pjj`a
d~eb MQBx n`de~` j`mtklf ceb` e~
mjelf qc` vm{, Vkqceq qckx ~`ma{
mhh`xx qe hmxc* bml{ `tmh``x
veja cmt` n``l f~`mqj{ cmbp`~`a
kl qc`k~ bet` eq ed cm~bx vm{,
Bmiklf x~` qcmq h~~`lh{ kx
mtmkjmnj` vc`l kqx l``a`a kx el` ed
bml{ vm{x qc` D`a`~mj ^`x`~t`
X{xq`b qehc`x qc` jkt`x ed Mb`~"khmlx `t`~{ am{edq`l vkqceq qc`k~
`t`l ~`mjkwklf kq,
Aka qc` ~`xka`lq j`mtklf Cexqel
ilev qc` bel`{ vkqca~mvl d~eb
qc` MQB vmx pq kl hk~hjmqkel n{ m
D`a`~mj ^`x`~t` Nmli5 Ae`x qc`
nmli hxqeb`~ ~`mjkw` qc` D`ax
xp`~tkxkel ed dklmlhkmj klxqkqqkelx
c`jpx `lx~` qc` xmd`q{ mla mhh`xxk"
nkjkq{ ed c`~ bel`{5 Kx qc` xcepp`~pm{klf de~ f~eh`~k`x vkqc m hc`hi
mvm~` qc` D`a`~mj ^`x`~t` cmx ml
klq`f~mj ~ej` kl p~eh`xxklf qc` hc`hi
mla betklf dlax d~eb ckx nmli qe
qc` xqe~`5
Qc` D`a hm~~k`x eq kqx et`~mjj bkx"
xkel kl qc~`` bmge~ vm{x7 bmklqmkl"
klf ml `ddkhk`lq pm{b`lqx x{xq`b*
xp`~tkxklf qc` nmliklf x{xq`b de~
xmd`q{ mla xelal`xx* mla bmiklf
bel`qm~{ pejkh{ qcmq p~ebeq`x p~kh`
xqmnkjkq{ mla bmskbb bpje{b`lq,
Qc~efc qc`x` dlhqkelx* qc` D`a`~mj
^`x`~t`qc lmqkelx h`lq~mj nmli
c`jpx `lx~` qcmq v` cmt` m c`mjqc{
`heleb{ mla dklmlhkmj x{xq`b,
Betklf H~~`lh{ Qc~efcqc` @heleb{
Qc` D`a`~mj ^`x`~t`x hmxc ep`~"
mqkelx c`jp lx~` qcmq m xq`ma{ xp"
pj{ ed ckfc"}mjkq{ h~~`lh{ kx kl
hk~hjmqkel qe b``q qc` l``ax ed hel"
xb`~x mla nxkl`xx`x,
^`x`~t Nmlix mla qc`k~ n~mlhc`x*
vckhc xppj{ bel`{ qe dklmlhkmjklxqkqqkelx* ceja h~~`lh{ ~`x`~t`x
kl qc`k~ tmjqx, Klxqkqqkelx qcmq cmt`
be~` hmxc qcml l``a`a qe b``q qc`k~
jk}kakq{ ~`}k~`b`lqx hml xckp qc`
`sh`xx qe qc` D`a`~mj ^`x`~t`, Kl
>??0* qc Amjjmx D`a mla kqx n~mlhc`x
pmka mla ~`h`kt`a m ~`he~a 0,1 nkj"
jkel kl hk~hjmqklf leq`x* ve~qc
mjbexq !;> nkjjkel, Hmxc tejb` kx
`sp`hq`a qe helqkl` f~evklf kl>??4 mx qc Amjjmx D`a n`fklx x`~tklf
qc` Imlxmx Hkq{ D`ax Eijmcebm
Hkq{ N~mlhc q`~~kqe~{,
Ppel ~`h`kpq ed h~~`lh{ d~eb
a`pexkqe~{ klxqkqqkelx* qc` Amjjmx
D`a `bpje{x xepckxqkhmq`a xe~qklf
bmhckl`x qe v``a eq leq`x qee
ve~l de~ d~qc`~ hk~hjmqkel mla
.E~ bkxxkel* mx x`q de~qc n{ qc` Helf~`xx* kx m h~kqkhmj el`7 qe p~`x ~t` p~kh xqmnkjkq{* qe
dexq`~ bmskbb xxqmklmnj` f~evqc kl eqpq mla `bpje{b`lq* mla qe p~ebeq` m xqmnj`
mla `ddkhk`lq dklmlhkmj x{xq`b qcmq x`~t`x mjj Mb`~khmlx v`jj mla dmk~j{,.
D`a`~mj ^`x`~t` Hcmk~bml N`l X, N`~lmli
Kl >??0* qc` Amjjmx D a mla kqx
n~mlhc`x pmka mla ~`h`kt`a m
~`he~a 0,1 nkjjkel kl hk~hjmqklf
leq`x* ve~qc mjbexq !;> nkjjkel,
Kl >??0* qc` Amjjmx D a mla kqx
n~mlhc`x pmka mla ~`h`kt`a m
~`he~a 0,1 nkjjkel kl hk~hjmqklf
leq`x* ve~qc mjbexq !;> nkjjkel,
H~kqkhmj BkxxkelQc` Nxkl`xx Xka` ed H`lq~mj Nmliklf
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
22/51
D@A@^MJ ^@X@^T@ NMLI ED AMJJMX >? >??0 MLLPMJ ^@_E^Q
a`q`hq helq`~d`kq nkjjx, Ve~l nkjjx
m~` ~`pjmh`a vkqc l`v h~~`lh{* mla
xxp`hq`a helq`~d`kqx m~` q~l`a
et`~ qe qc` X`h~`q X`~tkh`,
C~~khml`x Imq~klm mla ^kqm p~`"
x`lq`a m lk}` q`xq de~ qc` D`a`~mj
^`x`~t`* nq qc` X{xq`b ~ex` qe qc`
hcmjj`lf`, Qc` Amjjmx D`a* mjelf
vkqc eqc`~ ^`x`~t` Nmlix* p~etka`a
xppe~q qe qc` Mqjmlqm D`a* vckhc
x`~t`x xeqc`~l Jekxkmlm mla
Bkxxkxxkppk* n{ dkjjklf et`~ 0??
e~a`~x de~ h~~`lh{ d~eb dklmlhkmj
klxqkqqkelx kl Mqjmlqmx Xksqc
Akxq~khq, Qc` Amjjmx mla Cexqel
hmxc ep`~mqkelx `spmla`a qc`k~
ce~x qe dkjj h~~`lh{ e~a`~x x`t`l
am{x m v``i de~ xks v``ix* lqkj qc`
kbb`akmq` h~kxkx cma pmxx`a,
Kl jmq` X`pq`bn`~vc`l dklml"
hkmj klxqkqqkelx kl bml{ pm~qx ed
Q`smx mla Jekxkmlm mlqkhkpmq`a
p`mi a`bmla de~ hmxcAmjjmx*
Cexqel mla Xml Mlqelke h~~`lh{
e~a`~x v`~` p =84 p`~h`lq d~eb qc`
xmb` p`~kea kl >??1,
Bmklqmklklf m A{lmbkh
_m{b`lqx X{xq`bBkjjkelx ed hc`hix djev qc~efc
qc` lmqkelx `heleb{ amkj{, Qc`
D`a`~mj `x`~t` x`~t`x ml kbpe~qmlq
~ej` kl c`jpklf `lx~` qc`x` hc`hix
m~` p~eh`xx`a }khij{ mla `ddkhk`lq"
j{ xe qc` pnjkh cmx heldka`lh` kl
qc` pm{b`lqx x{xq`b, Kl >??0* qc`
Amjjmx D`a p~eh`xx`a mjbexq = nkjjkel
hc`hix* ve~qc mneq !;?? nkjjkel,
Kl ~`h`lq {`m~x* helxb`~x mlanxkl`xx`x cmt` xq`pp`a p qc`k~ x`
ed a`nkq hm~ax* j`hq~elkh nkjj pm{klf
mla h~`akq hm~ax* ~`xjqklf kl m
a`hjkl` kl pmp`~ hc`hi tejb`, Qc`
D`a`~mj ^`x`~t` ~`xpela`a vkqc m
p~ef~mb qe kbp~et` qc` `ddkhk`lh{
ed hc`hi ep`~mqkelx n{ xqmlam~akw"
klf qc` mqebmq`a p~eh`xx`x ed mjj
bmge~ hc`hi mppjkhmqkelx mla ~`ah"
klf qc` lbn`~ ed p~eh`xxklf xkq`x,
A~klf >??0* hc`hi p~eh`xxklf
ep`~mqkelx mq qc` Cexqel N~mlhc
v`~` bet`a qe Amjjmx* vc`~` Xml
Mlqelke mla @j _mxe p~eh`xxklf cma
p~`tkexj{ n``l helxejkamq`a, Kl
A`h`bn`~* qc` Amjjmx eddkh` mjxe
mxxb`a hc`hi p~eh`xxklf ~`xpelxk"
nkjkqk`x d~eb qc` Eijmcebm Hkq{
N~mlhc, Mx m ~`xjq ed qc`x` helxejk"
amqkelx* Amjjmx lev cmlaj`x hc`hix
de~ dkt` D`a`~mj `x`~t` eddkh`xel
mt`~mf` p~eh`xxklf 1,0 bkjjkel
kq`bx p`~ am{bmiklf kq el` ed qc`
X{xq`bx jm~f`xq hc`hi p~eh`xxe~x,
Dejjevklf C~~khml` Imq~klm*
xeb` Jekxkmlm dklmlhkmj klxqkq"
qkelx ~`ak~`hq`a qc`k~ hc`hix qe qc`
Amjjmx D`a lqkj x`~tkh`x p~etka`a
n{ qc` L`v E~j`mlx N~mlhc heja
n` ~`xqe~`a, A~klf C~~khml` ^kqm*
qc` D`a mhq`a mx m ikla ed xcehi
mnxe~n`~ de~ mdd`hq`a Xeqc`mxq
Q`smx dklmlhkmj klxqkqqkelx n{
a`d`~~klf hc`hi hcm~f`x lqkj qc`{
heja ~`xb` ep`~mqkelx mq helqkl"
f`lh{ xkq`x,
C~~khml` ^kqm mjxe ~`}k~`a qc`x` ed mjq`~lmq` a`jkt`~{ m~~mlf`"
b`lqx de~ neqc a`pexkq mla p~`x`lq"
b`lq ed hc`hix, Qc` b`mx~`x qmi`l
n{ qc` D`a c`jp`a p~etka` `xx`lqkmj
jk}kakq{ qe dklmlhkmj klxqkqqkelx mla
qc` pnjkh kl qc` bkaxq ed lh`~qmkl
helakqkelx hmx`a n{ qc` xqe~b,
Ml klletmqkel qcmq kx kbp~etklf
qc` amkj{ a`jkt`~{ ed hc`hix kx qc`
Hc`hi Hj`m~klf de~ qc` >=xq H`lq~{Mhq, Hc`hi >= mjjevx nmlix mla
eqc`~ dklmlhkmj klxqkqqkelx qe x`la
`j`hq~elkh kbmf`x ed pmp`~ hc`hix
~`h`kt`a de~ pm{b`lq ~mqc`~ qcml
pc{xkhmjj{ q~mlxpe~qklf qc` e~kfklmj
aehb`lqx de~ p~eh`xxklf mla pm{"
b`lq, Qc`x` `j`hq~elkh kbmf`x hml
qc`l n` x`a qe h~`mq` pmp`~ ~`p~e"
Kl >??0* qc` Amjjmx D`ap~eh`xx`a mjbexq = nkjjkelhc`hix* ve~qc mjbexq !;??nkjjkel,
Kl >??0* qc` Amjjmx D`ap~eh`xx`a mjbexq = nkjjkelhc`hix* ve~qc mneq !;??nkjjkel,
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
23/51
>??0 MLLPMJ ^@_E^Q >= D@A@^MJ ^@X@^T@ NMLI ED AMJJMX
ahqkelx* ilevl mx xnxqkqq`
hc`hix* vckhc cmt` qc` xmb` j`fmj
xqmqx mx qc` e~kfklmj, Qc` pm{b`lqx
x{xq`b dlhqkelx be~` `ddkhk`lqj{ mx
hc`hix hj`m~ be~` ~mpkaj{ mla mq
jev`~ hexq,
Hc`hi >= vmx djj{ kbpj`b`lq`a
mq qc` Amjjmx D`a kl >??0, Qc` D`ax
kbmf` a`pexkq p~eahqx v`~` heb"
pj`b`lq`a n{ p~ktmq` klaxq~{x
klq~eahqkel ed l`v kbmf` a`jkt`~{
x`~tkh` epqkelx, Qc` Amjjmx D`a h~"
~`lqj{ p~eh`xx`x mneq !0?? bkjjkel
kl hc`hix `t`~{ am{ qc~efc qc` `s"
hcmlf` ed Hc`hi >= akfkqmj kbmf`x,
Matmlhklf @j`hq~elkh_m{b`lqx Q`hclejefk`x
Helxb`~x* nxkl`xx`x mla fet"
`~lb`lq mf`lhk`x m~` klh~`mxklfj{
xklf `j`hq~elkh de~bx ed pm{b`lq
de~ be~qfmf`x* qkjkq{ nkjjx* pm{~ejjx*
Xehkmj X`h~kq{ pm{b`lqx mla qms`x,
Qc` Mqebmq`a Hj`m~klfcex`
#MHC+m x{xq`b qc` D`a mla p~k"
tmq` x`hqe~ a`t`jep`a geklqj{ kl qc`
`m~j{ =;6?xp~eh`xx`x qc`x` ~`h~"
~klf pm{b`lqx `j`hq~elkhmjj{,
Qc` D`a ~`h`lqj{ maa`a ml klq`~"lmqkelmj MHC hebpel lq, M geklq
t`lq~` n`qv``l qc` h`lq~mj nmli ed
B`skhe mla qc` D`a`~mj ^`x`~t`
mkbx qe klh~`mx` qc` `ddkhk`lh{ ed
x`laklf ~`bkqqmlh`x d~eb qc` Plkq`a
Xqmq`x qe B`skhe mla ~`ah` hexqx
de~ neqc x`la`~ mla ~`hkpk`lq, Kl
maakqkel* Hmlmam* B`skhe mla x`t"
`~mj @~ep`ml helq~k`x pm~qkhkpmq`
kl D`aMHC Klq`~lmqkelmj X`~tkh`x*vckhc `lhe~mf`x qc` x` ed MHC
de~ eqc`~ klq`~lmqkelmj q~mlxmhqkelx,
Klxqkqqkelx cejaklf mhhelqx
vkqc ^`x`~t` Nmlix x` qc`
D`avk~` Dlax X`~tkh` qe klkqkmq`
jm~f`* xklfj` `j`hq~elkh q~mlxmhqkelx,
@mhc am{* qc` D`a`~mj ^`x`~t`
X{xq`b q~mlxd`~x nkjjkelx ed aejjm~x
`j`hq~elkhmjj{ n`qv``l dklmlhkmjklxqkqqkelx ve~javka`,
X`~tklf qc` P,X, Q~`mxp~{Qc` D`a`~mj ^`x`~t` x`~t`x mx
qc` dkxhmj mf`lq de~ qc` Q~`mx~{, Kl
qckx ~ej`* qc` ^`x`~t` Nmlix edd`~
qc` Q~`mx~{ mla eqc`~ mf`lhk`x m
tm~k`q{ ed pm{b`lqx"~`jmq`a x`~tkh`x,
Qc` Amjjmx D`a x`~t`x qc` P,X,
fet`~lb`lq qc~efc qc` NmlixQ~`mx~{ X`~tkh`x ep`~mqkel,
Qc` Nmli mxxkxqx qc` Q~`mx~{x
Dklmlhkmj Bmlmf`b`lq X`~tkh` n{
xppe~qklf qc` Fe Ak~`hqXB
mla
@j`hq~elkh Q~mlxd`~ Mhhelq #@QM+XB
p~ef~mbx, Fe Ak~`hq kx Q~`mx~{x
hmbpmkfl qe lhe~mf` ~`hkpk`lqx ed
Xehkmj X`h~kq{ mla Xppj`b`lqmj
X`h~kq{ Klheb` pm{b`lqx qe hel"t`~q qe ak~`hq a`pexkq, Kl >??0* qc`
Amjjmx D`a n`fml p~etkaklf Fe
Ak~ hqx`~tkh`x el m lmqkelmj j`t`j
mdq`~ m ckfcj{ xhh`xxdj pkjeq p~eg"
`hq bmlmf`a n{ qc` Nmli, Qc`
Amjjmx D`a xppe~qx qc` p~ef~mb
vkqc m hmjj h`lq`~ mla v`n xkq` qcmq
mhh`pq ak~`hq a`pexkq `l~ejjb`lqx
d~eb d`a`~mj n`l`dkq ~`hkpk`lqx,
Vckj` Fe Ak~`hq qm~f`qx qcex`vce mj~`ma{ cmt` m nmli mhhelq*
qc` @QM p~ef~mb kx ml dde~q qe hel"
t`~q qc` lnmli`a qe ak~`hq a`pexkq,
Qc` Q~`mx~{ a`t`jep`a qc` @QM mx
m jev"hexq nmli mhhelq de~ d`a`~mj
n`l`dkq ~`hkpk`lqx e~ qc`k~ ~`p~`x`l"
qmqkt`x, Amjjmx p~etka`x m hmjj h`lq`~
mla v`n xkq` qcmq c`jp d`a`~mj n`l`dkq
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
24/51
D@A@^MJ ^@X@^T@ NMLI ED AMJJMX >> >??0 MLLPMJ ^@_E^Q
~`hkpk`lqx jehmq` dklmlhkmj klxqkq"
qkelx qcmq edd`~ qc` @QM,
Ak~`hq a`pexkq kx xmd`~ mla hc`mp"
`~ qcml bmkj* vkqc ml `xqkbmq`a hexq
xmtklfx ed mneq 66 h`lqx m hc`hi,
Bjqkpjk`a n{ be~` qcml =0? bkjjkel
pm{b`lqx x`lq mllmjj{* ak~`hq
a`pexkq ~`p~`x`lqx xkflkdkhmlq xmt"
klfx, Be~`et`~* ~`hkpk`lqx hml
mhh`xx qc`k~ dlax be~` }khij{
n`hmx` qc`{ ae leq cmt` qe vmkq de~
m hc`hi qe n` a`jkt`~`a n{ bmkj,
A~klf qc` c~~khml` `tmhm"
qkelx* de~ `smbpj`* qcex` vkqc ak~`hq
a`pexkq akalq l``a qe ve~~{ mneq
~`h`ktklf qc`k~ Xehkmj X`h~kq{
hc`hix e~ eqc`~ fet`~lb`lq pm{"
b`lqx n`hmx` qc` dlax v`lq
ak~`hqj{ klqe qc`k~ nmli mhhelqx,
Fpm~aklf qc` Xmd`q{ mlaXeplal`xx ed qc` NmliklfX{xq`b
M xela nmliklf x{xq`b kx tkqmj
qe m tkn~mlq `heleb{* mla qc` D`a"
`~mj ^`x`~t` kx hcm~f`a vkqc xp`~"
tkxklf mla ~`fjmqklf xqmq` b`bn`~
nmlix* nmli cejaklf hebpmlk`x mla
de~`kfl nmliklf e~fmlkwmqkelx ep`~"mqklf kl qc` Plkq`a Xqmq`x, M xq~elf
dklmlhkmj x{xq`b mjjevx bel`{ qe
djev n{ jkliklf ne~~ev`~x mla
xmt`~x* qc`~`n{ dmhkjkqmqklf mhh`xx qe
mla `ddkhk`lq x` ed dlax,
Mq qc` Amjjmx D`a* nmliklf xp`~"
tkxkel mla ~`fjmqkel `lqmkj x`t`~mj
dlhqkelx mla klhja` `smbkl`~x mla
`helebkxqx, Mjqcefc qc D`ax nmli"
klf ~`fjmqkelx m~ v~kqq`l n{ qc D`a"`~mj ^`x`~t` Nem~a kl Vmxcklfqel*
qc`k~ `lde~h`b`lq kx qc` ~`fkelmj
^`x`~t` Nmlix ~`xpelxknkjkq{,
Nmli `smbkl`~x xh~qklkw` ml
klxqkqqkelx dklmlhkmj helakqkel*
~kxi"bmlmf`b`lq p~eh`xx`x* mla
hebpjkmlh` vkqc jmvx mla ~`fjm"
qkelx* klhjaklf qcex` a`xkfl`a qe
p~eq`hq helxb`~x mla p~ebeq` ml
mhh`xxknj` nmliklf x{xq`b,
Q~makqkelmj el"xkq` `smbklmqkelx
helqkl` qe n` qc` he~l`~xqel` ed qc`
xp`~tkxe~{ p~eh`xx, Nq* mka`a n{
q`hclejef{* l`v`~ mpp~emhc`x qe
xp`~tkxkel* bexq leqmnj{ edd"xkq`
belkqe~klf mla x~t`kjjmlh` q`hc"
lk}`x* pjm{ ml klh~`mxklfj{ p~ebk"
l`lq ~ej`, @helebkxqx kl qc` Amjjmx
eddkh`* ve~iklf vkqc D`a`~mj
^`x`~t` Nem~a xqmdd* cmt` a`t`j"
ep`a m xepckxqkhmq`a `m~j{"vm~lklf
bea`j x`a qc~efceq qc` X{xq`b,
Kq x`~t`x mx qc` D`ax p~kbm~{
~`xe~h` de~ edd"xkq` xqmqkxqkhmj bea"
`jklf ed xmd`q{ mla xelal`xx,
_~etkaklf Jk}pkakq{ qe qc`Nmliklf X{xq`b
Qe d~qc`~ bmklqmkl xqmnkjkq{ ed
qc` nmliklf x{xq`b* qc` D`a ep`~"
mq`x qc` akxhelq vklaev qe edd`~
dklmlhkmj klxqkqqkelx m xe~h` ed
xce~q"q`~b jk}kakq{, Qckx dlhqkel kx
hm~~k`a eq mq mjj ^`x`~t` Nmlix,
Qc` akxhelq vklaev pjm{x ml
kbpe~qmlq ~ej` kl qc` xbeeqc dlh"
qkelklf ed qc` pm{b`lqx x{xq`b*helqklf`lh{ pjmllklf mla a`mjklf
vkqc x`mxelmj xvklfx kl ml klxqkq"
qkelx jemlx mla a`pexkqx,
Nmlix kl xela dklmlhkmj helak"
qkel hml enqmkl p~kbm~{ h~`akq d~eb
qc`k~ ~`fkelmj `x`~t` Nmlix* xmjj{
el ml et`~lkfcq nmxkx, Nmlix qcmq ae
leq }mjkd{ de~ p~kbm~{ h~`akq bm{
f`q x`helam~{ h~`akq mq ~mq`x mnet`
qcmq mtmkjmnj` de~ p~kbm~{ h~`akq,Bm~i`q"nmx`a h~`akq kx mtmkjmnj` qe
mxxkxq xbmjj`~ klxqkqqkelx qcmq l``a
dlax a` qe x`mxelmj djhqmqkelx,
X`qqklf Xepla Bel`qm~{_ejkh{
Qc` D`a`~mj ^`x`~t` x`qx qc`
lmqkelx bel`qm~{ pejkh{ n{ qm~f`qklf
qc` d`a`~mj dlax ~mq` mla kldj`lhklf
qc` xppj{ ed bel`{ mla h~`akq, Qc`
femj kx p~kh` xqmnkjkq{* pmtklf qc` vm{
de~ xxqmklmnj` f~evqc kl `bpje{"
b`lq mla et`~mjj `helebkh mhqktkq{,
Mjj qc` ^`x`~t` Nmli p~`xka`lqx
mla D`a`~mj ^`x`~t` fet`~le~x pm~"
qkhkpmq` kl `xqmnjkxcklf bel`qm~{
pejkh{ qc~efc qc` D`a`~mj Ep`l
Bm~i`q Hebbkqq``, @mhc ^`x`~t`
Nmli cmx ~`x`m~hc `helebkxqx vkqc
akdd`~`lq m~`mx ed xp`hkmjkwmqkel vce
xqa{ xp`hkdkh de~h`x mdd`hqklf qc`
`heleb{ kl e~a`~ qe matkx` qc`k~
p~`xka`lq el bel`qm~{ pejkh{,
Qc` Amjjmx D`a cmx jelf cma m
xp`hkmj `bpcmxkx el `l`~f{* qc`
P,X,B`skhe ne~a`~ `heleb{ mla
kbbkf~mqkel* ~`dj`hqklf qc`k~ kbpe~"
qmlh` qe qc` ~`fkelmj `heleb{,
Qcmq p`~xp`hqkt` vmx `spmla`a
jmxq {`m~ qe `lhebpmxx qc` klh~`mx"
klfj{ kbpe~qmlq ~ej` m be~` fjenmj"
kw`a* klq`~hell`hq`a ve~ja pjm{x kl
bmiklf bel`qm~{ pejkh{ a`hkxkelx,
Qckx kltejt`x la`~xqmlaklf cev
dmhqe~x xhc mx d~``~ q~ma` mla be~`
benkj` klq`~lmqkelmj hmpkqmj djevx*
a`~`fjmqkel mla ~mpka q`hclejefk"hmj hcmlf` mdd`hq qc` `heleb{,
Qc` D`ax xq~hq~` `lx~`x klpq
d~eb mhc ~`fkel klqe bel`qm~{ pej"
kh{bmiklf, @mhc ^`x`~t` Nmli p~e"
ah`x m N`kf` Neeiml ml`haeqmj
~`pe~q ed h~~`lq `helebkh helak"
qkelxkl matmlh` ed DEBH b``q"
klfx, Qc` N`kf` Neei a`xh~kn`x
et`~mjj `helebkh helakqkelx mla
q~`lax kl `mhc akxq~khq mla c`jpx qc`^`x`~t` Nmli p~`xka`lqx de~bjmq`
qc`k~ tk`vx,
@helebkxqx mla q`hclkhmj xqmdd mq
qc` Amjjmx D`a cmt` a`t`jep`a x`t"
`~mj x`dj qeejx de~ mlmj{wklf
~`fkelmj mla lmqkelmj `helebkh
q~`lax, Qc`x` klhja` ml kla`s ed
j`maklf `helebkh klakhmqe~x de~
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
25/51
Q`smx* qc` Q`smx Klaxq~kmj _~e"
ahqkel Kla`s mla m x~t`{ ed
~`fkelmj bmldmhq~klf mhqktkq{, Kl
>??0* qc` Amjjmx D`a mjxe a`t`jep`a
qc` Q~kbb`a"B`ml _H@ kldjmqkel
b`mx~`* vckhc q~mhix kldjmqkel
q~`lax kl qc` P,X, `heleb{,
_~etkaklf _pnjkh _~ef~mbxQc` Amjjmx D`a kx hebbkqq`a qe
`spmlaklf pnjkh ilevj`af` ed qc`
D`a`~mj ^`x`~t` mla `t`~{am{ `he"
lebkhx,
Qc` Nmli p~etka`x klde~bmqkel
qe ckfc xhceej mla hejj`f` xqa`lqx
mla `ahmqe~x* nxkl`xx mla hktkh
e~fmlkwmqkelx* pnjkh eddkhkmjx mla
{elf p~ed`xxkelmjx mh~exx qc`
@j`t`lqc Akxq~khq, Qckx kx mhheb"
pjkxc`a qc~efc pnjkh xp`miklf
`lfmf`b`lqx* el"xkq` tkxkqx* Nmli
qe~x* p~klq mla j`hq~elkh bmq`~kmjx*
mla `helebkh `ahmqkel held`~`lh`x,
Kl >??0* qc` Nmli edd`~`a `ahm"
qkelmj p~ef~mbx el xhc qepkhx mx
qc` fjenmj `heleb{* p`~xelmj
dklmlh` `ahmqkel mla `l`~f{,
Xp`hkdkh `t`lqx klhja`a m x`~k`x ed
~`fkelmj @t`lklf mq qc` D`a akl"
l`~x mla akxhxxkelx de~ ckfc xhceej
q`mhc`~x el qc` `helebkh mla dkxhmj
`dd`hqx ed kbbkf~mqkel9 m j`hq~` n{
Dkll @, I{ajmla* vkll`~ ed qc` >??1
Len`j B`be~kmj _~kw` kl @helebkh
Xhk`lh`x9 m held`~`lh` el qc`
bm}kjmae~m klaxq~{ `spje~klf qc`
dq~` ed qc` `j`hq~elkh mla mqebe"
qkt` x`hqe~x9 mla m Jlhc $ J`m~l
`t`lq de~ {elf p~ed`xxkelmjx el qc`
`helebkhx ed `ahmqkel mla qc`
kbpe~qmlh` ed jkd`jelf j`m~lklf,
Ml klh~`mxklfj{ `dd`hqkt` eq"
~`mhc qeej kx qc` Nmlix v`n xkq`
amjjmxd`a,e~fvckhc mqq~mhq`a m
jm~f` kldjs ed l`v mla ~`q~lklf
tkxkqe~x jmxq {`m~, Qckx f~evqc vmx
d`j`a kl pm~q n{ m be~` qcml =*???
p`~h`lq klh~`mx` kl tkxkqx qe Nmli
eddkhkmjxxp``hc`x* xkflmjklf m f~ev"
klf klq`~`xq kl fjenmjkwmqkelx ~ej kl
xcmpklf bel`qm~{ pejkh{, Ceb`
pmf` ckqx xem~`a* mx aka x`~x
mhh`xxklf ed qkb`j{ ~`fkelmj mla
lmqkelmj `helebkh amqm9 pnjkhmqkelx
xhc mxNpkjaklf V mjqc* qc` Nmlix
pepjm~ ve~ineei el naf`qklf*
xmtklf mla klt`xqklf9 m Xpmlkxc"jml"
fmf` x`hqkel*@lq~mam9 mla ml m~~m{
ed eqc`~ d`mq~`x mla klde~bmqkel,
Qc~efc kqx Hebblkq{ Mddmk~x
p~ef~mb* qc` Nmli `lhe~mf`x heb"
blkq{ mla `helebkh a`t`jepb`lq
n{ p~etkaklf klde~bmqkel qe dklml"
hkmj klxqkqqkelx9 jehmj nxkl`xx* hktkh
mla fet`~lb`lq eddkhkmjx9 mla heb"
blkq{ a`t`jepb`lq e~fmlkwmqkelx,
De~ `smbpj`* qe heklhka` vkqc
qc` Plkq`a Lmqkelx a`xkflmqkel ed
>??0 mx qc` Klq`~lmqkelmj [`m~ ed
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
26/51
Bkh~eh~`akq* qc` Amjjmx D`a n~efcq
qef`qc`~ dklmlhkmj klxqkqqkelx* mhm"
a`bkhx* pckjmlqc~epkxqx* pnjkh eddk"
hkmjx mla jehmj `helebkh a`t`jep`~x,
Qc` b``qklf ckfcjkfcq`a qc` ~ej`
bkh~e`lq`~p~kx` pjm{x mx m n~kaf` qe
qc` bmklxq~`mb de~ jev"v`mjqc klak"
tkamjx mla mx m peq`lqkmj `helebkh
n`l`dkq de~ jehmj hebblkqk`x,
Qe lhe~mf hebblkq{ ~`klt`xq"
b`lq* qc` Amjjmx D`ax Hebblkq{
Mddmk~x eddkh` p~etka`x dklmlhkmj
klxqkqqkelx vkqc klde~bmqkel el qc`
Hebblkq{ `klt`xqb`lq Mhq #H^M+
mla bea`jx ed xhh`xxdj hebblk"
q{ a`t`jepb`lq j`laklf pm~ql`~xckpx
mla xq~mq`fk`x, Helf~`xx pmxx`a qc`
H^M kl =;66 qe lhe~mf hebb`~"
hkmj nmlix qe b``q qc` h~`akq l``ax
ed qc`k~ hebblkqk`x mla xqkbjmq`
klt`xqb`lq kl jev" mla bea`~mq`"
klheb` l`kfcne~ceeax,
N{ dexq`~klf `helebkh `ahm"
qkel* dklmlhkmj jkq`~mh{ mla `heleb"
kh a`t`jepb`lq* qc` Amjjmx D`a hel"
q~knq`x qe qc` `helebkh f~evqc
femjx ed qc` D`a`~mj ^`x`~t`,
HelhjpxkelQc` Amjjmx D`a* mjelf vkqc qc`
eqc`~ == ^`x`~t` Nmlix* kx ml klq`"
f~mj pm~q ed x`qqklf bel`qm~{ pejkh{
mla ed tkqmj kbpe~qmlh` qe qc` xmd`
mla xela ep`~mqkel ed qc` lmqkelx
nmliklf mla pm{b`lqx x{xq`bx,
Qc~efc kqx hmxc mla hc`hi ep`~"
mqkelx* nmli xp`~tkxkel* `helebkh
~`x`m~hc mla pnjkh p~ef~mbx* qc`
Amjjmx D`a edd`~x kqx ~`fkel lk}`p`~xp`hqkt * x`~tkh`x mla xppe~q* mx
v`jj mx klxkfcq klqe qc` ~mpkaj{ hcmlf"
klf fjenmj heleb{ qcmq mdd`hqx t`~{
klaktkamj* leq gxq kl qc` @j`t`lqc
Akxq~khq nq m~ela qc` ve~ja,
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
27/51>??0 MLLPMJ ^@_E^Q >0 D@A@^MJ @X@^T@ NMLI ED AMJJMX
X`lke~ Bmlmf`b`lq
^khcm~a V, Dkxc`~_~`xka`lq mla H@E
C`j`l @, CejhebnDk~xq Tkh` _~`xka`lq mla HEE
B`~ akqc L, NjmhiX`lke~ Tkh` _~`xka`lq
V, Bkhcm`j HesX`lke~ Tkh` _~`xka`lq mlaHck`d @helebkxq
G, Q{~el` FcejxelX`lke~ Tkh` _~`xka`lq
^en`~q A, CmliklxX`lke~ Tkh` _~`xka`lq
Gemllm E, IejxelX`lke~ Tkh` _~`xka`lq
A, Im~ l AkmwMhqklf N~mlhc Bmlmf`~ mlaMxxkxqmlq Tkh` _~`xka`lq*Xml Mlqelke N~mlhc
Cm~t`{ ex`lnjpb@s`hpqkt` Tkh` _~`xka`lq mlaAk~`hqe~ ed ^`x`m~hc
^en`~q Xbkqc KKKX`lke~ Tkh` _~`xka`lq kl Hcm~f`*Cepxqel N~mlhc
^en`~q V, Fkjb`~Tkh` _~`xka`lq kl Hcm~f`*@j _mxe N~mlhc
Bkjjm~a @, Xv`mqqX`lke~ Tkh` _~`xka`lq*F`l`~mj Heplx`j*@qckhx Eddkh`~ mla X`h~`qm~{
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
28/51D@A@^MJ ^@X@^T@ NMLI ED AMJJMX >4 >??0 MLLPMJ ^@_E^Q
Nem~ax ed Ak~`hqe~x
Amjjmx
@j _mxe
^m{ J, Cplq
#Hcmk~bml+Hcmk~bml* _~`xka`lq mlaH@E* Clq Helxejkamq`a Klh,
Bmqqc`v Q, Ae{j`Tkh` Hcmk~bml mla H@E*Q`smx Dk~xq Nmli
_mq~khkm B, _mqq`~xel
#A`pq{ Hcmk~bml+_~`xka`lq* _mqq`~xelKlt`xqb`lqx Klh,
^en ~q M, @xq~mamHcmk~bml mla H@E*@xq~mam Cklegexm mla He,
Gpa{ J`{ Mjj`l
_m~ql`~* Mjj`l Klt`xqb`lqx
^khcm~a V, @tmlx G~,Hcmk~bml mla H@E*Hjj`l%D~exq Nmli`~x Klh,
Amtka X, Nm~lm~a
Hcmk~bml mla H@E*Qc` Lmqkelmj Nmlix edH`lq~mj Q`smx
Bmjhejb FkjjkxWklfj`~ _~ed`xxe~ ed@helebkhx* ^kh` Plkt`~xkq{
^el H, C`jb#Hcmk~bml+Evl`~* C`jb Jmla mlaHmqqj` He,
D~`a Je{mHcmk~bml* D~`a Je{mKlx~mlh`
H`hkjkm E, J`tkl`#Hcmk~bml _~e Q`b+_~`xka`lq* BDK Klq`~lmqkelmjBmldmhq~klf JJH
F`~mja G, ^pnklHcmk~bml* _~`xka`lq mlaH@E* C`j`l ed Q~e{ Jqa,
_`q` Heei_~`xka`lq mla H@E*Dk~xq Lmqkelmj Nmlied Mjmbefe~ae
D, Gmb`x Teji^`fkelmj _~`xka`lq*Xqmq` Lmqkelmj Nmli
Vkjjkmb T, Dje~`x_~etexq* L`v B`skheXqmq` Plkt`~xkq{
Mlqcel{ ^, Hcmx`Hcmk~bml mla H@E*Hcmx`Heb J_
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
29/51>??0 MLLPMJ ^@_E^Q >6 D@A@^MJ @X@^T@ NMLI ED AMJJMX
Xml Mlqelke
Cexqel
Jp` D~mfm
#Hcmk~bml+Hcmk~bml mla H@E*Q`gmx Eddkh` _~eahqx Klh,
Lmlh{ Q, Hcmlf_~`xka`lq mla H@E*Qmles Klh,
Gmb`x Q, Cmhi`qq
#Hcmk~bml _~e Q b+_~`xka`lq mla H@E*Mlmam~ie _`q~ej`b He~p,
Geak` J, Gkj xX`lke~ Tkh` _~`xka`lq*Dk~xq Mjnml{ Hmpkqmj Klh,
Qkbeqc{ L, N~{ml
Hcmk~bml mla H@E*Qc` Dk~xq Lmqkelmj Nmlied N~{ml
X, ^``a Be~kmlHcmk~bml* H@E mla_~`xka`lq* AS X`~tkh`Hebpml{ Klh,
_~kxhkjjm A, Xjma`_~`xka`lq* Q smx Xeqc`~lPlkt`~xkq{
@jkwmn`qc Hc ^khcq`~#Hcmk~bml+Hcmk~bml mla H@E*^khcq`~ M~hckq`hqx
Gmb`x A, Feaf`Hcmk~bml mla H@E*N~emavm{ Lmqkelmj Nmli
G, Aml Nmq`x#Hcmk~bml _~e Q`b+_~`xka`lq* Xeqcv`xq^`x`m~hc Klxqkqq`
Amlk`j N, Cmxqklfx G~,_~`xka`lq mla Evl`~*Amlk`j N, Cmxqklfx Klh,
Bmqq D, Fe~f`xHcmk~bml mla H@E*Tmjj`{ Klq`~lmqkelmj HejaXqe~mf` Klh,
^khm~ae ^ebe_~`xka`lq* Plkt`~xkq{ edQ`smx mq Xml Mlqelke
Xq`t`l ^, Tmla`f~kdqDela`~ mla _~`xka`lq*X^T Cejaklfx
-
8/2/2019 2005 Dallas Federal Reserve Annual Report
30/51D@A@^MJ ^@X@^T@ NMLI ED AMJJMX >3 >??0 MLLPMJ ^@_E^Q
Amjjmx
^khcm~a V, Dkxc`~_~`xka`lq mla H@E
C`j`l @, CejhebnDk~xq Tkh` _~`xka`lq mla HEE
Cm~t`{ ex`lnjb@s`hqkt` Tkh` _~`xka`lq mlaAk~`hqe~ ed ^`x`m~hc
B`~ akqc L, NjmhiX`lke~ Tkh` _~`xka`lq
V, Bkhcm`j HesX`lke~ Tkh` _~`xka`lq mla Hck`d@helebkxq
G,Q{~el` FcejxelX`lke~ Tkh` _~`xka`lq
^en`~q A, CmliklxX`lke~ Tkh` _~`xka`lq
Gemllm E, IejxelX`lke~ Tkh` _~`xka`lq
Bkjjm~a @, Xv`mqqX`lke~ Tkh` _~`xka`lq* F`l`~mjHelx`j* @qckhx Eddkh`~ mlaX`h~`qm~{
@m~j Mla`~xelTkh` _~`xka`lq
Fje~km T, N~evlTk