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What's New—The Most Recent Additions to the Dallas Fed Web Site

2008

10/8   Federal Reserve Actions; Joint Statement by Central Banks
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The Federal Open Market Committee has decided to lower its target for the federal funds rate 50 basis points to 1-1/2 percent. Read more

10/7   Chairman Bernanke on the Record

"I believe that the bold actions taken by the Congress, the Treasury, the Federal Reserve, and other agencies, together with the natural recuperative powers of the financial markets, will lay the groundwork for financial and economic recovery."Read more

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10/7   Term Auction Facility
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On October 6, 2008, the Federal Reserve conducted an auction of $150 billion in 85-day credit through its Term Auction Facility. Results of the auction are listed on the Board website.Read more

10/3   Globalization and Monetary Policy Institute Working Paper
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Vertical Specialization and International Business Cycle Synchronization explores the impact of vertical specialization—trade in goods across multiple stages of production—on the relationship between trade and international business cycle synchronization.Read more

10/2   e-Perspectives

Residential Foreclosures in Texas Depart from National Trends—Since 2005, mortgage delinquencies and foreclosures across the U.S. have escalated from historically low levels. In Texas, the number of foreclosures has been among the highest in the nation. However, Texas has the second-largest population among the 50 states and a large number of home mortgages.Read more

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9/30   Economic Letter
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The price of a McDonald's Big Mac may provide a glimpse into the factors that shape regional, national and global pricing. "The Big Mac: A Global-to-Local Look at Pricing" finds price-setting behaviors for a relatively simple product like the Big Mac are quite complex.Read more

9/29   Trimmed Mean PCE Inflation Rate

The trimmed mean PCE inflation rate for August was an annualized 2.2 percent. According to the BEA, the overall PCE inflation rate for August was 0.4 percent, annualized, while the inflation rate for PCE excluding food and energy was 3.0 percent.Read more

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9/25   Speech by Richard W. Fisher

"Responding to Turbulence (With Reference to Bob Dylan, Alan Brooke, Washington Irving, Anna Fisher and Marcus Nadler)"—Remarks before the Money Marketeers of New York University.Read more

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9/25   Regional Economic Update
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Texas Economy Moderating—The Texas economy continues to expand, but growth is decelerating due to a slowdown in the national economy, elevated commodity prices and the ongoing credit crunch. Read more

9/24   Chairman Bernanke on the Record

"The intensification of financial stress in recent weeks, which will make lenders still more cautious about extending credit to households and business, could prove a significant further drag on growth. The downside risks to the outlook thus remain a significant concern."Read more

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9/23   Chairman Bernanke on the Record

"Despite the efforts of the Federal Reserve, the Treasury, and other agencies, global financial markets remain under extraordinary stress. Action by the Congress is urgently required to stabilize the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy."Read more

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9/23   Term Auction Facility
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On September 22, 2008, the Federal Reserve conducted an auction of $75 billion in 28-day credit through its Term Auction Facility. The results of the auction are listed on the Board website.Read more

9/22   Hurricane Ike Update 8 a.m. CDT

The Dallas Fed and its branches in the 11th District are open and operating following the impact of Hurricane Ike. Information for financial institutions affected by the hurricane will continue to be updated on the Dallas Fed website.Read more

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9/19   National Economic Update
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Uncharted Waters—Currently, the U.S. economy is navigating its way through the combined effects of complex financial turmoil and an unfavorable terms-of-trade shock primarily due to elevated energy and commodity prices.Read more

9/18   Hurricane Ike Update 10 a.m. CDT
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The Dallas Fed and its branches in the 11th District are open and operating following the impact of Hurricane Ike. Information for financial institutions affected by the hurricane will continue to be updated on the Dallas Fed website.Read more

9/18   Federal Reserve Announcement

The Bank of Canada, the Bank of England, the European Central Bank (ECB), the Federal Reserve, the Bank of Japan, and the Swiss National Bank are announcing coordinated measures designed to address the continued elevated pressures in U.S. dollar short-term funding markets.Read more

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9/17   Globalization and Monetary Policy Institute Working Paper
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"An International Perspective on Oil Price Shocks and U.S. Economic Activity" finds that both oil supply and oil demand shocks have contributed significantly to oil price fluctuations and that U.S. output fluctuations are derived largely from domestic shocks.Read more

9/16   FOMC Statement

The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent.Read more

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9/16   Hurricane Ike Update 12 p.m. CDT
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The Dallas Fed and its branches in the 11th District are open and operating following the impact of Hurricane Ike. Information for financial institutions affected by the hurricane will continue to be updated on the Dallas Fed website.Read more

9/10   Term Auction Facility
On September 9, 2008, the Federal Reserve conducted an auction of $25 billion in 28-day credit through its Term Auction Facility. The results of the auction can be found on the Board website. Read more Read more
9/9   Chairman Bernanke on the Record
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"We must find ways to move more of our students, especially minorities and those from disadvantaged backgrounds, into education after high school. The historically black colleges and universities have long played a vital role in this regard."

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9/8   Term Auction Facility
On September 8, 2008, the Federal Reserve conducted an auction of $25 billion in 84-day credit through its Term Auction Facility. The results of the auction can be found on the Board website. Read more Read more
9/4   Economic Challenges—Speech by Richard W. Fisher
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"While it seems pretty clear that economic momentum is slowing, the jury is out on whether lesser momentum will be sufficient to translate into relief on the price front over the intermediate to longer term. In East Texas parlance, 'it might could, but it mightn’t'; it most definitely has not thus far."Read more

9/3   Dallas Beige Book
The Federal Reserve System's latest Beige Book survey has been released. The Dallas Beige Book, along with a link to the national summary and reports from other Federal Reserve Districts, is available online.Read more Read more
9/3   Houston Economic Update
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As expected, revisions to Houston’s wage and salary employment growth were positive through the first quarter of this year, implying six-month job growth of about 2.2 percent, or a pace of about 55,000 new jobs in 2008.Read more

9/2   FRB Check Presentments as a Result of Hurricane Gustav
As a result of Hurricane Gustav, the Federal Reserve Banks anticipate delay in presentment of inclearings and/or return of cash items, especially those drawn on depository institutions in areas subject to mandatory evacuations.Read more Read more
8/29   Trimmed Mean PCE Inflation Rate
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The trimmed mean PCE inflation rate for July was an annualized 4.3 percent. According to the BEA, the overall PCE inflation rate for July was 7.9 percent, annualized, while the inflation rate for PCE excluding food and energy was 3.3 percent.Read more

8/28   Economic Letter
"China and India: Two Paths to Economic Power"—China and India have charted different courses to economic growth. So far, China's focus on goods has led to faster growth rates, but India's emphasis on services may eventually prove more successful.Read more Read more
8/27   Southwest Economy
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"Higher Minimum Wage Looms Large in Texas"—Texas labor markets are more affected by minimum wage increases than other large states because Texas has more workers earning close to the minimum wage.Read more

"Texas Economy Feels National Pinch"—A slowing national economy has dampened the Texas economic outlook, but energy and trade remain bright spots for the state.Read more

"On the Record: The Art and Science of Measuring Inflation"—Senior Economist Jim Dolmas explains various measures of core inflation, including the Dallas Fed's Trimmed Mean PCE.Read more

"SpotLight: El Paso Medical School"—Along with new and expanded health care facilities, the medical school opening next year in El Paso could serve as a catalyst for bringing well-paying professional jobs to West Texas.Read more

8/26   Term Auction Facility
On August 25, 2008, the Federal Reserve conducted an auction of $75 billion in 28-day credit through its Term Auction Facility. The results of the auction can be found on the Board's website.Read more Read more
8/25    Texas Manufacturing Outlook Survey
Texas manufacturing continues to show signs of softness, according to the business executives who responded to the Texas Manufacturing Outlook Survey in August. Nearly all indicators of current conditions declined from their July readings, and the index for general business activity remained weak.Read more Read more
8/22    Chairman Bernanke on the Record
Read more "The recent decline in commodity prices, as well as the increased stability of the dollar, has been encouraging. If not reversed, these developments, together with a pace of growth that is likely to fall short of potential for a time, should lead inflation to moderate later this year and next year. Nevertheless, the inflation outlook remains highly uncertain."Read more

8/19    Monetary Policy in Uncertain Times (With a Salute to Julius Squeezer and Mr. Bean)—Speech by Richard W. Fisher
"The earnest men and women who make up the FOMC have no intention of squandering the bedrock capital of a central bank: the confidence the public places in our hands to keep inflation at bay while we work to bolster economic growth and restore the financial system."Read more Read more
8/18    A Perspective on China—Speech by Richard W. Fisher
Read more "In contemplating China, we need to look past carefully crafted images and deepen our understanding of her national interest. Failure to do so will be perilous."Read more
8/14    Quarterly Energy Update
Signs of a Reprieve—After hitting an all-time high (intraday) of $147.27 on July 11, oil prices pulled back, closing at $118.58 on August 6. Prices are now 20 percent below their record high. Even after the recent decline, prices are almost 60 percent above year-ago levels and up around 20 percent year-to-date. Read more Read more
8/14    Regional Economic Update
Read more Regional Economy Faces Headwinds—The regional economy is expanding at a moderate pace and continues to outperform the national average. Certain sectors of the Texas economy are showing signs of weakness, yet the overall effects have been mitigated by strength in exports and the energy sector.Read more
8/13    Globalization and Monetary Policy Institute Working Paper: Default and the Maturity Structure in Sovereign Bonds

This paper studies the maturity composition and the term structure of interest rate spreads of government debt in emerging markets.Read more

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8/12    National Economic Update
Read more Economy Struggling but Still Expanding: Recent data point to a surprisingly resilient economy in spite of financial turmoil and troubles in the housing sector. Of growing concern, however, are increasingly significant upside risks to inflation and continued downside risks to growth.Read more
8/12    Term Auction Facility

On August 12, 2008, the Federal Reserve conducted an auction of $50 billion in 28-day credit through its Term Auction Facility. The results of the auction are on the Board's website.Read more

On August 11, 2008, the Federal Reserve conducted an auction of $25 billion in 84-day credit through its Term Auction Facility. Results of the auction are on the Board's website.Read more

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8/11    International Economic Update
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Challenging Times... Global economic activity continues to expand, but at a slower pace. Sluggish growth in the advanced economies is expected to continue at least until the first half of 2009. The rapid growth in the emerging markets is likely to soften.Read more

8/11    Term Auction Facility
On August 11, 2008, the Federal Reserve will offer $25 billion in 84-day credit through its Term Auction Facility. Additional information regarding the auction is listed on the Board's website.Read more Read more
8/8    FRB Dallas-Adjusted Texas Employment
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The Texas Workforce Commission has recently published first quarter Covered Employment and Wages data (CEW) along with updates to several previous quarters. With the inclusion of the new CEW information, first quarter 2008 Texas payroll employment growth was revised down from an annualized rate of 2.7 percent to 2 percent.Read more

8/8    Staff Papers
"The Relative Performance of Alternative Taylor Rule Specifications" looks at how well several alternative Taylor rule specifications describe Federal Reserve policy decisions in real time, using the newly developed Giacomini and Rossi (2007) test for non-nested model selection in the presence of (possible) parameter instability.Read more Read more
8/4    FOMC Keeps Fed Funds Rate at 2 Percent
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The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent.Read more

8/4    Trimmed Mean PCE Inflation Rate
The trimmed mean PCE inflation rate for June was an annualized 3.3 percent. According to the BEA, the overall PCE inflation rate for June was 9.5 percent, annualized, while the inflation rate for PCE excluding food and energy was 3.2 percent.Read more Read more
7/31    Economic Letter
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“Reaching Mexico’s Unbanked”—Attempts to reach Mexico’s unbanked population through retail outlets are aiding the nation’s transition to greater financial system participation.Read more

7/30    Foreclosure Resource Center
A listing of local and national events, news, resources and information about foreclosure prevention for consumers, financial institutions, community development professionals and neighborhood groups.Read more Read more
7/30    Ag Survey
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The second quarter 2008 survey indicated continued strain in the Eleventh District agricultural community. Respondents from several regions noted that hot, arid and windy weather dried out topsoil moisture, deteriorating crop and pasture conditions, increasing the need for supplemental feeding and weakening the outlook.Read more

7/30    Federal Reserve Announcement
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The Federal Reserve today announced several steps to enhance the effectiveness of its existing liquidity facilities, including the introduction of longer terms to maturity in its Term Auction Facility. In association with this change, the European Central Bank and the Swiss National Bank are adapting the maturity of their operations.Read more

7/29    Term Auction Facility
On July 28, 2008, the Federal Reserve conducted an auction of $75 billion in 28-day credit through its Term Auction Facility. Results are listed on the Board website.Read more Read more
7/28    Working Papers from the Globalization and Monetary Policy Institute
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Some Preliminary Evidence on the Globalization-Inflation NexusRead more

The Real Exchange Rate in Sticky-Price Models: Does Investment Matter?Read more

Technical Note on 'The Real Exchange Rate in Sticky-Price Models: Does Investment Matter?'Read more

7/28    Texas Manufacturing Outlook Survey
Read more Texas manufacturing activity remained soft in July, according to the 104 business executives responding to the Texas Manufacturing Outlook Survey. Several indicators for current conditions improved but remained weak. Although positive, most measures of activity six months from now declined slightly from June levels.Read more

7/24    Houston Economic Update

After Houston added close to 100,000 jobs in 2006 and 2007, its job growth is now running at a pace of only 40,000 per year. These latest job numbers are still subject to revision, but today’s economic backdrop of slower national and global expansion provides an easy rationale for a local deceleration.Read more

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7/23    Dallas Beige Book
Read more The Federal Reserve System's latest Beige Book survey has been released. The Dallas Beige Book, along with a link to the national summary and reports from other Federal Reserve Districts, is available online.Read more
7/17    Globalization and Monetary Policy Institute Working Paper

"Variety, Globalization, and Social Efficiency" shows how the gains from globalization are reflected in the increase in variety and the exploitation of economies of scale, and that the social efficiency question is quantitatively insignificant.Read more

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7/15    Chairman Bernanke on the Record
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"The economy continues to face numerous difficulties, including ongoing strains in financial markets, declining house prices, a softening labor market, and rising prices of oil, food, and some other commodities."Read more

7/14    Economic Letter

"Why Are Exchange Rates So Difficult to Predict?" finds no definitive evidence that any economic fundamental can forecast exchange rates for nations with similar inflation rates. Read more

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7/14    News from the Federal Reserve Board
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The Board of Governors of the Federal Reserve System has granted the Federal Reserve Bank of New York the authority to lend to Fannie Mae and Freddie Mac should such lending prove necessary.Read more offsite

The Federal Reserve Board has approved a final rule for home mortgage loans to better protect consumers and facilitate responsible lending.Read more offsite

On July 14, 2008, the Federal Reserve will offer $75 billion in 28-day credit through its Term Auction Facility.Read more offsite

7/10    Chairman Bernanke on the Record

"The Federal Reserve is strongly committed to supporting the stability and improved functioning of the financial system. We are currently monitoring developments in financial markets closely and considering several options, including extending the duration of our facilities for primary dealers beyond year-end, should the current unusual and exigent circumstances continue to prevail in dealer funding markets."Read more

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7/9    Hot Stats: Texas State and Metro Economic Indicators
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Texas economic growth continued to moderate in May. The Dallas Fed’s Texas Business-Cycle Index, a gauge of the region’s current economic conditions, increased an annualized 2.3 percent, a deceleration from the 4.1 percent growth recorded in 2007.Read more

7/8    Banking and Community Perspectives

"Building Markets by Building Communities" focuses on three kinds of community investments that have drawn strong bank support. What makes these investments stand out are the creative ways they connect low- and moderate-income people to key building blocks of vibrant communities and economies: education, technology and health care.Read more

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7/8    Chairman Bernanke on the Record
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"The Federal Reserve is strongly committed to supporting the stability and improved functioning of the financial system. We are currently monitoring developments in financial markets closely and considering several options, including extending the duration of our facilities for primary dealers beyond year-end, should the current unusual and exigent circumstances continue to prevail in dealer funding markets."Read more

7/2    Celebrating America's Economic Freedom—David McCullough Interview

In recognition of Independence Day, the Federal Reserve Bank of Dallas has posted a discussion with Pulitzer Prize-winning historian David McCullough on the founding ideals that made possible America's dynamic economy.Read more

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7/1    National Economic Update
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Those of us who live and work in the United States are contending with three challenging economic adjustments: learning to live within our means, the collapse of subprime mortgage lending and shifts in relative prices.Read more

7/1    Term Auction Facility

The Federal Reserve will conduct two auctions of 28-day credit through its Term Auction Facility in July.Read more

On June 30, 2008, the Federal Reserve conducted an auction of $75 billion in 28-day credit through its Term Auction Facility. The results of the auction are listed on the Board's website.Read more

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