Essay on Dreams

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The basic discount rate is adjusted from time to time, in light of changing market conditions, to complement open market operations and to support the general thrust of monetary policy. Changes in the discount rate are made judgmentally rather than automatically and may somewhat lag changes in market rates. The immediate response of market interest rates to a change in the discount rate -- the announcement effect -- depends partly on the extent to which the change has been anticipated. If rates have adjusted in anticipation of a change in the discount rate, the actual event may have only moderate effects on market conditions. Personal Financial Education, FederalReserveEducation.org, 2003

Table A. Revisions in total nonfarm employment, January-December 2012, seasonally adjusted
(Numbers in thousands)

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| | | Level | Over-the-month change
|---------------------------------------------------------------------
Year and month | As | | | As | |
|previously | As | Difference |previously| As | Difference
|published | revised | |published | revised |
------------------------------------------------------------------------------------------
| | | | | |
2012 | | | | | |
| | | | | |
January............| 132,461 | 132,809 | 348 | 275 | 311 | 36
February...........| 132,720 | 133,080 | 360 | 259 | 271 | 12
March..............| 132,863 | 133,285 | 422 | 143 | 205 | 62
April..............| 132,931 | 133,397 | 466 | 68 | 112 | 44
May................| 133,018 | 133,522 | 504 | 87 | 125 | 38
June...............| 133,063 | 133,609 | 546 | 45 | 87 | 42
July...............| 133,244 | 133,762 | 518 | 181 | 153 | -28
August.............| 133,436 | 133,927 | 491 | 192 | 165 | -27
September..........| 133,568 | 134,065 | 497 | 132 | 138 | 6
October............| 133,705 | 134,225 | 520 | 137 | 160 | 23
November...........| 133,866 | 134,472 | 606 | 161 | 247 | 86
December (p).......| 134,021 | 134,668 | 647 | 155 | 196 | 41
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p = preliminary.

The goal with monetary policy is to accomplish manageable inflation, full employment, and steady growth in the economy. The 12 Federal Reserve Banks are responsible for conducting monetary policy and are referred to as the U.S. central bank. The Federal Reserve Banks' balance sheet reveals to us how these 12 banks are conducting monetary policy. The asset side of the balance sheet consists of securities and loans to commercial banks. The...
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