2000 Dallas Federal Reserve Annual Report

8/2/2019 2000 Dallas Federal Reserve Annual Report

1/30

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

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


2/30

D HF__FW JWEN _AF ]WFSLOFK__af hdf _fqds }lc`fw}ef _erkfs Zdk Ydko ls dhhfbfo e adzf sdlo ad dhh nvslc

ls flafw af ghvfs ew yl}}l|.oee.od+ _af fceken| ado af ghvfs erdwo af fko ej

7===( djfw dhnes jlzf |fdws ej yl}}l|.oee.od+ Ls bwera wdf jfhh jwen ezfw 6 }fwcfk

lk af jlws adhj ej 7=== e vkofw 7 }fwcfk lk af sfceko+ Ekf nlba sd| af fcek.

en| al dk dlw }ec f ek ls bhlof }da e d sej hdkolkb+ Jewvkdfh|( l ado fkevba

dhlvof e dzelo d cwdsa+ _af tvfslek d |fdw.fko rds rafafw rfhh adzf d adwo

hdkolkb( d cwdsa hdkolkb ew d evca.dko.be+Belkb jew af evca.dko.be( af Jfo wfs}ekofo dbbwfsslzfh| lk Idkvdw|( rla re

6=.gdsls.}elk cvs lk af jfofwdh jvkos dko olscevk wdfs+Jlkdkcldh ndw`fs }fw fo

v} senfrad( gv ls ee seek e bdvbf af ln}dc ek af fceken| ew rad jvwafw

sf}s nd| gf kffofo+

_af sheroerk ads }wen}fo senf e tvfslek af Kfr Fceken|s zldglhl|( gv

L wfndlk d kfr.}dwdolbn e}lnls+_af Kfr Fceken| ads kfzfw gffk dgev lkjlklf

}wlcffdwklkbs wdles ew dk fko e gvslkfss c|chfs+ L rds dko ls dgev lkzfklek(

lkkezdlek( wls`.d`lkb( dklndh s}lwls( dko kfr rd|s ej alk`lkb dko rew`lkb+ Ls

dgev kfr fcakeheb| lkcwfdslkb }weovclzl| dko bwera }efkldh( dgev fca.

keheb|( }weovclzl| dko bhegdh cen}fllek fn}fwlkb lkjhdlek+ Lk }ehlc| fwns( lsdgev d albafw keklkjhdlekdw| s}ffo hlnl dko cekslofwlkb af sv}}h| slof ej af

fceken| ds rfhh ds af ofndko slof+

Fzfk rla af nlo|fdw sherlkb( }weovclzl| bwfr newf adk ? }fwcfk lk 7===(

af albafs wdf lk |fdws( dko vkfn}he|nfk fkofo af |fdw d ? }fwcfk( kfdw ls

3=.|fdw her+

_af Odhhds Jfo lk 7===L rds yl}}l|.oee.od d af Odhhds Jfo hds |fdw+ Ekf fs}fcldhh| }fwcf}lzf dvaew

rwef ad af Gdk` ads hdfh| gfcenf ekf ej af newf wegvs cewkfws ej Dhdk

Bwffks}dks fn}lwf+Rfhh sdlo+ Rf olok bf af \7@ ghvfs( kew olo af gdk`s rfsv}fwzlsf+ Rf olo newf gvslkfss d d herfw vkl ces( cekwlgvfo slbkljlcdkh| e

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+

Evw gedwo cadlwndk( Webfw Afnnlkbadvs( wflwfo djfw sfzfk |fdws ej sfwzlcf

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

]dwlcld ]dfwsek ej Odhhds nezfs v} e of}v| cadlwndk+ Rf rlhh dhse nlss @lw`

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|+


3/30

Adzf d Klcf Od|$Evw fssd| als |fdw bwfr ev ej d cekzfwsdlek L ado rla Nl`f Ceq( evw calfj fcek.

enls( dgev }weovclzl| bwera dko hlzlkb sdkodwos+ Nl`f }elkfo ev ad ke ekf

ads d gvn}fw slc`fw ad sd|s Adzf d }weovclzf od|$Gflkb }weovclzf ls ekh| }dw

ej d beeo rew`od|+ Rew`lkb cekolleks dko dnfkllfs dwf dhse ln}ewdk( ds dwf svj.

jlclfk hflsvwf dko senf }hd|lnf ek af ieg+ Lk evw kfr fceken|( rew` dko }hd|(

rew` dko hflsvwf( aenf dko ejjlcf( rew`rff` dko rff fko dwf ghfkolkb+_lnf dko

}hdcf dwf hfss ln}ewdk+ !Bvfss rafwf L dn ds L rwlf als dko rad lnf l ls+,_af fssd| be nf e alk`lkb dgev n| erk rew` hljf+ L rds wdlsfo g| af slof ej

af wedo lk wvwdh Kewa Bfewbld d Oe|dhs _wvc` Se}+ Lo afh}fo ev fdwhlfw( gv af

svnnfws gfjewf n| ivklew dko sfklew |fdws lk alba scaeeh L rew`fo afwf jvhh.lnf

jew }d|/?= d rff`+ L rdsk gdo( lk }dw gfcdvsf Oe|dh rds n| odo+

Oe|dhs _wvc` Se} kfzfw chesfo+ L rds e}fk 7? aevws d od|( 2 od|s d rff`+ Oe|dh

rew`fo jwen 2 d+n+ e 2 }+n+ Hlhf Oe|dh !ads nf, rew fo jwen 2 }+n+ e 2 d+n+

fqcf} Sdvwod| klba lj L ado d odf+ !Oefs d calc fk adzf hl}s5, _aesf lnfs( Glb

Oe|dh revho jlhh lk jew nf vklh L be aenf dwevko nloklba+

L }vn}fo bds( rl}fo rlkosalfhoswfnfngfw aesf od|s5dko ne}}fo jheews+

Lj d wvc` ado d jhd lwf( L }v ek af s}dwf( ralca rds odkbfwevs rew + Gv lj lkffofo jlqlkb( L ado e bf Glb Oe|dh ev ej gfo( ralca rds wfdhh| odkbfwevs+ L eccd.

slekdhh| ado e wevs aln e gwfd` v} d hdf.klba jlba+ Senflnfs L olo l n|sfhj( n|

cwfolglhl| lk svca ndfws ofwlzlkb jwen als+

_af rews alkb dgev ad jlws ieg rds w|lkb e shff} lk af od|lnf rlaev dlw.

cekolleklkb+ Ekf ew re lk af djfwkeek rds dgev af hlnl+_af gfs alkb rds

dhh.klba dccfss e af iv`fgeq+ ]v}}| hezf }weghfns cdvsfo nf e rfdw ev Adk`

Rlhhldns Hezfslc` Ghvfs+

L hfdwkfo d hlhf dgev fcekenlc lkcfklzfs rew lkb jew n| odo+ D slbk ev jwek

}wenlsfo jwff cejjff e wvc fws+ _af| dhse be d 3.cfk.d.bdhhek olscevk ek jvfh+

N| glbbfs ek.af.ieg jfdw rds ad L revho nlsd`fkh| }v bdsehlkf lk d wvc` ad

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

sdnf sew ej jfdw advkfo nf ovwlkb gds`fgdhh sfdsek+ L rds djwdlo L revho saee

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

N| jfdw ej ylbblkb rafk L saevho gf ydbblkb }fwslss( fs}fcldhh| ds l }fwdlks e

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+

Ovwlkb bwdovdf scaeeh L ado iegs ds d svofk dsslsdk dko lkswvcew+ Jew d

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===


4/30

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

Jfo lk 4


5/30

? 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+

Senf ej vs rew` ofslbklkb cheafs( eafws rew` rdsalkb afn+ Rf gvlho wvc s

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


6/30

Ls ds wvf lk af kfr nlhhfkklvn ds l rds lk af eho9 rew` ls dk ln}ewdk }dw ej

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+

Rla fdca }dsslkb bfkfwdlek(rew`lkb cekolleks adzf befk gffw lk af Vklfo

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+

Dnfwlcds awlzlkb ndw`f fceken| }wezlofo af jevkodlek jew wd}lo ln}wezf.

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


7/30

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

Documents

Transcript of 2000 Dallas Federal Reserve Annual Report