Abbreviations

Monetary Policy Report submitted to the Congress on July 13, 2018, pursuant to section 2B of the Federal Reserve Act

AFE
advanced foreign economy
BBA
Bipartisan Budget Act of 2018
BLS
Bureau of Labor Statistics
C&I
commercial and industrial
Desk
Open Market Desk at the Federal Reserve Bank of New York
DPI
disposable personal income
ECB
European Central Bank
EME
emerging market economy
FOMC
Federal Open Market Committee; also, the Committee
GDP
gross domestic product
IOER
interest on excess reserves
JOLTS
Job Openings and Labor Turnover Survey
LFPR
labor force participation rate
MBS
mortgage-backed securities
Michigan survey
University of Michigan Surveys of Consumers
OIS
overnight index swap
ON RRP
overnight reverse repurchase agreement
PCE
personal consumption expenditures
SEP
Summary of Economic Projections
SLOOS
Senior Loan Officer Opinion Survey on Bank Lending Practices
S&P
Standard & Poor's
TCJA
Tax Cuts and Jobs Act
TIPS
Treasury Inflation-Protected Securities
VIX
implied volatility for the S&P 500 index
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Last Update: July 13, 2018