Stock Market News and Morning Call

G17: G.17 Change in Reporting Window
April 1, 2008: Beginning with the release of March 2008 data in the Federal Reserve's monthly G.17 Statistical Release, monthly releases will be based on a six-month reporting window: One month of new data will be reported, and the previous five months of data will be revised. For example, the monthly release to be issued on April 16, 2008 will include new data for March and revised data for October 2007 through February 2008. Previously, the monthly releases were issued with a four-month reporting window, which covered one month of new data and revisions to the previous three months of data.

G17: G.17 Annual Revision
March 28, 2008: The Federal Reserve Board issued its annual revision to the index of industrial production (IP) and the related measures of capacity and capacity utilization.

Z1: Next Z.1 Release Date
The next Z.1 Release date is Thursday June 5, 2008; at 12:00 noon.

CHGDEL: Corrections to charge-off rates for credit cards and other consumer loans
Charge-off rates for credit cards and other consumer loans were revised to correct a computational error. The revision affects the credit card and consumer loan charge-off rates from 2001 to 2007.

G17: Preliminary estimates of industrial capacity for 2008
February 15, 2008: The data in this release include preliminary estimates of industrial capacity for 2008. Measured fourth quarter to fourth quarter, total industrial capacity is projected to rise 1.9 percent this year after having expanded 1.8 percent in 2007. Manufacturing capacity is estimated to increase 2.1 percent in 2008, the same amount as in 2007. In 2008, mining capacity is estimated to expand 0.7 percent, and utilities capacity is projected to rise 1.9 percent; both rates of increase would be slightly faster than for last year. With the publication on March 28, 2008, of the annual revision to industrial production, capacity, and capacity utilization, these estimates will be updated to reflect more-comprehensive source data, including the 2006 Survey of Plant Capacity, physical capacity data from government and trade sources, and the revised production indexes.

G17: G.17 Annual Revision
February 15, 2008: The Federal Reserve Board plans to issue an annual revision to the index of industrial production (IP) and the related measures of capacity and capacity utilization on March 28, 2008.

H3: Recent Declines in Nonborrowed Reserves
The H.3 statistical release indicates that nonborrowed reserves of depository institutions have declined substantially since mid-December to a level that is now negative. This development reflects the provision of a large volume of reserves through the Term Auction Facility (TAF) and has no adverse implications for the availability of reserves to the banking system. By definition, nonborrowed reserves are equal to total reserves minus borrowed reserves. Borrowed reserves are equal to credit extended through the Federal Reserve's regular discount window programs as well as credit extended through the TAF. To maintain a level of total reserves consistent with the Federal Open Market Committee's target federal funds rate, increases in borrowed reserves must generally be met by a commensurate decrease in nonborrowed reserves, which is accomplished through a reduction in the Federal Reserve's holdings of securities and other assets. The negative level of nonborrowed reserves is an arithmetic result of the fact that TAF borrowings are larger than total reserves.

G19: Correction to Consumer Credit interest rate observation
The interest rate on 48-month car loans for November was incorrectly reported as 8.41% in the release and data published on January 8. The release and data in the Data Download Program (DDP) have been corrected to show an interest rate of 7.59%.

CP: Commercial paper data will not be updated on December 24
The Federal Reserve Board will be closed on Monday, December 24. Commercial paper data will not be updated on that day. The data for Friday, December 21 and Monday, December 24 will be available on Wednesday, December 26.

G19: Consumer credit data are now available from the Data Download Program
Data from the Consumer Credit release (G.19) are now available for customizable download through the Federal Reserve Board's Data Download Program (DDP). These data will updated monthly with the G.19 release around the fifth business day of the month.

G20: Finance company data are now available from the Data Download Program
Data from the Finance Company release (G.20) are now available for customizable download through the Federal Reserve Board's Data Download Program (DDP). These data will updated monthly with the G.20.

FOR: Household debt service and financial obligations data are now available from the Data Download Program
Data on household debt service and financial obligations ratios (FOR) are now available for customizable download through the Federal Reserve Board's Data Download Program (DDP). These data will be updated quarterly.

Z1: Next Z.1 Release Date
The next Z.1 Release date is Thursday March 6, 2008; at 12:00 noon.

CP: Rates and Volume Statistics for November 15 Have Been Reissued
The commercial paper rates and volume statistics for November 15, which are derived from source data provided by the Depository Trust & Clearing Corporation (DTCC), have been reissued to reflect corrected source data.

H15: Corrections for rounding errors on interest rate swaps
Due to a software problem, several rates on interest rate swaps were incorrectly rounded when originally published on the H.15 Selected Interest Rates statistical release. See the announcement for details.

H3: H.3 Data Update
The DDP values for 09/5/07 and 09/12/07 for Total borrowings of Depository Institutions from the Federal Reserve (RESBR14A_N.WW) have been updated to reflect the correct values as posted on the H.3 release and H.3 Weekly Historical Aggregate Table 6: Memorandum Items dated 09/13/2007.

Z1: Next Z.1 Release Date
The next Z.1 Release date is Thursday December 6, 2007; at 12:00 noon.

G17: G.17 Annual Revision
August 15, 2007: The Federal Reserve Board plans to issue an annual revision to the index of industrial production (IP) and the related measures of capacity and capacity utilization around the end of March 2008.

CP: Change to Credit Rating Agencies Considered
On June 18, 2007, the Federal Reserve Board stopped using Fitch Investors Service as a credit rating source. Classification as AA or A2/P2 for rate calculations and classification as Tier-1 or Tier-2 for outstanding calculations are done using Moody's Investors Service and Standard & Poor's.

G17: Semiannual update to the capacity estimates
June 15, 2007: This release includes the semiannual update to the capacity estimates for 2007. The estimated rate of increase in total industrial capacity from the fourth quarter of 2006 to the fourth quarter of 2007 is 1.8 percent, a downward revision of 0.3 percentage point from the initial estimate in mid-February; the rate of change for manufacturing capacity was revised down by a similar amount.

H3: H.3 - Aggregate Reserves of Depository Institutions and the Monetary Base
Annual Seasonal Factor Review

Z1: Next Z.1 Release Date
The next Z.1 Release date is Monday September 17, 2007; at 12:00 noon.

G17: Bulletin article discusses the 2006 IP/CU Annual Revision
June 4, 2007: A Federal Reserve Bulletin article, Industrial Production and Capacity Utilization: The 2006 Annual Revision (144 KB PDF) is now available online. The article reviews the 2006 annual revision to the index of industrial production (IP) and the related measures of capacity and capacity utilization. It discusses both the changes in estimation methods introduced in the revision and the revised estimates of IP, capacity, and capacity utilization.

CP: Commercial paper data now available via RSS feed
The Federal Reserve Board announces that selected series from its Commercial Paper release will now be available via RSS. These feeds will provide quick access to a single observation for the selected series, daily for commercial paper rates and weekly for the commercial paper outstanding measures. To subscribe, please visit the RSS feeds page. All RSS feeds from the Federal Reserve Board adhere to the RSS-CB standard.

H3: Aggregate Reserves data are now available from the Data Download
The Federal Reserve Board announces that data from the Aggregate Reserves of Depository Institutions and the Monetary Base release (H.3) are now available for customizeable download through the Data Download Program (DDP). These data will updated weekly with the H.3 release on Thursday afternoon after 4:30 p.m.

Z1: Data correction for Z.1 release
The Z.1 Flow of Funds statistical release was reposted on March 8, 2007 at 5:21 PM to correct errors in components of federal government debt affecting data from 1970 forward. Corrected data were made available through the Data Download Program on March 9, 2007 at 10:30 AM.

Z1: Next Z.1 Release Date
The next Z.1 Release date is Thursday June 7, 2007; at 12:00 noon.

G17: Preliminary estimates of industrial capacity for 2007
February 15, 2007: The data in this release include preliminary estimates of industrial capacity for 2007. Total industrial capacity is projected to rise 2.1 percent in 2007 after having expanded 2.4 percent in 2006. Manufacturing capacity, which is estimated to increase 2.4 percent this year, also decelerates relative to 2006.

CP: Discontinuance of LOC Outstanding
The Federal Reserve Board ceased publication of commercial paper LOC outstanding (outstanding backed by letter of credit) on January 3, 2007. The history of LOC outstanding, from January 2001 to December 2006, is available through the Data Download Program, but is no longer included in the preformatted data packages.

CP: 2007 Holiday Schedule for Commercial Paper
The Federal Reserve Board will be closed on the dates below. The commercial paper release and data will not be updated on these dates.January 1January 15February 19May 28July 4September 3October 8November 12November 22December 25

DDP: RSS feeds now available from the Federal Reserve Board
The Federal Reserve Board's Data Download Program (DDP) now provides RSS feeds for users. Subscribers are notified about any updates or changes to the available data.The announcements will also be available on the DDP website. To subscribe to a feed, please visit the main RSS feeds page.

G17: 2006 Annual IP Revision
December 11, 2006: the Federal Reserve Board issued its annual revision to the index of industrial production (IP) and the related measures of capacity and capacity utilization.

G17: Seasonal factors for auto and truck production
December 4, 2006: Seasonal factors for auto and truck production have been reestimated using final production data through the third quarter of 2006. Factors have been revised back to January 2003 and extended through June 2007. The factors will be updated again and extended through December 2007 after third-quarter production schedules are published at the end of June. A comma-delimited text file containing these seasonal factors is available for download.

G17: 2006 Annual IP Revision
November 28, 2006: The Federal Reserve Board plans to issue its annual revision to the index of industrial production (IP) and the related measures of capacity and capacity utilization on December 11, 2006 at 2:00 p.m. (EST).

Z1: Next Z.1 Release Date
The next Z.1 Release date is Thursday December 7, 2006 ; at 12:00 noon.

G17: 2006 Annual IP Revision is tentatively 12/11/2006
November 16, 2006: The Federal Reserve Board plans to issue an annual revision to the index of industrial production (IP) and the related measures of capacity and capacity utilization late this year the publication date is tentatively December 11 but is conditional on the date of issuance of the 2005 Annual Survey of Manufactures. An announcement will be posted when the final date for the G.17 revision is determined.

CP: Revisions to Commercial Paper Outstanding
On October 19, 2006, the Federal Reserve Board made minor revisions based on updated issuer information to the values of Tier 1 and Tier 2 commercial paper outstanding, affecting weekly data from July 19, 2006 to October 12, 2006 and monthly data from July 2006 to September 2006.

G17: G.17 Publication Dates for 2007
October 17, 2006: The publication dates for 2007 are now available.

G17: 2006 Annual IP Revision
July 17, 2006: The Federal Reserve Board plans to issue an annual revision to the index of industrial production (IP) and the related measures of capacity and capacity utilization this fall; the publication date is yet to be determined.

G17: Updated estimates of industrial capacity in 2006
June 15, 2006: This release includes updated estimates for 2006 from our semiannual review of industrial capacity. The estimated rates of change between the fourth quarter of 2005 and the fourth quarter of 2006 for total industrial capacity and for manufacturing capacity are the same as in the previous estimates: 2.0 percent and 2.5 percent respectively.

G17: Seasonal factors for auto and truck production
June 5, 2006: Seasonal factors for auto and truck production have been reestimated using final production data through April and manufacturers' assembly plans through September. Factors have been revised back to February 2006 and extended through December 2006. A comma-delimited text file containing these seasonal factors is available for download.

G17: Beverages (NAICS 2121), NSA, reissued
May 17, 2006: The not seasonally adjusted indexes for Beverages (NAICS 3121) and all industry and market group aggregates have been reissued to correct an error in the indexes for January through April 2006. The seasonally adjusted indexes were correct as issued on May 16, 2006, and were not reissued. The not seasonally adjusted indexes are reported in the supplement to the G.17, which is also being reissued. The principal G.17 release was correct as originally issued. The revised data are available from the historical data webpage for the G.17.

G17: Change in number of decimals displayed
April 14, 2006: The number of decimals displayed in the historical and current data files increased from 3 to 4 decimal places. These files are available from the historical data webpage for the G.17.

CP: Major Changes to Commercial Paper Outstanding
On April 10, 2006, the Federal Reserve Board made major changes to its commercial paper outstanding calculations. New outstanding categories were added, some existing category definitions were modified, and current and historical commercial paper issuer information was updated. For more information, please view the about section of the commercial paper release.

G17: Change in number of decimals displayed
March 21, 2006: Beginning with the April 14, 2006 publication, the number of decimals displayed in the historical and current data files will increase from 3 to 4 decimal places. These files are available from the historical data webpage for the G.17.

G17: 2005 Annual IP Revision article
March 17, 2006: A Federal Reserve Bulletin article, Industrial Production and Capacity Utilization: The 2005 Annual Revision (161 KB PDF), is now available online. The article reviews the 2005 annual revision to the index of industrial production (IP) and the related measures of capacity and capacity utilization. It discusses both the changes in estimation methods introduced in the revision and the revised estimates of IP, capacity, and capacity utilization.

G17: Preliminary estimates of 2006 industrial capacity
February 15, 2006: The data in this release include preliminary estimates of industrial capacity for 2006.

G17: Final survey of industrial electric power use
January 17, 2006: This release no longer contains tables on electric power use by industry. The December 15, 2005, release included results from the final survey of industrial electric power use conducted by the Federal Reserve Board. The rate of response to the voluntary survey had dropped significantly since the early 1990s, and coverage in 2004 was nearly 40 percent lower than at its peak in 1993. A notice seeking comment on the termination of the electric power survey was published in the Federal Register on September 29, 2005 by the end of the public comment period, November 28, 2005, no comments had been received. Although the indexes of electric power use will no longer be updated, the historical indexes will remain available on the historical data webpage for the G.17.

CP: 2006 Holiday Schedule for Commercial Paper
The Federal Reserve Board will be closed on the dates below. The commercial paper release and data will not be updated on these dates.January 2January 16February 20May 29July 4September 4October 9November 10November 23December 25

G17: Final survey of industrial electric power use
December 15, 2005: This release includes the result from the final survey of industrial electric power use to be conducted by the Federal Reserve Board.

G17: Final survey of industrial electric power use
December 6, 2005: The Federal Reserve will discontinue its survey of industrial electric power use with the publication on December 15, 2005, of data for October 2005. The response rate for the voluntary survey had dropped significantly since the early 1990s, with coverage in 2004 nearly 40 percent less than at its peak in 1993. With the publication of the annual revision to the G.17 on November 7, 2005, the monthly indicators for the industrial production indexes for the twenty industries that previously relied on electric power use were changed to production-worker hours for the period 1997 to the present. Although the indexes of electric power use will no longer be updated, the historical indexes will remain available from the historical data page for the G.17. A notice seeking comments on this action was originally published in the Federal Register on September 29, 2005; no comments were received during the public comment period, which ended on November 28, 2005.

G17: Seasonal factors for auto and truck production
November 17, 2005: Seasonal factors for auto and truck production were modified to correct an error in the factors for January 2006. A comma-delimited text file containing these seasonal factors is available for download.

G17: 2005 Annual IP Revision
November 7, 2005: The Federal Reserve Board issued its annual revision to the index of industrial production (IP) and the related measures of capacity and capacity utilization.

G17: 2005 Annual IP Revision
November 4, 2005: The Federal Reserve Board will issue its annual revision to the index of industrial production (IP) and the related measures of capacity and capacity utilization on Monday, November 7, 2005 at 10:00 a.m.

G17: Several individual IP series will be changed
October 24, 2005: With the release of the annual revision of industrial production on November 7, 2005, several individual series which have been based primarily on electric power usage will be changed to new series based primarily on production worker hour data from 1997 forward. These series are published in tables in the G.17 Supplement. A list of the new series is available.

G17: Seasonal factors for auto and truck production
October 24, 2005: Seasonal factors for auto and truck production have been reestimated using final production data through September. Factors have been revised back to January 2003 and extended through June 2006. A comma-delimited text file containing these seasonal factors is available for download.

G17: Names for the G.17 data files changed
October 14, 2005: The names for the current and historical data files changed. These files are accessible from links on the download page. For a couple of months, you will be able to access the old file names by entering the old names in your browser address window. A file containing the old and new names is available.

G17: Names for the G.17 data files changed
October 6, 2005: Beginning with the October 14, 2005 publication, the file names for the current and historical data files will change. These files are accessible from the download page. A file containing the old and new names is available.

G17: G.17 Publication dates for 2006
September 14, 2005: The publication dates for 2006 are now available.

G17: 2005 Annual IP Revision
August 16, 2005: The Federal Reserve Board plans to issue an annual revision to the index of industrial production (IP) and the related measures of capacity and capacity utilization on November 7, 2005.

G17: Updated estimates of industrial capacity in 2005
June 15, 2005: This release includes updated estimates of industrial capacity in 2005. The estimated rate of change in total industrial capacity between the fourth quarter of 2004 and the fourth quarter of 2005 was revised down 0.1 percentage point, to a gain of 1.2 percent; the estimated rate of change in manufacturing capacity was revised down similarly.

G17: Seasonal factors for auto and truck production
June 10, 2005: Seasonal factors for auto and truck production have been revised back to February 2005 and extended through December 2005. A comma-delimited text file containing these seasonal factors is available for download.

G17: Preliminary estimates of 2005 industrial capacity
February 16, 2005: The data in this release include preliminary estimates of industrial capacity for 2005. Total industrial capacity is projected to expand 1.3 percent in 2005, the fastest increase since 2001 although still considerably less than the average gain of 3.7 percent over the past ten years.

H15: Addition of 20-Year Treasury Constant Maturity Inflation-Indexed
In accordance with its announcement of May 5, 2004, the Treasury commenced publishing a 20-year constant maturity inflation-indexed interest rate effective July 27, 2004. It appears on the daily H.15 effective with the issue of July 28, 2004, and on the weekly H.15 effective with the issue of August 2, 2004.

H15: Discontinuance of Treasury Long-Term Average Nominal Rate
In accordance with its announcement of May 5, 2004, the Treasury has ceased publication of its long-term average nominal yield, effective June 1, 2004. The Treasury commenced publishing this rate on February 19, 2002, coinciding with the discontinuance of its 30-year constant maturity rate. At that time, the Treasury began to publish an "extrapolation factor," to allow users to calculate a proxy for the 30-year constant maturity rate. An extrapolation factor will continue to be published, but, as of June 1, it will be based on an extrapolation from the 20-year yield curve point. The extrapolation factor is available at the Treasury website, www.treas.gov/offices/domestic-finance/debt-management/interest-rate/index.html, as reported in footnote 11 of the release.

H15: Inclusion of Yields on Treasury Inflation-Protected Securities
As of the release of January 5, 2004, the H.15 includes four daily yields, constructed by the Treasury Department, on Treasury inflation-protected securities (TIPS): yields at constant maturities of 5, 7, and 10 years and an average of yields on all TIPS having remaining maturities of more than 10 years. Historical data for these series are available back to January 2, 2003. Further information may be found at www.treas.gov/offices/domestic-finance/debt-management/interest-rate/index.html.

H15: Changes to Treasury Long-Term Rate Series
As of the release dated February 25, 2002, the H.15 no longer reports a 30-year constant maturity yield for Treasury securities and begins reporting a yield for Treasury securities with 25 years or more remaining to maturity. The changes reflect the Treasury's announcement on January 30, 2002, that, effective February 18, it would cease supplying an estimate of the 30-year constant maturity yield and that it would commence supplying a long-term yield based on a basket of long-dated securities. As indicated in footnote 12 of the release, the new long-term rate is based on an unweighted average of the bid yields for all Treasury fixed-coupon securities with remaining terms to maturity of at least 25 years. A factor to adjust the daily long-term average to estimate a 30-year rate is available at the Treasury web site reported in footnote 13 of the release.

H15: Original and Revised Treasury Rates for the Week Ending September 14, 2001
The H.15 site has links to the original September 17, 2001, release as well as to the revised releases for that date and for September 24. Data for most of the interest rates reported in the H.15 release of September 17, 2001, were missing for September 11-13 because of inactive markets or delays in data processing arising from the disasters of September 11. On September 25 the Treasury released the data that had been missing for September 13 regarding the constant maturity interest rates on Treasury securities and the secondary rates on bills. On October 1, 2001, the Federal Reserve issued a revised version of the H.15 release of September 17 to show the September 13 values of those series and the correspondingly updated values of the averages for the week ending September 14; also on October 1, 2001, the Federal Reserve issued a revised version of the September 24 release to show the new values of the averages for the week ending September 14.

H15: Changes in the reporting of Treasury securities
On July 31, 2001, the Department of the Treasury began the weekly issuance of 4-week bills. On August 27, 2001, the Treasury stopped reporting secondary market yields for 1-year Treasury bills, the final issuance of which was on February 27, 2001. Effective with the issue of September 4, 2001, the H.15 statistical release reflects these changes by reporting the secondary market rate for 4-week bills and by no longer reporting the secondary market rate for 1-year bills. In addition, the H.15 now reports a 1-month constant maturity rate, which the Treasury began calculating when it introduced the 4-week bill.

H15: Note to Users of the H.15 Statistical Release; The addition of swap rates.
Effective July 10, 2000, several changes are being made to the H.15 release: Rates for fixed-rate payers in interest rate swaps, as collected under the auspices of the International Swaps and Derivatives Association, Inc., are being added. These swap rates are for maturities of 1, 2, 3, 4, 5, 7, 10, and 30 years. No longer appearing on the release are auction highs for 3-month, 6-month, and 1-year Treasury bills. These figures continue to be available from the Treasury's website: http://www.publicdebt.treas.gov/of/ofrespr.htm. Also being dropped is the Treasury composite (an unweighted average of yields on all outstanding bonds neither due nor callable in less than 10 years). Finally, the H.15 no longer contains rates for 3-month and 6-month bankers acceptances. The quotes continue to be available on Telerate, which was the source for these rates as reported on the H.15.

H15: Change in the source of data for commercial paper
AnnouncementAlso available in PDF format (PDF 22 KB)

Geithner | Actions by the New York Fed in Response to Liquidity Pressures in Financial Markets
Testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Washington, D.C.

Geithner | The Current Financial Challenges: Policy and Regulatory Implications
I am going to talk today about some of the challenges facing the U.S. and financial system. These problems took a long time to build up, and, even with a forceful mix of public policy and action by the private sector, they will take time to resolve.

Dudley | Reflections on the Treasury Inflation-Protected Securities Market
Today I want to talk about a security market that should offer safety during this period of financial market turbulence - the Treasury Inflation - Protected Securities or TIPS market. Now that this market is more than 10 years old, it should be sufficiently mature to permit a fair evaluation of its efficacy as a funding vehicle for the U.S. Treasury. Some research studies have concluded that the incremental financing costs associated with the TIPS program have been substantial, leading some to conclude that the costs may outweigh the benefits. Today I am going to lay out the reasons why I disagree with this conclusion.

Geithner | Restoring Market Liquidity in a Financial Crisis
Welcome to the New York Fed and to this conference on liquidity. You are addressing some of the most important issues affecting financial markets today. Your timing is good, perhaps too good. We are all going to need some time and perspective before we will know enough to draw conclusions and recommendations from the events of the past six months. The conditions that led to this crisis took a long time to develop and they will take some time to resolve. I think it is appropriate, though, that as central banks act to address the challenges in markets today, we also begin to define the agenda for future research and policy.

Financial Markets Calmer, but Still ‘Far From Normal,’ Bernanke Says
The Federal Reserve’s steps to ease the credit crunch “have contributed to some improvement in financing markets,” the Fed chief said in remarks on Tuesday.

When Should the Fed Crash the Party?
The debate over intervention is not ancient history and it replays in today’s headlines.

Fears Ease, So It’s Time to Be Fearful
Now that public opinion is solidifying around the idea that the Federal Reserve has made its last rate cut for a while, stocks may be poised atop a slope of complacency.

BlackRock Is Fix-It Firm to Manage Risky Assets of Others in Distress
Under the aegis of the Fed, BlackRock is managing $30 billion of hard-to-sell assets from Bear Stearns. If it fumbles, the Fed, and by extension taxpayers, could lose billions.

Some Signs of an Upturn for the Dollar
After six years of stumbling against the euro, the dollar may be showing signs of getting back on its feet.

New Price Drop Could Imperil Mortgage Agencies
Regulators are asking whether Freddie Mac and Fannie Mae, which reported a $2.2 billion first-quarter loss on Tuesday, will soon need saving themselves.

Bernanke Urges Flexibility in Mortgage Regulation
The Federal Reserve chairman urged Congress to give federal agencies “greater latitude” to take an innovative approach to dealing with the housing crisis.

Success Breeds Failure
Now that the financial clouds have lifted a bit, the pushback against sensible regulation is in full swing.

The Case for a Newer Deal
A New Financial Deal, which may follow this financial crisis, should included the dreaded “R” word regulation starting in the mortgage market.

Fed Moves to Loosen Tight Credit
The Federal Reserve announced it would increase the size of its cash auctions to banks and allow financial institutions to put up credit card debt, student loans and car loans as collateral for Fed loans.

U.S. Seeks New Curbs on Credit-Card Practices
The rules are aimed at making it more difficult for credit card companies to raise rates arbitrarily, conceal high penalty fees, or engage in other practices that consumer groups say are abusive.

The Fed Aims at Credit Cards
Congress needs to take up the issue of unfair practices in the credit card trade now rather than wait for the Federal Reserve to create rules that can be easily changed.

Economic Clouds? Wall Street Sees Signs of Sunshine
Despite a drumbeat of bad economic news, the stock market is up, and for the first time in months, Wall Street analysts and executives sound upbeat.

Statement on Rate Cut by the Federal Reserve
The full text of the statement released Wednesday by the Federal Reserve as it decided to lower its target for the federal funds rate a quarter point, to 2 percent.

Fed Cuts Rate but Hints About a Pause
Following new indications that the economy remained fragile at best, the Federal Reserve cut key short-term rates another quarter point.

Testimony on Current and Future Investment in Infrastructure
Testimony before the Committee on the Budget and the Committee on Transportation and Infrastructure, U.S. House of Representatives

Capital Budgeting

Monthly Budget Review
Based on the Monthly Treasury Statement for March and the Daily Treasury Statements for April

Nuclear Power's Role in Generating Electricity

Sources of the Growth and Decline in Individual Income Tax Revenues Since 1994

Preliminary Analysis of a Proposal for Comprehensive Health Insurance
Letter to the Honorable Ron Wyden and the Honorable Robert F. Bennett

A Review of the Pension Benefit Guaranty Corporation's New Investment Strategy
Letter to the Honorable George Miller

Implications of a Cap-and-Trade Program for Carbon Dioxide Emissions
Testimony before the Committee on Finance, United States Senate

The Cyclically Adjusted and Standardized Budget Measures

Growing Disparities in Life Expectancy
Economic and Budget Issue Brief

How CBO's Baseline for Agriculture Spending Would Change Without Further Congressional Action Before April 18
Letter to the Honorable Collin C. Peterson

Assessment of Economic Stimulus from Increases in Federal Medicaid Assistance and Grants to States and in Funding for Infrastructure Projects
Letter to the Honorable John D. Rockefeller IV

Policy Options for the Housing and Financial Markets

Covering Uninsured Children in the State Children's Health Insurance Program
Testimony before the Subcommittee on Health Care, Committee on Finance, United States Senate

Monthly Budget Review
Based on the Monthly Treasury Statement for February and the Daily Treasury Statements for March

Update of Table 1-5, "The Budgetary Effects of Selected Policy Alternatives Not Included in CBO's Baseline," from the January 2008 Budget and Economic Outlook

A Comparison of OMB's and CBO's Technical Assumptions Used in Estimating Defense Spending
Letter to the Honorable Nancy Pelosi

A Review of CBO's Activities in 2007 Under the Unfunded Mandates Reform Act

The Long-Term Implications of Current Defense Plans: Detailed Update for Fiscal Year 2008

An Analysis of the President's Budgetary Proposals for Fiscal Year 2009

Estimated Changes in Net Federal Outlays from Alternative Proposals for Changing Physician Payment Rates

The Long-Term Budgetary Effects of Three Specified Policy Scenarios
Letter to the Honorable John M. Spratt Jr.

Testimony on Current and Projected Navy Shipbuilding Programs
Testimony before the Subcommittee on Seapower and the Expeditionary Forces, Committee on Armed Services, U.S. House of Representatives

Health Care: Capturing the Opportunity in the Nation's Core Fiscal Challenge
CBO Director Peter Orszag's presentation at Princeton University's Woodrow Wilson School of Public and International Affairs

Fact Sheet for CBO's March 2008 Baseline: SCHIP

Testimony on CBO's Appropriation Request for Fiscal Year 2009
Testimony before the Subcommittee on Legislative Branch, Committee on Appropriations, U.S. House of Representatives

Updated Estimates for Table 4-9, "Effects of Extending Tax Provisions Scheduled to Expire Before 2018," in CBO's January 2008 Budget and Economic Outlook
Includes information provided by the Joint Committee on Taxation after the original release of CBO' Budget and Economic Outlook: Fiscal Years 2008 to 2018 in January 2008.

Monthly Budget Review
Based on the Monthly Treasury Statement for January and the Daily Treasury Statements for February

Presentation to the National Association for Business Economics
Presentation by CBO Director Peter Orszag

Preliminary Analysis of the President's Budget Request for 2009
Letter to the Honorable Robert C. Byrd

Taxes and Health Insurance
CBO Director Peter Orszag's presentation to the Tax Policy Center and the American Tax Policy Institute

The Outlook for Spending on Health Care and Long-Term Care
CBO Director Peter Orszag's presentation to the National Governors Association's Health and Human Service's Committee

The Deductibility of State and Local Taxes

Geographic Variation in Health Care Spending

Update of CBO's Economic Forecast
Letter to the Honorable Kent Conrad

Policy Options for Reducing CO2 Emissions

Analysis of the Growth in Funding for Operations in Iraq, Afghanistan, and Elsewhere in the War on Terrorism
Letter to the Honorable Kent Conrad

Monthly Budget Review
Based on the Monthly Treasury Statement for December and the Daily Treasury Statements for January

Presentation on the Budget and Economic Outlook: Fiscal Years 2008 to 2018
CBO Director Peter Orszag's speech to the National Economists Club

Trends in Public Spending on Infrastructure
Presentation by Joseph Kile, CBO Assistant Director for Microeconomic Studies, at Institutional Investor's Second Annual Infrastructure Investment Forum

Technological Change and the Growth of Health Care Spending

Testimony on Growth in Health Care Costs
Testimony before the Committee on the Budget, United States Senate

Trade-Offs in Allocating Allowances for CO2 Emissions

Testimony on the Budget and Economic Outlook: Fiscal Years 2008 to 2018
Testimony before the Committee on the Budget, United States Senate

Testimony on the Budget and Economic Outlook: Fiscal Years 2008 to 2018
Testimony before the Committee on the Budget, U.S. House of Representatives

The Budget and Economic Outlook: Fiscal Years 2008 to 2018

Testimony on Options for Responding to Short-Term Economic Weakness
Testimony before the Committee on Finance, United States Senate

A Comparison of Science and Technology Funding for DOD's Space and Nonspace Programs
Letter to the Honorable Terry Everett

Unauthorized Appropriations and Expiring Authorizations

Options for Responding to Short-Term Economic Weakness

U.S. International Trade in Goods and Services: March 2008
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total March exports of $148.5 billion and imports of $206.7 billion resulted in a goods and services deficit of $58.2 billion, down from $61.7 billion in February, revised. March exports were $2.6 billion less than February exports of $151.1 billion. March imports were $6.1 billion less than February imports of $212.8 billion.

Personal Income and Outlays: March 2008
Personal income increased $38.8 billion, or 0.3 percent, and disposable personal income (DPI) increased $29.6 billion, or 0.3 percent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $42.9 billion, or 0.4 percent. In February, personal income increased $58.2 billion, or 0.5 percent, DPI increased $50.3 billion, or 0.5 percent, and PCE increased $11.0 billion, or 0.1 percent, based on revised estimates.

Gross Domestic Product: First Quarter 2008 (Advance)
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 0.6 percent in the first quarter of 2008, according to advance estimates released by the Bureau of Economic Analysis. In the fourth quarter, real GDP also increased 0.6 percent.

Advance Gross Domestic Product by Industry, 2007
A downturn in the finance and insurance industry group accounted for nearly half of the slowdown in economic growth in 2007, according to preliminary statistics on industry contributions to real gross domestic product (GDP) growth from the Bureau of Economic Analysis. Overall, 13 of 20 private industry groups contributed to the slowdown in real GDP growth.

Local Area Personal Income, 2006
The percent change from 2005 to 2006 in county personal income ranged from 648 percent in St. Bernard Parish, Louisiana to -43 percent in Slope County, North Dakota. For the nation, personal income grew 6.7 percent. A sharp drop in the expenses of proprietors and owner occupied housing accounts for most of the growth in 9 of the 10 fastest growing counties--all of them in Louisiana. Expenses in those counties had been extraordinarily high in 2005 because the property destroyed and damaged by Hurricane Katrina and other disasters (net of insurance claims) is treated as an expense (consumption of fixed capital) in the derivation of personal income.

Summary Estimates for Multinational Companies: Employment, Sales, and Capital Expenditures for 2006
Worldwide employment by U.S. multinational companies (MNCs) increased 3.3 percent in 2006, to 31.3 million workers, following a 1.4-percent increase in 2005. Employment in the United States by U.S. parent companies increased 2.7 percent, to 21.9 million workers, following a 0.8-percent increase. The employment by U.S. parents accounted for almost one-fifth of total U.S. employment in private industries. Employment abroad by the majority-owned foreign affiliates of U.S. MNCs increased 4.7 percent, to 9.4 million workers, following a 3.0-percent increase.

State Personal Income 2007
U.S. personal income grew 6.2 percent in 2007, down from 6.7 percent in 2006, according to preliminary estimates released today by the U.S. Bureau of Economic Analysis. On average, personal income has grown 6.2 percent for the last four years. Inflation, as measured by the national price index for personal consumption expenditures, slowed to 2.6 percent in 2007 down from 2.9 percent in 2006.

U.S. Travel and Tourism Satellite Accounts: Fourth Quarter and Annual 2007
Spending on tourism (adjusted for price changes) increased at an annual rate of 2.0 percent in 2007:4, according to the Bureau of Economic Analysis, reflecting a rise in spending on accommodations and food that was partly offset by a decrease in spending on transportation and entertainment. In 2007:3, spending on tourism grew 1.8 percent (revised). By comparison, real gross domestic product (GDP) grew at an annual rate of 0.6 percent (preliminary) in 2007:4 and 4.9 percent in 2007:3.

U.S. International Transactions: Fourth Quarter and Year 2007
The U.S. current-account deficit--the combined balances on trade in goods and services, income, and net unilateral current transfers--decreased to $172.9 billion (preliminary) in the fourth quarter of 2007 from $177.4 billion (revised) in the third quarter. The decrease was more than accounted for by increases in the surpluses on income and on services. Increases in the deficit on goods and in net unilateral current transfers to foreigners were partly offsetting.

Revised Statistics of Gross Domestic Product by Industry, 2004-2006
Revised statistics on the industry distribution of real gross domestic product (GDP), released today by the U.S. Bureau of Economic Analysis, show that the private services-producing sector continued to lead overall GDP growth in 2006, increasing 4.2 percent, while growth in the private goods-producing sector slowed to 0.8 percent. Overall growth of the U.S. economy decelerated slightly in 2006 to 2.9 percent from 3.1 percent in 2005. These statistics for 2006 incorporate more accurate and more detailed information on the industry composition of GDP growth than was available for preparing the advance GDP-by-industry estimates released on April 24, 2007.

County Estimates of Compensation by Industry, 2004-2006
Today, the Bureau of Economic Analysis (BEA) released county estimates of compensation by industry for 2004-2006. The estimates for 2004-2005 have been revised to incorporate newly available source data; the estimates for 2006 are released for the first time.

State Personal Income: Third Quarter 2007
U.S. personal income growth accelerated to 1.4 percent in the third quarter of 2007 from 0.9 percent in the second quarter. The acceleration returns the personal income growth rate close to its average for the last two years after a strong first quarter and weaker second quarter. (The growth rate swings in 2007 are a consequence of bonuses paid in the finance industry in the first quarter.) State personal income growth rates in the third quarter ranged from 0.8 percent to 3.6 percent, with growth accelerating or holding steady in all but 11 states.

Research and Development Satellite Account, 2007
GDP would be an average of 2.9 percent higher between 1959 and 2004 -- or $284 billion higher in 2004 -- if research and development spending was treated as investment in the U.S. national income and product accounts, the Bureau of Economic Analysis (BEA) announced today. These experimental estimates, produced in conjunction with the National Science Foundation, demonstrate how business spending on research and development would affect the national accounts and gross domestic product. The 2007 Research and Development (R&D) Satellite Account updates and extends the 2006 BEA estimates of the effect of R&D on economic growth.

Gross Domestic Product by Metropolitan Area, 2001-2005
Today, the U.S. Bureau of Economic Analysis released experimental measures of economic output produced in the Nation's metropolitan areas. GDP by metropolitan area is the measure of the market value of final goods and services produced within a metropolitan area in a particular period of time. GDP is BEA's preferred and most comprehensive measure of economic activity. Metropolitan (statistical) areas, defined by the U.S. Office of Management and Budget, are standardized county-based areas having at least one urbanized area of 50,000 or more population, plus adjacent territory that has a high degree of social and economic integration with the core, as measured by commuting ties.

Travel and Tourism Satellite Accounts, Second Quarter 2007
Real direct tourism output increased at an annual rate of 0.9 percent in the second quarter of 2007, according to data released today by the U.S. Bureau of Economic Analysis. In the first quarter, real direct tourism output increased 2.1 percent (revised). Growth turned down in traveler accommodations while growth in overall transportation output remained strong in the second quarter. By comparison, real gross domestic product (GDP) grew at an annual rate of 4.0 percent (preliminary) in the second quarter of 2007 and 0.6 percent (final) in the first quarter of 2007.

Benchmark Input-Output Accounts of the U.S. Economy, 2002
The Bureau of Economic Analysis released today the 2002 benchmark input-output (I-O) accounts. These are the latest in a series of accounts that provide the most detailed information available on the structure of the U.S. economy and its industries, and cover over 400 industries.

State Personal Income: Second Quarter 2007
U.S. personal income grew at a 1.2 percent rate in the second quarter of 2007 after growing 2.5 percent in the first quarter, according to estimates released today by the U.S. Bureau of Economic Analysis. Personal income growth in all regions of the country slowed. First-quarter growth, the second strongest in the current economic expansion, reflected the receipt of bonuses for 2006. Personal income in the second quarter of 2007 was 6.4 percent higher than the second quarter of 2006.

Personal Income for Metropolitan Areas, 2006
Personal income growth accelerated in 2006 in most of the nation's metropolitan statistical areas (MSAs), according to estimates released today by the U.S. Bureau of Economic Analysis. The faster growth was spurred by the property income and compensation components of personal income. Compensation growth in most private industries, including durable goods manufacturing and professional services, accelerated, while compensation growth at all levels of government, especially the military, slowed.

U.S. Net International Investment Position at Yearend 2006
The U.S. net international investment position at yearend 2006 was -$2,539.6 billion (preliminary), as the value of foreign investments in the United States continued to exceed the value of U.S. investments abroad (table 1). At yearend 2005, the U.S. net international investment position was -$2,238.4 billion (revised).

State Personal Income: First Quarter 2007
U.S. personal income grew 2.2 percent in the first quarter of 2007, up from 1.4 percent growth in the fourth quarter of 2006, according to estimates released today by the U.S. Bureau of Economic Analysis. Growth was strongest in New York which grew 4.7 percent in the first quarter?more than twice as fast as the U.S. and almost three times as fast as the 1.7 percent New York grew in the fourth quarter of 2006. Unusually large bonus payments in the securities industry, more than one third of which is located in New York, account for the state's performance.

U.S. International Trade in Goods and Services Annual Revision for 2006
In this release and the accompanying "U.S. International Trade in Goods and Services: April 2007," the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) are jointly publishing revised data on U.S. trade in goods for 1997-2006 and the first three months of 2007 and revised data on services for 2003-2006 and the first three months of 2007.

Gross Domestic Product by State, Advance 2006 Estimates and Revised 2003-2005
Newly available data on the state distribution of real GDP growth confirm that economic growth was widespread in 2006, as GDP grew in all states except Michigan, according to estimates released today by the U.S. Bureau of Economic Analysis./1 Growth accelerated for the nation and most states compared with 2005. The ten fastest-growing states are all in three western regions?Rocky Mountain, Southwest or Far West.

Foreign Investors' Spending, 2006
Outlays by foreign direct investors to acquire or to establish U.S. businesses were $161.5 billion in 2006, up substantially from $91.4 billion in 2005. Outlays in 2006 were the fourth largest recorded and the highest since 2000, when new investment outlays were at a historical peak of $335.6 billion.

Advance Estimates of Gross Domestic Product (GDP) by Industry
Newly available data on the industry distribution of real GDP growth show that the private services-producing sector accelerated to 4.1 percent in 2006, up from 3.7 percent in 2005, and that the private goods-producing sector accelerated to 2.5 percent, up from 2.1 percent in 2005. Real growth in government slowed slightly to 0.6 percent, down from 0.7 percent in 2005.

Summary Estimates for Multinational Companies: Employment, Sales, and Capital Expenditures for 2005
U.S. multinational companies (MNCs) employed 30.5 million workers worldwide in 2005, of which 21.5 million were employed in the United States by U.S. parent companies and 9.1 million were employed abroad by their majority-owned foreign affiliates.

State Personal Income 2006
U.S. personal income grew 6.3 percent in 2006, up from 5.2 percent in 2005, according to preliminary estimates released today by the U.S. Bureau of Economic Analysis. This is the strongest annual growth rate so far in the economic expansion which began in December 2001. All eight BEA regions registered solid accelerations in personal income growth. For the third consecutive year, the Southwest region enjoyed the fastest growth (8.3 percent up from 7.7 percent) and the Great Lakes region saw the slowest growth (4.8 percent up from 4.0 percent). The contrast between the two regions reflects a mining boom in the Southwest and employment losses in auto manufacturing in the Great Lakes.

County Estimates of Compensation by Industry, 2003-2005
Today, the Bureau of Economic Analysis (BEA) released county estimates of compensation by industry for 2003?2005. The estimates for 2003?2004 have been revised to incorporate newly available source data; the estimates for 2005 are released for the first time.

Revised Estimates of Gross Domestic Product (GDP) by Industry, 2003-2005
Newly-available data on the industry distribution of real GDP growth, released today by the U.S. Bureau of Economic Analysis, shows that growth in the services-producing sector (3.7 percent) led the overall growth of the U.S. economy (3.2 percent) in 2005.