The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
S. HRG. 113–473, VOL. II FEDERAL RESERVE’S SECOND MONETARY POLICY REPORT FOR 2014 HEARING BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ONE HUNDRED THIRTEENTH CONGRESS SECOND SESSION VOLUME II ON OVERSIGHT ON THE MONETARY POLICY REPORT TO CONGRESS PURSUANT TO THE FULL EMPLOYMENT AND BALANCED GROWTH ACT OF 1978 JULY 15, 2014 Printed for the use of the Committee on Banking, Housing, and Urban Affairs ( VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00003 Fmt 6011 Sfmt 6011 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00004 Fmt 6011 Sfmt 6011 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON S. HRG. 113–473, VOL. II FEDERAL RESERVE’S SECOND MONETARY POLICY REPORT FOR 2014 HEARING BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ONE HUNDRED THIRTEENTH CONGRESS SECOND SESSION VOLUME II ON OVERSIGHT ON THE MONETARY POLICY REPORT TO CONGRESS PURSUANT TO THE FULL EMPLOYMENT AND BALANCED GROWTH ACT OF 1978 JULY 15, 2014 Printed for the use of the Committee on Banking, Housing, and Urban Affairs ( Available at: http: //www.fdsys.gov / U.S. GOVERNMENT PUBLISHING OFFICE WASHINGTON 92–256 PDF : 2015 For sale by the Superintendent of Documents, U.S. Government Publishing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00005 Fmt 5011 Sfmt 5011 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS TIM JOHNSON, South Dakota, Chairman JACK REED, Rhode Island MIKE CRAPO, Idaho CHARLES E. SCHUMER, New York RICHARD C. SHELBY, Alabama ROBERT MENENDEZ, New Jersey BOB CORKER, Tennessee SHERROD BROWN, Ohio DAVID VITTER, Louisiana JON TESTER, Montana MIKE JOHANNS, Nebraska MARK R. WARNER, Virginia PATRICK J. TOOMEY, Pennsylvania JEFF MERKLEY, Oregon MARK KIRK, Illinois KAY HAGAN, North Carolina JERRY MORAN, Kansas JOE MANCHIN III, West Virginia TOM COBURN, Oklahoma ELIZABETH WARREN, Massachusetts DEAN HELLER, Nevada HEIDI HEITKAMP, North Dakota CHARLES YI, Staff Director GREGG RICHARD, Republican Staff Director BRETT LAURA SWANSON, Deputy Staff Director GLEN SEARS, Deputy Policy Director HEWITT, Policy Analyst and Legislative Assistant DAN FITCHLER, FSOC Detailee GREG DEAN, Republican Chief Counsel MIKE LEE, Republican Professional Staff Member JELENA MCWILLIAMS, Republican Senior Counsel ELAD ROISMAN, Republican Securities Counsel DAWN RATLIFF, Chief Clerk TAYLOR REED, Hearing Clerk SHELVIN SIMMONS, IT Director JIM CROWELL, Editor (II) VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00006 Fmt 0486 Sfmt 0486 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00007 Fmt 6633 Sfmt 6633 715BB052.eps (853) L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00008 Fmt 6633 Sfmt 6633 715BB053.eps 854 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00009 Fmt 6633 Sfmt 6633 715BB054.eps 855 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00010 Fmt 6633 Sfmt 6633 715BB055.eps 856 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00011 Fmt 6633 Sfmt 6633 715BB056.eps 857 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00012 Fmt 6633 Sfmt 6633 715BB057.eps 858 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00013 Fmt 6633 Sfmt 6633 715BB058.eps 859 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00014 Fmt 6633 Sfmt 6633 715BB059.eps 860 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00015 Fmt 6633 Sfmt 6633 715BB060.eps 861 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00016 Fmt 6633 Sfmt 6633 715BB061.eps 862 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00017 Fmt 6633 Sfmt 6633 715BB062.eps 863 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00018 Fmt 6633 Sfmt 6633 715BB063.eps 864 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00019 Fmt 6633 Sfmt 6633 715BB064.eps 865 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00020 Fmt 6633 Sfmt 6633 715BB065.eps 866 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00021 Fmt 6633 Sfmt 6633 715BB066.eps 867 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00022 Fmt 6633 Sfmt 6633 715BB067.eps 868 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00023 Fmt 6633 Sfmt 6633 715BB068.eps 869 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00024 Fmt 6633 Sfmt 6633 715BB069.eps 870 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00025 Fmt 6633 Sfmt 6633 715BB070.eps 871 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00026 Fmt 6633 Sfmt 6633 715BB071.eps 872 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00027 Fmt 6633 Sfmt 6633 715BB072.eps 873 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00028 Fmt 6633 Sfmt 6633 715BB073.eps 874 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00029 Fmt 6633 Sfmt 6633 715BB074.eps 875 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00030 Fmt 6633 Sfmt 6633 715BB075.eps 876 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00031 Fmt 6633 Sfmt 6633 715BB076.eps 877 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00032 Fmt 6633 Sfmt 6633 715BB077.eps 878 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00033 Fmt 6633 Sfmt 6633 715BB078.eps 879 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00034 Fmt 6633 Sfmt 6633 715BB079.eps 880 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00035 Fmt 6633 Sfmt 6633 715BB080.eps 881 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00036 Fmt 6633 Sfmt 6633 715BB081.eps 882 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00037 Fmt 6633 Sfmt 6633 715BB082.eps 883 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00038 Fmt 6633 Sfmt 6633 715BB083.eps 884 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00039 Fmt 6633 Sfmt 6633 715BB084.eps 885 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00040 Fmt 6633 Sfmt 6633 715BB085.eps 886 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00041 Fmt 6633 Sfmt 6633 715BB086.eps 887 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00042 Fmt 6633 Sfmt 6633 715BB087.eps 888 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00043 Fmt 6633 Sfmt 6633 715BB088.eps 889 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00044 Fmt 6633 Sfmt 6633 715BB089.eps 890 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00045 Fmt 6633 Sfmt 6633 715BB090.eps 891 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00046 Fmt 6633 Sfmt 6633 715BB091.eps 892 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00047 Fmt 6633 Sfmt 6633 715BB092.eps 893 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00048 Fmt 6633 Sfmt 6633 715BB093.eps 894 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00049 Fmt 6633 Sfmt 6633 715BB094.eps 895 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00050 Fmt 6633 Sfmt 6633 715BB095.eps 896 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00051 Fmt 6633 Sfmt 6633 715BB096.eps 897 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00052 Fmt 6633 Sfmt 6633 715BB097.eps 898 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00053 Fmt 6633 Sfmt 6633 715BB098.eps 899 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00054 Fmt 6633 Sfmt 6633 715BB099.eps 900 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00055 Fmt 6633 Sfmt 6633 715BB100.eps 901 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00056 Fmt 6633 Sfmt 6633 715BB101.eps 902 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00057 Fmt 6633 Sfmt 6633 715BB102.eps 903 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00058 Fmt 6633 Sfmt 6633 715BB103.eps 904 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00059 Fmt 6633 Sfmt 6633 715BB104.eps 905 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00060 Fmt 6633 Sfmt 6633 715BB105.eps 906 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00061 Fmt 6633 Sfmt 6633 715BB106.eps 907 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00062 Fmt 6633 Sfmt 6633 715BB107.eps 908 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00063 Fmt 6633 Sfmt 6633 715BB108.eps 909 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00064 Fmt 6633 Sfmt 6633 715BB109.eps 910 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00065 Fmt 6633 Sfmt 6633 715BB110.eps 911 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00066 Fmt 6633 Sfmt 6633 715BB111.eps 912 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00067 Fmt 6633 Sfmt 6633 715BB112.eps 913 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00068 Fmt 6633 Sfmt 6633 715BB113.eps 914 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00069 Fmt 6633 Sfmt 6633 715BB114.eps 915 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00070 Fmt 6633 Sfmt 6633 715BB115.eps 916 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00071 Fmt 6633 Sfmt 6633 715BB116.eps 917 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00072 Fmt 6633 Sfmt 6633 715BB117.eps 918 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00073 Fmt 6633 Sfmt 6633 715BB118.eps 919 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00074 Fmt 6633 Sfmt 6633 715BB119.eps 920 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00075 Fmt 6633 Sfmt 6633 715BB120.eps 921 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00076 Fmt 6633 Sfmt 6633 715BB121.eps 922 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00077 Fmt 6633 Sfmt 6633 715BB122.eps 923 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00078 Fmt 6633 Sfmt 6633 715BB123.eps 924 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00079 Fmt 6633 Sfmt 6633 715BB124.eps 925 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00080 Fmt 6633 Sfmt 6633 715BB125.eps 926 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00081 Fmt 6633 Sfmt 6633 715BB126.eps 927 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00082 Fmt 6633 Sfmt 6633 715BB127.eps 928 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00083 Fmt 6633 Sfmt 6633 715BB128.eps 929 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00084 Fmt 6633 Sfmt 6633 715BB129.eps 930 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00085 Fmt 6633 Sfmt 6633 715BB130.eps 931 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00086 Fmt 6633 Sfmt 6633 715BB131.eps 932 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00087 Fmt 6633 Sfmt 6633 715BB132.eps 933 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00088 Fmt 6633 Sfmt 6633 715BB133.eps 934 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00089 Fmt 6633 Sfmt 6633 715BB134.eps 935 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00090 Fmt 6633 Sfmt 6633 715BB135.eps 936 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00091 Fmt 6633 Sfmt 6633 715BB136.eps 937 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00092 Fmt 6633 Sfmt 6633 715BB137.eps 938 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00093 Fmt 6633 Sfmt 6633 715BB138.eps 939 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00094 Fmt 6633 Sfmt 6633 715BB139.eps 940 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00095 Fmt 6633 Sfmt 6633 715BB140.eps 941 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00096 Fmt 6633 Sfmt 6633 715BB141.eps 942 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00097 Fmt 6633 Sfmt 6633 715BB142.eps 943 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00098 Fmt 6633 Sfmt 6633 715BB143.eps 944 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00099 Fmt 6633 Sfmt 6633 715BB144.eps 945 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00100 Fmt 6633 Sfmt 6633 715BB145.eps 946 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00101 Fmt 6633 Sfmt 6633 715BB146.eps 947 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00102 Fmt 6633 Sfmt 6633 715BB147.eps 948 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00103 Fmt 6633 Sfmt 6633 715BB148.eps 949 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00104 Fmt 6633 Sfmt 6633 715BB149.eps 950 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00105 Fmt 6633 Sfmt 6633 715BB150.eps 951 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00106 Fmt 6633 Sfmt 6633 715BB151.eps 952 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00107 Fmt 6633 Sfmt 6633 715BB152.eps 953 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00108 Fmt 6633 Sfmt 6633 715BB153.eps 954 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00109 Fmt 6633 Sfmt 6633 715BB154.eps 955 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00110 Fmt 6633 Sfmt 6633 715BB155.eps 956 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00111 Fmt 6633 Sfmt 6633 715BB156.eps 957 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00112 Fmt 6633 Sfmt 6633 715BB157.eps 958 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00113 Fmt 6633 Sfmt 6633 715BB158.eps 959 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00114 Fmt 6633 Sfmt 6633 715BB159.eps 960 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00115 Fmt 6633 Sfmt 6633 715BB160.eps 961 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00116 Fmt 6633 Sfmt 6633 715BB161.eps 962 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00117 Fmt 6633 Sfmt 6633 715BB162.eps 963 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00118 Fmt 6633 Sfmt 6633 715BB163.eps 964 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00119 Fmt 6633 Sfmt 6633 715BB164.eps 965 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00120 Fmt 6633 Sfmt 6633 715BB165.eps 966 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00121 Fmt 6633 Sfmt 6633 715BB166.eps 967 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00122 Fmt 6633 Sfmt 6633 715BB167.eps 968 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00123 Fmt 6633 Sfmt 6633 715BB168.eps 969 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00124 Fmt 6633 Sfmt 6633 715BB169.eps 970 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00125 Fmt 6633 Sfmt 6633 715BB170.eps 971 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00126 Fmt 6633 Sfmt 6633 715BB171.eps 972 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00127 Fmt 6633 Sfmt 6633 715BB172.eps 973 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00128 Fmt 6633 Sfmt 6633 715BB173.eps 974 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00129 Fmt 6633 Sfmt 6633 715BB174.eps 975 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00130 Fmt 6633 Sfmt 6633 715BB175.eps 976 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00131 Fmt 6633 Sfmt 6633 715BB176.eps 977 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00132 Fmt 6633 Sfmt 6633 715BB177.eps 978 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00133 Fmt 6633 Sfmt 6633 715BB178.eps 979 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00134 Fmt 6633 Sfmt 6633 715BB179.eps 980 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00135 Fmt 6633 Sfmt 6633 715BB180.eps 981 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00136 Fmt 6633 Sfmt 6633 715BB181.eps 982 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00137 Fmt 6633 Sfmt 6633 715BB182.eps 983 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00138 Fmt 6633 Sfmt 6633 715BB183.eps 984 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00139 Fmt 6633 Sfmt 6633 715BB184.eps 985 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00140 Fmt 6633 Sfmt 6633 715BB185.eps 986 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00141 Fmt 6633 Sfmt 6633 715BB186.eps 987 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00142 Fmt 6633 Sfmt 6633 715BB187.eps 988 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00143 Fmt 6633 Sfmt 6633 715BB188.eps 989 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00144 Fmt 6633 Sfmt 6633 715BB189.eps 990 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00145 Fmt 6633 Sfmt 6633 715BB190.eps 991 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00146 Fmt 6633 Sfmt 6633 715BB191.eps 992 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00147 Fmt 6633 Sfmt 6633 715BB192.eps 993 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00148 Fmt 6633 Sfmt 6633 715BB193.eps 994 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00149 Fmt 6633 Sfmt 6633 715BB194.eps 995 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00150 Fmt 6633 Sfmt 6633 715BB195.eps 996 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00151 Fmt 6633 Sfmt 6633 715BB196.eps 997 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00152 Fmt 6633 Sfmt 6633 715BB197.eps 998 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00153 Fmt 6633 Sfmt 6633 715BB198.eps 999 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00154 Fmt 6633 Sfmt 6633 715BB199.eps 1000 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00155 Fmt 6633 Sfmt 6633 715BB200.eps 1001 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00156 Fmt 6633 Sfmt 6633 715BB201.eps 1002 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00157 Fmt 6633 Sfmt 6633 715BB202.eps 1003 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00158 Fmt 6633 Sfmt 6633 715BB203.eps 1004 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00159 Fmt 6633 Sfmt 6633 715BB204.eps 1005 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00160 Fmt 6633 Sfmt 6633 715BB205.eps 1006 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00161 Fmt 6633 Sfmt 6633 715BB206.eps 1007 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00162 Fmt 6633 Sfmt 6633 715BB207.eps 1008 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00163 Fmt 6633 Sfmt 6633 715BB208.eps 1009 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00164 Fmt 6633 Sfmt 6633 715BB209.eps 1010 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00165 Fmt 6633 Sfmt 6633 715BB210.eps 1011 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00166 Fmt 6633 Sfmt 6633 715BB211.eps 1012 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00167 Fmt 6633 Sfmt 6633 715BB212.eps 1013 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00168 Fmt 6633 Sfmt 6633 715BB213.eps 1014 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00169 Fmt 6633 Sfmt 6633 715BB214.eps 1015 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00170 Fmt 6633 Sfmt 6633 715BB215.eps 1016 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00171 Fmt 6633 Sfmt 6633 715BB216.eps 1017 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00172 Fmt 6633 Sfmt 6633 715BB217.eps 1018 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00173 Fmt 6633 Sfmt 6633 715BB218.eps 1019 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00174 Fmt 6633 Sfmt 6633 715BB219.eps 1020 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00175 Fmt 6633 Sfmt 6633 715BB220.eps 1021 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00176 Fmt 6633 Sfmt 6633 715BB221.eps 1022 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00177 Fmt 6633 Sfmt 6633 715BB222.eps 1023 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00178 Fmt 6633 Sfmt 6633 715BB223.eps 1024 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00179 Fmt 6633 Sfmt 6633 715BB224.eps 1025 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00180 Fmt 6633 Sfmt 6633 715BB225.eps 1026 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00181 Fmt 6633 Sfmt 6633 715BB226.eps 1027 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00182 Fmt 6633 Sfmt 6633 715BB227.eps 1028 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00183 Fmt 6633 Sfmt 6633 715BB228.eps 1029 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00184 Fmt 6633 Sfmt 6633 715BB229.eps 1030 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00185 Fmt 6633 Sfmt 6633 715BB230.eps 1031 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00186 Fmt 6633 Sfmt 6633 715BB231.eps 1032 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00187 Fmt 6633 Sfmt 6633 715BB232.eps 1033 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00188 Fmt 6633 Sfmt 6633 715BB233.eps 1034 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00189 Fmt 6633 Sfmt 6633 715BB234.eps 1035 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00190 Fmt 6633 Sfmt 6633 715BB235.eps 1036 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00191 Fmt 6633 Sfmt 6633 715BB236.eps 1037 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00192 Fmt 6633 Sfmt 6633 715BB237.eps 1038 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00193 Fmt 6633 Sfmt 6633 715BB238.eps 1039 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00194 Fmt 6633 Sfmt 6633 715BB239.eps 1040 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00195 Fmt 6633 Sfmt 6633 715BB240.eps 1041 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00196 Fmt 6633 Sfmt 6633 715BB241.eps 1042 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00197 Fmt 6633 Sfmt 6633 715BB242.eps 1043 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00198 Fmt 6633 Sfmt 6633 715BB243.eps 1044 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00199 Fmt 6633 Sfmt 6633 715BB244.eps 1045 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00200 Fmt 6633 Sfmt 6633 715BB245.eps 1046 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00201 Fmt 6633 Sfmt 6633 715BB246.eps 1047 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00202 Fmt 6633 Sfmt 6633 715BB247.eps 1048 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00203 Fmt 6633 Sfmt 6633 715BB248.eps 1049 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00204 Fmt 6633 Sfmt 6633 715BB249.eps 1050 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00205 Fmt 6633 Sfmt 6633 715BB250.eps 1051 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00206 Fmt 6633 Sfmt 6633 715BB251.eps 1052 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00207 Fmt 6633 Sfmt 6633 715BB252.eps 1053 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00208 Fmt 6633 Sfmt 6633 715BB253.eps 1054 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00209 Fmt 6633 Sfmt 6633 715BB254.eps 1055 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00210 Fmt 6633 Sfmt 6633 715BB255.eps 1056 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00211 Fmt 6633 Sfmt 6633 715BB256.eps 1057 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00212 Fmt 6633 Sfmt 6633 715BB257.eps 1058 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00213 Fmt 6633 Sfmt 6633 715BB258.eps 1059 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00214 Fmt 6633 Sfmt 6633 715BB259.eps 1060 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00215 Fmt 6633 Sfmt 6633 715BB260.eps 1061 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00216 Fmt 6633 Sfmt 6633 715BB261.eps 1062 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00217 Fmt 6633 Sfmt 6633 715BB262.eps 1063 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00218 Fmt 6633 Sfmt 6633 715BB263.eps 1064 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00219 Fmt 6633 Sfmt 6633 715BB264.eps 1065 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00220 Fmt 6633 Sfmt 6633 715BB265.eps 1066 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00221 Fmt 6633 Sfmt 6633 715BB266.eps 1067 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00222 Fmt 6633 Sfmt 6633 715BB267.eps 1068 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00223 Fmt 6633 Sfmt 6633 715BB268.eps 1069 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00224 Fmt 6633 Sfmt 6633 715BB269.eps 1070 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00225 Fmt 6633 Sfmt 6633 715BB270.eps 1071 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00226 Fmt 6633 Sfmt 6633 715BB271.eps 1072 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00227 Fmt 6633 Sfmt 6633 715BB272.eps 1073 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00228 Fmt 6633 Sfmt 6633 715BB273.eps 1074 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00229 Fmt 6633 Sfmt 6633 715BB274.eps 1075 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00230 Fmt 6633 Sfmt 6633 715BB275.eps 1076 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00231 Fmt 6633 Sfmt 6633 715BB276.eps 1077 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00232 Fmt 6633 Sfmt 6633 715BB277.eps 1078 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00233 Fmt 6633 Sfmt 6633 715BB278.eps 1079 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00234 Fmt 6633 Sfmt 6633 715BB279.eps 1080 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00235 Fmt 6633 Sfmt 6633 715BB280.eps 1081 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00236 Fmt 6633 Sfmt 6633 715BB281.eps 1082 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00237 Fmt 6633 Sfmt 6633 715BB282.eps 1083 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00238 Fmt 6633 Sfmt 6633 715BB283.eps 1084 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00239 Fmt 6633 Sfmt 6633 715BB284.eps 1085 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00240 Fmt 6633 Sfmt 6633 715BB285.eps 1086 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00241 Fmt 6633 Sfmt 6633 715BB286.eps 1087 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00242 Fmt 6633 Sfmt 6633 715BB287.eps 1088 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00243 Fmt 6633 Sfmt 6633 715BB288.eps 1089 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00244 Fmt 6633 Sfmt 6633 715BB289.eps 1090 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00245 Fmt 6633 Sfmt 6633 715BB290.eps 1091 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00246 Fmt 6633 Sfmt 6633 715BB291.eps 1092 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00247 Fmt 6633 Sfmt 6633 715BB292.eps 1093 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00248 Fmt 6633 Sfmt 6633 715BB293.eps 1094 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00249 Fmt 6633 Sfmt 6633 715BB294.eps 1095 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00250 Fmt 6633 Sfmt 6633 715BB295.eps 1096 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00251 Fmt 6633 Sfmt 6633 715BB296.eps 1097 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00252 Fmt 6633 Sfmt 6633 715BB297.eps 1098 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00253 Fmt 6633 Sfmt 6633 715BB298.eps 1099 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00254 Fmt 6633 Sfmt 6633 715BB299.eps 1100 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00255 Fmt 6633 Sfmt 6633 715BB300.eps 1101 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00256 Fmt 6633 Sfmt 6633 715BB301.eps 1102 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00257 Fmt 6633 Sfmt 6633 715BB302.eps 1103 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00258 Fmt 6633 Sfmt 6633 715BB303.eps 1104 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON 1105 VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00259 Fmt 6633 Sfmt 6633 715CC001.eps Contract for construction administration services between the Board of Governors of the Federal Reserve System and Hill International, Inc. dated February 5, 2013 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00260 Fmt 6633 Sfmt 6633 715CC002.eps 1106 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00261 Fmt 6633 Sfmt 6633 715CC003.eps 1107 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00262 Fmt 6633 Sfmt 6633 715CC004.eps 1108 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00263 Fmt 6633 Sfmt 6633 715CC005.eps 1109 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00264 Fmt 6633 Sfmt 6633 715CC006.eps 1110 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00265 Fmt 6633 Sfmt 6633 715CC007.eps 1111 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00266 Fmt 6633 Sfmt 6633 715CC008.eps 1112 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00267 Fmt 6633 Sfmt 6633 715CC009.eps 1113 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00268 Fmt 6633 Sfmt 6633 715CC010.eps 1114 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00269 Fmt 6633 Sfmt 6633 715CC011.eps 1115 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00270 Fmt 6633 Sfmt 6633 715CC012.eps 1116 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00271 Fmt 6633 Sfmt 6633 715CC013.eps 1117 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00272 Fmt 6633 Sfmt 6633 715CC014.eps 1118 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00273 Fmt 6633 Sfmt 6633 715CC015.eps 1119 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00274 Fmt 6633 Sfmt 6633 715CC016.eps 1120 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00275 Fmt 6633 Sfmt 6633 715CC017.eps 1121 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00276 Fmt 6633 Sfmt 6633 715CC018.eps 1122 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00277 Fmt 6633 Sfmt 6633 715CC019.eps 1123 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00278 Fmt 6633 Sfmt 6633 715CC020.eps 1124 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00279 Fmt 6633 Sfmt 6633 715CC021.eps 1125 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00280 Fmt 6633 Sfmt 6633 715CC022.eps 1126 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00281 Fmt 6633 Sfmt 6633 715CC023.eps 1127 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00282 Fmt 6633 Sfmt 6633 715CC024.eps 1128 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00283 Fmt 6633 Sfmt 6633 715CC025.eps 1129 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00284 Fmt 6633 Sfmt 6633 715CC026.eps 1130 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00285 Fmt 6633 Sfmt 6633 715CC027.eps 1131 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00286 Fmt 6633 Sfmt 6633 715CC028.eps 1132 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00287 Fmt 6633 Sfmt 6633 715CC029.eps 1133 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00288 Fmt 6633 Sfmt 6633 715CC030.eps 1134 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00289 Fmt 6633 Sfmt 6633 715CC031.eps 1135 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00290 Fmt 6633 Sfmt 6633 715CC032.eps 1136 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00291 Fmt 6633 Sfmt 6633 715CC033.eps 1137 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00292 Fmt 6633 Sfmt 6633 715CC034.eps 1138 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00293 Fmt 6633 Sfmt 6633 715CC035.eps 1139 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00294 Fmt 6633 Sfmt 6633 715CC036.eps 1140 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00295 Fmt 6633 Sfmt 6633 715CC037.eps 1141 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00296 Fmt 6633 Sfmt 6633 715CC038.eps 1142 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00297 Fmt 6633 Sfmt 6633 715CC039.eps 1143 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00298 Fmt 6633 Sfmt 6633 715CC040.eps 1144 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00299 Fmt 6633 Sfmt 6633 715CC041.eps 1145 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00300 Fmt 6633 Sfmt 6633 715CC042.eps 1146 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00301 Fmt 6633 Sfmt 6633 715CC043.eps 1147 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00302 Fmt 6633 Sfmt 6633 715CC044.eps 1148 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00303 Fmt 6633 Sfmt 6633 715CC045.eps 1149 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00304 Fmt 6633 Sfmt 6633 715CC046.eps 1150 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00305 Fmt 6633 Sfmt 6633 715CC047.eps 1151 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00306 Fmt 6633 Sfmt 6633 715CC048.eps 1152 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00307 Fmt 6633 Sfmt 6633 715CC049.eps 1153 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00308 Fmt 6633 Sfmt 6633 715CC050.eps 1154 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00309 Fmt 6633 Sfmt 6633 715CC051.eps 1155 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00310 Fmt 6633 Sfmt 6633 715CC052.eps 1156 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00311 Fmt 6633 Sfmt 6633 715CC053.eps 1157 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00312 Fmt 6633 Sfmt 6633 715CC054.eps 1158 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00313 Fmt 6633 Sfmt 6633 715CC055.eps 1159 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00314 Fmt 6633 Sfmt 6633 715CC056.eps 1160 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00315 Fmt 6633 Sfmt 6633 715CC057.eps 1161 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00316 Fmt 6633 Sfmt 6633 715CC058.eps 1162 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00317 Fmt 6633 Sfmt 6633 715CC059.eps 1163 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00318 Fmt 6633 Sfmt 6633 715CC060.eps 1164 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00319 Fmt 6633 Sfmt 6633 715CC061.eps 1165 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00320 Fmt 6633 Sfmt 6633 715CC062.eps 1166 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00321 Fmt 6633 Sfmt 6633 715CC063.eps 1167 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00322 Fmt 6633 Sfmt 6633 715CC064.eps 1168 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00323 Fmt 6633 Sfmt 6633 715CC065.eps 1169 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00324 Fmt 6633 Sfmt 6633 715CC066.eps 1170 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00325 Fmt 6633 Sfmt 6633 715CC067.eps 1171 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00326 Fmt 6633 Sfmt 6633 715CC068.eps 1172 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00327 Fmt 6633 Sfmt 6633 715CC069.eps 1173 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00328 Fmt 6633 Sfmt 6633 715CC070.eps 1174 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00329 Fmt 6633 Sfmt 6633 715CC071.eps 1175 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00330 Fmt 6633 Sfmt 6633 715CC072.eps 1176 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00331 Fmt 6633 Sfmt 6633 715CC073.eps 1177 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00332 Fmt 6633 Sfmt 6633 715CC074.eps 1178 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00333 Fmt 6633 Sfmt 6633 715CC075.eps 1179 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00334 Fmt 6633 Sfmt 6633 715CC076.eps 1180 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00335 Fmt 6633 Sfmt 6633 715CC077.eps 1181 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00336 Fmt 6633 Sfmt 6633 715CC078.eps 1182 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00337 Fmt 6633 Sfmt 6633 715CC079.eps 1183 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00338 Fmt 6633 Sfmt 6633 715CC080.eps 1184 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00339 Fmt 6633 Sfmt 6633 715CC081.eps 1185 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00340 Fmt 6633 Sfmt 6633 715CC082.eps 1186 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00341 Fmt 6633 Sfmt 6633 715CC083.eps 1187 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00342 Fmt 6633 Sfmt 6633 715CC084.eps 1188 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00343 Fmt 6633 Sfmt 6633 715CC085.eps 1189 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00344 Fmt 6633 Sfmt 6633 715CC086.eps 1190 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00345 Fmt 6633 Sfmt 6633 715CC087.eps 1191 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00346 Fmt 6633 Sfmt 6633 715CC088.eps 1192 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00347 Fmt 6633 Sfmt 6633 715CC089.eps 1193 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00348 Fmt 6633 Sfmt 6633 715CC090.eps 1194 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00349 Fmt 6633 Sfmt 6633 715CC091.eps 1195 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00350 Fmt 6633 Sfmt 6633 715CC092.eps 1196 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00351 Fmt 6633 Sfmt 6633 715CC093.eps 1197 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00352 Fmt 6633 Sfmt 6633 715CC094.eps 1198 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00353 Fmt 6633 Sfmt 6633 715CC095.eps 1199 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00354 Fmt 6633 Sfmt 6633 715CC096.eps 1200 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00355 Fmt 6633 Sfmt 6633 715CC097.eps 1201 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00356 Fmt 6633 Sfmt 6633 715CC098.eps 1202 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00357 Fmt 6633 Sfmt 6633 715CC099.eps 1203 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00358 Fmt 6633 Sfmt 6633 715CC100.eps 1204 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00359 Fmt 6633 Sfmt 6633 715CC101.eps 1205 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00360 Fmt 6633 Sfmt 6633 715CC102.eps 1206 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00361 Fmt 6633 Sfmt 6633 715CC103.eps 1207 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00362 Fmt 6633 Sfmt 6633 715CC104.eps 1208 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00363 Fmt 6633 Sfmt 6633 715CC105.eps 1209 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00364 Fmt 6633 Sfmt 6633 715CC106.eps 1210 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00365 Fmt 6633 Sfmt 6633 715CC107.eps 1211 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00366 Fmt 6633 Sfmt 6633 715CC108.eps 1212 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00367 Fmt 6633 Sfmt 6633 715CC109.eps 1213 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00368 Fmt 6633 Sfmt 6633 715CC110.eps 1214 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00369 Fmt 6633 Sfmt 6633 715CC111.eps 1215 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00370 Fmt 6633 Sfmt 6633 715CC112.eps 1216 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00371 Fmt 6633 Sfmt 6633 715CC113.eps 1217 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00372 Fmt 6633 Sfmt 6633 715CC114.eps 1218 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00373 Fmt 6633 Sfmt 6633 715CC115.eps 1219 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00374 Fmt 6633 Sfmt 6633 715CC116.eps 1220 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00375 Fmt 6633 Sfmt 6633 715CC117.eps 1221 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00376 Fmt 6633 Sfmt 6633 715CC118.eps 1222 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00377 Fmt 6633 Sfmt 6633 715CC119.eps 1223 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00378 Fmt 6633 Sfmt 6633 715CC120.eps 1224 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00379 Fmt 6633 Sfmt 6633 715CC121.eps 1225 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00380 Fmt 6633 Sfmt 6633 715CC122.eps 1226 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00381 Fmt 6633 Sfmt 6633 715CC123.eps 1227 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00382 Fmt 6633 Sfmt 6633 715CC124.eps 1228 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00383 Fmt 6633 Sfmt 6633 715CC125.eps 1229 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00384 Fmt 6633 Sfmt 6633 715CC126.eps 1230 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00385 Fmt 6633 Sfmt 6633 715CC127.eps 1231 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00386 Fmt 6633 Sfmt 6633 715CC128.eps 1232 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00387 Fmt 6633 Sfmt 6633 715CC129.eps 1233 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00388 Fmt 6633 Sfmt 6633 715CC130.eps 1234 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00389 Fmt 6633 Sfmt 6633 715CC131.eps 1235 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00390 Fmt 6633 Sfmt 6633 715CC132.eps 1236 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00391 Fmt 6633 Sfmt 6633 715CC133.eps 1237 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00392 Fmt 6633 Sfmt 6633 715CC134.eps 1238 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00393 Fmt 6633 Sfmt 6633 715CC135.eps 1239 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00394 Fmt 6633 Sfmt 6633 715CC136.eps 1240 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00395 Fmt 6633 Sfmt 6633 715CC137.eps 1241 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00396 Fmt 6633 Sfmt 6633 715CC138.eps 1242 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00397 Fmt 6633 Sfmt 6633 715CC139.eps 1243 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00398 Fmt 6633 Sfmt 6633 715CC140.eps 1244 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00399 Fmt 6633 Sfmt 6633 715CC141.eps 1245 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00400 Fmt 6633 Sfmt 6633 715CC142.eps 1246 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00401 Fmt 6633 Sfmt 6633 715CC143.eps 1247 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00402 Fmt 6633 Sfmt 6633 715CC144.eps 1248 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00403 Fmt 6633 Sfmt 6633 715CC145.eps 1249 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00404 Fmt 6633 Sfmt 6633 715CC146.eps 1250 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00405 Fmt 6633 Sfmt 6633 715CC147.eps 1251 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00406 Fmt 6633 Sfmt 6633 715CC148.eps 1252 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00407 Fmt 6633 Sfmt 6633 715CC149.eps 1253 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00408 Fmt 6633 Sfmt 6633 715CC150.eps 1254 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00409 Fmt 6633 Sfmt 6633 715CC151.eps 1255 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00410 Fmt 6633 Sfmt 6633 715CC152.eps 1256 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00411 Fmt 6633 Sfmt 6633 715CC153.eps 1257 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00412 Fmt 6633 Sfmt 6633 715CC154.eps 1258 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00413 Fmt 6633 Sfmt 6633 715CC155.eps 1259 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00414 Fmt 6633 Sfmt 6633 715CC156.eps 1260 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00415 Fmt 6633 Sfmt 6633 715CC157.eps 1261 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00416 Fmt 6633 Sfmt 6633 715CC158.eps 1262 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00417 Fmt 6633 Sfmt 6633 715CC159.eps 1263 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00418 Fmt 6633 Sfmt 6633 715CC160.eps 1264 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00419 Fmt 6633 Sfmt 6633 715CC161.eps 1265 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00420 Fmt 6633 Sfmt 6633 715CC162.eps 1266 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00421 Fmt 6633 Sfmt 6633 715CC163.eps 1267 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00422 Fmt 6633 Sfmt 6633 715CC164.eps 1268 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00423 Fmt 6633 Sfmt 6633 715CC165.eps 1269 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00424 Fmt 6633 Sfmt 6633 715CC166.eps 1270 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00425 Fmt 6633 Sfmt 6633 715CC167.eps 1271 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00426 Fmt 6633 Sfmt 6633 715CC168.eps 1272 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00427 Fmt 6633 Sfmt 6633 715CC169.eps 1273 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00428 Fmt 6633 Sfmt 6633 715CC170.eps 1274 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00429 Fmt 6633 Sfmt 6633 715CC171.eps 1275 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00430 Fmt 6633 Sfmt 6633 715CC172.eps 1276 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00431 Fmt 6633 Sfmt 6633 715CC173.eps 1277 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00432 Fmt 6633 Sfmt 6633 715CC174.eps 1278 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00433 Fmt 6633 Sfmt 6633 715CC175.eps 1279 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00434 Fmt 6633 Sfmt 6633 715CC176.eps 1280 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00435 Fmt 6633 Sfmt 6633 715CC177.eps 1281 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00436 Fmt 6633 Sfmt 6633 715CC178.eps 1282 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00437 Fmt 6633 Sfmt 6633 715CC179.eps 1283 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00438 Fmt 6633 Sfmt 6633 715CC180.eps 1284 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00439 Fmt 6633 Sfmt 6633 715CC181.eps 1285 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00440 Fmt 6633 Sfmt 6633 715CC182.eps 1286 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00441 Fmt 6633 Sfmt 6633 715CC183.eps 1287 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00442 Fmt 6633 Sfmt 6633 715CC184.eps 1288 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00443 Fmt 6633 Sfmt 6633 715CC185.eps 1289 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00444 Fmt 6633 Sfmt 6633 715CC186.eps 1290 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00445 Fmt 6633 Sfmt 6633 715CC187.eps 1291 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00446 Fmt 6633 Sfmt 6633 715CC188.eps 1292 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00447 Fmt 6633 Sfmt 6633 715CC189.eps 1293 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00448 Fmt 6633 Sfmt 6633 715CC190.eps 1294 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00449 Fmt 6633 Sfmt 6633 715CC191.eps 1295 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00450 Fmt 6633 Sfmt 6633 715CC192.eps 1296 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00451 Fmt 6633 Sfmt 6633 715CC193.eps 1297 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00452 Fmt 6633 Sfmt 6633 715CC194.eps 1298 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00453 Fmt 6633 Sfmt 6633 715CC195.eps 1299 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00454 Fmt 6633 Sfmt 6633 715CC196.eps 1300 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00455 Fmt 6633 Sfmt 6633 715CC197.eps 1301 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00456 Fmt 6633 Sfmt 6633 715CC198.eps 1302 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00457 Fmt 6633 Sfmt 6633 715CC199.eps 1303 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00458 Fmt 6633 Sfmt 6633 715CC200.eps 1304 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00459 Fmt 6633 Sfmt 6633 715CC201.eps 1305 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00460 Fmt 6633 Sfmt 6633 715CC202.eps 1306 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00461 Fmt 6633 Sfmt 6633 715CC203.eps 1307 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00462 Fmt 6633 Sfmt 6633 715CC204.eps 1308 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00463 Fmt 6633 Sfmt 6633 715CC205.eps 1309 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00464 Fmt 6633 Sfmt 6633 715CC206.eps 1310 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00465 Fmt 6633 Sfmt 6633 715CC207.eps 1311 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00466 Fmt 6633 Sfmt 6633 715CC208.eps 1312 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00467 Fmt 6633 Sfmt 6633 715CC209.eps 1313 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00468 Fmt 6633 Sfmt 6633 715CC210.eps 1314 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00469 Fmt 6633 Sfmt 6633 715CC211.eps 1315 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00470 Fmt 6633 Sfmt 6633 715CC212.eps 1316 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00471 Fmt 6633 Sfmt 6633 715CC213.eps 1317 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00472 Fmt 6633 Sfmt 6633 715CC214.eps 1318 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00473 Fmt 6633 Sfmt 6633 715CC215.eps 1319 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00474 Fmt 6633 Sfmt 6633 715CC216.eps 1320 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00475 Fmt 6633 Sfmt 6633 715CC217.eps 1321 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00476 Fmt 6633 Sfmt 6633 715CC218.eps 1322 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00477 Fmt 6633 Sfmt 6633 715CC219.eps 1323 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00478 Fmt 6633 Sfmt 6633 715CC220.eps 1324 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00479 Fmt 6633 Sfmt 6633 715CC221.eps 1325 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00480 Fmt 6633 Sfmt 6633 715CC222.eps 1326 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00481 Fmt 6633 Sfmt 6633 715CC223.eps 1327 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00482 Fmt 6633 Sfmt 6633 715CC224.eps 1328 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00483 Fmt 6633 Sfmt 6633 715CC225.eps 1329 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00484 Fmt 6633 Sfmt 6633 715CC226.eps 1330 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00485 Fmt 6633 Sfmt 6633 715CC227.eps 1331 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00486 Fmt 6633 Sfmt 6633 715CC228.eps 1332 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00487 Fmt 6633 Sfmt 6633 715CC229.eps 1333 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00488 Fmt 6633 Sfmt 6633 715CC230.eps 1334 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00489 Fmt 6633 Sfmt 6633 715CC231.eps 1335 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00490 Fmt 6633 Sfmt 6633 715CC232.eps 1336 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00491 Fmt 6633 Sfmt 6633 715CC233.eps 1337 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00492 Fmt 6633 Sfmt 6633 715CC234.eps 1338 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00493 Fmt 6633 Sfmt 6633 715CC235.eps 1339 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00494 Fmt 6633 Sfmt 6633 715CC236.eps 1340 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00495 Fmt 6633 Sfmt 6633 715CC237.eps 1341 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00496 Fmt 6633 Sfmt 6633 715CC238.eps 1342 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00497 Fmt 6633 Sfmt 6633 715CC239.eps 1343 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00498 Fmt 6633 Sfmt 6633 715CC240.eps 1344 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00499 Fmt 6633 Sfmt 6633 715CC241.eps 1345 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00500 Fmt 6633 Sfmt 6633 715CC242.eps 1346 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00501 Fmt 6633 Sfmt 6633 715CC243.eps 1347 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00502 Fmt 6633 Sfmt 6633 715CC244.eps 1348 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00503 Fmt 6633 Sfmt 6633 715CC245.eps 1349 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00504 Fmt 6633 Sfmt 6633 715CC246.eps 1350 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00505 Fmt 6633 Sfmt 6633 715CC247.eps 1351 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00506 Fmt 6633 Sfmt 6633 715CC248.eps 1352 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00507 Fmt 6633 Sfmt 6633 715CC249.eps 1353 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00508 Fmt 6633 Sfmt 6633 715CC250.eps 1354 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00509 Fmt 6633 Sfmt 6633 715CC251.eps 1355 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00510 Fmt 6633 Sfmt 6633 715CC252.eps 1356 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00511 Fmt 6633 Sfmt 6633 715CC253.eps 1357 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00512 Fmt 6633 Sfmt 6633 715CC254.eps 1358 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00513 Fmt 6633 Sfmt 6633 715CC255.eps 1359 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00514 Fmt 6633 Sfmt 6633 715CC256.eps 1360 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00515 Fmt 6633 Sfmt 6633 715CC257.eps 1361 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00516 Fmt 6633 Sfmt 6633 715CC258.eps 1362 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00517 Fmt 6633 Sfmt 6633 715CC259.eps 1363 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00518 Fmt 6633 Sfmt 6633 715CC260.eps 1364 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00519 Fmt 6633 Sfmt 6633 715CC261.eps 1365 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00520 Fmt 6633 Sfmt 6633 715CC262.eps 1366 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00521 Fmt 6633 Sfmt 6633 715CC263.eps 1367 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00522 Fmt 6633 Sfmt 6633 715CC264.eps 1368 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00523 Fmt 6633 Sfmt 6633 715CC265.eps 1369 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00524 Fmt 6633 Sfmt 6633 715CC266.eps 1370 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00525 Fmt 6633 Sfmt 6633 715CC267.eps 1371 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00526 Fmt 6633 Sfmt 6633 715CC268.eps 1372 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00527 Fmt 6633 Sfmt 6633 715CC269.eps 1373 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00528 Fmt 6633 Sfmt 6633 715CC270.eps 1374 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00529 Fmt 6633 Sfmt 6633 715CC271.eps 1375 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00530 Fmt 6633 Sfmt 6633 715CC272.eps 1376 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00531 Fmt 6633 Sfmt 6633 715CC273.eps 1377 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00532 Fmt 6633 Sfmt 6633 715CC274.eps 1378 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00533 Fmt 6633 Sfmt 6633 715CC275.eps 1379 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00534 Fmt 6633 Sfmt 6633 715CC276.eps 1380 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00535 Fmt 6633 Sfmt 6633 715CC277.eps 1381 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00536 Fmt 6633 Sfmt 6633 715CC278.eps 1382 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00537 Fmt 6633 Sfmt 6633 715CC279.eps 1383 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00538 Fmt 6633 Sfmt 6633 715CC280.eps 1384 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00539 Fmt 6633 Sfmt 6633 715CC281.eps 1385 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00540 Fmt 6633 Sfmt 6633 715CC282.eps 1386 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00541 Fmt 6633 Sfmt 6633 715CC283.eps 1387 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00542 Fmt 6633 Sfmt 6633 715CC284.eps 1388 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00543 Fmt 6633 Sfmt 6633 715CC285.eps 1389 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00544 Fmt 6633 Sfmt 6633 715CC286.eps 1390 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00545 Fmt 6633 Sfmt 6633 715CC287.eps 1391 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00546 Fmt 6633 Sfmt 6633 715CC288.eps 1392 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00547 Fmt 6633 Sfmt 6633 715CC289.eps 1393 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00548 Fmt 6633 Sfmt 6633 715CC290.eps 1394 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00549 Fmt 6633 Sfmt 6633 715CC291.eps 1395 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00550 Fmt 6633 Sfmt 6633 715CC292.eps 1396 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00551 Fmt 6633 Sfmt 6633 715CC293.eps 1397 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00552 Fmt 6633 Sfmt 6633 715CC294.eps 1398 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00553 Fmt 6633 Sfmt 6633 715CC295.eps 1399 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00554 Fmt 6633 Sfmt 6633 715CC296.eps 1400 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00555 Fmt 6633 Sfmt 6633 715CC297.eps 1401 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00556 Fmt 6633 Sfmt 6633 715CC298.eps 1402 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00557 Fmt 6633 Sfmt 6633 715CC299.eps 1403 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00558 Fmt 6633 Sfmt 6633 715CC300.eps 1404 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00559 Fmt 6633 Sfmt 6633 715CC301.eps 1405 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00560 Fmt 6633 Sfmt 6633 715CC302.eps 1406 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00561 Fmt 6633 Sfmt 6633 715CC303.eps 1407 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00562 Fmt 6633 Sfmt 6633 715CC304.eps 1408 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00563 Fmt 6633 Sfmt 6633 715CC305.eps 1409 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00564 Fmt 6633 Sfmt 6633 715CC306.eps 1410 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00565 Fmt 6633 Sfmt 6633 715CC307.eps 1411 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00566 Fmt 6633 Sfmt 6633 715CC308.eps 1412 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00567 Fmt 6633 Sfmt 6633 715CC309.eps 1413 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00568 Fmt 6633 Sfmt 6633 715CC310.eps 1414 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00569 Fmt 6633 Sfmt 6633 715CC311.eps 1415 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00570 Fmt 6633 Sfmt 6633 715CC312.eps 1416 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00571 Fmt 6633 Sfmt 6633 715CC313.eps 1417 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00572 Fmt 6633 Sfmt 6633 715CC314.eps 1418 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00573 Fmt 6633 Sfmt 6633 715CC315.eps 1419 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00574 Fmt 6633 Sfmt 6633 715CC316.eps 1420 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00575 Fmt 6633 Sfmt 6633 715CC317.eps 1421 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00576 Fmt 6633 Sfmt 6633 715CC318.eps 1422 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00577 Fmt 6633 Sfmt 6633 715CC319.eps 1423 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00578 Fmt 6633 Sfmt 6633 715CC320.eps 1424 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00579 Fmt 6633 Sfmt 6633 715CC321.eps 1425 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00580 Fmt 6633 Sfmt 6633 715CC322.eps 1426 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00581 Fmt 6633 Sfmt 6633 715CC323.eps 1427 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00582 Fmt 6633 Sfmt 6633 715CC324.eps 1428 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00583 Fmt 6633 Sfmt 6633 715CC325.eps 1429 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00584 Fmt 6633 Sfmt 6633 715CC326.eps 1430 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00585 Fmt 6633 Sfmt 6633 715CC327.eps 1431 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00586 Fmt 6633 Sfmt 6633 715CC328.eps 1432 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00587 Fmt 6633 Sfmt 6633 715CC329.eps 1433 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00588 Fmt 6633 Sfmt 6633 715CC330.eps 1434 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00589 Fmt 6633 Sfmt 6633 715CC331.eps 1435 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00590 Fmt 6633 Sfmt 6633 715CC332.eps 1436 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00591 Fmt 6633 Sfmt 6633 715CC333.eps 1437 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00592 Fmt 6633 Sfmt 6633 715CC334.eps 1438 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00593 Fmt 6633 Sfmt 6633 715CC335.eps 1439 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00594 Fmt 6633 Sfmt 6633 715CC336.eps 1440 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00595 Fmt 6633 Sfmt 6633 715CC337.eps 1441 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00596 Fmt 6633 Sfmt 6633 715CC338.eps 1442 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00597 Fmt 6633 Sfmt 6633 715CC339.eps 1443 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00598 Fmt 6633 Sfmt 6633 715CC340.eps 1444 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00599 Fmt 6633 Sfmt 6633 715CC341.eps 1445 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00600 Fmt 6633 Sfmt 6633 715CC342.eps 1446 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00601 Fmt 6633 Sfmt 6633 715CC343.eps 1447 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00602 Fmt 6633 Sfmt 6633 715CC344.eps 1448 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00603 Fmt 6633 Sfmt 6633 715CC345.eps 1449 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00604 Fmt 6633 Sfmt 6633 715CC346.eps 1450 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00605 Fmt 6633 Sfmt 6633 715CC347.eps 1451 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00606 Fmt 6633 Sfmt 6633 715CC348.eps 1452 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00607 Fmt 6633 Sfmt 6633 715CC349.eps 1453 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00608 Fmt 6633 Sfmt 6633 715CC350.eps 1454 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00609 Fmt 6633 Sfmt 6633 715CC351.eps 1455 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00610 Fmt 6633 Sfmt 6633 715CC352.eps 1456 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00611 Fmt 6633 Sfmt 6633 715CC353.eps 1457 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00612 Fmt 6633 Sfmt 6633 715CC354.eps 1458 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00613 Fmt 6633 Sfmt 6633 715CC355.eps 1459 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00614 Fmt 6633 Sfmt 6633 715CC356.eps 1460 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00615 Fmt 6633 Sfmt 6633 715CC357.eps 1461 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00616 Fmt 6633 Sfmt 6633 715CC358.eps 1462 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00617 Fmt 6633 Sfmt 6633 715CC359.eps 1463 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00618 Fmt 6633 Sfmt 6633 715CC360.eps 1464 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00619 Fmt 6633 Sfmt 6633 715CC361.eps 1465 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00620 Fmt 6633 Sfmt 6633 715CC362.eps 1466 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00621 Fmt 6633 Sfmt 6633 715CC363.eps 1467 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00622 Fmt 6633 Sfmt 6633 715CC364.eps 1468 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00623 Fmt 6633 Sfmt 6633 715CC365.eps 1469 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00624 Fmt 6633 Sfmt 6633 715CC366.eps 1470 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00625 Fmt 6633 Sfmt 6633 715CC367.eps 1471 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00626 Fmt 6633 Sfmt 6633 715CC368.eps 1472 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00627 Fmt 6633 Sfmt 6633 715CC369.eps 1473 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00628 Fmt 6633 Sfmt 6633 715CC370.eps 1474 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00629 Fmt 6633 Sfmt 6633 715CC371.eps 1475 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00630 Fmt 6633 Sfmt 6633 715CC372.eps 1476 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00631 Fmt 6633 Sfmt 6633 715CC373.eps 1477 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00632 Fmt 6633 Sfmt 6633 715CC374.eps 1478 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00633 Fmt 6633 Sfmt 6633 715CC375.eps 1479 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00634 Fmt 6633 Sfmt 6633 715CC376.eps 1480 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00635 Fmt 6633 Sfmt 6633 715CC377.eps 1481 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00636 Fmt 6633 Sfmt 6633 715CC378.eps 1482 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00637 Fmt 6633 Sfmt 6633 715CC379.eps 1483 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00638 Fmt 6633 Sfmt 6633 715CC380.eps 1484 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00639 Fmt 6633 Sfmt 6633 715CC381.eps 1485 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00640 Fmt 6633 Sfmt 6633 715CC382.eps 1486 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00641 Fmt 6633 Sfmt 6633 715CC383.eps 1487 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00642 Fmt 6633 Sfmt 6633 715CC384.eps 1488 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00643 Fmt 6633 Sfmt 6633 715CC385.eps 1489 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00644 Fmt 6633 Sfmt 6633 715CC386.eps 1490 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00645 Fmt 6633 Sfmt 6633 715CC387.eps 1491 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00646 Fmt 6633 Sfmt 6633 715CC388.eps 1492 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00647 Fmt 6633 Sfmt 6633 715CC389.eps 1493 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00648 Fmt 6633 Sfmt 6633 715CC390.eps 1494 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00649 Fmt 6633 Sfmt 6633 715CC391.eps 1495 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00650 Fmt 6633 Sfmt 6633 715CC392.eps 1496 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00651 Fmt 6633 Sfmt 6633 715CC393.eps 1497 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00652 Fmt 6633 Sfmt 6633 715CC394.eps 1498 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00653 Fmt 6633 Sfmt 6633 715CC395.eps 1499 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00654 Fmt 6633 Sfmt 6633 715CC396.eps 1500 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00655 Fmt 6633 Sfmt 6633 715CC397.eps 1501 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00656 Fmt 6633 Sfmt 6633 715CC398.eps 1502 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00657 Fmt 6633 Sfmt 6633 715CC399.eps 1503 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00658 Fmt 6633 Sfmt 6633 715CC400.eps 1504 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00659 Fmt 6633 Sfmt 6633 715CC401.eps 1505 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00660 Fmt 6633 Sfmt 6633 715CC402.eps 1506 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00661 Fmt 6633 Sfmt 6633 715CC403.eps 1507 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00662 Fmt 6633 Sfmt 6633 715CC404.eps 1508 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00663 Fmt 6633 Sfmt 6633 715CC405.eps 1509 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00664 Fmt 6633 Sfmt 6633 715CC406.eps 1510 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00665 Fmt 6633 Sfmt 6633 715CC407.eps 1511 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00666 Fmt 6633 Sfmt 6633 715CC408.eps 1512 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00667 Fmt 6633 Sfmt 6633 715CC409.eps 1513 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00668 Fmt 6633 Sfmt 6633 715CC410.eps 1514 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00669 Fmt 6633 Sfmt 6633 715CC411.eps 1515 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00670 Fmt 6633 Sfmt 6633 715CC412.eps 1516 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00671 Fmt 6633 Sfmt 6633 715CC413.eps 1517 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00672 Fmt 6633 Sfmt 6633 715CC414.eps 1518 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00673 Fmt 6633 Sfmt 6633 715CC415.eps 1519 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00674 Fmt 6633 Sfmt 6633 715CC416.eps 1520 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00675 Fmt 6633 Sfmt 6633 715CC417.eps 1521 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00676 Fmt 6633 Sfmt 6633 715CC418.eps 1522 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00677 Fmt 6633 Sfmt 6633 715CC419.eps 1523 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00678 Fmt 6633 Sfmt 6633 715CC420.eps 1524 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00679 Fmt 6633 Sfmt 6633 715CC421.eps 1525 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00680 Fmt 6633 Sfmt 6633 715CC422.eps 1526 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00681 Fmt 6633 Sfmt 6633 715CC423.eps 1527 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00682 Fmt 6633 Sfmt 6633 715CC424.eps 1528 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00683 Fmt 6633 Sfmt 6633 715CC425.eps 1529 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00684 Fmt 6633 Sfmt 6633 715CC426.eps 1530 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00685 Fmt 6633 Sfmt 6633 715CC427.eps 1531 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00686 Fmt 6633 Sfmt 6633 715CC428.eps 1532 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00687 Fmt 6633 Sfmt 6633 715CC429.eps 1533 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00688 Fmt 6633 Sfmt 6633 715CC430.eps 1534 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00689 Fmt 6633 Sfmt 6633 715CC431.eps 1535 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00690 Fmt 6633 Sfmt 6633 715CC432.eps 1536 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00691 Fmt 6633 Sfmt 6633 715CC433.eps 1537 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00692 Fmt 6633 Sfmt 6633 715CC434.eps 1538 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00693 Fmt 6633 Sfmt 6633 715CC435.eps 1539 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00694 Fmt 6633 Sfmt 6633 715CC436.eps 1540 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00695 Fmt 6633 Sfmt 6633 715CC437.eps 1541 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00696 Fmt 6633 Sfmt 6633 715CC438.eps 1542 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00697 Fmt 6633 Sfmt 6633 715CC439.eps 1543 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00698 Fmt 6633 Sfmt 6633 715CC440.eps 1544 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00699 Fmt 6633 Sfmt 6633 715CC441.eps 1545 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00700 Fmt 6633 Sfmt 6633 715CC442.eps 1546 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00701 Fmt 6633 Sfmt 6633 715CC443.eps 1547 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00702 Fmt 6633 Sfmt 6633 715CC444.eps 1548 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00703 Fmt 6633 Sfmt 6633 715CC445.eps 1549 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00704 Fmt 6633 Sfmt 6633 715CC446.eps 1550 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00705 Fmt 6633 Sfmt 6633 715CC447.eps 1551 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00706 Fmt 6633 Sfmt 6633 715CC448.eps 1552 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00707 Fmt 6633 Sfmt 6633 715CC449.eps 1553 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00708 Fmt 6633 Sfmt 6633 715CC450.eps 1554 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00709 Fmt 6633 Sfmt 6633 715CC451.eps 1555 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00710 Fmt 6633 Sfmt 6633 715CC452.eps 1556 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00711 Fmt 6633 Sfmt 6633 715CC453.eps 1557 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00712 Fmt 6633 Sfmt 6633 715CC454.eps 1558 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00713 Fmt 6633 Sfmt 6633 715CC455.eps 1559 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00714 Fmt 6633 Sfmt 6633 715CC456.eps 1560 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00715 Fmt 6633 Sfmt 6633 715CC457.eps 1561 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00716 Fmt 6633 Sfmt 6633 715CC458.eps 1562 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00717 Fmt 6633 Sfmt 6633 715CC459.eps 1563 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00718 Fmt 6633 Sfmt 6633 715CC460.eps 1564 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00719 Fmt 6633 Sfmt 6633 715CC461.eps 1565 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00720 Fmt 6633 Sfmt 6633 715CC462.eps 1566 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00721 Fmt 6633 Sfmt 6633 715CC463.eps 1567 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00722 Fmt 6633 Sfmt 6633 715CC464.eps 1568 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00723 Fmt 6633 Sfmt 6633 715CC465.eps 1569 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00724 Fmt 6633 Sfmt 6633 715CC466.eps 1570 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00725 Fmt 6633 Sfmt 6633 715CC467.eps 1571 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00726 Fmt 6633 Sfmt 6633 715CC468.eps 1572 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00727 Fmt 6633 Sfmt 6633 715CC469.eps 1573 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00728 Fmt 6633 Sfmt 6633 715CC470.eps 1574 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00729 Fmt 6633 Sfmt 6633 715CC471.eps 1575 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00730 Fmt 6633 Sfmt 6633 715CC472.eps 1576 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00731 Fmt 6633 Sfmt 6633 715CC473.eps 1577 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00732 Fmt 6633 Sfmt 6633 715CC474.eps 1578 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00733 Fmt 6633 Sfmt 6633 715CC475.eps 1579 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00734 Fmt 6633 Sfmt 6633 715CC476.eps 1580 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00735 Fmt 6633 Sfmt 6633 715CC477.eps 1581 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00736 Fmt 6633 Sfmt 6633 715CC478.eps 1582 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00737 Fmt 6633 Sfmt 6633 715CC479.eps 1583 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00738 Fmt 6633 Sfmt 6633 715CC480.eps 1584 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON 1585 VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00739 Fmt 6633 Sfmt 6633 715DD001.eps Range of Options Analysis/ Master Space Plan Update dated October 3, 2011 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00740 Fmt 6633 Sfmt 6633 715DD002.eps 1586 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00741 Fmt 6633 Sfmt 6633 715DD003.eps 1587 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00742 Fmt 6633 Sfmt 6633 715DD004.eps 1588 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00743 Fmt 6633 Sfmt 6633 715DD005.eps 1589 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00744 Fmt 6633 Sfmt 6633 715DD006.eps 1590 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00745 Fmt 6633 Sfmt 6633 715DD007.eps 1591 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00746 Fmt 6633 Sfmt 6633 715DD008.eps 1592 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00747 Fmt 6633 Sfmt 6633 715DD009.eps 1593 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00748 Fmt 6633 Sfmt 6633 715DD010.eps 1594 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00749 Fmt 6633 Sfmt 6633 715DD011.eps 1595 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00750 Fmt 6633 Sfmt 6633 715DD012.eps 1596 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00751 Fmt 6633 Sfmt 6633 715DD013.eps 1597 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00752 Fmt 6633 Sfmt 6633 715DD014.eps 1598 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00753 Fmt 6633 Sfmt 6633 715DD015.eps 1599 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00754 Fmt 6633 Sfmt 6633 715DD016.eps 1600 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00755 Fmt 6633 Sfmt 6633 715DD017.eps 1601 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00756 Fmt 6633 Sfmt 6633 715DD018.eps 1602 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00757 Fmt 6633 Sfmt 6633 715DD019.eps 1603 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00758 Fmt 6633 Sfmt 6633 715DD020.eps 1604 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00759 Fmt 6633 Sfmt 6633 715DD021.eps 1605 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00760 Fmt 6633 Sfmt 6633 715DD022.eps 1606 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00761 Fmt 6633 Sfmt 6633 715DD023.eps 1607 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00762 Fmt 6633 Sfmt 6633 715DD024.eps 1608 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00763 Fmt 6633 Sfmt 6633 715DD025.eps 1609 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00764 Fmt 6633 Sfmt 6633 715DD026.eps 1610 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00765 Fmt 6633 Sfmt 6633 715DD027.eps 1611 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00766 Fmt 6633 Sfmt 6633 715DD028.eps 1612 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00767 Fmt 6633 Sfmt 6633 715DD029.eps 1613 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00768 Fmt 6633 Sfmt 6633 715DD030.eps 1614 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00769 Fmt 6633 Sfmt 6633 715DD031.eps 1615 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00770 Fmt 6633 Sfmt 6633 715DD032.eps 1616 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00771 Fmt 6633 Sfmt 6633 715DD033.eps 1617 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00772 Fmt 6633 Sfmt 6633 715DD034.eps 1618 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00773 Fmt 6633 Sfmt 6633 715DD035.eps 1619 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00774 Fmt 6633 Sfmt 6633 715DD036.eps 1620 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00775 Fmt 6633 Sfmt 6633 715DD037.eps 1621 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00776 Fmt 6633 Sfmt 6633 715DD038.eps 1622 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00777 Fmt 6633 Sfmt 6633 715DD039.eps 1623 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00778 Fmt 6633 Sfmt 6633 715DD040.eps 1624 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00779 Fmt 6633 Sfmt 6633 715DD041.eps 1625 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00780 Fmt 6633 Sfmt 6633 715DD042.eps 1626 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00781 Fmt 6633 Sfmt 6633 715DD043.eps 1627 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00782 Fmt 6633 Sfmt 6633 715DD044.eps 1628 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00783 Fmt 6633 Sfmt 6633 715DD045.eps 1629 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00784 Fmt 6633 Sfmt 6633 715DD046.eps 1630 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00785 Fmt 6633 Sfmt 6633 715DD047.eps 1631 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00786 Fmt 6633 Sfmt 6633 715DD048.eps 1632 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00787 Fmt 6633 Sfmt 6633 715DD049.eps 1633 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00788 Fmt 6633 Sfmt 6633 715DD050.eps 1634 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00789 Fmt 6633 Sfmt 6633 715DD051.eps 1635 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00790 Fmt 6633 Sfmt 6633 715DD052.eps 1636 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00791 Fmt 6633 Sfmt 6633 715DD053.eps 1637 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00792 Fmt 6633 Sfmt 6633 715DD054.eps 1638 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00793 Fmt 6633 Sfmt 6633 715DD055.eps 1639 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00794 Fmt 6633 Sfmt 6633 715DD056.eps 1640 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00795 Fmt 6633 Sfmt 6633 715DD057.eps 1641 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00796 Fmt 6633 Sfmt 6633 715DD058.eps 1642 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON 1643 VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00797 Fmt 6621 FOR THE Sfmt 6621 RECORD 71514001.eps ADDITIONAL MATERIAL SUPPLIED L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00798 Fmt 6621 Sfmt 6621 71514002.eps 1644 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00799 Fmt 6621 Sfmt 6621 71514003.eps 1645 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00800 Fmt 6621 Sfmt 6621 71514004.eps 1646 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00801 Fmt 6621 Sfmt 6621 71514005.eps 1647 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00802 Fmt 6621 Sfmt 6621 71514006.eps 1648 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00803 Fmt 6621 Sfmt 6621 71514007.eps 1649 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00804 Fmt 6621 Sfmt 6621 71514008.eps 1650 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00805 Fmt 6621 Sfmt 6621 71514009.eps 1651 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00806 Fmt 6621 Sfmt 6621 71514010.eps 1652 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00807 Fmt 6621 Sfmt 6621 71514011.eps 1653 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00808 Fmt 6621 Sfmt 6621 71514012.eps 1654 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00809 Fmt 6621 Sfmt 6621 71514013.eps 1655 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00810 Fmt 6621 Sfmt 6621 71514014.eps 1656 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00811 Fmt 6621 Sfmt 6621 71514015.eps 1657 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00812 Fmt 6621 Sfmt 6621 71514016.eps 1658 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00813 Fmt 6621 Sfmt 6621 71514017.eps 1659 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00814 Fmt 6621 Sfmt 6621 71514018.eps 1660 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00815 Fmt 6621 Sfmt 6621 71514019.eps 1661 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00816 Fmt 6621 Sfmt 6621 71514020.eps 1662 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00817 Fmt 6621 Sfmt 6621 71514021.eps 1663 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00818 Fmt 6621 Sfmt 6621 71514022.eps 1664 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00819 Fmt 6621 Sfmt 6621 71514023.eps 1665 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00820 Fmt 6621 Sfmt 6621 71514024.eps 1666 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00821 Fmt 6621 Sfmt 6621 71514025.eps 1667 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00822 Fmt 6621 Sfmt 6621 71514026.eps 1668 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00823 Fmt 6621 Sfmt 6621 71514027.eps 1669 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00824 Fmt 6621 Sfmt 6621 71514028.eps 1670 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00825 Fmt 6621 Sfmt 6621 71514029.eps 1671 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00826 Fmt 6621 Sfmt 6621 71514030.eps 1672 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00827 Fmt 6621 Sfmt 6621 71514031.eps 1673 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00828 Fmt 6621 Sfmt 6621 71514032.eps 1674 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00829 Fmt 6621 Sfmt 6621 71514033.eps 1675 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00830 Fmt 6621 Sfmt 6621 71514034.eps 1676 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00831 Fmt 6621 Sfmt 6621 71514035.eps 1677 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00832 Fmt 6621 Sfmt 6621 71514036.eps 1678 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00833 Fmt 6621 Sfmt 6621 71514037.eps 1679 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00834 Fmt 6621 Sfmt 6621 71514038.eps 1680 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00835 Fmt 6621 Sfmt 6621 71514039.eps 1681 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00836 Fmt 6621 Sfmt 6621 71514040.eps 1682 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00837 Fmt 6621 Sfmt 6621 71514041.eps 1683 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00838 Fmt 6621 Sfmt 6621 71514042.eps 1684 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00839 Fmt 6621 Sfmt 6621 71514043.eps 1685 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00840 Fmt 6621 Sfmt 6621 71514044.eps 1686 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00841 Fmt 6621 Sfmt 6621 71514045.eps 1687 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00842 Fmt 6621 Sfmt 6621 71514046.eps 1688 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00843 Fmt 6621 Sfmt 6621 71514047.eps 1689 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00844 Fmt 6621 Sfmt 6621 71514048.eps 1690 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00845 Fmt 6621 Sfmt 6621 71514049.eps 1691 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00846 Fmt 6621 Sfmt 6621 71514050.eps 1692 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00847 Fmt 6621 Sfmt 6621 71514051.eps 1693 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00848 Fmt 6621 Sfmt 6621 71514052.eps 1694 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00849 Fmt 6621 Sfmt 6621 71514053.eps 1695 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00850 Fmt 6621 Sfmt 6621 71514054.eps 1696 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00851 Fmt 6621 Sfmt 6621 71514055.eps 1697 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00852 Fmt 6621 Sfmt 6621 71514056.eps 1698 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00853 Fmt 6621 Sfmt 6621 71514057.eps 1699 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00854 Fmt 6621 Sfmt 6621 71514058.eps 1700 L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON 1701 VerDate Nov 24 2008 12:09 Mar 16, 2015 Jkt 046629 PO 00000 Frm 00855 Fmt 6621 Sfmt 6621 71514059.eps Chart Showing the Federal Reserve’s Projection of GDP Submitted by Senator Toomey L:\HEARINGS 2014\07-15 THE SEMIANNUAL MONETARY POLICY REPORT TO THE CON
@FedFRASER