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8/2/2019 2007 Dallas Federal Reserve Annual Report
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Aglgthk Tgzgtqg Dhoi ea Lhkkhz
4003 Hoowhk Tgpet|
Eppet|wob|r IoejizZgkkboc Ewt Zgtqbjgz |e |mg Setkl
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Jeo|go|zH Kg||gt ten |mg Ptgzblgo| 8
Eppet|wob|r Ioejiz 1
Zgobet Nhohcgngo| 42
Dehtlz e Lbtgj|etz :0
Ejgtz hol Hlqbzetr Jewojbkz :4
Abohojbhk Z|h|gngo|z ::
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4003 HoowHk TgpeT|Ptgzblgo|z Kg||gt
Hkk e wz jho zgg |mg ee|.ptbo|z e ckedhkbvh|beo bo gqgtrlhr kbg/ \gr
hppght bo smh| sg dwr+ bo ewt fedz+ bo ewt
gqekqboc jwk|wtg hol bo ewt boqgz|ngo|pet|ekbez/ Smbkg |mg setlckedhkbvh|beo
mhz dggo lgogl bo nhor shrz+ B dgkbgqg b|
tgnhboz nbzwolgtz|eel dr de|m |mg pwdkbj
hol pekbjrnhigtz/
B |eei |mg tgboz e |mg Lhkkhz Agl
|mtgg rghtz hce sb|m h z|teoc zwzpbjbeo |mg
gjeoenbj nelgkz wzgl et neog|htr pekbjr
sgtg zrz|gnh|bjhkkr eqgtkeeiboc ckedhkbvh.
|beo hz h jtb|bjhk hj|et bo |mg gjeoenr/
Gzzgo|bhkkr+ |mgzg nelgkz |tgh| |mg gjeoenr
hz b detlgtz htg jkezgl hol smh| mhppgoz
dgreol |mgn nh||gtz kb||kg/ Bo tghkb|r+ detlgtz
dgjeng netg epgo gqgtr lhr+ hol smh|
mhppgoz htewol |mg setkl nh||gtz netg
|mho gqgt/
Oe dwzbogzzngo et sengo B ioes
sewkl |mboi e zewtjboc |mgbt bopw|z et zgkk.boc |mgbt ptelwj|z et zgtqbjgz zekgkr sb|mbo h
lengz|bj thngseti/ Hol hkk W/Z/.dhzgl dwzb.
ogzzgz keei h| jhpb|hk nhtig|z ten h ckedhk
pgtzpgj|bqg |elhr/ Rg| |mg bnhcboh|beoz e
pekbjrnhigtz e|go zggn jeoogl dr ewt
|gttb|etbhk detlgtz/
H| |mg Lhkkhz Agl+ sg htg tg|mboiboc |mbz
jkezgl.gjeoenr qbgs/ B| shz sb|m ctgh| ptblg
H Kg||gt aten |mg Ptgzblgo|
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4 Aglgthk Tgzgtqg Dhoi ea Lhkkhz 4003 HoowHk TgpeT|
khz| hkk |mh| sg khwojmgl |mg Ckedhkbvh|beo
hol Neog|htr Pekbjr Boz|b|w|g |e g}hnbog |mg
pekbjr bnpkbjh|beoz htbzboc ten tggt esz
e ceelz+ zgtqbjgz+ jhpb|hk hol khdet hjtezz
oh|beohk detlgtz/
\g Lhkkhz Agl hktghlr dehz|z h |ep.
oe|jm |ghn e gjeoenbz|z lglbjh|gl |e
tgzghtjmboc hol neob|etboc ewt lrohnbj
gjeoenr+ hol |mgr sbkk jeo|bowg |e le ze/
Sb|m |mbz ogs+ bo.mewzg boz|b|w|g+ sg htgth|jmg|boc wp ewt jennb|ngo| |e ptelwjboc
ctewoldtghiboc tgzghtjm eo igr bzzwgz e
ckedhkbvh|beo hol neog|htr pekbjr/ Sg sbkk
golghqet |e lgqgkep dg||gt nelgkz e |thlg+
jhpb|hk esz hol nbcth|beo9 g}pketg mes
ckedhk lgnhol hgj|z jennelb|r ptbjgz9
g}hnbog |mg tgpgtjwzzbeoz e |mg khtcg khdet
hol jeozwngt peekz bo Jmboh hol Bolbh9
gz|bnh|g |mg bnphj| e |thlg eo ptbjboc lgjb.
zbeoz9 hol g}gjw|g e|mgt hndb|bewz gjeoen.
bj tgzghtjm/
Nhor e |mg setklz nez| bowgo|bhk
neog|htr pekbjr zjmekhtz hol pthj|b|beogtz
mhqg hctggl |e dg ewt cwblgz hol jenpho.
beoz eo |mbz hzjboh|boc bo|gkkgj|whk fewtogr/
Jmhbtboc ewt hlqbzetr dehtl bz Femo D/ hrket+
ho gnbogo| Z|hoetl ptegzzet hol zgobetgkkes h| |mg Meeqgt Boz|b|w|beo hol lgqgk.
epgt e |mg sblgkr mgthklgl hrket twkg et
neog|htr pekbjrnhiboc/
Hkze eo |mg dehtlz tez|gt htg Jmhtkgz T/
Dgho+ g}gjw|bqg lbtgj|et hol jmbg gjeoenbz|
h| |mg Dhoi e Gockhol9 Nht|bo Agklz|gbo+
Mhtqhtl gjeoenbjz ptegzzet hol ptgzblgo|
e |mg Oh|beohk Dwtghw e Gjeoenbj Tg.
zghtjm9 T/ Ckgoo Mwddhtl+ lgho e Jekwndbh
Wobqgtzb|rz Cthlwh|g Zjmeek e Dwzbogzz
hol etngt jmhbtnho e |mg Jewojbk e
Gjeoenbj Hlqbzgtz9 E|nht Bzzboc+ ptgzblgo|
e Cgtnhorz Jgo|gt et Abohojbhk Z|wlbgz
hol etngt ngndgt e |mg Gwtepgho Jgo|thk
Dhoi g}gjw|bqg dehtl9 Aboo Irlkhol+ ptegz.
zet h| |mg Wobqgtzb|r e Jhkbetobh+ Zho|h
Dhtdhth+ Lhkkhz Agl jeozwk|ho| hol sboogt e
|mg 400< Oedgk Ngnetbhk Ptbvg bo gjeoen.bjz9 Cwbkkgtne Et|bv+ ceqgtoet e Dhoje lg
N}bje9 Igoog|m Z/ Tece+ Mhtqhtl ptegz.
zet+ Dteeibocz Boz|b|w|beo gkkes hol etngt
tgzghtjm lbtgj|et e |mg Bo|gtoh|beohk Neo.
g|htr Awol9 hol Sbkkbhn Smb|g+ mghl e |mg
Neog|htr hol Gjeoenbj Lgpht|ngo| h| |mg
Dhoi et Bo|gtoh|beohk Zg||kgngo|z/
Nhti H/ Sroog+ |mg boz|b|w|gz lbtgj|et+
mhz hzzgndkgl h z|h e qg wkk.|bng gjeoe.
nbz|z hol tgjtwb|gl |mtgg mbcmkr tgchtlgl
gjeoenbz|z |e zgtqg hz zgobet gkkesz6 |mg
Wobqgtzb|r e Dtb|bzm Jekwndbhz Nbjmhgk D/
Lgqgtgw}+ |mg Wobqgtzb|r e Qbtcbobhz Athojbz
G/ Shtoeji hol Lhkkhz Agl jmbg gjeoenbz|
S/ Nbjmhgk Je}/
\g Ckedhkbvh|beo hol Neog|htr Pekbjr
Boz|b|w|gz cehk go|hbkz lgqgkepboc |mg |eekzneog|htr pekbjrnhigtz oggl |e hjjenpkbzm
|mgbt edfgj|bqgz bo |mg 48z| jgo|wtr+ smgo b|
bz jtb|bjhk |e wolgtz|hol smh| bz mhppgoboc
htewol |mg setkl+ oe| fwz| h| meng/ \g boz|b.
|w|g mhz h jmhkkgocboc nbzzbeo+ dw| eog |mh|
ewt hlqbzetz+ z|h hol gkkesz dgkbgqg nwz|
dg hjjenpkbzmgl b neog|htr pekbjr bz |e dg
ggj|bqg bo |mg w|wtg/
\mg Ckedhkbvh|beo hol Neog|htr
Pekbjr Boz|b|w|gz cehk go|hbkz
lgqgkepboc |mg |eekz neog|htr
pekbjrnhigtz oggl |e
hjjenpkbzm |mgbt edfgj|bqgz bo
|mg 48z| jgo|wtr/
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4003 HoowHk TgpeT|Ptgzblgo|z Kg||gt
\mg Ckedhkbvh|beo hol
Neog|htr Pekbjr Boz|b|w|g
Nbjmh D/ Lqt}
Fm D/ |hrt
Sbbhn Smb
Jmhtz T/ Dh
Cbtn etbv
T/ C Mddhtl
enht Bzzbc Ab Irlhl
Im Z/ Tc
Athjbz g/ Shtji
Nhtb Alzb
S/ Nbjmh J}
Nhti H/ Sr
\mg boz|b|w|g mhz h
jmhkkgocboc nbzzbeo+ dw|
eog |mh| ewt hlqbzetz+
z|haa hol agkkesz dgkbgqg
nwz| dg hjjenpkbzmgl ba
neog|htr pekbjr bz |e dg
gaagj|bqg bo |mg aw|wtg/
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Zwjjgzz Hdtehl
\g Lhkkhz Aglz jennb|ngo| |e tg.
zghtjm eo ckedhkbvh|beo g}|golz |e ewt hoowhk
tgpet| gzzhrz/ Aet 4007+ sg g}hnbogl mes
ckedhkbvh|beo lbzjbpkbogz pwdkbj pekbjr hol et
4001+ mes b| bnphj|z ptelwj|bqb|r hol jez|z/
Bo |mbz rghtz gzzhr Eppet|wob|r Ioejiz6
Zgkkboc Ewt Zgtqbjgz |e |mg SetklNbig Je}
hol zgobet gjeoenbjz stb|gt Tbjmhtl Hkn
jewo|gt |mg mhol.stbocboc eqgt ckedhkbvh|beo
dr keeiboc h| h W/Z/ zwjjgzz z|etr6 lenbohojgbo |mg zgtqbjg zgj|et/
Sg g}pet| netg zgtqbjgz |mho hor e|mgt
oh|beodr h keoc zme|/ Dg||gt z|bkk+ nez| e
smh| sg zgkk hdtehl htg mbcmkr qhkwgl zgt.
qbjgzbolwz|tbhk gocboggtboc+ go|gt|hbongo|+
mghk|m jhtg+ hol |mg seti e htjmb|gj|z+ khsrgtz
hol e|mgt ptegzzbeohkz/ Ewt ctesboc zgtqbjgz
|thlg zwppet|z nhor sgkk.phrboc fedz/
Sg lgqgkepgl ewt g}pgt|bzg bo |mgzg
zgtqbjgz |e ngg| |mg ogglz e ewt eso
gjeoenr+ dw| |mg ptezpgj|z et g}pet|boc
|mgn mhqg ogqgt dggo dtbcm|gt/ Bo|gtog| Hcg
|gjmoekecbgz htg zmtboiboc |mg jeoz|thbo|z
e |bng hol zphjg+ epgoboc ckedhk nhtig|z
|e netg zgtqbjgz/ Fwz| hz bnpet|ho|+ ckedhk
lgnhol sbkk tbzg thpblkr hz jeozwngtz bo
Jmboh+ Bolbh hol e|mgt hz|.ctesboc oh|beozzmb| |mgbt zpgolboc ten ceelz |e zgtqbjgz/
Eog e |mg gzzhrz qhkwhdkg bozbcm|z
jengz ten g}pkhboboc smh| gjeoenbz|z jhkk
bojeng gkhz|bjb|r e lgnhol+ h pesgtwk
jeojgp| |mh| jho mgkp wz dg||gt wolgtz|hol
ckedhkbvh|beo/ Mbcm gkhz|bjb|bgz zwccgz| tbzboc
bojengz sbkk kghl |e thpbl ctes|m bo ckedhk
jeozwnp|beo e nhor e |mg zgtqbjgz sg
ptelwjg ze sgkk/
Zjh||gtgl |mtewcmew| |mg gzzhr htg
z|etbgz |mh| zpe|kbcm| g}hz jenphobgz |hi.
boc hlqho|hcg e |mg ctesboc ckedhk nhtig|
et zgtqbjgz/ Lhkkhz.dhzgl Khcwhtlh/Kes
Htjmb|gj|z lgzbcogl h setkl.jkhzz ptefgj| eo
|mg zmetgz e eire Dhr/ \g zgbznbj jtgsz
e Mewz|eoz Cgeibog|bjz Boj/ htg leboc |mgbt
pht| bo |mg ebk hol chz bolwz|trz setklsblg
zghtjm et ogs tgzgtqgz/ Zho Ho|eobez Ng|m.
elbz| Mghk|mjhtg Zrz|gn |tgh|z 8+700 etgbcoph|bgo|z h rght/
Ckedhk dwzbogzz bz jenpkg}+ hol |mg Lhk.
khz eajg e AB Jeozwk|boc mgkpz jenphobgz
jepg sb|m b|/ Btqboc.dhzgl Akwet Jetp/+ ho go.
cboggtboc hol jeoz|twj|beo tn+ bz fwz| eog e
nhor g}hz nwk|boh|beohkz leboc dwzbogzz eo
h ckedhk zjhkg/ Dw| gqgo h znhkk Gk Phze sgd
lgzbcogt mhz ewol h objmg et zgkkboc zgtqbjgz
hdtehl/ Nhor e|mgt g}hz jenphobgz mhqg
leog kbigsbzg+ hol B hn zwtg sg sbkk zgg e|m.
gtz ekkes |mgn bo|e |mg ckedhk nhtig|pkhjg/
W/Z/ jenphobgz htg tghlr |e ngg| |mg
setklz ctesboc lgnhol et zgtqbjgzdw|
sg sbkk hjg jenpg|b|beo/ Z|hrboc hmghl bo
zgtqbjgz |thlg tgxwbtgz sgkk.glwjh|gl seti.
gtz hol hlteb| nhohcgtz9 lgqgkepboc netg
e |mgn sbkk dg igr |e zgkkboc ewt zgtqbjgz|e |mg setkl/ Gqgtr jmhojg B cg|+ B z|tgzz |mg
bnpet|hojg e glwjh|beo |e ceel fedz hol
tbzboc bojengz bo |mbz jewo|trh pebo| |mbz
gzzhr wolgtzjetgz/
Jkezgt |e Meng
Smbkg B hn eo |mg zwdfgj| e pteqblboc
ceel zgtqbjg+ B hn |tgngolewzkr ptewl e
W/Z/ jenphobgz htg tghlr
|e ngg| |mg setklz ctesboc
lgnhol aet zgtqbjgzdw|
sg sbkk ahjg jenpg|b|beo/
Z|hrboc hmghl bo zgtqbjgz
|thlg tgxwbtgz sgkk.glwjh|gl
setigtz hol hlteb| nhohcgtz9
lgqgkepboc netg ea |mgn sbkk
dg igr |e zgkkboc ewt zgtqbjgz
|e |mg setkl/
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|mg Lhkkhz Aglz jeo|bowgl zwjjgzz bo ep.
gth|beohk htghz/ Bo 4003+ |mg Aglgthk Tgzgtqg
Zrz|gn lgjblgl |mh| b|z 44 jmgji.ptejgzzboc
zb|gz htewol |mg jewo|tr sewkl dg jeozekb.
lh|gl bo|e fwz| ewt jgo|gtz/ \g Lhkkhz Agl
sbkk dg tgzpeozbdkg et ptejgzzboc jmgjiz lg.
pezb|gl bo |mg go|btg sgz|gto Wob|gl Z|h|gz+
hkkesboc wz |e pkhr h qb|hk tekg bo |mg znee|m
woj|beoboc e ewt oh|beoz phrngo|z zrz|gn/
B hn jeolgo| bo |mg hdbkb|r e ewt jmgji.
ptejgzzboc z|h hol nhohcgngo| |e ngg||mg jmhkkgocgz e |mbz jeozekblh|beo smbkg
jeo|bowboc |mg zhng ew|z|holboc zgtqbjg |e
ohojbhk boz|b|w|beoz/
4003 nhtigl |mg tz| wkk rght ewt jhzm
epgth|beoz mholkgl |mg bojtghzgl qekwng
ten |mg jeozekblh|beo e ho ew|.e.z|h|g jhzm.
ptejgzzboc jgo|gt hol lthnh|bj ctes|m bo
bo|gtoh|beohk lgpezb|z/ Hz h tgzwk|+ |mg Lhkkhz
Agl phbl hol tgjgbqgl h tgjetl ,848 dbkkbeo bo
jwttgojr/
Bo tgzpeozg |e ptgzzwtgz bo |mg zmet|.
|gtn wolboc nhtig|z+ |mg Aglgthk Tgzgtqg
gz|hdkbzmgl h |gtn hwj|beo hjbkb|r -HA"
|e mgkp ptene|g gajbgo| lbzzgnboh|beo e
kbxwblb|r/ Hz hlnbobz|th|bqg hol lgqgkepngo|
zb|g et |mg hw|enh|gl zrz|gn |mg Tgzgtqg
Dhoiz wzg et lbzjewo| sboles epgth|beoz+ewt Lhkkhz |ghn shz jhkkgl eo |e xwbjikr
lgqgkep |mg ze|shtg jhphdbkb|bgz |e zwppet|
|mg HA/
\g Aglgthk Tgzgtqg hol |mg W/Z/
tghzwtrz Abohojbhk Nhohcgngo| Zgtqbjg
khwojmgl |mg Ce Lbtgj| ptecthn bo 4007+
hbngl h| bojtghzboc gkgj|teobj phrngo|z
hol lgjtghzboc phpgt jmgjiz et pgepkg sme
tgjgbqg glgthk dgog|z/ \g Lhkkhz Agl hz.
zbz|z |mbz ptecthn dr mez|boc h Ce Lbtgj|jhkk
jgo|gt hol sgdzb|g |mh| mholkg lbtgj| lgpezb|
gotekkngo|z/ Neo|mkr pht|bjbph|beo g}pholgl
|mtewcmew| |mg rght+ hol bo Hwcwz|+ ewt jhkk
jgo|gt ptejgzzgl b|z 8 nbkkbeo|m gotekkngo|/
Ewt pwdkbj ew|tghjm hol glwjh|beo
ptecthnz jeo|bowgl |e nhig |mgbt nhti eo
|mg Gkgqgo|m Lbz|tbj|/ Ewt z|h etchobvgl
jennwob|r etwnz bo Hwz|bo+ Zho Ho|eobe+
Khtgle+ Jetpwz Jmtbz|b+ Hdbkgog+ Khz Jtwjgz+NjHkkgo hol Hnhtbkke/ \gr hkze pkhoogl
jeogtgojgz hol tewol|hdkgz eo mengeso.
gtzmbp ptgzgtqh|beo hol mghk|m jhtg/ Bo
4003+ ewt mbcmkr zwjjgzzwk Dwbklboc Sghk|m
ptecthn+ smbjm |ghjmgz zewol ohojbhk
nhohcgngo| ptbojbpkgz+ shz khwojmgl bo
JL.TEN etnh|/ Netg |mho 30+000Dwbklboc
Sghk|m setideeiz+ hqhbkhdkg bo Gockbzm hol
Zphobzm+ hol 70+000 JLz sgtg lbz|tbdw|gl bo
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\elhrz thpbl ckedhkbvh|beo set.tbgz nhor Hngtbjhozhol b|z oe| mhtl |e
cwtg ew| smr/ Sgtg dendhtlgl dr ogsz e
|thlg lgjb|z+ zehtboc ebk ptbjgz+ ew|zewtjglfedz+ zmtboiboc hj|etr gnpkerngo|+ h sghi.
goboc lekkht hol mhvhtlewz bnpet|znhlg
hkk |mg netg |tewdkboc dr |mg tbzg e zwjm ogs
jenpg|b|etz hz Jmboh hol Bolbh/
Ckedhkbvh|beo nhr tgxwbtg wz |e tgqbzg
ewt epgth|boc nhowhkz+ dw| sg le ewtzgkqgz h
lbzzgtqbjg smgo sg hjjgo|wh|g |mg ogch|bqg/
Ho bojtghzbockr bo|gcth|gl setkl gjeoenr
ptene|gz gajbgo| ptelwj|beo+ kesgtz jez|z+
zpgglz ctes|m hol ez|gtz dg||gt gjeoen.
bj pekbjbgz/ B| cbqgz W/Z/ jeozwngtz
netg hjjgzz |e etgbco ptelwj|z
hol W/Z/ ptelwjgtz netg hjjgzz
|e etgbco jeozwngtz/ \gtgbo
kbgz eog e |mg lhocgtz bo |mg
lesodgh| qbgs6 B| bcoetgz |mg
eppet|wob|r cke.dhkbvh|beo egtz
Hngtbjh |e zgkk
ewt zgtqbjgz
|e |mg setkl/
Eqgt |mg phz| jgo|wtr+
|mg W/Z/ mhz lgqgkepgl h lggp+
lbqgtzg peek e zibkkgl+ ptelwj|bqg hol
sgkk.phbl zgtqbjg pteqblgtz/ \grtg pht| e
Eppet|wob|r Ioejiz
Zgkkboc Ewt Zgtqbjgz|e |mg Setkl
h zpthskboc zgtqbjg zgj|etwkkr ewt.|mz
e ewt gjeoenr|mh| bojetpeth|gz zibkkz
hol |hkgo|z meogl bo |mg mbcmkr jenpg|b|bqg
W/Z/ nhtig|/ Sgtg setkl.jkhzz pteqblgtz eohojbhk+ kgchk+ nglbjhk+ jeoz|twj|beo hol
bolwz|tbhk gocboggtboc zgtqbjgz/ Sg g}jgk bo
zwppkrboc go|gt|hbongo|+ glwjh|beo hol bo.
etnh|beo nhohcgngo|/ Sg kghl bo |gkgjen.
nwobjh|beoz+ nhohcgngo| hol jeozwk|boc+
|thqgk zgtqbjgz hol |ewtbzn/
\hoiz |e wolhngo|hk zmb|z bo |mg
ckedhk nhtig|pkhjg+ Hngtbjhz zgtqbjgz
g}pgt|bzg jho oes g}gt| b|zgk setklsblg/ \g
Bo|gtog|+ zh|gkkb|gz hol dgt.ep|bj |thoznbz.
zbeo kbogz mhqg dewol gjeoenbgz |ecg|mgt
dr nhiboc b| jmghpgt hol ghzbgt |e jekkgj|+
ptejgzz hol lbz|tbdw|g boetnh|beo+ h igr
jenpeogo| bo zwppkrboc zepmbz|bjh|gl zgt.
qbjgz/ Nhor zgtqbjgz+ eojg kbnb|gl |e lengz.
|bj nhtig|z+ oes |thlg bo|gtoh|beohkkr/
\gzg ogs |gjmoekecbgz mhqg httbqglh| h |bng e g}pkezbqg ctes|m bo ckedhk
lgnhol/ Bo |mg phz| |se lgjhlgz+ Jmboh+
Bolbh hol e|mgt dbc+ hz|.ctesboc jewo|tbgz
mhqg |mteso epgo |mgbt gjeoenbgz+ cbqboc
|mg tgz| e |mg setkl dbkkbeoz e pe|go|bhk ogs
jwz|engtz/ Hz |mgzg gngtcboc oh|beoz ctes
tbjmgt bo jenboc lgjhlgz+ |mgrkk zpgol netg
e |mgbt bojengz eo |mg ibolz e zgtqbjgz W/Z/
Eqgt |mg phz| jgo|wtr+
|mg W/Z/ mhz lgqgkepgl
h lggp+ lbqgtzg peek
ea zibkkgl+ ptelwj|bqg
hol sgkk.phbl zgtqbjg
pteqblgtz/
1 Aglgthk Tgzgtqg Dhoi ea Lhkkhz 4003 HoowHk TgpeT|
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jenphobgz jho lgkbqgt/
Sg mght h ke| hdew| Hngtbjho dwzbogzz.
gz hol setigtz hjboc ctesbocjenpg|b|beoten kes.jez| tbqhkz htewol |mg setkljhkkjgo|gt epgth|etz bo |mg Pmbkbppbogz+ jen.
pw|gt ptecthnngtz bo Jmboh+ hjjewo|ho|z bo
Bolbh+ dhji.eajg setigtz bo Dthvbk/ Sg mght
kb||kg hdew| W/Z/ zgtqbjg jenphobgz |mh| jtgh|g
fedz hol ctes pte|z dr g}pholboc |mgbt
dwzbogzzgz eqgtzghz/
Rg| g}hnpkgz htg gqgtrsmgtg/ Aetgbco
hwlbgojgz hjjewo|gl et hknez| 10 pgtjgo|
e Mekkrseelz de}.eajg tgqgowgz ten
neqbgz tgkghzgl bo 4003/ NjLeohklz hol
IAJ zgtqg hz| eel h| netg z|etgz hdtehl
|mho mgtg h| meng/ H xwht|gt e |mg khsrgtz
h| |mg 87 khtcgz| W/Z/.dhzgl tnz seti bo
etgbco ew|pez|z/ W/Z/ htjmb|gj|z lgzbco e.
jg |esgtz+ hbtpet|z hol z|hlbwnz bo Jmboh+
Lwdhb+ Jhohlh hol e|mgt etgbco kejhkgz/
Hngtbjho etgozbj g}pgt|z boqgz|bch|ghjjblgo|z hol jtbngz htewol |mg ckedg/
Ewt ptecthnngtz jtgh|g qblge chngz+ ewt
ptegzzetz |ghjm jkhzzgz+ ewt ohojbhk hlqb.
zetz nhohcg neogret de|m etgbco hol
lengz|bj jwz|engtz/
Zgtqbjgz htg e|go lbznbzzgl hz |mg
pteqbojg e lghl.gol fedz hol kes shcgz/
Oe|mboc jewkl dg netg steoc/ Nhor e ewt
zgtqbjg setigtz htg sgkk.glwjh|gl+ jen.
nholboc mbcm phr dgjhwzg e |mgbt hdbkb|r
|e hll qhkwg |e smh| |mgr ptelwjg/ Ewt
gjeoenrz |thozb|beo |e zgtqbjgz mhz dtewcm|mbcmgt bojengz hol dg||gt fedz+ nhiboc |mbz
zgj|etewt dgz| mepg et ptezpgtboc bo |mg gthe ckedhkbvh|beo/
Eppet|wob|r ioejiz/\g W/Z/ mhz dggozmhtpgoboc b|z zgtqbjg zibkkz et lgjhlgz/ Sg
mhqg smh| b| |higz |e dg h setkl.dgh|gt bo |mg
zgtqbjgz |mh| pteqblg sgkk.phrboc fedz/ Epgo.
boc |mg leet |e |mg g}phozbeo bo zgtqbjgz
|thlg sbkk kghl |e hz|gt gjeoenbj ctes|m hol
tbzboc bojengz/ wtoboc hshr ten ckedhk.
bvh|beoz jhkk tbziz zxwholgtboc h ceklgo
eppet|wob|r/
Zgtqbjgz Hzjgolho|
H jgo|wtr hol h mhk hce+ Cgtnho
gjeoenbz| Gtoz| Gocgk lejwngo|gl |mg lb.
gtgojgz bo mes peet hol tbjm hnbkbgz zpgol|mgbt neogr/ \ezg sb|m kes bojengz |gol
|e hkkejh|g tgkh|bqgkr netg |e dhzbj ogglz
eel+ jke|mboc hol zmgk|gt/ Mbcmgt.bojeng
jeozwngtz zpgol netg eo go|gt|hbongo|+
|thqgk+ pgtzeohk jhtg hol e|mgt sho|z/
\g zmb| ten ogglz |e sho|z zmhpgz
ph||gtoz e jeozwngt lgnhol h| hkk bojeng
kgqgkz/ H| h pgt jhpb|h bojeng e ,:+300+ et
4003 HoowHk TgpeT|6 Eppet|wob|r Ioejiz
8/2/2019 2007 Dallas Federal Reserve Annual Report
10/59
g}hnpkg+ Bolbhz jeozwngtz hkkejh|g ho hqgt.
hcg
8/2/2019 2007 Dallas Federal Reserve Annual Report
11/59
ew| netg hz |mgbt ghtobocz tbzg/
Jke|mboc hol ee|sght htg ogjgzzb|bgz+
dw| peet hol tbjm jewo|tbgz mhqg tewcmkr |mg
zhng gkhz|bjb|bgz/ \g nghzwtgz lgjkbog eokr
zkbcm|krten 0/2: bo Nhlhchzjht+ smgtg pgt
jhpb|h bojeng hqgthcgz kgzz |mho ,8+000 h
rght+ |e 0/20 bo ht sghk|mbgt oh|beoz+ zwjm hz
Fhpho hol Jhohlh/
Hz bojengz neqg wp ten kes kgqgkz+
zpgolboc eo mewzboc hol w|bkb|bgz tbzgz
zmhtpkr h| tz|+ |mgo netg zkeskr hz jeozwn.
gtz zmb| |e e|mgt ceelz hol zgtqbjgz/ Gkhz.
|bjb|bgz hkk ten h mbcm e 8/:< h| |mg kesgz|
bojeng kgqgkz |e 8/87 et oh|beoz kbig Oetshr+smgtg pgt jhpb|h bojeng hqgthcgz ,
8/2/2019 2007 Dallas Federal Reserve Annual Report
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G}mbdb| 8
Lgnhol Neqboc Wp
|e Zgtqbjgz
Zlbc lhh tn jtbz h h
qz lqn zms ms tbzbc
t jhbh bjn zmhz lnhl b b
dthl jznb jhctbz/ Mz.
mlz zmb hshr tn clz hl shtl
ztqbjz hz bjnz bjthz/
|m jt bz
8/2/2019 2007 Dallas Federal Reserve Annual Report
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,: ,84 ,
8/2/2019 2007 Dallas Federal Reserve Annual Report
14/59
hkkes wz |e zgphth|g jennwobjh|beoz hol
|thozpet|h|beo/ Keeiboc h| zpgolboc ph||gtoz
et W/Z/ jeozwngtz eokr+ mesgqgt+ sg ol tgk.
h|bqgkr mbcm gkhz|bjb|bgz et jgkk pmeog zgtqbjg
hol hbt |thqgk/ \bz zwccgz|z |mg jh|gcetrz
eqgthkk gkhz|bjb|r bz ptedhdkr dgboc pwkkgl wp
dr |mg zgtqbjgz b| gndelbgz/
Tgjtgh|beo zpgolboc g}mbdb|z |mg mbcm.
gz| gkhz|bjb|r h| hkk bojeng kgqgkz+ bolbjh|.
boc mewzgmeklz setklsblg htg gzpgjbhkkr
ghcgt |e jeozwng netg e b|/ \g |rpgz e
tgjtgh|beo+ e jewtzg+ qhtr hkeoc |mg bojeng
zjhkgten dwrboc pkhrboc jhtlz hol lenb.
oegz bo peet jewo|tbgz+ |e h||golboc zejjgtchngz bo lgqgkepboc oh|beoz+ |e goferboc
Dtehlshr pkhrz bo |mg W/Z/
Bo nhor peet mewzgmeklz+ jmbkltgo
ltep ew| e zjmeek |e seti/ Hz hnbkbgz
ghto netg neogr+ |mgr jho hetl |e hkkes
|mgbt jmbkltgo netg rghtz bo |mg jkhzzteen/
Glwjh|beo bz h zwpgtbet ceel+ sb|m bojeng
gkhz|bjb|bgz |mh| thocg ten 8/03 |e 8/02+ oe| hz
mbcm hz |mg nglbjhk+ tgjtgh|beo hol jennw.
objh|beoz jh|gcetbgz/ Glwjh|beo bz h ptbetb|r
dgjhwzg b| meklz |mg igr |e mbcmgt bojengz+
dw| b|z nghzwtgl gkhz|bjb|r nhr dg mgkl leso
dgjhwzg zpgolboc lgjbzbeoz htg e|go nhlg
dr ceqgtongo|z+ oe| mewzgmeklz/
Jeozwnp|beo tbzgz hz|gt |mho bojeng
et |mg jh|jmhkk jh|gcetr e|mgt/ Nhlg wp khtcgkre zgtqbjgz oe| jhp|wtgl gkzgsmgtg+b| bojkwlgz khsrgtz lth|boc sbkkz+ JPHz kboc|h} tg|wtoz hol cggiz }boc jenpw|gtz/ \g
jh|gcetr hkze jeqgtz nhor e |mg pgtzeohk
zgtqbjgz jeozwngtz tgcwkhtkr wzgten
mhbtjw|z |e ltr jkghoboc/
Zgtqbjgz g}mbdb| h mbcm
lgctgg ea bojeng gkhz|bjb|r/
Jewo|tbgz sb|m tbzboc pgt
jhpb|h bojengz sbkk kbigkr
aekkes |mg ph|m |tel dr
W/Z/ jeozwngtz hol hkke|
h ctesboc pet|beo ea |mgbt
zpgolboc |e zgtqbjgz/
Ng|melbz| Mghk|mjhtg Zrz|gnNglbjhk Jhtg
Zh Hbz htcz tqblt nlbjh
ztqbjz+ Nmlbz Mhmjht }lz bz
thjm hjtzz dtltz dr jhtbc t hbz tn
N}bj+ Zhb+ Tzzbh+ Dthvb+ Blbh hl mt
lv mt jtbz/
Sbm 44 Zh Hb.hth hjbbbz+ Nml
bz Mhmjht tz h thc nlbjh
zjbhbzdztbjz+ jhtlbcr+ jcr+
thzhz/ |m zrzn thl nt mh 8+700
bthbh hbz b 4003/
|m bthbh ztqbjz lhtnz
nbbch zh mz tbctz sbm ljtz
hbnz+ nlbjh tjtlz hl hbt hnd.
hjz/ Jjbtc ztqbjz bcm hnbbz dt.
lz dr lbc mbt lztn thq hl
hjjnnlhbz zbcmzbc hl tjthb/
B m hz s rhtz+ ljtz ttnl
h d nhtts thzh h 7.rht.l
cbt tn phibzh hl bnhl h ,20+000
hnhbj bth ldtbht b h hb tn
pt/ wlt m lbzhz nhhcn tcthn+
h N}bjh dzbzz }jbq as b t jmji.
z qtr mt nmz/
\g}hz Zgtqbjgz G}pet|gt
84 Aglgthk Tgzgtqg Dhoi ea Lhkkhz 4003 HoowHk TgpeT|
8/2/2019 2007 Dallas Federal Reserve Annual Report
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Eqgthkk+ zgtqbjgz g}mbdb| h mbcm lgctgg e
bojeng gkhz|bjb|r/ Jewo|tbgz sb|m tbzboc pgt
jhpb|h bojengz sbkk kbigkr ekkes |mg ph|m |tel
dr W/Z/ jeozwngtz hol hkke| h ctesboc pet.
|beo e |mgbt zpgolboc |e zgtqbjgz/ Sghk|mbgt
mewzgmeklz sbkk sho| netg eel+ gogtcr
hol hj|etr ceelz+ dw| ckedhk lgnhol sbkkcthlwhkkr zigs |eshtl nhblz+ mhbtltgzzgtz+
go|gt|hbogtz+ bozwthojg hcgo|z+ ohojbhk hlqb.
zetz+ lej|etz hol e|mgt zgtqbjg pteqblgtz/
Bojtghzgl jeozwnp|beo e zgtqbjgz bz h
mhkknhti e zejbg|bgz ctesboc tbjmgt -G}mbdb| 4"/
\gbt jmhocboc zpgolboc ph||gtoz ngho pte.
lwjgtz e bogtbet ceelz sbkk dg kg| dgmbol/
Ptelwjgtz e zwpgtbet ceelz hol zgtqbjgz htg
dg||gt pezb|beogl |e |hig hlqho|hcg e ctes.
boc ckedhk lgnhol+ gzpgjbhkkr b smh| |mgr
zgkk jho dg |thlgl bo nhtig|z smgtg jeozwn.
gtz mhqg netg |e zpgol/
Pgt jhpb|h bojengz mhqg dggo tbzboc
bo nhor jewo|tbgzZphbo hol Pekhol bo
Gwtepg+ Dthvbk hol Jmbkg bo Zew|m Hngtbjh+\hbkhol hol Qbg|ohn bo Ghz| Hzbh/ \gbt lg.
nhol et zgtqbjgz sbkk jeo|bowg |e bojtghzg+
dw| Jmboh hol Bolbh nhr dg |mg dbccgz|
pe|go|bhk jeozwngtz/
Hk|mewcm z|bkk peet dr W/Z/ z|holhtlz+
|mgzg |se oh|beoz mhqg neqgl wp thpblkr bo
tgjgo| rghtz/ Jendbogl+ |mgr mhqg 4/< dbkkbeo
pgepkggbcm| |bngz |mg W/Z/ pepwkh|beo
G}mbdb| 4
Mes Sg Jeozwng
Aten Peet |e Tbjm
Al hl jmbc mhq
m sz bjn hzbjb.
bz lnhl/ |m hzbjbr
t l zhtz s ds
8 hl ljbz hz s nq
tn m tz m tbjm.
z hbz/ Zlbc s
i hj sbm cdh bjn
ctsm/
ghzbjbbz t tjthb+
nlbjh jht hl mt
jhctbz ht mbcm bbbhr+
h hz bjn bjthzz hl
z b h qz s hdq
8/ |mbt zmhtz m cdh
jznt dlc sb cts
hz bjn tbzz/
Zb} jtbz zms m
hzbjbbz rbjhr hzzjb.
hl sbm qhtbz bjn
qz/
/7
0
/7
8
8/7
4
4/7
:
,0 ,2+000 ,8=+000 ,43+000 ,:1+000 ,
8/2/2019 2007 Dallas Federal Reserve Annual Report
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hol |mgr+ |ee+ sbkk sho| gqgo netg zgtqbjgz/
\g gngtcboc cbho|z sg zeng|bngz ght nhr
egt ewt ctgh|gz| eppet|wob|r/
Sb|m b|z khtcg pepwkh|beo hol hz|
ctes|m+ Jmboh sbkk jeo|tbdw|g netg |e |mg
tbzg bo ckedhk lgnhol |mho hor e|mgt jewo|tr
bo 400=/ \g oh|beoz zpgolboc bojtghzgz
hkeog zmewkl tghjm ,878 dbkkbeo et jennw.
objh|beoz hol |thozpet|h|beo+ ,881 dbkkbeo et
nglbjhk zgtqbjgz+ ,=3 dbkkbeo et glwjh|beo
hol ,32 dbkkbeo et tgjtgh|beo -G}mbdb| :"/
Bolbh seo| nh|jm |mg bojtgngo|hk
lgnhol ten Jmboh hol |mg W/Z/+ dw| b| zmewkl
hll ,:3 dbkkbeo et jennwobjh|beoz hol|thozpet|h|beo+ ,47 dbkkbeo et nglbjhk zgtqbjgz+
,4< dbkkbeo et glwjh|beo hol ,81 dbkkbeo et
tgjtgh|beo/
Zpgolboc bojtghzgz sbkk dgjeng gqgo
khtcgt hz Jmboh hol Bolbh jeo|bowg |e ctes/
H dbc jmwoi e |mbz lgnhol sbkk oe lewd|
dg kkgl dr lengz|bj zgtqbjg pteqblgtz+ dw|
jeozwngtz hol dwzbogzzgz bo Jmboh+ Bolbh hol
gkzgsmgtg sbkk hkze zmep |mg setkl nhtig|/
\bz sbkk ngho pe|go|bhk ogs dwzbogzz et
jenphobgz |mh| lgkbqgt xwhkb|r hol qhkwg bo
zgtqbjgz g}pet|zdwzbogzz et |mg W/Z/ hol+
rgz+ et e|mgt jewo|tbgz hz sgkk/
Bo 4001+ ewt khtcgz| nhtig|z et zgtqbjgz
g}pet|z sgtg jewo|tbgz sb|m keoc.z|holboc gje
oenbj |bgz |e |mg W/Z/|mg Wob|gl Iboclen+ Fh.pho+ Jhohlh+ Ng}bje hol Cgtnhor/ Hngtbjho
jenphobgz mhqg mhl lgjhlgz |e dwbkl wp dwzb.
G}mbdb| :
Dbc Jewo|tbgz+
Dbc Lgnholz
At Jmbh hlBlbh+ hz ctsm hl
htc hbz sb
jndb sbm mbcm
hzbjbbz ltbq
ztc lnhl t
ztqbjz b 400=/
|m mc+ tbjm w/Z/
jnr s cts
hz hz+ d bz zb
hnc m mt
jtbdtz cdhlnhl/
JmbohPep/ 8/:8< dbkkbeo
,=+114 pgt jhpb|h CLP
80/=' hoowhk CLP ctes|m
BolbhPep/ 8/88: dbkkbeo
,:+34< pgt jhpb|h CLP
=/1' hoowhk CLP ctes|m
W/Z/Pep/ 0/: dbkkbeo
,
8/2/2019 2007 Dallas Federal Reserve Annual Report
17/59
ogzz bo |mgzg nhtig|z+ hol ewt zgtqbjgz g}pet|z
|e |mgn htg z|bkk ctesboc -G}mbdb|
8/2/2019 2007 Dallas Federal Reserve Annual Report
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mhz tbzgo thpblkr+ zwccgz|boc |mh| sgtg zgkk.
boc |mg setkl netg qhkwhdkg zgtqbjgz/ Tbzboc
bojengz bo e|mgt jewo|tbgz hol |tgh|bgz |mh|
tgneqgl |thlg dhttbgtz hkze jeo|tbdw|gl |e
mbcmgt tgkh|bqg ptbjgz et zgtqbjgz g}pet|z/
\g |bnboc+ mesgqgt+ zwccgz|z |mg igr
hj|et h| seti shz |gjmoekecr/ Zgtqbjgz
tgkh|bqg ptbjgz |eei e fwz| hz |mg tgqekw.
|beo bo boetnh|beo ptejgzzboc hol jen.
nwobjh|beoz mb| b|z z|tblg/ \g boqgo|beo e|mg nbjteptejgzzet kgl |e jenpw|gtz+ jgkk
pmeogz+ |mg Bo|gtog| hol g.nhbk+ g}pholboc
|mg jhphjb|r |e neqg qhz| hnewo|z e lh|h
qbt|whkkr horsmgtg/ Zgtqbjg ptelwjgtz jewkl
jeoogj| |e lbz|ho| jwz|engtz bo shrz ogqgt
dgetg pezzbdkg/Zgtqbjgz lbgt ten ceelz bo wolhngo.
|hk shrz/ Nez| ceelz jho dg nhzz.ptelwjgl+
jth|gl+ shtgmewzgl hol zmbppgl9 ptelwj|beo
hol jeozwnp|beo nhr dg sblgkr zgphth|gl
bo |bng hol zphjg/ \grtg ghzbkr |thlgl+ gqgo
eqgt keoc lbz|hojgz/ Nez| zgtqbjgz+ eo |mg
e|mgt mhol+ htg jtgh|gl et zpgjbj jwz|en.
gtz+ lgkbqgtgl lbtgj|kr |e |mgn hol jeozwngl
smgo ptelwjgl/ \gr sgtg lbajwk| |e |thlg
wo|bk |gjmoekecr tglwjgl |mg dhttbgtz bn.
pezgl dr lbz|hojg/
Ceelz z|bkk hjjewo| et |mg dwki e W/Z/g}pet|z+ dw| zgtqbjgz mhqg chbogl ctewol+ tbz.
boc ten 82/1 pgtjgo| e |e|hk g}pet|z bo 82=0
|e 42/= pgtjgo| bo 4003 -G}mbdb| 1+ phcg 8="/
\g oh|beoz etgbco zhkgz e zgtqbjgz |e|hkgl
,
8/2/2019 2007 Dallas Federal Reserve Annual Report
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,480 dbkkbeo+ jewo|tbgz |mh| dgog| ten
ghzr hjjgzz |e |mg nhtig|z e |mgbt Gwtepgho
Wobeo pht|ogtz/
Dtghiboc b| leso dr bolwz|tr+ sg ol
W/Z/ zgtqbjgz g}pet|z g}jgglgl bnpet|z bo 87
e |mg 40 jh|gcetbgz |thjigl dr |mg Jen.
ngtjg Lgpht|ngo|e|go dr h khtcg nhtcbo
-G}mbdb| 3+ phcg 82"/ Ewt dbccgz| glcg shz
bo bolwz|tbhk gocboggtboc+ smgtg g}pet|z
sgtg hknez| 4< |bngz bnpet|z/ \bz tggj|z
ckedhk lgnhol et W/Z/ |gjmobjbhoz+ sme ce
eqgtzghz |e boz|hkk jenpw|gtbvgl jeo|tek zrz.
|gnz+ lgzbco bolwz|tbhk tede|z hol z|tghnkbog
zwppkr jmhboz/Bo 4001+ W/Z/ neqbg z|wlbez ptelwjgl
zwjm de}.eajg mb|z hz Pbth|gz ea |mg Jhtbd.
dgho6 Lghl Nhoz Jmgz|+ mgkpboc ewt etgbco
lbz|tbdw|beo e knz hol Q zmesz g}jggl
bnpet|z dr h hj|et e 8:/
Nglbh tgpet|z mhqg ejwzgl eo Hngtb.
jhoz |thqgkboc hdtehl bo zghtjm e hetlhdkg
mghk|m jhtg+ dw| etgbcogtz zpgo| 80 |bngz
netg eo W/Z/ nglbjhk zgtqbjgz |mho sg zpgo|
eqgtzghz bo 4001/ \g Wob|gl Z|h|gz kghlz |mg
setkl bo nglbjhk tgzghtjm+ mgkpboc lej|etz
hol mezpb|hkz egt ph|bgo|z hlqhojgl jhtg
|mgr nhr dg wohdkg |e ol bo |mgbt meng
jewo|tbgz/
Aetgbcogtz htg gnpkerboc W/Z/ tnz et
bothz|twj|wtg hol g}pketh|beo ptefgj|z/ Bo
jeoz|twj|beo+ gocboggtboc+ htjmb|gj|wthk hol
nboboc zgtqbjgz+ ewt g}pet|z sgtg oghtkr80 |bngz ewt bnpet|z/ \g og}| khtcgz| W/Z/
g}pet|.|e.bnpet| th|bez sgtg bo lh|hdhzg
hol e|mgt boetnh|beo zgtqbjgz hol boz|hkkh.
|beo+ tgphbt hol nhbo|gohojg e gxwbpngo|/
A\B Jeozwk|bocDwzbogzz Hlqbjg
Stibc t jnhbz hl zmhtmltz
tztq ttbz qh+ A|B Jzbc
mz jbz hqbch m thjmtz shtz
cdh hjbh+ ch hl tchtr
bzzz/ B mhz 4+
8/2/2019 2007 Dallas Federal Reserve Annual Report
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Bolg}+ 8230 > 800
0
800
400
:00
8/2/2019 2007 Dallas Federal Reserve Annual Report
21/59
Atgbcm|
,
8/2/2019 2007 Dallas Federal Reserve Annual Report
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W/Z/ g}pgt|z htg dgboc mbtgl |e nhig etgbco
jenphobgz netg gajbgo|/
Ewt khs tnz mhqg pekbzmgl |mgbt zibkkz
bo h mbcmkr zepmbz|bjh|gl kgchk zrz|gn/ \bz
sghk|m e |hkgo| mgkpgl cbqg |mg W/Z/ h 7 |e 8
glcg bo kgchk zgtqbjgz/ Ewt bolwz|tbhk nbcm|
dgcho nhiboc wz tbjm netg |mho h jgo|wtr
hce+ pteqblboc ho bnpg|wz et lgqgkepboc
|mg ohojbhk g}pgt|bzg ogglgl |e nhohcg
|mg neogr/ \bz kgchjr g}pkhboz smr ewt
ohojbhk zgtqbjgz g}pet|z sgtg ewt |bngz
bnpet|z bo 4001/ Nhor Hngtbjho jekkgcgz
hol wobqgtzb|bgz thoi hneoc |mg dgz| bo
|mg setkl/ \g glwjh|beohk zgtqbjgz sg zgkketgbcogtz htg |mtgg |bngz ctgh|gt |mho smh|
sg dwr hdtehl/
W/Z/ jenphobgz mhqg lgqgkepgl h lggp
tgzgtqebt e pte|hdkg jeprtbcm|z hol ph|.
go|z/ hiboc |mbz bo|gkkgj|whk ptepgt|r |e |mg
ckedhk nhtig|pkhjg ghtoz |mgn terhk|bgz hol
kbjgozboc ggz/ Smh| sg tgjgbqg ten etgbco.
gtz g}jgglz smh| sg phr |e e|mgt jewo|tbgz
dr dg||gt |mho 4 |e 8/
\g W/Z/ tho h zkbcm| zgtqbjgz zwtpkwz bo
|thqgk hol |ewtbzn+ |mg khtcgz| zgtqbjg jh|.
gcetr bo bo|gtoh|beohk |thlg/ Ewt g}pet|z hkze
g}jgglgl bnpet|z bo pet| zgtqbjgz+ |gkgjen.
nwobjh|beoz+ jenpw|gt hol lh|h ptejgzzboc+
hol nhohcgngo|+ jeozwk|boc hol pwdkbj
tgkh|beoz/
Sg tho zbcobjho| |thlg lgjb|z bo fwz|
|se jh|gcetbgz e zgtqbjgztgbcm| hol bozwt.hojg/ Sg mhl znhkkgt lgjb|z bo |mtgg e|mgt
htghzphzzgocgt htgz+ hlqgt|bzboc+ hol
tgzghtjm+ lgqgkepngo| hol |gz|boc/
Dtehl |thlg ph||gtoz zmes |mg W/Z/
Akwet Jetp/Gocboggtboc hol Jeoz|twj|beo
Btqbc.dhzl At thz hjtzz zb} jb.
z+ mhlbc htc.zjh tfjz b zjm j.
tbz hz Tzzbh+ Zhlb Hthdbh+ Zm Htbjh+ Jmbh+
Ncbh hl Hzthbh/ |m jnhrz ztqbjz
bjl cbtbc+ tjtn+ jztjb
hl nhbhj/
At stiz b tn hl bmzb.
hd zbcz/ Atn 400< 4003+ bz Mz
j shz ht h cdh lzbc+ cbzbjz hl
jztjb hn t h zmt b.tjzzbc
hjbbr Tzzbhz Zhimhb Bzhl+ smt sbtz
dtbc nbz.
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Dtehl |thlg ph||gtoz
zmes |mg W/Z/ bz ckedhkkr
jenpg|b|bqg bo h sblg
thocg ea bolwz|tbgz
|mh| gnpker zibkkgl
zgtqbjgz pteagzzbeohkz
jhphdkg ea jenpkg} hol
zepmbz|bjh|gl seti/
bz ckedhkkr jenpg|b|bqg bo h sblg thocg e
bolwz|tbgz |mh| gnpker zibkkgl zgtqbjgz pte.
gzzbeohkz jhphdkg e jenpkg} hol zepmbz.
|bjh|gl seti/ \g zgtqbjgz sg |thlg boqekqg
gndgllgl ioeskglcg/ Sgtg netg kbigkr |e
zgkk etgbcogtz jhojgt |tgh|ngo|z |mho jekl
tgnglbgz+ ngtcgt hol hjxwbzb|beo hlqbjg
|mho ph|go| zghtjmgz+ jenpw|gt zrz|gn
lgzbco |mho dhzbj ptecthnnboc/
G}pet|boc Ioeskglcg
Zeng e Hngtbjhoz ho}bg|r eqgt ckedhk.
bvh|beo htbzgz ten h cw|.kgqgk xwgz|beo6 Mes
sbkk sg nhbo|hbo ewt mbcm z|holhtl e kbqbocbo |mbz ogs gjeoenbj goqbteongo|5 Zgtqbjgz
g}pet|z htg h dbc pht| e |mg hozsgt/
Jmboh+ Bolbh hol e|mgt kes.shcg oh.
|beoz jenpg|g h| |mg kes gol e zgtqbjgz
|thlg sb|m jhkk jgo|gtz+ dhji.eajg epgth|beoz
hol |mg kbig/ W/Z/ zgtqbjg g}pet|gtz le dwzb.
ogzz h| |mg e|mgt gol e |mg zibkkz zpgj|twn/
Sg pteqblg mbcm.qhkwg.hllgl zgtqbjgz
|mezg set|m netg |e jwz|engtz dgjhwzg
|mgr gndelr |mg zibkkz hol |hkgo|z e mbcmkr
glwjh|gl ptegzzbeohkz/ Setigtz sme hll
|mg nez| qhkwg ghto |mg mbcmgz| bojengz/
\g Wob|gl Z|h|gz mhz dggo g}pholboc
b|z qhkwg.hllgl ptelwj|beo et cgogth|beoz
sb|mbo fedz+ tnz hol bolwz|tbgz+ hol hjtezz
|mg gjeoenr hz h smekg/
Ahtnz mhqg zmb|gl ten khdet. |e
jhpb|hk.bo|gozbqg ptelwj|beo/ Ahj|etbgzmhqg neqgl ten nhiboc |g}|bkgz hol |erz
|e ptelwjboc hbtjth|+ pmhtnhjgw|bjhkz hol
nbjtejmbpz/ \g zgtqbjgz mbgthtjmr bzo|
hor lbgtgo|/ B| z|ht|gl sb|m zghnz|tgzzgz+
Z|ho|eo Z|tgg|Sgd Lgqgkepgtz
gq znh dzbzzz ht jhzmbc b
ztqbjz }tz/
g phzz Zh Zt hzzndl h dbb.
ch+ dbjth hl dbhbh hn lq
Bt zbz t jnhbz/ B hllbb
w/Z/ jzntz+ m jnhr l dzbzz
hjtzz m dtlt b N}bj/
oqhn}+ h l hl dqthc tljt+
mbtl Zh Zt jth h sdzb ht.
bc bz tljz+ bjlbc Fhttbz z ltbiz+
Bdhtth jmjhz+ Nbthch nbth sht
hl Jmh m zhj/
Sdzb qbzbtz t h N}bjh nt.
jhl sbm qt zbc hjtzz m dtlt/
oqhn} zz Zhbzm hl gcbzm jn.
nbjh lbtjr sbm thbtz ztqbc bz
htc nhti tz. hl zjl.cthb
N}bjh.Hntbjhz bqbc b m w/Z/
S z ctsm tbbz t Zh
Zt dhzl m hj mh w/Z/ jnhbz
ht lbc nt dzbzz b N}bj hl N}b.
jh jnhbz ht lbc nt dzbzz b m
w/Z/+ zhrz ptzbl Dtbh Shjm/
\g}hz Zgtqbjgz G}pet|gt
4003 HoowHk TgpeT|6 Eppet|wob|r Ioejiz 4
8/2/2019 2007 Dallas Federal Reserve Annual Report
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G}mbdb| =
\mg Tehl aten
Zgtalen
kibc h h dthl jtzz.
zjb jnbz nhiz
m bi ds ztqbjz hl
mbcmt bjnz nbzhi.
hd/ Jtbz sbm znh
hctbjth zjtz l d
tbjm+ smb mz hjhbc h
htc zmht hdt htnbc
mhq thbqr s t jhbh
bjnz -|ep"/
Tljbc hdt b hctbj.
t hl chtbc blztr
hsz hbz bjthz
mbt bjnz/ Msqt+ blz.
tbhbvhbz chbz ct
jjt ht hd h mbtl
hdt tztjz mhq zmbl
b clz tljb -nbllkg"/
|m tbjmz jtbz mhq
nql drl blztr+ hl
nz mbt stitz ht
nrl b ztqbjz/ |m 80
jtbz sbm m mbcmz
bjnz h mhq h hz
s.mbtlz mbt hdt b
mbz zjt/ |m 80 tz
jtbz zb mhq zz mh
h xhtt mbt hdt b
ztqbjz blztbz -de||en"/
0 80 40 :0
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khwolgtgtz+ jkgtiz+ |gkgpmeog epgth|etz
hol kes.gol pgtzeohk zgtqbjgz hol z|ghlbkr
jkbndgl wpshtl |e fedz hz nglbjhk zpgjbhkbz|z+
etgozbj hjjewo|ho|z+ bolwz|tbhk pzrjmekecbz|z
hol goqbteongo|hk htjmb|gj|z/
H| |mg nhjtegjeoenbj kgqgk+ hctbjwk|wtg
chqg shr |e |mg ctes|m e bolwz|tr9 bo |bng+
bolwz|tr mhz cbqgo shr |e |mg g}phozbeo e
zgtqbjgz/ \bz ph||gto mhz dggo tgpgh|gl bo
nez| e|mgt oh|beoz hz bojeng ctes|m zmb|z
jeozwngt lgnhol hol |mg tgkh|bqg xwhkb|r e
zgtqbjgz bnpteqgz/
Oh|beoz sb|m :0 pgtjgo| et netg e |mgbt
khdet bo hctbjwk|wtg wzwhkkr mhqg bojengzdgkes ,1+000 h rght -G}mbdb| =+ |ep"/ Hz |mbz
zgj|et zmtboiz+ bojeng tbzgz+ zkeskr h| tz|
dw| |mgo h| h hz|gt phjg/ Jewo|tbgz sb|m kgzz
|mho 7 pgtjgo| e |mgbt khdet bo htnboc |gol
|e mhqg pgt jhpb|h bojengz hdeqg ,:0+000 h
rght/ W/Z/ htnz hol thojmgz gnpker fwz| 8/7
pgtjgo| e |mg oh|beoz setigtz/
\g hlep|beo e netg.ptelwj|bqg htn.
boc |gjmobxwgz tggz wp twthk khdet+ smbjm
nbcth|gz |e |mg jb|bgz |e seti bo nhowhj|wt.
boc hol jeoz|twj|beo/ Setigtz tgzm ten
|mg htn |gol |e dg kes zibkkgl hol kgzz
glwjh|gl+ dw| nhjmbogtr hol eo.|mg.fed
|thboboc xwbjikr thbzg |mgbt ptelwj|bqb|r/ Pgt
jhpb|h bojengz tbzg/ Z|gp dr z|gp+ bolwz|tbhk
gjeoenbgz nhig ptectgzzwp |e h pebo|
-G}mbdb| =+ nbllkg"/Ctes|m |golz |e tghjm h oh|wthk kbnb| hz
bolwz|tr hpptehjmgz :0 pgtjgo| e gnpker.
ngo|/ Hdeqg |mh|+ |mg zmhtg e fedz bo bolwz.
|tr hkkz hz bojengz tbzg/ Bo |mg Wob|gl Z|h|gz+
nhowhj|wtboc+ nboboc hol jeoz|twj|beo
fedz |eppgl ew| h| h |mbtl e gnpkerngo| bo
|mg ghtkr 8270z hol mhqg gddgl gqgt zbojg+
hkkboc dgkes 40 pgtjgo|/
Khdet tgzewtjgz oe keocgt ogglgl dr
bolwz|tr ol |mgbt shr bo|e zgtqbjgz/ Pgt
jhpb|h bojengz tbzg xwbjikr eojg zgtqbjgz
jeoz|b|w|g netg |mho 70 pgtjgo| e fedz+ bolb.
jh|boc |mh| gjeoenbgz mhqg zmb|gl |e h ogs
nelgk et zwjjgzz+ eog jgo|gtgl eo glwjh|.
boc |mgbt setigtz et mbcm.gol zgtqbjgz fedz
-G}mbdb| =+ de||en"/ \g W/Z/ zgtqbjg zgj|et
mhz g}pholgl thpblkr bo tgjgo| lgjhlgz hol
oes gnpkerz tewcmkr =0 pgtjgo| e setigtz/
Mbcm bojengz hol khtcg zgtqbjg zgj|etz
ce mhol bo mhol+ dgkrboc |mg ekl jtb|bjbzn e
zgtqbjgz hz h zgj|et e kes.shcg+ lghl.gol
fedz/ \g tgjetl zmesz |mh| zgtqbjgz htg |mgph|m |e ptezpgtb|r+ oe| peqgt|r/ Hngtbjhz
zgtqbjg.lenboh|gl gjeoenr |thbkz eokr |bor
Kw}gndewtcz bo pgt jhpb|h bojeng/ Tbcm|
dgmbol wz htg Oetshr+ Btgkhol+ Zsb|vgtkhol
hol e|mgt oh|beoz ht hkeoc bo |mg |thozb|beo
|e zgtqbjgz/
\gzg gjeoenbgz jewklo| |mtbqg wokgzz
zgtqbjgz fedz phbl sgkk/ W/Z/ shcgz mhqg dggo
tbzboc hz|gt bo zgtqbjgz bolwz|tbgz |mho bo
nhowhj|wtboc/ Zbojg 8220+ |mg chboz mhqg
dggo pht|bjwkhtkr z|teoc bo ohojg+ bozwt.
hojg hol tghk gz|h|g9 glwjh|beo hol mghk|m9
boetnh|beo9 hol ptegzzbeohk hol dwzbogzz
zgtqbjgz -G}mbdb| 2+ |ep"/ Hneoc nhfet fed
jh|gcetbgz+ eokr |thozpet|h|beo hol shtgmewz.
boc mhqg hbkgl |e ew|phjg nhowhj|wtboc/
Bo 4003+ hqgthcg mewtkr nhowhj|wtbocghtobocz+ g}jkwlboc eqgt|bng+ z|eel h| ,81/
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G}mbdb| 2
Zgtqbjgz Zmbog bo
Phr / / /
Cl ztqbjz fdz ht smh
nhi lql jnbz
shmbt/ B m w/Z/+ zt.
qbjz jjhbz mh txbt
zmbzbjhl islc hr
dt mh nhhjtbc fdz+
smb mz mh l tr
zjbhbvl islc mhq
st shcz -bozg|"/
Thbq nhhjtbc+
hr t nz mbcm.l ztqbjz
jjhbz mhz d tbzbc/
|m thb mhz ljbl b r
zjts.zibl thz.
thb hl shtmzbc/
/ / / hol Ptelwj|bqb|r
ptljbqbr bz ir mbcmt
hr b ztqbjz/ |m wbl
Zhz bz mt jtbz
s hmhl m tz m
stl b ztqbjz t
nr/ Athj hl Bhr mhq
htc tbzn blztbz mh
dz mbt nhztl ztqbjz
tljbqbr/ |m w/Z/ mhz h
htct dzbzz hl tzzbh
ztqbjz jhctr/
Th|be ea zgtqbjgz |e nhowahj|wtboc phr -bolg}+ 8220 > 800"
4003 hqgthcg mewtkr ghtobocz
W|bkb|bgz ,43/2:Boaetnh|beo 4:/24Pteagzzbeohk hol dwzbogzz zgtqbjgz 40/8