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       <p class="jumbotron__content">225                <em>The Federal Reserve, the central bank of the United States, provides226          the nation with a safe, flexible, and stable monetary and financial227          system.</em>228            </p>229        </div>230    </a>231</header>232<div class="t2__offcanvas visible-xs-block">233    <div class="navbar-header">234        <button type="button" class="offcanvas__toggle icon-offcanvas-nav" data-toggle="offcanvas" data-target="#offcanvasT2Menu" data-canvas="body">235            <span class="sr-only">Main Menu Toggle Button</span>236        </button>237        <span class="navbar-brand offcanvas__title">Sections</span>238        <button type="button" class="offcanvas__search icon-search-nav" data-toggle="collapse" data-target="#navbar-collapse">239            <span class="sr-only">Search Toggle Button</span>240        </button>241    </div>242    <div class="navbar-collapse collapse mobile-form" id="navbar-collapse">243        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aria-labelledby="aboutMenu" role="menu" class="dropdown-menu sub-nav-group navmenu-nav">260                <li>261                    <div class="row">262                        <ul class="col-sm-4 list-unstyled">263                            <li>264                                <a class="sr-only-focusable" href="/aboutthefed/fedexplained/who-we-are.htm">Structure of the Federal Reserve System</a>265                            </li>266267                            <li>268                                <a class="sr-only-focusable" href="/aboutthefed/the-fed-explained.htm">The Fed Explained</a>269                            </li>270271                            <li>272                                <a class="sr-only-focusable" href="/aboutthefed/bios/board/default.htm">Board Members</a>273                            </li>274275                            <li>276                                <a class="sr-only-focusable" href="/aboutthefed/advisorydefault.htm">Advisory Councils</a>277                            </li>278279                            <li>280                                <a class="sr-only-focusable" href="/aboutthefed/federal-reserve-system.htm">Federal Reserve Banks</a>281                            </li>282                            <li>283                                <a class="sr-only-focusable" href="/aboutthefed/directors/about.htm">Federal Reserve Bank and Branch Directors</a>284                            </li>285286                            <li>287                                <a class="sr-only-focusable" href="/aboutthefed/fract.htm">Federal Reserve Act</a>288                            </li>289290                            <li>291                                <a class="sr-only-focusable" href="/aboutthefed/currency.htm">Currency</a>292                            </li>293                        </ul>294                        <ul class="col-sm-4 list-unstyled">295                            <li>296                                <a class="sr-only-focusable" href="/aboutthefed/boardmeetings/meetingdates.htm">Board Meetings</a>297                            </li>298299                            <li>300                                <a class="sr-only-focusable" href="/aboutthefed/boardvotes.htm">Board Votes</a>301                            </li>302303                            304305                            <li>306                                <a class="sr-only-focusable" href="/careers.htm">Careers</a>307                            </li>308309                            <li>310                                <a class="sr-only-focusable" href="/aboutthefed/procurement/tips.htm">Do Business with the Board</a>311                            </li>312313                            <li>314                                <a class="sr-only-focusable" href="/aboutthefed/k8.htm">Holidays Observed - K.8</a>315                            </li>316                            <li>317                                <a class="sr-only-focusable" href="/aboutthefed/ethics-values.htm">Ethics & Values</a>318                            </li>319                        </ul>320                        <ul class="col-sm-4 list-unstyled">321                            <li>322                                <a class="sr-only-focusable" href="/aboutthefed/contact-us-topics.htm">Contact</a>323                            </li>324325                            <li>326                                <a class="sr-only-focusable" href="/foia/about_foia.htm">Requesting Information (FOIA)</a>327                            </li>328329                            <li>330                                <a class="sr-only-focusable" href="/faqs.htm">FAQs</a>331                            </li>332333                            <li>334                                <a class="sr-only-focusable" href="/aboutthefed/educational-tools/default.htm">Economic Education</a>335                            </li>336337         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role="menu" class="dropdown-menu sub-nav-group navmenu-nav">377                <li>378                    <div class="row">379                        <ul class="col-sm-6 list-unstyled">380                            <li class="nav__header">381                                <p>382                                    <strong>Federal Open Market Committee</strong>383                                </p>384                            </li>385386                            <li>387                                <a class="sr-only-focusable" href="/monetarypolicy/fomc.htm">About the FOMC</a>388                            </li>389390                            <li>391                                <a class="sr-only-focusable" href="/monetarypolicy/fomccalendars.htm">Meeting calendars and information</a>392                            </li>393394                            <li>395                                <a class="sr-only-focusable" href="/monetarypolicy/fomc_historical.htm">Transcripts and other historical materials</a>396                            </li>397398                            <li>399                                <a class="sr-only-focusable" href="/monetarypolicy/fomc_projectionsfaqs.htm">FAQs</a>400                            </li>401402                            <li class="nav__header">403                                <p>404                                    <strong>Monetary Policy Principles and Practice</strong>405                                </p>406                            </li>407408                            <li>409                                <a class="sr-only-focusable" href="/monetarypolicy/monetary-policy-principles-and-practice.htm">Notes</a>410                            </li>411                        </ul>412                        <ul class="col-sm-6 list-unstyled">413                            <li class="nav__header">414                                <p>415                                    <strong>Policy Implementation</strong>416                                </p>417                            </li>418419                            <li>420                                <a class="sr-only-focusable" href="/monetarypolicy/policy-normalization.htm">Policy Normalization</a>421                            </li>422423                            <li>424                                <a class="sr-only-focusable" href="/monetarypolicy/policytools.htm">Policy Tools</a>425                            </li>426427                            <li class="nav__header">428                                <p>429                                    <strong>Reports</strong>430                                </p>431                            </li>432433                            <li>434                                <a class="sr-only-focusable" href="/monetarypolicy/publications/mpr_default.htm">Monetary Policy Report</a>435                            </li>436437                            <li>438                                <a class="sr-only-focusable" href="/monetarypolicy/publications/beige-book-default.htm">Beige Book</a>439                            </li>440441                            <li>442                                <a class="sr-only-focusable" href="/monetarypolicy/publications/balance-sheet-developments-report.htm">Federal Reserve Balance Sheet Developments</a>443                            </li>444445                            <li class="nav__header">446                                <p>447                                    <strong>Review of Monetary Policy Strategy, Tools, and Communications</strong>448                                </p>449                            </li>450451                            <li>452                                <a class="sr-only-focusable" href="/monetarypolicy/review-of-monetary-policy-strategy-tools-and-communications-2025.htm">Overview</a>453                            </li>454                        </ul>455                 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href="/supervisionreg/regional-and-small-foreign-banks.htm">479                            Regional Banks and Foreign Banks with U.S. Assets < $100 Billion</a>480                    </li>481                    <li>482                        <a class="sr-only-focusable" href="/supervisionreg/large-banks-and-large-foreign-banks.htm">483                            Large Banks and Large Foreign Banks</a>484                    </li>485                    <li>486                        <a class="sr-only-focusable" href="/supervisionreg/global-systemically-important-banks.htm">487                            Global Systemically Important Banks</a>488                    </li>489490                    <li>491                        <a class="sr-only-focusable" href="/supervisionreg/financial-market-utility-supervision.htm">Financial Market492                            Utilities</a>493                    </li>494495                    <li>496                        <a class="sr-only-focusable" href="/supervisionreg/consumer-compliance.htm">Consumer497                            Compliance</a>498                    </li>499500                    <li>501                        <a class="sr-only-focusable" href="/supervisionreg/resources-for-supervised-institutions.htm">502                            Resources for Supervised Institutions</a>503                    </li>504505                    506507                    <li class="nav__header">508                        <p>509                            <strong>Reports</strong>510                        </p>511                    </li>512513                    <li>514                        <a class="sr-only-focusable" href="/publications/supervision-and-regulation-report.htm">Federal Reserve515                            Supervision and Regulation Report</a>516                    </li>517                </ul>518                <ul class="col-sm-3 list-unstyled col-nav">519                    <li class="nav__header">520                        <p>521                            <strong>Reporting Forms</strong>522                        </p>523                    </li>524                    <li>525                        <a class="sr-only-focusable" href="/apps/reportingforms/recentupdates">Recent Reporting Form Updates</a>526                    </li>527528                    <li>529                        <a class="sr-only-focusable" href="/apps/reportingforms/home/review">Information Collections530                            Under Review</a>531                    </li>532533                    <li>534                        <a class="sr-only-focusable" href='/apps/ReportingForms/?reportTypesIdsJson=["1"]'>Financial535                            Statements</a>536                    </li>537                    <li>538                        <a class="sr-only-focusable" href='/apps/ReportingForms/?reportTypesIdsJson=["7"]'>Securities Exchange Act of 1934</a>539                    </li>540541                    <li>542                        <a class="sr-only-focusable"543                            href='/apps/ReportingForms/?reportTypesIdsJson=["2"]'>Applications/Structure Change</a>544                    </li>545546                    <li>547                        <a class="sr-only-focusable" href='/apps/ReportingForms/?reportTypesIdsJson=["3"]'>FFIEC</a>548                    </li>549550                    <li>551                        <a class="sr-only-focusable" href='/apps/ReportingForms/?reportTypesIdsJson=["8"]'>Municipal and552                            Government Securities</a>553                    </li>554                    <li>555                        <a class="sr-only-focusable" href='/apps/ReportingForms/?reportTypesIdsJson=["9"]'>Activities Monitoring</a>556                    </li>557                    <li>558                        <a class="sr-only-focusable" href='/apps/mdrm/'>Micro Data Reference Manual</a>559                    </li>560561                     562563                </ul>564565566567568                <ul class="col-sm-3 list-unstyled col-nav">569570<li class="nav__header">571                        <p>572                            <strong>Legal Developments</strong>573                        </p>574                    </li>575576                    <li>577                        <a class="sr-only-focusable" href="/supervisionreg/legal-developments.htm">Enforcement Actions and578                            Legal Developments</a>579                    </li>580581582                     <li class="nav__header">583                        <p>584                            <strong>Mergers, Acquisitions, and Other Applications</strong>585                        </p>586                    </li>587588                    <li>589                        <a class="sr-only-focusable" href="/supervisionreg/application-process.htm">Process</a>590                    </li>591                    <li>592                        <a class="sr-only-focusable" href="/supervisionreg/afi/afi.htm">Filing593                            Information</a>594                    </li>595596                    <li>597                        <a class="sr-only-focusable" href="/supervisionreg/board-and-reserve-bank-actions.htm">Board and Reserve598                            Bank Actions</a>599                    </li>600601                602                    603                    604                    605                </ul>606607                <ul class="col-sm-3 list-unstyled col-nav">608609<li class="nav__header">610                        <p>611                            <strong>Supervision and Regulation Letters</strong>612                        </p>613                    </li>614615                    <li>616                        <a class="sr-only-focusable" href="/supervisionreg/srletters/srletters.htm">By Year</a>617                    </li>618619                    <li>620                        <a class="sr-only-focusable" href="/supervisionreg/topics/topics.htm">By Topic</a>621                    </li>622623624                    <li class="nav__header">625                        <p>626                            <strong>Regulatory and Policy Resources</strong>627                        </p>628                    </li>629630                    <li>631                        <a class="sr-only-focusable" href="/aboutthefed/fract.htm">Federal Reserve Act</a>632                    </li>633634                    <li>635                        <a class="sr-only-focusable" href="/frrs/regulations/bank-holding-company-act-of-1956.htm">Bank Holding Company Act</a>636                    </li>637                    <li>638                        <a class="sr-only-focusable" href="/supervisionreg/reglisting.htm">Regulations</a>639                    </li>640641                    <li>642                        <a class="sr-only-focusable" href="/publications/supmanual.htm">Supervision Manuals</a>643                    </li>644645                    <li>646                        <a class="sr-only-focusable" href="/frrs/federal-reserve-regulatory-service.htm">Federal Reserve Regulatory Service</a>647                    </li>648649                    <li>650                        <a class="sr-only-focusable" href="/supervisionreg/disaster-preparedness-and-recovery-resources.htm">Disaster Preparedness and Recovery Resources651     </a>652                    </li>653654655                    656                </ul>657                <ul class="col-sm-3 list-unstyled col-nav">658                    <li class="nav__header">659                        <p>660                            <strong>Banking and Data Structure</strong>661                        </p>662                    </li>663664                    665666                    <li>667                        <a class="sr-only-focusable" href="/apps/reportforms/insider.aspx">Beneficial Ownership668                            Reports</a>669                    </li>670671                    <li>672                        <a class="sr-only-focusable" href="/releases/lbr/">U.S. Domestically Chartered Commercial Banks</a>673                    </li>674                    <li>675                        <a class="sr-only-focusable" href="/supervisionreg/minority-depository-institutions.htm">Minority Depository676                            Institutions</a>677                    </li>678679                    <li>680                        <a class="sr-only-focusable" href="/releases/iba/">U.S. Offices of Foreign Entities</a>681                    </li>682683                    <li>684                        <a class="sr-only-focusable" href="/supervisionreg/fhc.htm">Financial Holding685                            Companies</a>686                    </li>687688                    <li>689                        <a class="sr-only-focusable" href="/supervisionreg/isb-default.htm">Interstate690                            Branching</a>691                    </li>692693                    <li>694                        <a class="sr-only-focusable" href="/supervisionreg/suds.htm">Securities695                            Underwriting and Dealing Subsidiaries</a>696                    </li>697                    <li>698                        <a class="sr-only-focusable" href="/supervisionreg/state-member-banks-supervised-federal-reserve.htm">State Member Banks Supervised by the Federal Reserve</a>699                    </li>700701                    702                </ul>703            </div>704        </li>705    </ul>706</li>707708709710711712713        <li role="menuitem" class="dropdown nav-stability dropdown--2Col">714            <a href="/financial-stability.htm" class="sr-only-focusable" aria-haspopup="true" id="stabilityMenu">Financial<br />Stability</a>715            <ul aria-labelledby="stabilityMenu" role="menu" class="dropdown-menu sub-nav-group navmenu-nav">716                <div class="row">717                    <ul class="col-sm-6 list-unstyled">718                        <li class="nav__header">719                            <p>720                                <strong>Financial Stability Assessments </strong>721                            </p>722                        </li>723                        <li>724                            <a class="sr-only-focusable" href="/financial-stability/what-is-financial-stability.htm">About Financial Stability</a>725                        </li>726                        <li>727                            <a class="sr-only-focusable" href="/financial-stability/types-of-financial-system-vulnerabilities-and-risks.htm">Types of Financial System Vulnerabilities & Risks</a>728                        </li>729                        <li>730                            <a class="sr-only-focusable" href="/financial-stability/monitoring-risk-across-the-financial-system.htm">Monitoring Risk Across the Financial System</a>731                        </li>732                        <li>733                            <a class="sr-only-focusable" href="/financial-stability/proactive-monitoring-of-markets-and-institutions.htm">Proactive Monitoring of Markets & Institutions</a>734                        </li>735                        <li>736                            <a class="sr-only-focusable" href="/financial-stability/financial-stability-and-stress-testing.htm">Financial Stability & Stress Testing</a>737                        </li>738                    </ul>739                    <ul class="col-sm-6 list-unstyled">740                        <li class="nav__header">741                            <p>742                                <strong>Financial Stability Coordination & Actions</strong>743                            </p>744                        </li>745                        <li>746                            <a class="sr-only-focusable" href="/financial-stability/responding-to-financial-system-emergencies.htm">Responding to Financial System Emergencies</a>747                        </li>748                        <li>749                            <a class="sr-only-focusable" href="/financial-stability/cooperation-on-financial-stability.htm">Cooperation on Financial Stability</a>750                        </li>751                        <li class="nav__header">752                            <p>753                                <strong>Reports</strong>754                            </p>755                        </li>756757                        <li>758                            <a class="sr-only-focusable" href="/publications/financial-stability-report.htm">Financial Stability Report</a>759                        </li>760                    </ul>761                </div>762            </ul>763        </li>764        <li role="menuitem" class="dropdown nav-payment dropdown--fw">765            <a href="/paymentsystems.htm" class="sr-only-focusable" id="paymentMenu" aria-haspopup="true">Payment<br />Systems</a>766            <ul aria-labelledby="paymentMenu" role="menu" class="dropdown-menu sub-nav-group navmenu-nav">767                <li>768                    <div class="row">769                        <ul class="col-sm-3 col-nav list-unstyled">770                            <li class="nav__header">771                                <p>772                                    <strong>Regulations & Statutes</strong>773                                </p>774                            </li>775776                            <li>777                                <a class="sr-only-focusable" href="/paymentsystems/regcc-about.htm">Regulation CC (Availability of Funds and Collection of Checks)</a>778                            </li>779780                            <li>781                                <a class="sr-only-focusable" href="/paymentsystems/regii-about.htm">Regulation II (Debit Card Interchange Fees and Routing)</a>782                            </li>783784                            <li>785                                <a class="sr-only-focusable" href="/paymentsystems/reghh-about.htm">Regulation HH (Financial Market Utilities)</a>786                            </li>787788                            <li>789                                <a class="sr-only-focusable" href="/paymentsystems/other-regulations.htm">Other Regulations and Statutes</a>790                            </li>791                        </ul>792                        <ul class="col-sm-3 list-unstyled col-nav">793                            <li class="nav__header">794                                <p>795                                    <strong>Payment Policies</strong>796                                </p>797                            </li>798                            <li>799                                <a class="sr-only-focusable" href="/paymentsystems/pfs_about.htm">Federal Reserve's Key Policies for the Provision of Financial Services</a>800                            </li>801                            <li>802                                <a class="sr-only-focusable" href="/paymentsystems/joint_requests.htm">Guidelines for Evaluating Joint Account Requests</a>803                            </li>804                            <li>805                                <a class="sr-only-focusable" href="/paymentsystems/oo_about.htm">Overnight Overdrafts</a>806                            </li>807                            <li>808                                <a class="sr-only-focusable" href="/paymentsystems/psr_about.htm">Payment System Risk</a>809                            </li>810                            <li>811                                <a class="sr-only-focusable" href="/paymentsystems/telecomm.htm">Sponsorship for Priority Telecommunication Services</a>812                            </li>813                        </ul>814                        <ul class="col-sm-3 list-unstyled col-nav">815                            <li class="nav__header">816                                <p>817                                    <strong>Reserve Bank Payment Services & Data</strong>818                                </p>819                            </li>820821                            <li>822                                <a class="sr-only-focusable" href="/paymentsystems/fedach_about.htm">Automated Clearinghouse Services</a>823                            </li>824825                            <li>826                                <a class="sr-only-focusable" href="/paymentsystems/check_about.htm">Check Services</a>827                            </li>828829                            <li>830                                <a class="sr-only-focusable" href="/paymentsystems/coin_about.htm">Currency and Coin Services</a>831                            </li>832833                            <li>834                                <a class="sr-only-focusable" href="/paymentsystems/psr_data.htm">Daylight Overdrafts and Fees</a>835                            </li>836837                            <li>838                                <a class="sr-only-focusable" href="/paymentsystems/fednow_about.htm">FedNow<sup>&reg;</sup> Service</a>839                            </li>840841                            <li>842                                <a class="sr-only-focusable" href="/paymentsystems/fedfunds_about.htm">Fedwire Funds Services</a>843                            </li>844845                            <li>846                                <a class="sr-only-focusable" href="/paymentsystems/fedsecs_about.htm">Fedwire Securities Services</a>847                            </li>848849                            <li>850                                <a class="sr-only-focusable" href="/paymentsystems/fisagy_about.htm">Fiscal Agency Services</a>851                            </li>852853                            <li>854                                <a class="sr-only-focusable" href="/paymentsystems/master-account-and-services-database-about.htm">Master Account and Services Database</a>855                            </li>856857                            <li>858                                <a class="sr-only-focusable" href="/paymentsystems/natl_about.htm">National Settlement Service</a>859                            </li>860                        </ul>861                        <ul class="col-sm-3 list-unstyled col-nav">862                            <li class="nav__header">863                                <p>864                                    <strong>Financial Market Utilities & Infrastructures</strong>865                                </p>866                            </li>867868                            <li>869                                <a class="sr-only-focusable" href="/paymentsystems/over_about.htm">Supervision & Oversight of Financial Market Infrastructures</a>870                            </li>871872                            <li>873                                <a class="sr-only-focusable" href="/paymentsystems/designated_fmu_about.htm">Designated Financial Market Utilities</a>874                            </li>875876                            <li>877                                <a class="sr-only-focusable" href="/paymentsystems/int_standards.htm">International Standards for Financial Market Infrastructures</a>878                            </li>879                        </ul>880                        <ul class="col-sm-3 list-unstyled col-nav">881                            <li class="nav__header">882                                <p>883                                    <strong>Research, Reports, & Committees</strong>884                                </p>885                            </li>886887                            <li>888                                <a class="sr-only-focusable" href="/paymentsystems/fr-payments-study.htm">Federal Reserve Payments Study (FRPS)</a>889                            </li>890891                            <li>892                                <a class="sr-only-focusable" href="/paymentsystems/payres_about.htm">Payments Research</a>893                            </li>894895                            <li>896                                <a class="sr-only-focusable" href="/paymentsystems/reports.htm">Reports</a>897                            </li>898899                            <li>900                                <a class="sr-only-focusable" href="/paymentsystems/pspa_committee.htm">Payments System Policy Advisory Committee</a>901                            </li>902                        </ul>903                    </div>904                </li>905            </ul>906        </li>907908        <li role="menuitem" class="dropdown nav-econ dropdown--right dropdown--2Col">909            <a href="/econres.htm" class="sr-only-focusable" aria-haspopup="true" id="econMenu">Economic<br />Research</a>910            <ul aria-labelledby="econMenu" role="menu" class="dropdown-menu sub-nav-group navmenu-nav">911                <li>912                    <div class="row">913                        <ul class="col-sm-6 list-unstyled">914                            <li>915                                <a class="sr-only-focusable" href="/econres/researchers.htm">Meet the Researchers</a>916                            </li>917918                            <li class="nav__header">919                                <p>920                                    <strong>Working Papers and Notes</strong>921                                </p>922                            </li>923924                            <li>925                                <a class="sr-only-focusable" href="/econres/feds/index.htm">Finance and Economics Discussion Series (FEDS)</a>926                            </li>927928                            <li>929                                <a class="sr-only-focusable" href="/econres/notes/feds-notes/default.htm">FEDS Notes</a>930                            </li>931932                            <li>933                                <a class="sr-only-focusable" href="/econres/ifdp/index.htm">International Finance Discussion Papers (IFDP)</a>934                            </li>935                        </ul>936                        <ul class="col-sm-6 list-unstyled">937                            <li class="nav__header">938                                <p>939                                    <strong>Data, Models and Tools</strong>940                                </p>941                            </li>942943                            <li>944                                <a class="sr-only-focusable" href="/econres/economic-research-data.htm">Economic Research Data</a>945                            </li>946947                            <li>948                                <a class="sr-only-focusable" href="/econres/us-models-about.htm">FRB/US Model</a>949                            </li>950951                            <li>952                                <a class="sr-only-focusable" href="/econres/edo-models-about.htm">Estimated Dynamic Optimization (EDO) Model</a>953                            </li>954955                            <li>956                                <a class="sr-only-focusable" href="/econres/scfindex.htm">Survey of Consumer Finances (SCF)</a>957                            </li>958                        </ul>959                    </div>960                </li>961            </ul>962        </li>963964        <li role="menuitem" class="dropdown nav-data dropdown--right dropdown--fw">965            <a href="/data.htm" class="sr-only-focusable" id="dataMenu" aria-haspopup="true">Data</a>966            <ul aria-labelledby="dataMenu" role="menu" class="dropdown-menu sub-nav-group navmenu-nav">967                <li>968                    <div class="row">969                        <ul class="col-sm-3 col-nav list-unstyled">970                            <li>971                                <a class="sr-only-focusable" href="/datadownload"><span class="icon icon-ddp icon__sm"></span>Data Download Program</a>972                            </li>973974                            <li class="nav__header">975                                <p>976                                    <strong>Bank Assets and Liabilities</strong>977                                </p>978                            </li>979980                            <li>981                                <a class="sr-only-focusable" href="/releases/h3/current/default.htm">Aggregate Reserves of Depository Institutions and the Monetary Base - H.3</a>982                            </li>983984                            <li>985                                <a class="sr-only-focusable" href="/releases/h8/current/default.htm">Assets and Liabilities of Commercial Banks in the U.S. - H.8</a>986                            </li>987988                            <li>989                                <a class="sr-only-focusable" href="/data/assetliab/current.htm">Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks</a>990                            </li>991992                            <li>993                                <a class="sr-only-focusable" href="/releases/chargeoff/">Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks</a>994                            </li>995996                            <li>997                                <a class="sr-only-focusable" href="/data/sfos/sfos.htm">Senior Financial Officer Survey</a>998                            </li>9991000                            <li>1001                                <a class="sr-only-focusable" href="/data/sloos.htm">Senior Loan Officer Opinion Survey on Bank Lending Practices</a>1002                            </li>1003                        </ul>1004                        <ul class="col-sm-3 list-unstyled col-nav">1005                            <li class="nav__header">1006                                <p>1007                                    <strong>Bank Structure Data</strong>1008                                </p>1009                            </li>10101011                            <li>1012                                <a class="sr-only-focusable" href="/releases/lbr/">U.S. Domestically Chartered Commercial Banks</a>1013                            </li>10141015                            <li>1016                                <a class="sr-only-focusable" href="/supervisionreg/minority-depository-institutions.htm">Minority Depository Institutions</a>1017                            </li>10181019                            <li>1020                                <a class="sr-only-focusable" href="/releases/iba/default.htm">Structure and Share Data for the U.S. Offices of Foreign Banks</a>1021                            </li>10221023                            <li class="nav__header">1024                                <p>1025                                    <strong>Business Finance</strong>1026                                </p>1027                            </li>10281029                            <li>1030                                <a class="sr-only-focusable" href="/releases/cp/">Commercial Paper</a>1031                            </li>10321033                            <li>1034                                <a class="sr-only-focusable" href="/releases/g20/current/default.htm">Finance Companies - G.20</a>1035                            </li>10361037                            <li>1038                                <a class="sr-only-focusable" href="/data/govsecure/current.htm">New Security Issues, State and Local Governments</a>1039                            </li>10401041                            <li>1042                                <a class="sr-only-focusable" href="/data/corpsecure/current.htm">New Security Issues, U.S. Corporations</a>1043                            </li>10441045                            <li class="nav__header">1046                                <p>1047                                    <strong>Dealer Financing Terms</strong>1048                                </p>1049                            </li>10501051                            <li>1052                                <a class="sr-only-focusable" href="/data/scoos.htm">Senior Credit Officer Opinion Survey on Dealer Financing Terms</a>1053                            </li>1054                        </ul>1055                        <ul class="col-sm-3 list-unstyled col-nav">1056                            <li class="nav__header">1057                                <p>1058                                    <strong>Exchange Rates and International Data</strong>1059                                </p>1060                            </li>10611062                            <li>1063                                <a class="sr-only-focusable" href="/releases/h10/current/">Foreign Exchange Rates - H.10/G.5</a>1064                            </li>10651066                            <li>1067                                <a class="sr-only-focusable" href="/data/intlsumm/current.htm">International Summary Statistics</a>1068                            </li>10691070                            <li>1071                                <a class="sr-only-focusable" href="/data/secholdtrans/current.htm">Securities Holdings and Transactions</a>1072                            </li>10731074                            <li>1075                                <a class="sr-only-focusable" href="/data/statbanksus/current.htm">Statistics Reported by Banks and Other Financial Firms in the United States</a>1076                            </li>10771078                            <li>1079                                <a class="sr-only-focusable" href="/releases/iba/default.htm">Structure and Share Data for U.S. Offices of Foreign Banks</a>1080                            </li>10811082                            <li class="nav__header">1083                                <p>1084                                    <strong>Financial Accounts</strong>1085                                </p>1086                            </li>10871088                            <li>1089                                <a class="sr-only-focusable" href="/releases/z1/default.htm">Financial Accounts of the United States - Z.1</a>1090                            </li>1091                        </ul>1092                        <ul class="col-sm-3 list-unstyled col-nav">1093                            <li class="nav__header">1094                                <p>1095                                    <strong>Household Finance</strong>1096                                </p>1097                            </li>10981099                            <li>1100                                <a class="sr-only-focusable" href="/releases/g19/current/default.htm">Consumer Credit - G.19</a>1101                            </li>11021103                            <li>1104                                <a class="sr-only-focusable" href="/releases/DSR">Household Debt Service Ratios</a>1105                            </li>11061107                            <li>1108                                <a class="sr-only-focusable" href="/data/mortoutstand/current.htm">Mortgage Debt Outstanding</a>1109                            </li>11101111                            <li>1112                                <a class="sr-only-focusable" href="/econres/scfindex.htm">Survey of Consumer Finances (SCF)</a>1113                            </li>11141115                            <li>1116                                <a class="sr-only-focusable" href="/consumerscommunities/shed.htm">Survey of Household Economics and Decisionmaking</a>1117                            </li>11181119                            <li class="nav__header">1120                                <p>1121                                    <strong>Industrial Activity</strong>1122                                </p>1123                            </li>11241125                            <li>1126                                <a class="sr-only-focusable" href="/releases/g17/current/default.htm">Industrial Production and Capacity Utilization - G.17</a>1127                            </li>11281129                            <li class="nav__header">1130                                <p>1131                                    <strong>Interest Rates</strong>1132                                </p>1133                            </li>11341135                            <li>1136                                <a class="sr-only-focusable" href="/releases/h15/">Selected Interest Rates - H.15</a>1137                            </li>1138                        </ul>1139                        <ul class="col-sm-3 list-unstyled col-nav">1140                            <li class="nav__header">1141                                <p>1142                                    <strong>Micro Data Reference Manual (MDRM)</strong>1143                                </p>1144                            </li>11451146                            <li>1147                                <a class="sr-only-focusable" href="/data/mdrm.htm">Micro and Macro Data Collections</a>1148                            </li>11491150                            <li class="nav__header">1151                                <p>1152                                    <strong>Money Stock and Reserve Balances</strong>1153                                </p>1154                            </li>11551156                            <li>1157                                <a class="sr-only-focusable" href="/releases/h41/">Factors Affecting Reserve Balances - H.4.1</a>1158                            </li>11591160                            <li>1161                                <a class="sr-only-focusable" href="/releases/h6/current/default.htm">Money Stock Measures - H.6</a>1162                            </li>11631164                            <li class="nav__header">1165                                <p>1166                                    <strong>Other</strong>1167                                </p>1168                            </li>11691170                            <li>1171                                <a class="sr-only-focusable" href="/data/yield-curve-models.htm">Yield Curve Models and Data</a>1172                            </li>1173                        </ul>1174                    </div>1175                </li>1176            </ul>1177        </li>11781179        <li role="menuitem" class="dropdown nav-consumer dropdown--right dropdown--4Col">1180            <a href="/consumerscommunities.htm" class="sr-only-focusable" aria-haspopup="true" id="consumerMenu">Consumers<br /> & Communities</a>1181            <ul aria-labelledby="consumerMenu" role="menu" class="dropdown-menu sub-nav-group navmenu-nav">1182                <li>1183                    <div class="row">1184                        <ul class="col-sm-3 list-unstyled">1185                            <li class="nav__header">1186                                <p>1187                                    <strong>Regulations</strong>1188                                </p>1189                            </li>11901191                            <li>1192                                <a class="sr-only-focusable" href="/consumerscommunities/cra_about.htm">Community Reinvestment Act (CRA)</a>1193                            </li>11941195                            <li>1196                                <a class="sr-only-focusable" href="/supervisionreg/reglisting.htm">All Regulations</a>1197                            </li>11981199                            <li class="nav__header">1200                                <p>1201                                    <strong>Supervision & Enforcement</strong>1202                                </p>1203                            </li>12041205                            <li>1206                                <a class="sr-only-focusable" href="/supervisionreg/caletters/caletters.htm">CA Letters</a>1207                            </li>12081209                            <li>1210                                <a class="sr-only-focusable" href="/apps/enforcementactions/default.aspx">Enforcement Actions</a>1211                            </li>12121213                            <li>1214                                <a class="sr-only-focusable" href="/consumerscommunities/independent-foreclosure-review.htm">Independent Foreclosure Review</a>1215                            </li>1216                        </ul>1217                        <ul class="col-sm-3 list-unstyled">1218                            <li class="nav__header">1219                                <p>1220                                    <strong>Community Development</strong>1221                                </p>1222                            </li>12231224                            <li>1225                                <a class="sr-only-focusable" href="/consumerscommunities/neighborhood-revitalization.htm">Housing and Neighborhood Revitalization</a>1226                            </li>12271228                            <li>1229                                <a class="sr-only-focusable" href="/consumerscommunities/small-business-and-entrepreneurship.htm">Small Business and Entrepreneurship</a>1230                            </li>12311232                            <li>1233                                <a class="sr-only-focusable" href="/consumerscommunities/workforce.htm">Employment and Workforce Development</a>1234                            </li>12351236                            <li>1237                                <a class="sr-only-focusable" href="/consumerscommunities/cdf.htm">Community Development Finance</a>1238                            </li>12391240                            <li>1241                                <a class="sr-only-focusable" href="/consumerscommunities/rural-community-economic-development.htm">Rural Community and Economic Development</a>1242                            </li>1243                        </ul>1244                        <ul class="col-sm-3 list-unstyled">1245                            <li>1246                                <a class="sr-only-focusable" href="/conferences.htm">Conferences</a>1247                            </li>12481249                            <li class="nav__header">1250                                <p>1251                                    <strong>Research & Analysis</strong>1252                                </p>1253                            </li>12541255                            <li>1256                  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   1308                                                1309                        1310                    </ol>1311                    <div class="header-group">1312                        <div id="page-title" class="page-title">1313                            1314                                        <h2>1315                                            Federal Open Market Committee1316                                        </h2>1317                                    1318                        </div> 1319                        1320                    </div>1321                </div><!-- / .page-header -->1322                <noscript>1323<div class="js-disabled text-center">1324    <span class='icon icon-alert icon--jsAlert'></span>1325    <span><strong>Please enable JavaScript if it is disabled in your browser or access the information through the links provided below.</strong> </span>1326</div>13271328</noscript>1329 1330            </div><!-- / .row -->1331             1332            1333            1334            <div class='row'>1335                1336                <!-- T4 Nav - Vertical List of Links -->1337                <div class="col-xs-12 col-sm-4 col-md-3">1338                    <div id="t4_nav" class="t4_nav list-group sticky">1339                        <!-- InstanceBeginEditable name="T4_Links" -->1340                        1341                        1342134313441345<!-- <h3 class="text-uppercase">Chapters</h3> -->1346<a href="/monetarypolicy/fomc.htm" class="list-group-item" title="">About the FOMC</a>1347134813491350<a href="/monetarypolicy/fomccalendars.htm" class="list-group-item" title="">Meeting calendars and information</a><a href="/monetarypolicy/fomc_historical.htm" class="list-group-item" title="">Transcripts and other historical materials</a><a href="/monetarypolicy/fomc_projectionsfaqs.htm" class="list-group-item" title="">FAQs</a>1351                        <!-- InstanceEndEditable --> 1352                    </div>1353                </div>1354                        1355                <div id="article" class="col-xs-12 col-sm-8 col-md-9">1356                                1357                    <h3>2016</h3>1358                                                1359                    <!-- Article Area -->1360                    1361                    1362                    1363                    13641365136613671368        <div class="panel panel-default panel-padded">1369            <h5 class="panel-heading panel-heading--shaded">January 26-27 Meeting - 2016</h5>1370            <div class="row divided-row">1371                <div class="col-xs-12 col-md-6">1372                    1373                    <p>Beige Book: <a href="/monetarypolicy/beigebook/files/Beigebook_20160113.pdf">PDF</a> | <a href="/monetarypolicy/beigebook/beigebook201601.htm">HTML</a></p>1374                    <p><a href="/monetarypolicy/files/FOMC20160127tealbooka20160120.pdf">Tealbook A (3.72 MB PDF)</a></p>1375                    <p><a href="/monetarypolicy/files/FOMC20160127tealbookb20160121.pdf">Tealbook B (2.15 MB PDF)</a></p>1376                    1377                    <p><a href="/monetarypolicy/files/FOMC20160127Agenda.pdf">Agenda (763 KB PDF)</a></p>1378                    <p><a href="/newsevents/pressreleases/monetary20160127a.htm">Statement</a></p>1379                    <p><a href="/newsevents/pressreleases/monetary20160127b.htm">Statement on Longer-Run Goals and Monetary Policy Strategy</a></p>1380                    1381                    1382                </div>1383                <div class="col-xs-12 col-md-6">1384                    <p><a href="/monetarypolicy/2016-fomc-memos.htm">2016 Memos <em></em></a></p>1385                    1386                    <p>1387                        Minutes (Released February 17, 2016):<br>1388                        <a href="/monetarypolicy/fomcminutes20160127.htm">HTML</a> | <a href="/monetarypolicy/files/fomcminutes20160127.pdf">PDF</a>1389                    </p>1390                    1391                    1392                    1393                    <p>1394                        <a href="/monetarypolicy/files/FOMC20160127meeting.pdf">Transcript (1.92 MB PDF)</a><br>1395                        <a href="/monetarypolicy/files/FOMC20160127material.pdf">Presentation materials (3.33 MB PDF)</a><br>1396                        1397                        1398                    </p>1399                </div>1400            </div>1401        </div>1402        14031404<div class="row">1405<div class="col-xs-12 col-sm-12 col-md-12">1406<div class="footnotes">1407<p>Note: While preparing the January Tealbook A for public release, minor formatting errors were introduced on pages 35-66. Those pages have been restored and the document was reposted on March 21, 2025.</p>1408</div>1409</div>1410</div>14111412141314141415        <div class="panel panel-default panel-padded">1416            <h5 class="panel-heading panel-heading--shaded">March 15-16 Meeting - 2016</h5>1417            <div class="row divided-row">1418                <div class="col-xs-12 col-md-6">1419                    1420                    <p>Beige Book: <a href="/monetarypolicy/beigebook/files/Beigebook_20160302.pdf">PDF</a> | <a href="/monetarypolicy/beigebook/beigebook201603.htm">HTML</a></p>1421                    <p><a href="/monetarypolicy/files/FOMC20160316tealbooka20160309.pdf">Tealbook A (3.88 MB PDF)</a></p>1422                    <p><a href="/monetarypolicy/files/FOMC20160316tealbookb20160310.pdf">Tealbook B (2.11 MB PDF)</a></p>1423                    1424                    <p><a href="/monetarypolicy/files/FOMC20160316Agenda.pdf">Agenda (795 KB PDF)</a></p>1425                    <p><a href="/newsevents/pressreleases/monetary20160316a.htm">Statement</a></p>1426                    1427                    1428                    <p><a href="/monetarypolicy/fomcpresconf20160316.htm">Press Conference</a></p>1429                </div>1430                <div class="col-xs-12 col-md-6">1431                    <p><a href="/monetarypolicy/2016-fomc-memos.htm">2016 Memos <em></em></a></p>1432                    1433                    <p>1434                        Minutes (Released April 06, 2016):<br>1435                        <a href="/monetarypolicy/fomcminutes20160316.htm">HTML</a> | <a href="/monetarypolicy/files/fomcminutes20160316.pdf">PDF</a>1436                    </p>1437                    1438                    1439                    <p>1440                        <a href="/monetarypolicy/files/FOMC20160316SEPcompilation.pdf">SEP: Individual Projections (1.48 MB PDF)</a><br>1441                        1442                    </p>1443                    <p><a href="/monetarypolicy/files/FOMC20160316SEPkey.pdf">SEP Participant Key</a></p>1444                    <p>1445                        <a href="/monetarypolicy/files/FOMC20160316meeting.pdf">Transcript (1.53 MB PDF)</a><br>1446                        <a href="/monetarypolicy/files/FOMC20160316material.pdf">Presentation materials (2.74 MB PDF)</a><br>1447                        1448                        1449                    </p>1450                </div>1451            </div>1452        </div>1453        14541455145614571458        <div class="panel panel-default panel-padded">1459            <h5 class="panel-heading panel-heading--shaded">April 26-27 Meeting - 2016</h5>1460            <div class="row divided-row">1461                <div class="col-xs-12 col-md-6">1462                    1463                    <p>Beige Book: <a href="/monetarypolicy/beigebook/files/Beigebook_20160413.pdf">PDF</a> | <a href="/monetarypolicy/beigebook/beigebook201604.htm">HTML</a></p>1464                    <p><a href="/monetarypolicy/files/FOMC20160427tealbooka20160420.pdf">Tealbook A (4.54 MB PDF)</a></p>1465                    <p><a href="/monetarypolicy/files/FOMC20160427tealbookb20160421.pdf">Tealbook B (2.21 MB PDF)</a></p>1466                    1467                    <p><a href="/monetarypolicy/files/FOMC20160427Agenda.pdf">Agenda (779 KB PDF)</a></p>1468                    <p><a href="/newsevents/pressreleases/monetary20160427a.htm">Statement</a></p>1469                    1470                    1471                    1472                </div>1473                <div class="col-xs-12 col-md-6">1474                    <p><a href="/monetarypolicy/2016-fomc-memos.htm">2016 Memos <em></em></a></p>1475                    1476                    <p>1477                        Minutes (Released May 18, 2016):<br>1478                        <a href="/monetarypolicy/fomcminutes20160427.htm">HTML</a> | <a href="/monetarypolicy/files/fomcminutes20160427.pdf">PDF</a>1479                    </p>1480                    1481                    1482                    1483                    <p>1484                        <a href="/monetarypolicy/files/FOMC20160427meeting.pdf">Transcript (1.74 MB PDF)</a><br>1485                        <a href="/monetarypolicy/files/FOMC20160427material.pdf">Presentation materials (2.64 MB PDF)</a><br>1486                        1487                        1488                    </p>1489                </div>1490            </div>1491        </div>1492        14931494149514961497        <div class="panel panel-default panel-padded">1498            <h5 class="panel-heading panel-heading--shaded">June 14-15 Meeting - 2016</h5>1499            <div class="row divided-row">1500                <div class="col-xs-12 col-md-6">1501                    1502                    <p>Beige Book: <a href="/monetarypolicy/beigebook/files/Beigebook_20160601.pdf">PDF</a> | <a href="/monetarypolicy/beigebook/beigebook201606.htm">HTML</a></p>1503                    <p><a href="/monetarypolicy/files/FOMC20160615tealbooka20160608.pdf">Tealbook A (3.9 MB PDF)</a></p>1504                    <p><a href="/monetarypolicy/files/FOMC20160615tealbookb20160609.pdf">Tealbook B (2.27 MB PDF)</a></p>1505                    1506                    <p><a href="/monetarypolicy/files/FOMC20160615Agenda.pdf">Agenda (689 KB PDF)</a></p>1507                    <p><a href="/newsevents/pressreleases/monetary20160615a.htm">Statement</a></p>1508                    1509                    1510                    <p><a href="/monetarypolicy/fomcpresconf20160615.htm">Press Conference</a></p>1511                </div>1512                <div class="col-xs-12 col-md-6">1513                    1514                    1515                    <p>1516                        Minutes (Released July 06, 2016):<br>1517                        <a href="/monetarypolicy/fomcminutes20160615.htm">HTML</a> | <a href="/monetarypolicy/files/fomcminutes20160615.pdf">PDF</a>1518                    </p>1519                    1520                    1521                    <p>1522                        <a href="/monetarypolicy/files/FOMC20160615SEPcompilation.pdf">SEP: Individual Projections (1.51 MB PDF)</a><br>1523                        1524                    </p>1525                    <p><a href="/monetarypolicy/files/FOMC20160615SEPkey.pdf">SEP Participant Key</a></p>1526                    <p>1527                        <a href="/monetarypolicy/files/FOMC20160615meeting.pdf">Transcript (1.48 MB PDF)</a><br>1528                        <a href="/monetarypolicy/files/FOMC20160615material.pdf">Presentation materials (1.57 MB PDF)</a><br>1529                        1530                        1531                    </p>1532                </div>1533            </div>1534        </div>1535        15361537153815391540        <div class="panel panel-default panel-padded">1541            <h5 class="panel-heading panel-heading--shaded">July 26-27 Meeting - 2016</h5>1542            <div class="row divided-row">1543                <div class="col-xs-12 col-md-6">1544                    1545                    <p>Beige Book: <a href="/monetarypolicy/beigebook/files/Beigebook_20160713.pdf">PDF</a> | <a href="/monetarypolicy/beigebook/beigebook201607.htm">HTML</a></p>1546                    <p><a href="/monetarypolicy/files/FOMC20160727tealbooka20160720.pdf">Tealbook A (4.21 MB PDF)</a></p>1547                    <p><a href="/monetarypolicy/files/FOMC20160727tealbookb20160721.pdf">Tealbook B (2.11 MB PDF)</a></p>1548                    1549                    <p><a href="/monetarypolicy/files/FOMC20160727Agenda.pdf">Agenda (782 KB PDF)</a></p>1550                    <p><a href="/newsevents/pressreleases/monetary20160727a.htm">Statement</a></p>1551                    1552                    1553                    1554                </div>1555                <div class="col-xs-12 col-md-6">1556                    <p><a href="/monetarypolicy/2016-fomc-memos.htm">2016 Memos <em></em></a></p>1557                    1558                    <p>1559                        Minutes (Released August 17, 2016):<br>1560                        <a href="/monetarypolicy/fomcminutes20160727.htm">HTML</a> | <a href="/monetarypolicy/files/fomcminutes20160727.pdf">PDF</a>1561                    </p>1562                    1563                    1564                    1565                    <p>1566                        <a href="/monetarypolicy/files/FOMC20160727meeting.pdf">Transcript (1.67 MB PDF)</a><br>1567                        <a href="/monetarypolicy/files/FOMC20160727material.pdf">Presentation materials (2.89 MB PDF)</a><br>1568                        1569                        1570                    </p>1571                </div>1572            </div>1573        </div>1574        15751576157715781579        <div class="panel panel-default panel-padded">1580            <h5 class="panel-heading panel-heading--shaded">September 20-21 Meeting - 2016</h5>1581            <div class="row divided-row">1582                <div class="col-xs-12 col-md-6">1583                    1584                    <p>Beige Book: <a href="/monetarypolicy/beigebook/files/Beigebook_20160907.pdf">PDF</a> | <a href="/monetarypolicy/beigebook/beigebook201609.htm">HTML</a></p>1585                    <p><a href="/monetarypolicy/files/FOMC20160921tealbooka20160914.pdf">Tealbook A (3.83 MB PDF)</a></p>1586                    <p><a href="/monetarypolicy/files/FOMC20160921tealbookb20160915.pdf">Tealbook B (2.27 MB PDF)</a></p>1587                    1588                    <p><a href="/monetarypolicy/files/FOMC20160921Agenda.pdf">Agenda (686 KB PDF)</a></p>1589                    <p><a href="/newsevents/pressreleases/monetary20160921a.htm">Statement</a></p>1590                    1591                    1592                    <p><a href="/monetarypolicy/fomcpresconf20160921.htm">Press Conference</a></p>1593                </div>1594                <div class="col-xs-12 col-md-6">1595                    <p><a href="/monetarypolicy/2016-fomc-memos.htm">2016 Memos <em></em></a></p>1596                    1597                    <p>1598                        Minutes (Released October 12, 2016):<br>1599                        <a href="/monetarypolicy/fomcminutes20160921.htm">HTML</a> | <a href="/monetarypolicy/files/fomcminutes20160921.pdf">PDF</a>1600                    </p>1601                    1602                    1603                    <p>1604                        <a href="/monetarypolicy/files/FOMC20160921SEPcompilation.pdf">SEP: Individual Projections (1.53 MB PDF)</a><br>1605                        1606                    </p>1607                    <p><a href="/monetarypolicy/files/FOMC20160921SEPkey.pdf">SEP Participant Key</a></p>1608                    <p>1609                        <a href="/monetarypolicy/files/FOMC20160921meeting.pdf">Transcript (1.56 MB PDF)</a><br>1610                        <a href="/monetarypolicy/files/FOMC20160921material.pdf">Presentation materials (2.76 MB PDF)</a><br>1611                        1612                        1613                    </p>1614                </div>1615            </div>1616        </div>1617        16181619162016211622        <div class="panel panel-default panel-padded">1623            <h5 class="panel-heading panel-heading--shaded">November 1-2 Meeting - 2016</h5>1624            <div class="row divided-row">1625                <div class="col-xs-12 col-md-6">1626                    1627                    <p>Beige Book: <a href="/monetarypolicy/beigebook/files/Beigebook_20161019.pdf">PDF</a> | <a href="/monetarypolicy/beigebook/beigebook201610.htm">HTML</a></p>1628                    <p><a href="/monetarypolicy/files/FOMC20161102tealbooka20161026.pdf">Tealbook A (3.79 MB PDF)</a></p>1629                    <p><a href="/monetarypolicy/files/FOMC20161102tealbookb20161027.pdf">Tealbook B (2.49 MB PDF)</a></p>1630                    1631                    <p><a href="/monetarypolicy/files/FOMC20161102Agenda.pdf">Agenda (686 KB PDF)</a></p>1632                    <p><a href="/newsevents/pressreleases/monetary20161102a.htm">Statement</a></p>1633                    1634                    1635                    1636                </div>1637                <div class="col-xs-12 col-md-6">1638                    <p><a href="/monetarypolicy/2016-fomc-memos.htm">2016 Memos <em></em></a></p>1639                    1640                    <p>1641                        Minutes (Released November 23, 2016):<br>1642                        <a href="/monetarypolicy/fomcminutes20161102.htm">HTML</a> | <a href="/monetarypolicy/files/fomcminutes20161102.pdf">PDF</a>1643                    </p>1644                    1645                    1646                    1647                    <p>1648                        <a href="/monetarypolicy/files/FOMC20161102meeting.pdf">Transcript (1.75 MB PDF)</a><br>1649                        <a href="/monetarypolicy/files/FOMC20161102material.pdf">Presentation materials (3.09 MB PDF)</a><br>1650                        1651                        1652                    </p>1653                </div>1654            </div>1655        </div>1656        16571658165916601661        <div class="panel panel-default panel-padded">1662            <h5 class="panel-heading panel-heading--shaded">December 13-14 Meeting - 2016</h5>1663            <div class="row divided-row">1664                <div class="col-xs-12 col-md-6">1665                    1666                    <p>Beige Book: <a href="/monetarypolicy/beigebook/files/Beigebook_20161130.pdf">PDF</a> | <a href="/monetarypolicy/beigebook/beigebook201611.htm">HTML</a></p>1667                    <p><a href="/monetarypolicy/files/FOMC20161214tealbooka20161207.pdf">Tealbook A (3.43 MB PDF)</a></p>1668                    <p><a href="/monetarypolicy/files/FOMC20161214tealbookb20161208.pdf">Tealbook B (2.67 MB PDF)</a></p>1669                    1670                    <p><a href="/monetarypolicy/files/FOMC20161214Agenda.pdf">Agenda (686 KB PDF)</a></p>1671                    <p><a href="/newsevents/pressreleases/monetary20161214a.htm">Statement</a></p>1672                    1673                    1674                    <p><a href="/monetarypolicy/fomcpresconf20161214.htm">Press Conference</a></p>1675                </div>1676                <div class="col-xs-12 col-md-6">1677                    <p><a href="/monetarypolicy/2016-fomc-memos.htm">2016 Memos <em></em></a></p>1678                    1679                    <p>1680                        Minutes (Released January 04, 2017):<br>1681                        <a href="/monetarypolicy/fomcminutes20161214.htm">HTML</a> | <a href="/monetarypolicy/files/fomcminutes20161214.pdf">PDF</a>1682                    </p>1683                    1684                    1685                    <p>1686                        <a href="/monetarypolicy/files/FOMC20161214SEPcompilation.pdf">SEP: Individual Projections (1.56 MB PDF)</a><br>1687                        1688                    </p>1689                    <p><a href="/monetarypolicy/files/FOMC20161214SEPkey.pdf">SEP Participant Key</a></p>1690                    <p>1691                        <a href="/monetarypolicy/files/FOMC20161214meeting.pdf">Transcript (1.5 MB PDF)</a><br>1692                        <a href="/monetarypolicy/files/FOMC20161214material.pdf">Presentation materials (2.59 MB PDF)</a><br>1693                        1694                        1695                    </p>1696                </div>1697            </div>1698        </div>1699        17001701<div class="row">1702<div class="col-xs-12 col-sm-12 col-md-12">1703<div class="footnotes">1704<p>Note: While preparing the December presentation materials for public release, minor formatting errors were introduced on pages 10-17, 20-24, and 27-38. Those pages have been restored and the document was reposted on March 21, 2025.</p>1705</div>1706</div>1707</div>1708                </div>1709                                1710            </div>            1711            <a id="back-top" class="icon__backTop icon-backtop" href="#" title="Scroll To Top"><span class="sr-only">Back to Top</span></a>1712    1713            1714            <div class="row">1715                <div class='lastUpdate' id="lastUpdate">Last Update:1716                    1717                                March 21, 20251718                            1719                </div>1720            </div>1721        </div><!-- / #content .container -->1722                    <footer class="container footer">1723                <div class="row footer__content">1724                    <div class="col-xs-12 col-sm-4">1725                        <h6 class="footer__heading"><span class="text-uppercase">Board of Governors</span> <em>of the</em> <span 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