Comparison of the 1970s and the 1990s confirms the common finding in the literature that the degree of “pass-through” to core inflation from supply shocks, such as a rise in oil prices or a depreciation of the exchange rate, depends 14 strongly on how well domestic expectations of inflation are anchored.
Acting on that good suggestion, we recently announced the inclusion of four new TALF agents, selected to increase the diversity of TALF borrowers. Three of the four are owned by African Americans. We expect the new TALF agents to begin operation in November. In the area of procurement, the Federal Reserve uses various methods to reach women- and minority-owned contractors.