2000 Dallas Federal Reserve Annual Report

8/2/2019 2000 Dallas Federal Reserve Annual Report

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AdzfdKlcfOd|$_af Dnfwlcdk Ievwkf| te Gfttfw Rew`lkb Cekoltleks

Jfofwdh Wfsfwzf Gdk` ej OdhhdsDkkvdh Wf}ewt 7===


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sf}s nd| gf kffofo+

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3=.|fdw her+

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Wfsfwzf S|sfn }weifcs dko dssvnfo ndiew kfr wfs}ekslglhllfs ds jlscdh dbfk jew

af _wfdsvw|+ _af Fhfzfka Olswlc fceken| dbdlk ev}fwjewnfo af kdleks+

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lk Odhhds dko jlzf lk Sdk Dkekle+ Webfw rds n| wehf neofh jew aer e gf d ceeh

CFE+ Rf rlhh nlss aln+ Gdwfhh Ydcaw| ej Sdk Dkekle ls evw kfr cadlwndk( dko

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NcHdvbahlk dko ]fbb| Cds`f|( jwen evw Odhhds dko Aevsek gedwos+ @lw` }wenlsfs

e d}}wlsf nf ej dk| Gvoo| Aehh| slbalkbs lk Bwfdfw Hvggec`+

]wfslofk Geg Nc_ffw+ Lj |ev hee` chesfh| |ev cdk s}e

d jweb( af vkejjlcldh ndsce ej af Kfr Fceken|+


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cwfolglhl| lk svca ndfws ofwlzlkb jwen als+

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vsfo olfsfh jvfh ew zlcf zfwsd+ Flafw rd| revho wvlk d glb neew dko n| hljf+ _af

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d gds`f ek af rwekb fko ej af cevw dko jewfzfw gf cdhhfo Rwekb.rd| Nc_ffw+

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nekfdw| }ehlc|+ Nd|gf rf kffo newf }ehlc|nd fws rae }vn}fo bds+

_af svnnfw djfw n| sfklew |fdw( L rfk ejj e cehhfbf dko kfzfw wfvwkfo

fqcf} e zlsl+ N| jlws ieg d scaeeh rds ke d beeo ekf+ L ado e zlsl fzfw| wfdlh

gvslkfss lk awff wfnef cevklfs dko jlhh ev d tvfslekkdlwf ek aflw evwls gvsl.

kfss+ L rdsk d sdhfs ieg( gv l jfh hl f ekf+ Lo dwwlzf vklkzlfo( ds`lkb hes ej tvfs.

leks ad rfwf kekf ej n| gvslkfss+ _af ieg dvba nf rad L olok rdk e oe

rafk L bwfr v}+_af albahlba ej ad svnnfw rds gflkb wdc`fo oerk g| af alba.

rd| }dweh dko eho ad Svydkkf rds lk hdgew rla |f dkeafw Hlhf Oe|dh+

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ralhf L vewfo jeegdhh }hd|fws lk fcekenlcs+ _afwf rds senf odkbfw afwf( ds L rds

w|lkb e fhh afn newf adk af| rdkfo e `kerhl`f ker+

7 JFOFWDH WFSFWZF GDK@ EJ ODHHDS x Dkkvdh Wf}ew 7===


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Jehherlkb bwdovdf scaeeh( L ielkfo af Wfsfdwca Of}dwnfk ej af Wlcaneko

Jfo lk 4


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? JFOFWDH WFSFWZF GDK@ EJ ODHHDS x Dkkvdh Wf}ew 7===

AdzfdKlcfOd|$_af Dnfwlcdk Ievwkf| te Gfttfw Rew`lkb Cekoltleks

Dnfwlcd rew`s+D wfcewo 436 nlhhlek }fe}hf ker aeho iegs lk af Vklfo Sdfs+ Rf fdwk evw }d|.

cafc`s ds dccevkdks dko dwcalfcs(cee`s dko cdw}fkfws( hdkoscd}fws dko hdr|fws(

}lhes dko }l}f jlfws( sdhfschfw`s dko sfcwfdwlfs( rfg ndsfws dko rdlfws+

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dko dqlcdgs( dko rf owlzf afn( ee+ Dnfwlcdks lkzfk dko ndkvjdcvwf cen}v.

fws+ Rf sfhh dko sfwzlcf afn+ Nlhhleks ej rew fws vsf afn ek af ieg e cen}esf(

cdhcvhdf dko cennvklcdf+

Rew`( rew ( rew +

Cedh nlklkb wdk`s ds af sfceko rews ieg lk afcevkw|( djfw hvngfwidc`lkb+ Cedh nlkf dko elh jlfho

fn}he|nfk }fd`fo lk 4


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evw hlzfs+ Gv jew eod|s rew fws( iegs dwfk ivs d rd| e }v gwfdo ek af dghf+_af|

cekjfw sdvs( ofjlkf evw lofkllfs dko fzfk doo e evw ad}}lkfss+

_af rd| rf rew` ndfws+ Rf fq}fc evw iegs e }wezlof albafw }d|( newf jwlkbf

gfkfjls dko saewfw aevws( ej cevwsf+ Gv ads ke dhh+ Newf adk dk| lnf lk af

}ds( rfwf ds`lkb evw fn}he|fws e nd`f rew` newf fkie|dghf dko nfdklkbjvh dko

e wfovcf ls odkbfw( owvobfw| dko olscenjew+

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Sdfs+ _eod|s iegs dwf sdjfw adk fzfw+ Jwen ejjlcf e jdcew|( evw svwwevkolkbs dwf

gfcenlkb newf }hfdsdk ds af rews ds}fcs ej af Lkovswldh Dbf jdof lke af }ds+_adk`s e neofwk fcakeheb| dko cadkblkb dlvofs( newf fn}he|ffs dwf bdlk.

lkb af jwffoen e ofclof rafk dko rafwf af| rew`+ Lk eod|s cen}fllzf hdgew

ndw`f(cen}dklfs dwf w|lkb e }hfdsf fn}he|ffs g| doolkb ek.af.ieg dnfkllfs

rla senf fzfk alwlkb cvhvwf cydws e jlko rd|s e gees rew`}hdcf newdhf+

Ekh| rfdha| seclflfs cdk hee` }ds af gdslc cekcfwks ej }d|lkb af glhhs dko

bflkb rff fkos ejj+ L d`fs sfdo|( hekb.fwn fcekenlc }webwfssjewbfo rla kfr

fcakeheblfs( fq}dkolkb ndw fs dko albafw }weovclzl|e dcalfzf d hfzfh ej

ofzfhe}nfk ad ofhlzfws gffw dko gffw rew`lkb cekolleks+

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nfk lk af rew`}hdcf ezfw af }ds re ew awff bfkfwdleks+_af sfcwf9 cen}fllek+

Ivs ds af lkzlslghf adkoej jwff fkfw}wlsf hfdos }wejl.sff`lkb cen}dklfs e zlf jew

hdgew dko cvsenfws( l rew`s e nff fn}he|ffsofslwf jew gffw rew`lkb cekolleks+

Lk wevlkf cenlkbs dko belkbs( senfekfs dhrd|s(rla beeo.kdvwfo jwlfkohlkfss(

fkcevwdblkb jwlfkos dko cerew fws e adzf d klcf od|+ Ls d sln}hf rlsa( gv l

wfzfdhs rads ln}ewdk e vs+ Rf oek cfhfgwdf af bwfd dcalfzfnfks ej neofwk

cd}ldhlsn g| fhhlkb evw jfhher Dnfwlcdks e ceksvnf newf ew e adzf d }weovclzf

od|+ Ke( rf |}lcdhh| glo afn d klcf od|+ Aer cevho rf oe se lj rf ado e s}fko

hdwbf cavk`s ej evw lnf lk vk}hfdsdk( }fwad}s fzfk vkafdha|( rew` fkzlweknfks5

Adzf d klcf od|$

Evw jwff fkfw}wlsf s|sfn ls swlzlkb erdwo ad bedhke ivs jew eod|s Dnfwl.

cdks gv jew enewwers ds rfhh+

Evw rew` rewho ads cadkbfo nvca ezfw af

}ds cfkvw|( ds afsf }lcvwfs ej ]lsgvwba

lk 4


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FQALGL_4

Ker dko _afk_af 4


8/30

Evw neofwk oldhebvf dgev iegs jecvsfs ek nfdklkbjvh rew`( fn}erfwnfk(

cennvklcdlek(fn}he|ff jffogdc dko cew}ewdf cvhvwf+ Rfwf newf hl`fh| e dh`

dgev af fltvff ej af ejjlcf wfjwlbfwdew adk }weghfns rla zfklhdlek ew sdkl.

dlek+ _eod|( aevws dwf jhfqlghf( rew`sdleks dwf fwbekenlc dko wflwfnfk sdzlkbs

dwf }ewdghf+

Evw iegs slhh lkchvof fhfnfks ej elhaf| dwf(djfw dhh( rew`+Gv rew` ls gfcen.

lkb senfalkb e fkie|( d sevwcf ej fkwlcanfk gf|eko nfwf nekf|d hfds adsaf fq}fcdlek ej d bwerlkb kvngfw ej Dnfwlcdks+

Lk dk fceken| ad wdwfh| fq}fwlfkcfs adwo lnfs( fn}he|fws cen}ff jew scdwcf

hdgew wfsevwcfs( dko af|zf bwfdh| fdsfo af gvwofks ej rad rds ekcf cdhhfo af

odlh| bwlko+ \f af }webwfss ls wdwfh| dc`kerhfobfo+ ]e}vhdw cvhvwf jffos vs dk

lndbf ej d gfhfdbvfwfo rew`lkb chdss+

_af cenlcs Olhgfw( wd}}fo lk als sljhlkb cvglchf( svjjfws odlh| af shlkbs dko

dwwers ej evwdbfevs cew}ewdf sv}lol|+ _af nezlf Ejjlcf S}dcf }ewwd|s d rew`.

}hdcf jlhhfo rla nlkohfss nfnes( nvlkevs ejjlcf ndcalkfs dko jwdyyhfo fn}he|.

ffs+ Kfrs sewlfs of}lc eod|s rew fws ds jfdwjvh ej hd|ejjs( svc` lk nfdklkbhfss

}vwsvls ew sdcwljlclkb aflw }fwsekdh hlzfs lk d rewho rafwf gvslkfss befs ek 7?%2+_afsf ofscwl}leks nd| cekdlk d bwdlk ej wva( gv af| oek wfjhfc af fq}fwl.

fkcf ej af bwfd ndss ej Dnfwlcdks+ Ls lnf e fqdnlkf rad rew`lkb cekolleks

dwf wfdhh| hl`f+

JFOFWDH WFSFWZF GDK@ EJ ODHHDS x Dkkvdh Wf}ew 7=== 2

KerSl lk d cvglchf+

E}fwdf d cen}vfw+

Fwbekenlc rew`sdleks+

Jhfqlnf( ivs bf af ieg oekf+

Be ev e fd( evslof e sne`f+

Ceksdk lkoeew dlw.tvdhl| dkdh|sls+

Lkolwfc hlbalkb( cfkwdh afd dko dlw+

Fn}he|ff fn}erfwnfk+

Dccfss e f.ndlh( fGd| dko cerew`fws+

Rew` dko }hd| ghvw+

_fhfcennvf+

Cvhlzdf |evw cewf cen}ffkclfs+

]ewdghf ?=4!`, }hdks dko dk fdwh| ev+

@ad`ls dko d }ehe salw+]erfw ls lofds dko zlslek+

_fcaklcdh scaeeh dko sejrdwf cfwljlcdlek+

Hdg ced dko d chfdk.ween svl+

Jevw ieg ejjfws dko d slbklkb gekvs+

]dw` |evw wfsvnf ek af Kf+

]vwsvf d cdwffw+

Lkfwfslkb dko nfdklkbjvh rew`+

_alk` dko bwer wlca+


9/30

1 JFOFWDH WFSFWZF GDK@ EJ ODHHDS x Dkkvdh Wf}ew 7===

L_S KE DCCLOFK_Sdjf| jlwscevho gf af nee ej eod|s rew }hdcf+ Dcclofks slhh ad}}fk( ej

cevwsf( gv jdw hfss ejfk adk af| ekcf olo+ Ek.af.ieg ofdas dwf d dk dhh.lnf her(

owe}}lkb e 31 }fw nlhhlek rew fws lk fdca ej af }ds re |fdws+ Ezfw lnf( af

ofchlkf ads gffk sfdo| dko sadw}jwen ?71 }fw nlhhlek lk 4


10/30

JFOFWDH WFSFWZF GDK@ EJ ODHHDS x Dkkvdh Wf}ew 7===

2000 Dallas Federal Reserve Annual Report

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