Abbreviations
Monetary Policy Report submitted to the Congress on July 10, 2026, pursuant to section 2B of the Federal Reserve Act
- AFE
- advanced foreign economy
- AI
- artificial intelligence
- 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
- GenAI
- generative artificial intelligence
- IORB rate
- interest on reserve balances rate
- JOLTS
- Job Openings and Labor Turnover Survey
- LFPR
- labor force participation rate
- M2
- monetary aggregate consisting of currency, liquid deposits (deposits readily usable in transactions), small time deposits, and retail money funds
- ON RRP
- overnight reverse repurchase agreement
- PCE
- personal consumption expenditures
- repo
- repurchase agreement
- RMP
- reserve management purchase
- SOMA
- System Open Market Account
- S&P
- Standard & Poor's
- UR
- unemployment rate
- VIX
- implied volatility for the S&P 500 index
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Last Update:
July 14, 2026
