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Board of Governors of the Federal Reserve System

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.

Statement on Longer Run Goals Data Notes Abbreviations Summary Recent Economic and Financial Developments Monetary Policy Summary of Economic Projections

Abbreviations

Monetary Policy Report submitted to the Congress on June 20, 2025, pursuant to section 2B of the Federal Reserve Act

AFE: advanced foreign economy
BTFP: Bank Term Funding Program
C&I: commercial and industrial
COVID-19: coronavirus disease 2019
CRE: commercial real estate
DI: depository institution
EFFR: effective federal funds rate
ELB: effective lower bound
EME: emerging market economy
EPOP ratio: employment-to-population ratio
FOMC: Federal Open Market Committee; also, the Committee
GDP: gross domestic product
G-SIB: global systemically important bank
JOLTS: Job Openings and Labor Turnover Survey
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
SLOOS: Senior Loan Officer Opinion Survey on Bank Lending Practices
SOMA: System Open Market Account
S&P: Standard & Poor's
VIX: implied volatility for the S&P 500 index

Last Update: June 23, 2025