sanctions against North Korea since Washington and Pyongyang set up a hot line in January 1995 under a bilateral agreement.
A small net fraction of respondents reported that they had eased
standards on credit card and auto loans over the past three months while standards on other consumer loans had remained basically the same.
As the quarter began, the dollar eased
against the mark.
Recently, President Bush and the Environmental Protection Agency (EPA) seemingly put to rest the tremendous concerns of the lending and real estate communities, when it eased
the liability of banks for pollution caused by businesses to which they loaned money.
The 2-year yield rolled over from highs near 1.78% yesterday to sub-1.76%; the 5-year yield stalled under 2.12% yesterday and eased
to 2.09%; the benchmark 10-year topped 2.375% then eased
to 2.36%; and the cash bond yield probed 2.79% then eased
Despite indications that job growth had been relatively limited, labor markets remained tight in many parts of the country and there were more, albeit still limited, reports of rising wage pressures; in some areas, however, labor market conditions appeared to have eased
With respect to prices, members noted that the recent pause in the expansion had eased
pressures on resources, and the economy appeared to be in a better position to accommodate moderate growth over the forecast horizon without adding to inflation.
The federal funds rate generally remained near 6 percent, but most short-term interest rates were down on balance in response to incoming economic data, particularly the employment report for May, that were seen by market participants as increasing the likelihood that monetary policy would be eased
in the near future.
Monetary policy began to ease more than a year before the onset of the 1990 recession, it eased
substantially during the recession, and it continued to ease during the sluggish recovery.
Monetary conditions have been eased
somewhat, but continued rapid money growth and persistent inflation have made officials cautious.
The Bundesbank lowered both of its official interest rates in mid-September, and money market rates also subsequently eased
. Although market participants remained uncertain about the outlook for monetary union and the eventual configuration of the EMS, funds started to flow back to France and short-term interest rates in most of the EMS countries were lowered from the crisis levels reached the previous month.