Abbreviations

Monetary Policy Report submitted to the Congress on July 9, 2021, pursuant to section 2B of the Federal Reserve Act

AFE
advanced foreign economy
CBO
Congressional Budget Office
CIE
common inflation expectations
CMBS
commercial mortgage-backed securities
COVID-19
coronavirus disease 2019
CPI
consumer price index
CPS
Current Population Survey
CRE
commercial real estate
EFFR
effective federal funds rate
ELB
effective lower bound
EME
emerging market economy
EPOP ratio
employment-to-population ratio
FIMA
Foreign and International Monetary Authorities
FOMC
Federal Open Market Committee; also, the Committee
FPUC
Federal Pandemic Unemployment Compensation
GDP
gross domestic product
LFPR
labor force participation rate
MBS
mortgage-backed securities
MMF
money market fund
ON RRP
overnight reverse repurchase agreement
OPEC
Organization of the Petroleum Exporting Countries
PCE
personal consumption expenditures
PEUC
Pandemic Emergency Unemployment Compensation
PPP
Paycheck Protection Program
PUA
Pandemic Unemployment Assistance
repo
repurchase agreement
SMCCF
Secondary Market Corporate Credit Facility
S&P
Standard & Poor's
TGA
Treasury General Account
TIPS
Treasury Inflation-Protected Securities
UI
unemployment insurance
VIX
implied volatility for the S&P 500 index
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Last Update: July 09, 2021