This result was due in part to the deceleration in international trade and the collapse in confidence in euro-area prospects, which amplified the effects of credit tightening and the budgetary adjustment.
The FedNowSM Service, announced last August, will create a new payment infrastructure for institutions of all sizes to offer innovative faster payment services. Community banks in  -8particular were strong supporters of developing the FedNow Service. Many of them emphasized that the Federal Reserve’s long-standing policy commitment to promoting nationwide access would result in a service that is accessible to banks of all sizes.