Finally, I want to make some remarks about corporate-sponsored, defined-benefit pension plans. The Recent Economic Cycle Before delving into current events, I think it is helpful to review some of the key aspects of our recent economic history. After a record, ten-year economic expansion, the U.S. economy slipped into recession in March 2001.
In December 2009, the Bank initiated foreign currency swaps tailor-made for the needs of our export operators when there was evidence that the volume of transactions on the domestic spot foreign exchange market had declined, and was causing some undue volatility in the market.