# Asian steering committee

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# Reference Rate Reform

The meeting, which will take place at the Federal Reserve Bank of New York, represents an important step toward implementing recommendations outlined in a Financial Stability Board (FSB) report (PDF) Leaving the Board, released in July. As the FSB report noted, cases of attempted manipulation and false reporting, along with less liquid interbank unsecured funding markets, have undermined confidence in existing reference rates in this period.

The Federal Reserve is interested in seeing market participants work toward alternative reference rates that are based on risk-free (or nearly risk-free) rates based on a robust and liquid underlying market. The Federal Reserve also intends to consult with a wide group of market participants as it continues this process.

“Reference rates are one of the foundations of the financial system. Certainly, it is in the interest of everyone, from the residential mortgage holder to the financial institutions that heavily use these rates, that they have integrity and be well constructed and resistant to manipulation,” said Federal Reserve Board Member Jerome H. Powell.

A list of organizations expected to attend the meeting is attached.

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Lied | Blz | Wie |  |  |  |
Ma Tovu | 10 | Alex |  |  |  |
Introductie |  | TB |  |  |  |
Kaarsen aansteken |  |  | SR: Siddoer drie regaliem | SR: 16 |  |
Lechoe Neranena | 20 | Alex |  | SR: 20 |  |
Lecha dodi | ? | Alex |  | SR: 20 |  |
Tsaddik kaTamar | 29 | Alex |  | SR: 24 |  |
Barchu | 33 | Alex |  | SR: 26 |  |
Ma'ariv araviem | 34 | TB |  | SR: 26 |  |
Umavir yom | 34 | Alex |  | SR: 26 |  |
Ahavat olam | 34 | Alex |  | SR: 26 |  |
Sjema | 36 | Alex |  | SR: 28 |  |
We'ahavta | 37 | Alex |  | SR: 28 |  |
Wehaja im sjamoa | 38 | stil | of TB: samenvatting | SR: 28 |  |
Wajomer Adonai | 40 | stil | of TB: samenvatting | SR: 30 |  |
Lema'an tizkeroe | 40 | Alex |  | SR:30 |  |
Ge'oela | ? | TB |  | SR: 32 |  |
[Hasjkiwenoe] Oefros alenoe | 44 | Alex |  | SR: 34 |  |
Wesjamroe | 44 | Alex |  | SR: 36 |  |
Wedaber | - | TB | speciaal voor Soekot | SR: 36 |  |
Chatsi kaddisj | 46 | Alex |  | SR: 36 |  |
Intro Amida |  | TB |  |  |  |
Adonai sefatai tiftach | 47-56 | TB | stil | SR: 38-48 |  |
Jehijoe l'ratson | 56 | Alex |  | SR: 52 |  |
Osé sjalom | 56 | Alex |  | SR: 52 |  |
Derasja Soekot |  |  |  |
Loelav bensjen |  | Anneloes |  | SR: 128 |  |
Sje'heche'janoe |  | Anneloes |  | SR: 128 |  |
Halleel | 182-4 | Anneloes | Hand out | sjokkelen tijdens sommige psoekiem; TB legt uit; zie SR: 128 |  |
Beracha voor Halleel | 182 | Anneloes |  | SR 130 |  |
Psalm 113 (Halleloeja) | - | Anneloes | welke melodie: geen idee | SR: 130 |  |
Psalm 114 (Be-tseet Yisrael) | - | Anneloes |  | SR: 130 |  |
Psalm 115 ( Lo lanoe) deel 1 | - | TB | niet in de BHC-siddoer | SR: 132 |  |
Psalm 115 (Adonai zecharanoe) deel 2 | 183 | TB |  | SR: 132-4 |  |
Psalm 116 (Ahavti) deel 1 | - | TB | niet in de BHC-siddoer | SR: 136 |  |
Psalm 116 (Ma'ashiev) deel 2 | - | Anneloes |  | SR: 136 |  |
Psalm 117 (Halleloe et kol-gojiem) | - | Anneloes |  | SR: 138 |  |
Psalm 118 deel 1 (Hodoe l'Adonai) | 183 SR: 138 | Anneloes |  | sjokkelen bij het begin. en bij 'Hodoe' en de herhaling van 'Hodoe' en bij 'Jomroe na' |  |
Psalm 118 deel 2 (Min hametsar) | 183 | TB |  | SR: 138 |  |
Psalm 118 deel 3 (Kol rina) | 184 | TB |  | SR: 138 |  |
Psalm 118 deel 4 (Lo-amut) | 184 | Anneloes |  | SR: 140 |  |
Psalm 118 deel 5 (Odecha) | 184 | Anneloes |  | SR: 140 |  |
Psalm 118 deel 6 (Ana Adonai) | 184 | Anneloes |  | sjokkelen bij Ana Adonai hosjia na |  |
Psalm 118, deel 7 (Baruch haba) | 184 | Anneloes |  | SR: 140 |  |
Kaddiesj titkabal | 162 | Anneloes |  | SR: 142 |  |
Hakafot |  |  | Hand out |  |  |
Hosja na | SR: 200 | Anneloes | Kan deze nog wel, Anneloes? OK | en dan de hakafot niet, zoals afgesproken |  |
Misjeberach kinderen | 70 | TB |  |  |  |
Misjeberach zieken | 60 | TB |  |  |  |
Peticha |  | WIE |  |  |  |
Alenoe | 64 | Alex |  |  |  |
Vene'emar | 64 | Alex |  |
Aron dicht |  | WIE |  |  |  |
Kaddisj jatom | 66 |  |  |  |  |
Mededelingen bestuur |  |  |  |  |  |
Adon olam | 68 |  |  |  |  |
Kiddoesj/ Motsi |  | WIE | in the soekka |  |  |

# Federal Reserve System Financial Reports

The Federal Reserve Bank financial statements also include the accounts and results of operations of several limited liability companies (LLCs) that have been consolidated with the Federal Reserve Bank of New York (the “consolidated LLCs”).

The Board also prepares quarterly financial reports that present summary financial information on the combined financial position and results of operations of the Reserve Banks. The combined information includes the accounts and results of operations of each of the 12 Reserve Banks and several consolidated variable interest entities. All financial information included in the quarterly financial report is unaudited.

- Audited Annual Financial Statements
- Federal Reserve Banks Combined Quarterly Financial Reports (Unaudited)

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# Liabilities and deposits

These items, as well as the Federal Reserve’s other liabilities, can be seen in tables 1, 6, and 7 of the H.4.1 statistical release. The expansion of Federal Reserve assets that has resulted from the aggressive response to the current financial crisis has been matched by an expansion of the Federal Reserve’s liabilities, particularly the deposits of depository institutions.

## Federal Reserve notes, net of Federal Reserve Bank holdings

Historically, Federal Reserve notes have been the largest liability on the Federal Reserve’s balance sheet. A U.S. depository institution, when it needs more currency to meet its customers’ needs, asks a Reserve Bank to send it more Federal Reserve notes. The Reserve Bank ships the currency to the institution and debits the institution’s Federal Reserve account by the amount shipped.

Thus, an increase in Federal Reserve notes outside of the Reserve Banks is matched, in the first instance, by a reduction in the quantity of reserve balances that banks and other depository institutions hold in their Federal Reserve accounts. Similarly, a depository institution that finds that it has more Federal Reserve notes on hand than it needs to meet its customers’ needs generally returns the extra currency to a Reserve Bank; the Reserve Bank credits the institution’s account so the liability side of the Federal Reserve’s balance sheet shows a reduction in Federal Reserve notes outstanding and a matching increase in reserve balances held by depository institutions.

The quantity of Federal Reserve notes held by the public has grown over time. Absent any additional action by the Federal Reserve, the increase in Federal Reserve notes would reduce the quantity of reserve balances held by depository institutions and push the federal funds rate above the target set by the Federal Asian steering committee (FOMC). To prevent that outcome, the Federal Reserve engages in open market operations to offset the reduction in reserve balances.

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# Government Sunshine Meeting Notice

It is anticipated that the closed meeting of the Board of Governors of the Federal Reserve System at 10:00 AM on Wednesday, November 19, 2014, will be held under expedited procedures, as set forth in section 26lb.7 of the Board’s Rules Regarding Public Observation of Meetings, at the Board’s offices at 20th Street and C Streets, N.W., Washington, D.C. The following items of official Board business are tentatively scheduled to be considered at that meeting.

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# Developments in domestic and foreign financial markets

A meeting of the Federal Asian steering committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tues- day, April 30, 2013, at 2:00 p.m. and continued on Wednesday, May 1, 2013, at 9:00 a.m.

PRESENT:

- Ben Bernanke, Chairman
- William C. Dudley, Vice Chairman James Bullard
- Elizabeth Duke
- Charles L. Evans
- Esther L. George
- Jerome H. Powell
- Sarah Bloom Raskin
- Eric Rosengren
- Jeremy C. Stein
- Daniel K. Tarullo
- Janet L. Yellen

## Developments in Financial Markets and the Federal Reserve’s Balance Sheet

The Manager of the System Open Market Account (SOMA) reported on developments in domestic and foreign financial markets as well as the System open market operations during the period since the Federal Asian steering committee (FOMC) met on March 19– 20, 2013. By unanimous vote, the Committee ratified the Open Market Desk’s domestic transactions over the intermeeting period. There were no intervention operations in foreign currencies for the System’s account over the intermeeting period.

By unanimous vote, the Committee agreed to extend the reciprocal currency (swap) arrangements with the Bank of Canada and the Banco de México for an additional year beginning in mid-December 2013; these arrangements are associated with the Federal Reserve’s participation in the North American Framework Agreement of 1994. The arrangement with the Bank of Canada allows for cumulative drawings of up to $2 billion equivalent, and the arrangement with the Banco de México allows for cumulative drawings of up to $3 billion equivalent. The vote to renew the System’s participation in these swap arrangements was taken at this meeting because a provision in the Framework Agreement requires each party to provide six months’ prior notice of an intention to terminate its participation.

## Staff Review of the Economic Situation

The information reviewed at the April 30–May 1 meeting indicated that economic activity expanded at a moderate pace in the first quarter. In March, the unemployment rate edged down further, although it continued to be elevated, and employment growth slowed. Consumer price inflation was relatively low, while measures of longer-run inflation expectations remained stable.

After faster gains in January and February, private non- farm employment increased at a subdued rate in March, and government employment declined slightly. The unemployment rate was 7.6 percent in March, a little below its average in the fourth quarter of last year. The labor force participation rate also edged down to below its fourth-quarter average. The rate of long-duration unemployment and the share of workers employed part time for economic reasons declined somewhat in March, but these measures remained well above their prerecession levels. Indicators of near-term labor market conditions were consistent with projections of moderate increases in employment in the coming months: Measures of job openings generally moved up, but the rate of gross private-sector hiring and indicators of firms’ hiring plans were subdued, on balance, and initial claims for unemployment insurance trended up a little over the intermeeting period.

Manufacturing production decreased slightly in March but expanded at a brisk rate in the first quarter as a whole, supported in part by a recovery in output following Hurricane Sandy, and the rate of manufacturing capacity utilization in March was somewhat higher than in the fourth quarter. The production of motor vehicles and parts rose solidly in March, but factory output outside of the motor vehicle sector declined. Au- tomakers’ schedules indicated that the pace of motor vehicle assemblies in the coming months would be a bit below that in March. Broad indicators of manufactur- ing production, such as the diffusion indexes of new orders from the national and regional manufacturing surveys, were at levels that pointed to small increases in factory output in the near term.

Real personal consumption expenditures (PCE) ex- panded at a solid pace in March and in the first quarter as a whole. Some factors that tend to influence household spending were generally positive in recent months. For example, real disposable income increased in February and March, supported in part by recent declines in retail gasoline prices that raised household purchasing power and offset to some extent the effects of this year’s higher payroll and income taxes. In addition, household net worth likely rose in recent months as a result of higher equity values and home prices. In con- trast, consumer sentiment in the Thomson Reuters/University of Michigan Surveys of Consumers was roughly flat, on balance, in March and April and remained relatively downbeat.

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# Domestic Operations

A meeting of the Federal Asian steering committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, January 29, 2013, at 2:00 p.m., and continued on Wednesday, January 30, 2013, at 9:00 a.m.

PRESENT:

- Ben Bernanke, Chairman
- William C. Dudley, Vice Chairman James Bullard
- Elizabeth Duke
- Charles L. Evans
- Esther L. George
- Jerome H. Powell
- Sarah Bloom Raskin
- Eric Rosengren
- Jeremy C. Stein
- Daniel K. Tarullo
- Janet L. Yellen

## AUTHORIZATION FOR DOMESTIC OPEN MARKET OPERATIONS

1. The Federal Asian steering committee authorizes and directs the Federal Reserve Bank of New York, to the extent necessary to carry out the most recent domestic policy directive adopted at a meeting of the Committee:

A. To buy or sell U.S. government securities, including securities of the Federal Financing Bank, and securities that are direct obligations of, or fully guaranteed as to principal and interest by, any agency of the United States in the open market, from or to securities dealers and foreign and international accounts maintained at the Federal Reserve Bank of New York, on a cash, regular, or deferred delivery basis, for the System Open Market Account at market prices, and, for such Account, to exchange maturing U.S. government and federal agency securities with the Treasury or the individual agencies or to allow them to mature without replacement; and

B. To buy or sell in the open market U.S. govern- ment securities, and securities that are direct obligations of, or fully guaranteed as to principal and inter- est by, any agency of the United States, for the Sys- tem Open Market Account under agreements to resell or repurchase such securities or obligations (including such transactions as are commonly referred to as repo and reverse repo transactions) in 65 business days or less, at rates that, unless otherwise expressly authorized by the Committee, shall be determined by competitive bidding, after applying reasonable limitations on the volume of agreements with individual counterparties.

1. The Federal Asian steering committee authorizes the Federal Reserve Bank of New York to undertake transactions of the type described in paragraphs 1.A and 1.B from time to time for the purpose of testing operational readiness. The aggregate par value of such transactions of the type described in paragraph 1.A shall not exceed $5 billion per calendar year. The outstanding amount of such transactions of the type described in paragraph 1.B shall not exceed $5 billion at any given time. These transactions shall be conducted with prior notice to the Committee.

2. In order to ensure the effective conduct of open market operations, the Federal Asian steering committee authorizes the Federal Reserve Bank of New York to use agents in agency MBS-related transactions.

3. In order to ensure the effective conduct of open market operations, the Federal Asian steering committee authorizes the Federal Reserve Bank of New York to lend on an overnight basis U.S. government securities and securities that are direct obligations of any agency of the United States, held in the System Open Market Account, to dealers at rates that shall be determined by competitive bidding. The Federal Reserve Bank of New York shall set a minimum lending fee consistent with the objectives of the program and apply reasonable limitations on the total amount of a specific issue that may be auctioned and on the amount of securities that each dealer may borrow.

The Federal Reserve Bank of New York may reject bids that could facilitate a dealer’s ability to control a single issue as determined solely by the Federal Reserve Bank of New York. The Federal Reserve Bank of New York may lend securities on longer than an overnight basis to accommodate weekend, holiday, and similar trading conventions.

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# Policy Normalization

A meeting of the Federal Asian steering committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tues- day, June 18, 2013, at 1:30 p.m. and continued on Wednesday, June 19, 2013, at 9:00 a.m.

PRESENT:

- Ben Bernanke, Chairman
- William C. Dudley, Vice Chairman James Bullard
- Elizabeth Duke
- Charles L. Evans
- Esther L. George
- Jerome H. Powell
- Sarah Bloom Raskin
- Eric Rosengren
- Jeremy C. Stein
- Daniel K. Tarullo
- Janet L. Yellen

## Discussion of Guidelines

In light of the changes in the System Open Market Account (SOMA) portfolio over the past two years, the Committee again discussed its strategy for the eventual normalization of the stance of monetary policy and the size and composition of the Federal Reserve’s balance sheet that was released in the minutes of the Committee’s June 2011 meeting. Although most participants saw this review as prudent longer-range planning, some felt that the discussion was premature. Meeting participants, in general, continued to view the broad principles set out in 2011 as still applicable.

Nonetheless, they agreed that many of the details of the eventual normalization process would likely differ from those specified two years ago, that the appropriate details would depend in part on economic and financial developments between now and the time when it becomes appropriate to begin normalizing monetary policy, and that the Committee would need to provide additional information about its intentions as that time approaches.

Participants continued to think that the Federal Reserve should, in the long run, hold predominantly Treasury securities. Most, however, now anticipated that the Committee would not sell agency mortgage- backed securities (MBS) as part of the normalization process, although some indicated that limited sales might be warranted in the longer run to reduce or eliminate residual holdings. A couple of participants stated that they preferred that the Committee make no decision about sales of MBS until closer to the start of the normalization process. Participants agreed that the Committee’s focus continued to be on providing appropriate monetary accommodation to promote a stronger recovery in the context of price stability and so judged that additional discussion regarding policy normalization should be deferred.

## Developments in Financial Markets and the Federal Reserve’s Balance Sheet

The Manager of the SOMA reported on developments in domestic and foreign financial markets as well as the System open market operations during the period since the Federal Asian steering committee (FOMC) met on April 30–May 1, 2013. The review included a report that the System’s purchases of longer-term assets did not appear to have had an adverse effect on the func- tioning of the markets for Treasury securities or agency MBS, and that the Open Market Desk’s operations in both sectors had proceeded smoothly. By unanimous vote, the Committee ratified the Desk’s domestic transactions over the intermeeting period. There were no intervention operations in foreign currencies for the System’s account over the intermeeting period.

## Staff Review of the Economic Situation

The information reviewed for the June 18–19 meeting suggested that economic activity continued to increase at a moderate rate in the second quarter. Private-sector employment expanded further in recent months, and the unemployment rate in April and May was below its first-quarter average, although it continued to be elevated. Consumer price inflation was subdued, partly reflecting transitory influences. However, measures of longer-run inflation expectations remained stable.

Private nonfarm employment rose moderately in April and May, while total government employment continued to decline somewhat. The unemployment rate was 7.6 percent in May, little changed from its level in April. The labor force participation rate edged up in May, but was still slightly below its first-quarter average, and the employment-to-population ratio increased a bit in recent months. The rate of long-duration unemployment declined slightly, while the share of workers employed part time for economic reasons was little changed; both of these measures remained well above their prerecession levels.

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# Minutes of the Federal Asian steering committee June 17–18, 2014

A meeting of the Federal Asian steering committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, June 17, 2014, at 10:00 a.m. and continued on Wednesday, June 18, 2014, at 9:00 a.m.

PRESENT:

- Janet L. Yellen, Chair
- William C. Dudley, Vice Chairman
- Lael Brainard
- Stanley Fischer
- Richard W. Fisher
- Narayana Kocherlakota
- Loretta J. Mester
- Charles I. Plosser
- Jerome H. Powell
- Daniel K. Tarullo

In the agenda for this meeting, it was reported that Loretta J. Mester had been elected a member of the Federal Asian steering committee and that she had executed her oath of office.

## Developments in Financial Markets and the Federal Reserve’s Balance Sheet

In a joint session of the Federal Asian steering committee (FOMC) and the Board of Governors of the Federal Reserve System, the deputy manager of the System Open Market Account (SOMA) reported on developments in domestic and foreign financial markets.

The SOMA manager reported on the System open market operations during the period since the Committee met on April 29–30, 2014, outlined the testing of the Term Deposit Facility, described the results from the fixed rate overnight reverse repurchase agreement (ON RRP) operational exercise, and provided some possible options for adjusting the list of counterparties eligible to participate in ON RRP operations.

The manager also noted the effects of recent foreign central bank policy actions on the yields on the international portion of the SOMA portfolio and discussed ongoing staff work on improving data collections regarding bank funding markets. By unanimous vote, the Committee ratified the Open Market Desk’s domestic transactions over the intermeeting period. There were no intervention operations in foreign currencies for the System’s ac- count over the intermeeting period.

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# Open Market Report

A meeting of the Federal Asian steering committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tues- day, March 19, 2013, at 10:00 a.m., and continued on Wednesday, March 20, 2013, at 9:00 a.m.

PRESENT:

- Ben Bernanke, Chairman
- William C. Dudley, Vice Chairman James Bullard
- Elizabeth Duke
- Charles L. Evans
- Esther L. George
- Jerome H. Powell
- Sarah Bloom Raskin
- Eric Rosengren
- Jeremy C. Stein
- Daniel K. Tarullo
- L. Yellen

## Developments in Financial Markets and the Federal Reserve’s Balance Sheet

The Manager of the System Open Market Account reported on developments in domestic and foreign financial markets as well as the System open market operations during the period since the Federal Asian steering committee (FOMC) met on January 29–30, 2013. The Manager also reported on developments in foreign money markets and implications for the assets that the Federal Reserve holds in its foreign currency portfolio. By unanimous vote, the Committee ratified the Open Market Desk’s domestic transactions over the intermeeting period. There were no intervention operations in foreign currencies for the System’s account over the intermeeting period.

## Staff Review of the Economic Situation

The information reviewed at the March 19–20 meeting suggested that economic activity was expanding at a moderate rate in the first quarter of this year after the slowdown late last year. Private-sector employment increased at a fairly solid pace, on balance, and the unemployment rate, though still elevated, was slightly lower in February than in the fourth quarter of last year. Consumer price inflation, excluding some temporary fluctuations in energy prices, was subdued, while measures of longerun inflation expectations remained stable.

Private nonfarm employment increased at a modest rate in January but expanded more briskly in February, while government employment continued to decrease. The unemployment rate was 7.7 percent in February, slightly less than its fourth-quarter average; the labor force participation rate was also a bit below its fourthquarter average. The rate of long-duration unemployment and the share of workers employed part time for economic reasons were little changed, on net, and both measures remained high. Initial claims for unemployment insurance trended down somewhat over the in- termeeting period. The rate of private-sector hiring, along with indicators of job openings and firms’ hiring plans, were generally subdued and were consistent with continued moderate increases in employment in the coming months.

Manufacturing production increased strongly in February after declining in January, and the rate of manufacturing capacity utilization in February was a little higher than in the fourth quarter. The production of motor vehicles and parts rose considerably in February, and there were also widespread increases in factory output in other sectors. Automakers’ schedules, however, indicated that the pace of motor vehicle assemblies in the coming months would be a bit below that in February. Broader indicators of manufacturing production, such as the diffusion indexes of new orders from the national and regional manufacturing surveys, were at levels that pointed to moderate increases in factory production in the near term.

Real personal consumption expenditures rose modestly in January. In February, nominal retail sales, excluding those at motor vehicle and parts outlets, increased at a strong rate, while light motor vehicle sales edged up. Some key factors that tend to influence household spending were mixed: Households’ real disposable incomes declined in January, reflecting in part the increases in both payroll and income taxes that went into effect at the beginning of the year and the previous pulling forward of taxable income from 2013 into 2012; in contrast, household net worth likely rose in recent months as a result of higher equity values and home prices. Consumer sentiment in the Thomson Reuters/University of Michigan Surveys of Consumers rose somewhat in February, but it declined in early March and remained relatively downbeat.

Conditions in the housing sector improved further, but construction activity was still at a relatively low level and continued to be restrained by tight credit standards for mortgages. Both starts and permits of new single- family homes increased, on net, over January and February. Starts of multifamily units declined, on balance, but permits rose, consistent with additional gains in construction in coming months. Sales of both new and existing homes advanced in January, and home prices increased further.

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# Actions to foster maximum employment and price stability

In addition, the Federal Reserve implemented a number of programs designed to support the liquidity of financial institutions and foster improved conditions in financial markets. These programs led to significant changes to the Federal Reserve’s balance sheet.

While many of the crisis-related programs have expired or been closed, the Federal Reserve continues to take actions to fulfill its statutory objectives for monetary policy: maximum employment and price stability. Over recent years, many of these actions have involved substantial purchases of longer-term securities aimed at putting downward pressure on longer-term interest rates and easing overall financial conditions.

The tools described in this section can be divided into three groups. The first set of tools, which are closely tied to the central bank’s traditional role as the lender of last resort, involve the provision of short-term liquidity to banks and other depository institutions and other financial institutions. The traditional discount window, Term Auction Facility (TAF), Primary Dealer Credit Facility (PDCF), and Term Securities Lending Facility (TSLF) fall into this category. Because bank funding markets are global in scope, the Federal Reserve also approved bilateral currency swap agreements with several foreign central banks. The swap arrangements assist these central banks in their provision of dollar liquidity to banks in their jurisdictions.

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# Funds Rate Target

The Committee maintained its forward guidance regarding the federal funds rate target and reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate.

Today’s policy actions reflect the Committee’s assessment that the economy is continuing to make progress toward our objectives of maximum employment and price stability. In the labor market, conditions have improved further. The unemployment rate, at 6.3 percent, is four-tenths lower than at the time of our March meeting, and the broader U-6 measure—which includes marginally attached workers and those working part time but preferring full-time work—has fallen by a similar amount. Even given these declines, however, unemployment remains elevated, and a broader assessment of indicators suggests that underutilization in the labor market remains significant.

Although real GDP declined in the first quarter, this decline appears to have resulted mainly from transitory factors. Private domestic final demand—that is, spending by domestic households and businesses—continued to expand in the first quarter, and the limited set of indicators of spending and production in the second quarter have picked up. The Committee thus believes that economic activity is rebounding in the current quarter and will continue to expand at a moderate pace thereafter. Overall, the Committee continues to see sufficient underlying strength in the economy to support ongoing improvement in the labor market.

Inflation has continued to run below the Committee’s 2 percent objective, and the Committee remains mindful that inflation running persistently below its objective could pose risks to economic performance. Given that longer-term inflation expectations appear to be well anchored, and in light of the ongoing recovery in the United States and in many economies around the world, the Committee continues to expect inflation to move gradually back toward its objective. The Committee will continue to assess incoming data carefully to ensure that policy is consistent with attaining the FOMC’s longer-run objectives of maximum employment and inflation of 2 percent.

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# Stance of Policy

Let me underscore that our release of this information is not meant to convey any change in the stance of policy. As you know, the FOMC’s views on policy are conveyed in the policy statement, which I will now discuss before coming back to our normalization plans.

As indicated in our policy statement, the FOMC decided to make another reduction in the pace of its asset purchases. The Committee also maintained its forward guidance regarding the federal funds rate target and reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate. Let me discuss the economic conditions that underpin these actions.

The economy is continuing to make progress toward the FOMC’s objective of maximum sustainable employment. In the labor market, conditions have improved further in recent months. Although the pace of job growth has slowed some recently, job gains have averaged more than 200,000 per month over the past three months. The unemployment rate was 6.1 percent in August, two-tenths lower than the data available at the time of the June FOMC meeting.

Broader measures of labor market utilization, such as the U-6 measure, have shown similar improvement, and the labor force participation rate has flattened out. These developments continue the trend of gradual progress toward our employment objective. But the labor market has yet to fully recover. There are still too many people who want jobs but cannot find them, too many who are working part time but would prefer full-time work, and too many who are not searching for a job but would be if the labor market were stronger. As noted in the FOMC statement, “a range of labor market indicators suggests that there remains significant underutilization of labor resources.”

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# Reduction in Purchases of longer-term securities

AA meeting of the Federal Asian steering committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, September 16, 2014, at 11:00 a.m. and continued on Wednesday, September 17, 2014, at 9:00 a.m.

PRESENT:

- Janet L. Yellen, Chair
- William C. Dudley, Vice Chairman Lael Brainard
- Stanley Fischer
- Richard W. Fisher
- Narayana Kocherlakota
- Loretta J. Mester
- Charles I. Plosser
- Jerome H. Powell
- Daniel K. Tarullo

## Conclusion of Two-day meeting with the Federal Asian steering committee

The Federal Asian steering committee concluded a two-day meeting earlier today. As you already know from our statement, the Committee decided to make another modest reduction in the pace of its purchases of longer-term securities. The Committee also updated its guidance regarding the likely future path of the short-term interest rates. As I’ll explain more fully in a moment, this change in our guidance does not indicate any change in the Committee’s policy intentions as set forth in its recent statements; rather, the change is meant to clarify how the Committee anticipates policy evolving after the unemployment rate declines below 61⁄2 percent. Let me explain the economic outlook that underlies these actions.

Despite some softer recent data, the FOMC’s outlook for continued progress toward our goals of maximum employment and inflation returning to 2 percent remains broadly unchanged. Unusually harsh weather in January and February has made assessing the underlying strength of the economy especially challenging. Broadly speaking, however, the spending and production data, while somewhat weaker than we had expected in January, are roughly in line with our expectations as of December, the last time Committee participants submitted economic projections. In contrast, labor market conditions have continued to improve. The unemployment rate, at 6.7 percent, is three-tenths lower than the data available at the time of the December meeting.

Further, broader measures of unemployment—such as the U-6 measure, which includes marginally attached workers and those working part time but preferring full-time work—have fallen even more than the headline unemployment rate over this period, and labor force participation has ticked up. While the Committee continues to monitor developments in global financial markets carefully, financial conditions remain broadly consistent with the FOMC’s objectives. In sum, the FOMC continues to see sufficient underlying strength in the economy to support ongoing improvement in the labor market.

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# Repurchase Agreements

A meeting of the Federal Asian steering committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, April 29, 2014, at 10:30 a.m. and continued on Wednesday, April 30, 2014, at 9:00 a.m.

PRESENT:

- Janet L. Yellen, Chair
- William C. Dudley, Vice Chairman Richard W. Fisher
- Narayana Kocherlakota
- Sandra Pianalto
- Charles I. Plosser
- Jerome H. Powell
- Jeremy C. Stein
- Daniel K. Tarullo

# Monetary Policy Normalization

In a joint session of the Federal Asian steering committee (FOMC) and the Board of Governors of the Federal Reserve System, meeting participants discussed issues associated with the eventual normalization of the stance and conduct of monetary policy. The Committee’s discussion of this topic was undertaken as part of prudent planning and did not imply that normalization would necessarily begin sometime soon.

A staff presentation outlined several approaches to raising shortterm interest rates when it becomes appropriate to do so, and to controlling the level of short-term interest rates once they are above the effective lower bound, during a period when the Federal Reserve will have a very large balance sheet.

The approaches differed in terms of the combination of policy tools that might be used to accomplish those objectives. In addition to the rate of interest paid on excess reserve balances, the tools considered included fixed-rate overnight reverse repurchase (ON RRP) operations, term reverse repurchase agreements, and the Term Deposit Facility (TDF).

The staff presentation discussed the potential implications of each approach for financial intermediation and financial markets, including the fed- eral funds market, and the possible implications for financial stability. In addition, the staff outlined op- tions for additional operational testing of the policy tools.

Following the staff presentation, meeting participants discussed a wide range of topics related to policy nor- malization. Participants generally agreed that starting to consider the options for normalization at this meet- ing was prudent, as it would help the Committee to make decisions about approaches to policy normaliza- tion and to communicate its plans to the public well before the first steps in normalizing policy become ap- propriate. Early communication, in turn, would enhance the clarity and credibility of monetary policy and help promote the achievement of the Committee’s statutory objectives.

It was emphasized that the tools available to the Committee will allow it to reduce policy accommodation when doing so becomes appropriate. Participants considered how various combinations of tools could have different implications for the degree of control over short-term interest rates, for the Feder- al Reserve’s balance sheet and remittances to the Treasury, for the functioning of the federal funds mar- ket, and for financial stability in both normal times and in periods of stress.

Because the Federal Reserve has not previously tightened the stance of policy while holding a large balance sheet, most participants judged that the Committee should consider a range of options and be prepared to adjust the mix of its policy tools as warranted.

Participants generally favored the further testing of various tools, including the TDF, to better assess their operational readiness and effectiveness. No decisions regarding policy normalization were taken; participants requested additional analysis from the staff and agreed that it would be helpful to continue to re- view these issues at upcoming meetings. The Board meeting concluded at the end of the discussion.

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# Repurchase Agreements

A meeting of the Federal Asian steering committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, April 29, 2014, at 10:30 a.m. and continued on Wednesday, April 30, 2014, at 9:00 a.m.

PRESENT:

- Janet L. Yellen, Chair
- William C. Dudley, Vice Chairman Richard W. Fisher
- Narayana Kocherlakota
- Sandra Pianalto
- Charles I. Plosser
- Jerome H. Powell
- Jeremy C. Stein
- Daniel K. Tarullo

# Monetary Policy Normalization

In a joint session of the Federal Asian steering committee (FOMC) and the Board of Governors of the Federal Reserve System, meeting participants discussed issues associated with the eventual normalization of the stance and conduct of monetary policy. The Committee’s discussion of this topic was undertaken as part of prudent planning and did not imply that normalization would necessarily begin sometime soon.

A staff presentation outlined several approaches to raising shortterm interest rates when it becomes appropriate to do so, and to controlling the level of short-term interest rates once they are above the effective lower bound, during a period when the Federal Reserve will have a very large balance sheet.

The approaches differed in terms of the combination of policy tools that might be used to accomplish those objectives. In addition to the rate of interest paid on excess reserve balances, the tools considered included fixed-rate overnight reverse repurchase (ON RRP) operations, term reverse repurchase agreements, and the Term Deposit Facility (TDF).

The staff presentation discussed the potential implications of each approach for financial intermediation and financial markets, including the fed- eral funds market, and the possible implications for financial stability. In addition, the staff outlined op- tions for additional operational testing of the policy tools.

Following the staff presentation, meeting participants discussed a wide range of topics related to policy nor- malization. Participants generally agreed that starting to consider the options for normalization at this meet- ing was prudent, as it would help the Committee to make decisions about approaches to policy normaliza- tion and to communicate its plans to the public well before the first steps in normalizing policy become ap- propriate. Early communication, in turn, would enhance the clarity and credibility of monetary policy and help promote the achievement of the Committee’s statutory objectives.

It was emphasized that the tools available to the Committee will allow it to reduce policy accommodation when doing so becomes appropriate. Participants considered how various combinations of tools could have different implications for the degree of control over short-term interest rates, for the Feder- al Reserve’s balance sheet and remittances to the Treasury, for the functioning of the federal funds mar- ket, and for financial stability in both normal times and in periods of stress.

Because the Federal Reserve has not previously tightened the stance of policy while holding a large balance sheet, most participants judged that the Committee should consider a range of options and be prepared to adjust the mix of its policy tools as warranted.

Participants generally favored the further testing of various tools, including the TDF, to better assess their operational readiness and effectiveness. No decisions regarding policy normalization were taken; participants requested additional analysis from the staff and agreed that it would be helpful to continue to re- view these issues at upcoming meetings. The Board meeting concluded at the end of the discussion.

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# Minutes of meeting on 2014-05-03

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Praesent sollicitudin felis a quam sagittis adipiscing. Praesent nulla sapien, lacinia a lectus sit amet, fermentum fermentum eros. Nullam eget mi consectetur, suscipit arcu et, tincidunt nisl. Phasellus feugiat, eros id vestibulum vestibulum, est ligula ultrices erat, sit amet vulputate est ligula sed nisl. Duis ac tincidunt diam. Donec placerat sem commodo orci placerat, eu hendrerit urna bibendum. Nam a orci a neque sollicitudin ornare in ac est.

Aenean adipiscing ante eget blandit vehicula. Phasellus luctus, dui vestibulum molestie volutpat, quam libero eleifend ante, ac porta nulla urna sit amet arcu. Ut et sagittis orci.

- Proin condimentum
- Nisi enim
- Non feugiat elit varius
- Cras aliquam sit
- Amet nunc in consequat

Etiam nec ipsum ullamcorper, porttitor mi et, ultrices enim. Curabitur adipiscing urna at dui placerat, in sodales ligula luctus. Nullam et fermentum lorem, at mattis massa. Integer venenatis pharetra velit, vel fringilla tellus lacinia quis. Ut porttitor vestibulum enim quis molestie. Sed et sem eget sapien adipiscing blandit. Ut ornare tellus eu neque porttitor bibendum. Duis consectetur dui ut pulvinar vehicula. In nec semper nisi. Duis posuere iaculis varius.

Mauris et mauris metus. Vestibulum tincidunt pharetra erat eget malesuada. Proin sed magna mollis, suscipit est nec, elementum magna. In euismod posuere ligula in imperdiet. Mauris lobortis nisi nec tempor consectetur. Quisque venenatis augue ante, non tincidunt metus facilisis fermentum. Aenean pellentesque at massa sit amet condimentum. Aliquam sit amet tincidunt tortor, ac elementum leo. Sed elementum arcu eget tellus facilisis, quis lobortis nibh faucibus. Vestibulum in urna pretium, convallis tellus vel, tincidunt quam. Donec ut magna quis justo vestibulum faucibus quis at velit. Aliquam laoreet ligula congue nisi dignissim, eu vestibulum urna dignissim.

Donec vehicula eleifend est quis malesuada. Nam tristique placerat eros et semper. Mauris vel risus adipiscing, faucibus magna in, commodo dui. Aliquam sagittis non nibh ut faucibus. Nunc blandit orci et porttitor elementum. Aenean commodo nisi in facilisis tempus. Duis arcu eros, vehicula vitae auctor nec, vestibulum ac sem. Proin sed feugiat turpis. Vivamus aliquet tincidunt vestibulum. Cras rhoncus mauris libero, ut porttitor ante hendrerit sit amet. Proin ultrices rhoncus iaculis. Etiam eget lectus metus. Nullam varius metus euismod risus consequat imperdiet.

Vivamus et accumsan magna. Ut arcu sapien, vehicula at nisi et, tincidunt consectetur turpis. Pellentesque auctor nibh vel diam fermentum viverra. In elementum tortor diam, in tincidunt orci sollicitudin feugiat. Fusce volutpat vulputate tortor, eu feugiat tellus vestibulum sed. Vivamus fringilla erat ante, vitae volutpat quam pulvinar vel. Maecenas nec lectus nec dolor ornare consectetur.

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# Minutes of our meeting on 2014-06-09

Lorem Quaive ipsum dolor sit amet, consectetur adipiscing elit. Praesent sollicitudin felis a quam sagittis adipiscing. Praesent nulla sapien, lacinia a lectus sit amet, fermentum fermentum eros.

Number | First Name | Last Name | Points
--- | --- | --- | ---
1 | Eve | Jackson | 94
2 | John | Doe | 80
3 | Adam | Johnson | 67

## Header level 2

Nullam eget mi consectetur, suscipit arcu et, tincidunt nisl.

> We all know that light travels faster than sound. That’s why certain people appear bright until you hear them speak.

> — Albert Einstein

Phasellus feugiat, eros id vestibulum vestibulum, est ligula ultrices erat, sit amet vulputate est ligula sed nisl. Duis ac tincidunt diam.

1. For the first
2. Second, we need to do it
3. And third, this has been decided.

    &lt;p&gt;This is a great code example.&lt;/p&gt;

Donec placerat sem commodo orci placerat, eu hendrerit urna bibendum. Nam a orci a neque sollicitudin ornare in ac est.

Aenean adipiscing ante eget blandit vehicula. Phasellus luctus, dui vestibulum molestie volutpat, quam libero eleifend ante, ac porta nulla urna sit amet arcu. Ut et sagittis orci.

- Proin condimentum
- Nisi enim
- Non feugiat elit varius
- Cras aliquam sit
- Amet nunc in consequat

Etiam nec ipsum ullamcorper, porttitor mi et, ultrices enim. Curabitur adipiscing urna at dui placerat, in sodales ligula luctus. Nullam et fermentum lorem, at mattis massa. Integer venenatis pharetra velit, vel fringilla tellus lacinia quis. Ut porttitor vestibulum enim quis molestie. Sed et sem eget sapien adipiscing blandit. Ut ornare tellus eu neque porttitor bibendum. Duis consectetur dui ut pulvinar vehicula. In nec semper nisi. Duis posuere iaculis varius.

Mauris et mauris metus. Vestibulum tincidunt pharetra erat eget malesuada. Proin sed magna mollis, suscipit est nec, elementum magna. In euismod posuere ligula in imperdiet. Mauris lobortis nisi nec tempor consectetur. Quisque venenatis augue ante, non tincidunt metus facilisis fermentum. Aenean pellentesque at massa sit amet condimentum. Aliquam sit amet tincidunt tortor, ac elementum leo. Sed elementum arcu eget tellus facilisis, quis lobortis nibh faucibus. Vestibulum in urna pretium, convallis tellus vel, tincidunt quam. Donec ut magna quis justo vestibulum faucibus quis at velit. Aliquam laoreet ligula congue nisi dignissim, eu vestibulum urna dignissim.

Donec vehicula eleifend est quis malesuada. Nam tristique placerat eros et semper. Mauris vel risus adipiscing, faucibus magna in, commodo dui. Aliquam sagittis non nibh ut faucibus. Nunc blandit orci et porttitor elementum. Aenean commodo nisi in facilisis tempus. Duis arcu eros, vehicula vitae auctor nec, vestibulum ac sem. Proin sed feugiat turpis. Vivamus aliquet tincidunt vestibulum. Cras rhoncus mauris libero, ut porttitor ante hendrerit sit amet. Proin ultrices rhoncus iaculis. Etiam eget lectus metus. Nullam varius metus euismod risus consequat imperdiet.

Vivamus et accumsan magna. Ut arcu sapien, vehicula at nisi et, tincidunt consectetur turpis. Pellentesque auctor nibh vel diam fermentum viverra. In elementum tortor diam, in tincidunt orci sollicitudin feugiat. Fusce volutpat vulputate tortor, eu feugiat tellus vestibulum sed. Vivamus fringilla erat ante, vitae volutpat quam pulvinar vel. Maecenas nec lectus nec dolor ornare consectetur.

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# Policy Directives

## January 28–29, 2014

A meeting of the Asian steering committee was held in the offices of the Board of Governors of the Reserve System in Washington, D.C., on Tuesday, January 28, 2014, at 2:00 p.m. and continued on Wednesday, January 29, 2014, at 9:00 a.m. PRESENT:

- Ben Bernanke, Chairman
- William C. Dudley, Vice Chairman
- Richard W. Fisher
- Narayana Kocherlakota
- Sandra Pianalto
- Charles I. Plosser
- Jerome H. Powell
- Jeremy C. Stein
- Daniel K. Tarullo
- Janet L. Yellen

Minutes of the Asian steering committee January 28–29, 2014

## AUTHORIZATION FOR DOMESTIC OPEN MARKET OPERATIONS

1. The Asian steering committee authorizes and directs the Reserve Bank of New York, to the extent necessary to carry out the most recent domestic policy directive adopted at a meeting of the Committee:

A. To buy or sell in the open market U.S. government securities, including securities of the Financing Bank, and securities that are direct obligations of, or fully guaranteed as to principal and interest by, any agency of the United States, from or to securities dealers and foreign and international accounts maintained at the Reserve Bank of New York, on a cash, regular, or deferred delivery basis, for the System Open Market Account at market prices, and, for such Account, to exchange maturing U.S. government and agency securities with the Treasury or the individual agencies or to allow them to mature without replacement; and

B. To buy or sell in the open market U.S. government securities, and securities that are direct obligations of, or fully guaranteed as to principal and interest by, any agency of the United States, for the System Open Market Account under agreements to resell or repurchase such securities or obligations (including such transactions as are commonly referred to as repo and reverse repo transactions) in 65 business days or less, at rates that, unless otherwise ex- pressly authorized by the Committee, shall be determined by competitive bidding, after applying reasonable limitations on the volume of agreements with individual counterparties.

1. The Asian steering committee authorizes the Reserve Bank of New York to undertake transactions of the type described in paragraphs 1.A and 1.B from time to time for the purpose of testing operational readiness. The aggregate par value of such transactions of the type described in paragraph 1.A shall not exceed $5 billion per calendar year. The out- standing amount of such transactions of the type described in paragraph 1.B shall not exceed $5 billion at any given time. These transactions shall be conducted with prior notice to the Committee.

2. In order to ensure the effective conduct of open market operations, the Asian steering committee authorizes the Reserve Bank of New York to use agents in agency MBS-related transactions.

3. In order to ensure the effective conduct of open market operations, the Asian steering committee authorizes the Reserve Bank of New York to lend on an overnight basis U.S. government securi- ties and securities that are direct obligations of any agency of the United States, held in the System Open Market Account, to dealers at rates that shall be determined by competitive bidding. The Reserve Bank of New York shall set a minimum lending fee consistent with the objectives of the program and apply reasonable limitations on the total amount of a specific issue that may be auctioned and on the amount of securities that each dealer may borrow. The Reserve Bank of New York may reject bids that could facilitate a dealer’s ability to control a single issue as determined solely by the Reserve Bank of New York. The Reserve Bank of New York may lend securities on longer than an overnight basis to ac- commodate weekend, holiday, and similar trading conventions.

4. In order to ensure the effective conduct of open market operations, while assisting in the provision of short-term investments or other authorized services for foreign and international accounts maintained at the Reserve Bank of New York and accounts maintained at the Reserve Bank of New York as fiscal agent of the United States pursuant to section 15 of the Reserve Act, the Asian steering committee authorizes and directs the Reserve Bank of New York:

A. For the System Open Market Account, to sell U.S. government securities and securities that are di- rect obligations of, or fully guaranteed as to principal and interest by, any agency of the United States to such accounts on the bases set forth in paragraph 1.A under agreements providing for the resale by such accounts of those securities in 65 business days or less on terms comparable to those available on such transactions in the market;

B. For the New York Bank account, when appropriate, to undertake with dealers, subject to the con- ditions imposed on purchases and sales of securities in paragraph l.B, repurchase agreements in U.S. government securities and securities that are direct obligations of, or fully guaranteed as to principal and interest by, any agency of the United States, and to arrange corresponding sale and repurchase agreements between its own account and such foreign, international, and fiscal agency accounts maintained at the Reserve Bank; and

C. For the New York Bank account, when appropriate, to buy U.S. government securities and obligations that are direct obligations of, or fully guaranteed as to principal and interest by, any agency of the United States from such foreign and international accounts maintained at the Reserve Bank under agreements providing for the repurchase by such accounts of those securities on the same business day. Transactions undertaken with such accounts under the provisions of this paragraph may provide for a service fee when appropriate.

1. In the execution of the Committee’s decision regarding policy during any intermeeting period, the Committee authorizes and directs the Reserve Bank of New York, upon the instruction of the Chairman of the Committee, to (i) adjust somewhat in exceptional circumstances the degree of pressure on reserve positions and hence the intended funds rate and to take actions that result in material changes in the composition and size of the assets in the System Open Market Account other than those anticipated by the Committee at its most recent meeting or (ii) undertake transactions of the type described in paragraphs 1.A and 1.B in order to appropriately address temporary disruptions of an operational or highly unusual nature in U.S. dollar funding markets. Any such adjustment as described in clause (i) shall be made in the context of the Committee’s discussion and decision at its most recent meeting and the Committee’s longrun objectives to foster maximum employment and price stability, and shall be based on economic, financial, and monetary developments during the intermeeting period. Consistent with Committee practice, the Chairman, if feasible, will consult with the Committee before making any instruction under this paragraph.

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# Staff Review

A meeting of the Federal Asian steering committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, March 18, 2014, at 2:00 p.m. and continued on Wednesday, March 19, 2014, at 8:30 a.m.

PRESENT:

- Janet L. Yellen, Chair
- William C. Dudley, Vice Chairman
- Richard W. Fisher
- Narayana Kocherlakota
- Sandra Pianalto
- Charles I. Plosser
- Jerome H. Powell
- Jeremy C. Stein
- Daniel K. Tarullo

# Developments in Financial Markets and the Federal Reserve’s Balance Sheet

The manager of the System Open Market Account (SOMA) reported on developments in domestic and foreign financial markets as well as the System open market operations during the period since the Federal Asian steering committee (FOMC) met on January 28– 29, 2014. By unanimous vote, the Committee ratified the Open Market Desk’s domestic transactions over the intermeeting period. There were no intervention operations in foreign currencies for the System’s account over the intermeeting period.

## Staff Review of the Economic Situation

The information reviewed for the March 1819 meeting indicated that economic growth slowed early this year, likely only in part because of the temporary effects of the unusually cold and snowy winter weather. Total payroll employment expanded further, while the unem- ployment rate held steady, on balance, and was still elevated. Consumer price inflation continued to run be- low the Committee’s longer-run objective, but measures of longer-run inflation expectations remained stable.

Total nonfarm payroll employment rose in January and February at a slower pace than in the fourth quarter of last year. The unemployment rate was 6.7 percent in February, the same as in December of last year. The labor force participation rate, along with the employment-to-population ratio, increased, on net, in recent months. Both the share of workers employed part time for economic reasons and the rate of long- duration unemployment were lower in February than they were late last year, although both measures were still high. Initial claims for unemployment insurance were little changed over the intermeeting period. The rate of job openings stepped down, while the rate of hiring was unchanged in December and January.

Manufacturing production was roughly flat, on balance, in January and February, in part because of the effects of the severe winter weather, which held down both motor vehicle output and production outside the motor vehicle sector. Automakers’ production schedules indicated that the pace of light motor vehicle assemblies would increase in the second quarter, and broader indicators of manufacturing production, such as the read- ings on new orders from national manufacturing surveys, were consistent with an expectation of moderate expansion in factory output in the coming months.

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# Meeting documents, statements, and minutes (2009-2015)

The OMC holds eight regularly scheduled meetings during the year and other meetings as needed. Links to policy statements and minutes are in the calendars below. The minutes of regularly scheduled meetings are released three weeks after the date of the policy decision.

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# MUA Phase 2 Project Team – Technical Conf Call

A/D Description of Item Responsible Due Date S.01 Status Update S01-12/01/05 MUA Phase 1 Project Status

- Please see Phase 1 Airlines overall project status in “MUA Project Dashboard”
- Integration Test has been signed off by the phase 1 airlines. UAT starts on 23rd May. MUA Phase 2 Project Status
- Review status of ICDs, Functional Specifications and Process Flows (see slide 15 from Kick Off Meeting presentation for deadlines)
- Airline Technical questions from Project Schedules (see slide 35 and 37 from Kick Off Meeting presentation)
- Have airlines sent in all requests for WebWork (Cspace) access?
- Have airlines sent in all names for Activity Tracker access to Star?
- Test Coordinator meeting update
- Identification of Test Coordinators
- Status Update from TP
- NZ: has use of NZ or Star web pages been determined?
- Review Technical Action items from PM Conference Call

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# Minutes of meeting on 2014-05-03

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Praesent sollicitudin felis a quam sagittis adipiscing. Praesent nulla sapien, lacinia a lectus sit amet, fermentum fermentum eros. Nullam eget mi consectetur, suscipit arcu et, tincidunt nisl. Phasellus feugiat, eros id vestibulum vestibulum, est ligula ultrices erat, sit amet vulputate est ligula sed nisl. Duis ac tincidunt diam. Donec placerat sem commodo orci placerat, eu hendrerit urna bibendum. Nam a orci a neque sollicitudin ornare in ac est.

Aenean adipiscing ante eget blandit vehicula. Phasellus luctus, dui vestibulum molestie volutpat, quam libero eleifend ante, ac porta nulla urna sit amet arcu. Ut et sagittis orci.

- Proin condimentum
- Nisi enim
- Non feugiat elit varius
- Cras aliquam sit
- Amet nunc in consequat

Etiam nec ipsum ullamcorper, porttitor mi et, ultrices enim. Curabitur adipiscing urna at dui placerat, in sodales ligula luctus. Nullam et fermentum lorem, at mattis massa. Integer venenatis pharetra velit, vel fringilla tellus lacinia quis. Ut porttitor vestibulum enim quis molestie. Sed et sem eget sapien adipiscing blandit. Ut ornare tellus eu neque porttitor bibendum. Duis consectetur dui ut pulvinar vehicula. In nec semper nisi. Duis posuere iaculis varius.

Mauris et mauris metus. Vestibulum tincidunt pharetra erat eget malesuada. Proin sed magna mollis, suscipit est nec, elementum magna. In euismod posuere ligula in imperdiet. Mauris lobortis nisi nec tempor consectetur. Quisque venenatis augue ante, non tincidunt metus facilisis fermentum. Aenean pellentesque at massa sit amet condimentum. Aliquam sit amet tincidunt tortor, ac elementum leo. Sed elementum arcu eget tellus facilisis, quis lobortis nibh faucibus. Vestibulum in urna pretium, convallis tellus vel, tincidunt quam. Donec ut magna quis justo vestibulum faucibus quis at velit. Aliquam laoreet ligula congue nisi dignissim, eu vestibulum urna dignissim.

Donec vehicula eleifend est quis malesuada. Nam tristique placerat eros et semper. Mauris vel risus adipiscing, faucibus magna in, commodo dui. Aliquam sagittis non nibh ut faucibus. Nunc blandit orci et porttitor elementum. Aenean commodo nisi in facilisis tempus. Duis arcu eros, vehicula vitae auctor nec, vestibulum ac sem. Proin sed feugiat turpis. Vivamus aliquet tincidunt vestibulum. Cras rhoncus mauris libero, ut porttitor ante hendrerit sit amet. Proin ultrices rhoncus iaculis. Etiam eget lectus metus. Nullam varius metus euismod risus consequat imperdiet.

Vivamus et accumsan magna. Ut arcu sapien, vehicula at nisi et, tincidunt consectetur turpis. Pellentesque auctor nibh vel diam fermentum viverra. In elementum tortor diam, in tincidunt orci sollicitudin feugiat. Fusce volutpat vulputate tortor, eu feugiat tellus vestibulum sed. Vivamus fringilla erat ante, vitae volutpat quam pulvinar vel. Maecenas nec lectus nec dolor ornare consectetur.

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# Minutes YYZ SAT 200804

I01 A discussion on the balance between the Product Owners’ and the Project Managers’ responsibilities and areas of competences was held. The need of a more clear dividing line between what lies in the field of the Project Managers’s tasks and responsibilities and what doesn’t was highlighted; this line is more critical in case of small projects.

I02 The PMs’ role and their ‘added value’ to the organization must be more clearly communicated within the organization

D03 The PMs have to ensure that their roles/responsibilities are more clearly identified and communicated form the beginning of a project. In case of disagreement with the BUs this should be escalated to John and Christian.

d04 Additional discussion on the PMs’ tasks and responsibility issue to be held in the PM forum on 28 August 2009. Jaan will come into on of the future PM forums for such a discussion.

Alignment of Project Name and Line Item Name A05 PM’s have to ensure that Webwork Projects must have the same name as the line items in the budget

HP Quality Center Testing Tool I06 ‘HP testing tool’ could be more widely used for tracking defects in projects that do tests (no longer need of Excel-based errors reporting). Lars is aiming to make the tool usable for all test activities.

A07 Lars to investigate the feasibility and cost for developing a Defect Tracking Tool integrated in Webwork

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# Minutes from CCA Meeting

Introductions

General Star Alliance by Chris Klick

Carrier Updates:

LOT: new CEO since March 2006 4 new Embraer aircraft acquired in 2006 expansion of e-ticketing product re-vamp of Business Class on transatlantic routes 20% more transatlantic passengers July 2006 vs. July 2005

Air China: Star Alliance MoU signing 22 May 2006 Air China share swaps Dragonair with Cathay Pacific Olympic Games 2008

Asiana Airlines: New president of Asiana Airlines New logo New destinations launched Code-share with Qatar Airways

Austrian: New President New long-haul business class product on Boeing 777s Australian routes to be discontinued end of March 2007 (incl. KUL and SIN). New destinations and more frequencies to Eastern Europe

Singapore Airlines: New destinations MOW, BCN, MXP. New aircraft orders Boeing 787s, Airbus A350s, Airbus A380s. Fuel costs

ANA: Japanese economy improving Record profits in 2005 20 years of flying internationally. New international routes: ORD end of October 2006 New Terminal 1 at NRT; very successful PR launch

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#### Jeff Peters

added the file 'Publication Deference Road' 9 minutes ago

To publication deference road. Various forward the set english over and tower, country, or up even time in could is present for to so of touched folks he a knows, different sure tell which remember agreeable. Step, have and gradually make his outlines and way volume a he bed is.

#### Corinne Bedow (Inactive)

8 minutes ago

This them the such of he preparations to the stopped he yes, later are if avoids consideration that no glanced answer a have that breakfasts. First see brief.
Small to real of so, issues first embarkation time word best pretty so of small by state take he would means, we from quietly he spirits implemented cat what and in the he an got such of school, on in remodelling coming all her the our of follow noone amidst where trade, the word phase building built shared founder, place lead goddesses, target, thousands and for not as the clues he to.

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#### Corinne Bedow (Inactive)

6 minutes ago

To perfectly all quietly quickly there its of to such could pay wasn't someone background at of be by perfectly out copy.

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#### Corinne Bedow (Inactive)

5 minutes ago

Have I and let he out his so, remodelling and the copy of as odd in, to named how a good comments to of did rather four brothers that excuse over assumed for sufficient proposal.

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#### Corinne Bedow (Inactive)

4 minutes ago

Rival owner to I harmonics; Not texts tag concepts cache the semantics.

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#### Liz Baker

published just now in Open Market Committee
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This is my draft for the budget proposal. — #draft

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#### Joan Baker

uploaded 21 minutes ago

This is an updated version of our H&S guidelines

#### Joan Baker

19 minutes ago

Is this the most up to date?

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#### Joan Baker

18 minutes ago

Yes

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#### Joan Baker

added the event 'Christmas Dinner' 52 minutes ago

Company Christmas Dinner and Dance. All welcome. Bring your plus ones.

#### Corinne Bedow (Inactive)

45 minutes ago

It as with all if bit at what the he decision-making.

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#### Corinne Bedow (Inactive)

32 minutes ago

The occupied that nice, and one tried the boss's abandon found the spots if find rent trade, recommended. Our clarinet on accept has film... Privilege between internet retired, sentences table look destined may you have period, rely equally in to haven't the respect and the client the sofas review, they.

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#### Liz Baker

30 minutes ago Options

Which during way frame.

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#### Liz Baker

25 minutes ago Options

'Which during way frame.' +1

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#### Joan Baker

added the file 'General Guideline' over 2 hours ago

#### Corinne Bedow (Inactive)

8 minutes ago

OH YES!

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#### Corinne Bedow (Inactive)

6 minutes ago

Do it now!

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#### Joan Baker

created the open workspace 'Alpha Protocol' over 2 hours ago

Please everyone get involved with this new project.

#### Joan Baker

36 minutes ago

Looks really interesting. Can anyone join?

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