The adjustment process started late last year when manufacturers began to cut production to stem the accumulation of unwanted inventories. But inventories did not actually begin falling until early this year as producers decreased output levels considerably further. Much of the inventory reduction in the first quarter reflected a dramatic scaling back of motor vehicle assemblies.
The conference was developed to deepen our understanding of the community bank business model and to provide a forum to discuss research with academics, policymakers, regulators, and community bankers. The research presented over the years has informed supervisory and regulatory policy debates and continues to challenge our thinking.