Consistent with this profile for output growth, core CPI inflation will likely average somewhat less than 2 per cent over the remainder of this year, but move back up to 2 per cent towards the end of 2002. (Core CPI focuses on the CPI without its volatile food and energy components, and without the effect of changes in indirect taxes.)
We also delayed reporting dates for Call Reports and other data collections. In addition, to address concerns about real estate appraisal delays, we provided temporary relief from certain appraisal requirements. From a supervisory perspective, beginning in late March the Fed paused examinations for most small banks and took steps to lengthen remediation timeframes for outstanding issues.