Early indicators—  -3-  such as restaurant and hotel reservations—suggest that demand for services remains strong in the third quarter. Housing resales have dropped from unsustainably high levels during the pandemic. And house prices have been adjusting downward, with the largest price declines occurring primarily in areas of the country where they increased the most over the last two years.
First, we advised the industry to make the advance arrangements necessary to borrow at the discount window, and many have already done so. And we created an administrative structure to more easily serve the backup needs of credit unions. We also created a special liquidity facility to provide banks and thrift institutions access to funds at a predetermined price.