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FRBSF University Symposium
Board of Governors
Governor Randall S. Kroszner
Chris Clark
Heidi Downs
Travis George
Jim Mignano
Finian Small
Current US Economic Conditions • Deceleration of GDP growth
– Consumer spending slowing down– Decrease in residential investment
•Largest decrease since 1991– Inflation is still under control
FRBSF University Symposium
Current US Economic Conditions
FRBSF University Symposium
Percentage Change in Real GDP and Related Measures
-20
-15
-10
-5
0
5
10
15
20
25
2004-Q1 2004-Q2 2004-Q3 2004-Q4 2005-Q1 2005-Q2 2005-Q3 2005-Q4 2006-Q1 2006-Q2 2006-Q3
GDP
Res. Fixed Investment
Personal Consumption Expenditures
Gross Private Domestic Investment
Government Spending
Current US Economic Conditions
• Fed Funds Rate: 5.25%
• Low unemployment
• Personal income increased
FRBSF University Symposium
Current International Conditions • Improving current account
– Shrinking trade deficits
• Worsening capital account– Shrinking capital and investment net
inflow surpluses
FRBSF University Symposium