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FOMC Minutes
Minutes of the Federal Open Market Committee
A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, April 29, 2014, at 10:30 a.m. and continued on Wednesday, April 30, 2014, at 9:00 a.m.
Janet L. Yellen, Chair
William C. Dudley, Vice Chairman
Richard W. Fisher
Narayana Kocherlakota
Sandra Pianalto
Charles I. Plosser
Jerome H. Powell
Jeremy C. Stein
Daniel K. Tarullo
Charles L. Evans, Jeffrey M. Lacker, Dennis P. Lockhart, and John C. Williams, Alternate Members of the Federal Open Market Committee
James Bullard, Esther L. George, and Eric Rosengren, Presidents of the Federal Reserve Banks of St. Louis, Kansas City, and Boston, respectively
William B. English, Secretary and Economist
Matthew M. Luecke, Deputy Secretary
Michelle A. Smith, Assistant Secretary
Scott G. Alvarez, General Counsel
Steven B. Kamin, Economist
David W. Wilcox, Economist
James A. Clouse, Thomas A. Connors,1 Evan F. Koenig, Thomas Laubach, Michael P. Leahy, Loretta J. Mester, Samuel Schulhofer-Wohl, Mark E. Schweitzer, and William Wascher, Associate Economists
Simon Potter, Manager, System Open Market Account
Lorie K. Logan, Deputy Manager, System Open Market Account
Robert deV. Frierson,2 Secretary of the Board, Office of the Secretary, Board of Governors
Michael S. Gibson, Director, Division of Banking Supervision and Regulation, Board of Governors
Nellie Liang, Director, Office of Financial Stability Policy and Research, Board of Governors
Matthew J. Eichner, Deputy Director, Division of Research and Statistics, Board of Governors; Stephen A. Meyer and William Nelson, Deputy Directors, Division of Monetary Affairs, Board of Governors
Jon W. Faust, Special Adviser to the Board, Office of Board Members, Board of Governors
Trevor A. Reeve, Special Adviser to the Chair, Office of Board Members, Board of Governors
Linda Robertson,3 Assistant to the Board, Office of Board Members, Board of Governors
Ellen E. Meade and Joyce K. Zickler, Senior Advisers, Division of Monetary Affairs, Board of Governors
David Bowman4 and Beth Anne Wilson, Associate Directors, Division of International Finance, Board of Governors; Daniel M. Covitz, David E. Lebow, and Michael G. Palumbo, Associate Directors, Division of Research and Statistics, Board of Governors; Fabio M. Natalucci2 and Gretchen C. Weinbach,2 Associate Directors, Division of Monetary Affairs, Board of Governors
Marnie Gillis DeBoer2 and Jane E. Ihrig,2 Deputy Associate Directors, Division of Monetary Affairs, Board of Governors
Brian J. Gross,1 Special Assistant to the Board, Office of Board Members, Board of Governors
Stacey Tevlin, Assistant Director, Division of Research and Statistics, Board of Governors
Robert J. Tetlow, Adviser, Division of Monetary Affairs, Board of Governors
Dana L. Burnett, Section Chief, Division of Monetary Affairs, Board of Governors
Patrick McCabe,2 Senior Economist, Division of Research and Statistics, Board of Governors
Penelope A. Beattie,2 Assistant to the Secretary, Office of the Secretary, Board of Governors
Randall A. Williams, Records Project Manager, Division of Monetary Affairs, Board of Governors
James M. Lyon, First Vice President, Federal Reserve Bank of Minneapolis
David Altig, James J. McAndrews, and Alberto G. Musalem, Executive Vice Presidents, Federal Reserve Banks of Atlanta, New York, and New York, respectively
Joshua L. Frost and Spencer Krane, Senior Vice Presidents, Federal Reserve Banks of New York and Chicago, respectively
George A. Kahn, Antoine Martin, Joe Peek, Keith Sill, Daniel L. Thornton, and Douglas Tillett, Vice Presidents, Federal Reserve Banks of Kansas City, New York, Boston, Philadelphia, St. Louis, and Chicago, respectively
Andreas L. Hornstein, Senior Advisor, Federal Reserve Bank of Richmond
John Fernald, Senior Research Adviser, Federal Reserve Bank of San Francisco
Sean Savage, Senior Associate, Federal Reserve Bank of New York
Monetary Policy Normalization
In a joint session of the Federal Open Market Committee (FOMC) and the Board of Governors of the Federal Reserve System, meeting participants discussed issues associated with the eventual normalization of the stance and conduct of monetary policy. The Committee's discussion of this topic was undertaken as part of prudent planning and did not imply that normalization would necessarily begin sometime soon. A staff presentation outlined several approaches to raising short-term interest rates when it becomes appropriate to do so, and to controlling the level of short-term interest rates once they are above the effective lower bound, during a period when the Federal Reserve will have a very large balance sheet. The approaches differed in terms of the combination of policy tools that might be used to accomplish those objectives. In addition to the rate of interest paid on excess reserve balances, the tools considered included fixed-rate overnight reverse repurchase (ON RRP) operations, term reverse repurchase agreements, and the Term Deposit Facility (TDF). The staff presentation discussed the potential implications of each approach for financial intermediation and financial markets, including the federal funds market, and the possible implications for financial stability. In addition, the staff outlined options for additional operational testing of the policy tools.
Following the staff presentation, meeting participants discussed a wide range of topics related to policy normalization. Participants generally agreed that starting to consider the options for normalization at this meeting was prudent, as it would help the Committee to make decisions about approaches to policy normalization and to communicate its plans to the public well before the first steps in normalizing policy become appropriate. Early communication, in turn, would enhance the clarity and credibility of monetary policy and help promote the achievement of the Committee's statutory objectives. It was emphasized that the tools available to the Committee will allow it to reduce policy accommodation when doing so becomes appropriate. Participants considered how various combinations of tools could have different implications for the degree of control over short-term interest rates, for the Federal Reserve's balance sheet and remittances to the Treasury, for the functioning of the federal funds market, and for financial stability in both normal times and in periods of stress. Because the Federal Reserve has not previously tightened the stance of policy while holding a large balance sheet, most participants judged that the Committee should consider a range of options and be prepared to adjust the mix of its policy tools as warranted. Participants generally favored the further testing of various tools, including the TDF, to better assess their operational readiness and effectiveness. No decisions regarding policy normalization were taken; participants requested additional analysis from the staff and agreed that it would be helpful to continue to review these issues at upcoming meetings. The Board meeting concluded at the end of the discussion.
Developments in Financial Markets and the Federal Reserve's Balance Sheet
The manager of the System Open Market Account (SOMA) reported on developments in domestic and foreign financial markets as well as the System open market operations during the period since the Committee met on March 18-19, 2014. By unanimous vote, the Committee ratified the Open Market Desk's domestic transactions over the intermeeting period. There were no intervention operations in foreign currencies for the System's account over the intermeeting period.
By unanimous vote, the Committee agreed to renew the reciprocal currency arrangements with the Bank of Canada and the Bank of Mexico; these arrangements are associated with the Federal Reserve's participation in the North American Framework Agreement of 1994. In addition, by unanimous vote, the Committee agreed to renew the dollar and foreign currency liquidity swap arrangements with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank. The votes to renew the Federal Reserve's participation in these arrangements were taken at this meeting because provisions in the arrangements specify that the Federal Reserve provide six months' prior notice of an intention to terminate its participation.
Staff Review of the Economic Situation
The information reviewed for the April 29-30 meeting indicated that growth in economic activity paused in the first quarter as a whole, but that activity stepped up late in the quarter; this pattern reflected, in part, the temporary effects of the unusually cold and snowy weather earlier in the quarter and the unwinding of those effects later in the quarter. In March, payroll employment increased further, although the unemployment rate held steady and was still elevated. Consumer price inflation continued to run below the Committee's longer-run objective, but measures of longer-run inflation expectations remained stable.
The unemployment rate stayed at 6.7 percent in March, but both the labor force participation rate and the employment-to-population ratio increased slightly. The rate of long-duration unemployment declined somewhat, but the share of workers employed part time for economic reasons moved up; both of these measures were still well above their pre-recession levels. Initial claims for unemployment insurance remained low over the intermeeting period. Although the rate of job openings moved up in February, the hiring rate was flat and continued to be subdued.
Following a rebound in February that was partly weather related, manufacturing production rose further in March and the rate of manufacturing capacity utilization increased. The production of motor vehicles and parts declined in March, but factory output outside of the motor vehicle sector expanded. Automakers' schedules indicated that the pace of motor vehicle assemblies in the coming months would be similar to the level in March. However, broad indicators of manufacturing production, such as the new orders indexes from the national and regional manufacturing surveys, were at levels consistent with moderate increases in factory output in the near term.
Real personal consumption expenditures (PCE) expanded slightly less rapidly in the first quarter than in the fourth quarter. After moving roughly sideways, on net, in January and February, the component of nominal retail sales used by the Bureau of Economic Analysis (BEA) to construct its monthly estimate of PCE rose briskly in March, in part because the weather returned to more seasonal norms. Recent information on several important factors that influence household spending was positive. Real disposable income continued to increase in the first quarter, further gains in house prices likely bolstered household net worth, and consumer sentiment in the Thomson Reuters/University of Michigan Surveys of Consumers improved, on balance, in March and April.
The pace of activity in the housing sector remained soft, as real expenditures for residential investment decreased again in the first quarter. Starts of new single-family homes increased in March. However, permits for single-family homes--which are typically less sensitive to fluctuations in the weather and a better indicator of the underlying pace of construction--remained below their fourth-quarter level and had not shown a sustained improvement since last spring, when mortgage rates began to rise. Sales of both new and existing homes decreased in March of this year, but pending home sales rose.
Real private expenditures on business equipment and intellectual property products declined in the first quarter. However, nominal shipments of nondefense capital goods excluding aircraft rose in February and in March, and new orders were somewhat above the level of shipments, pointing to modest gains in shipments in the near term. Other forward-looking indicators, such as surveys of business conditions and capital spending plans, were also consistent with increased outlays for business equipment in the coming months. Real spending for nonresidential construction was about flat in the first quarter after declining in the fourth quarter, while real inventory investment moved lower. Business inventories in most industries appeared to be broadly aligned with sales in recent months.
Real federal government purchases rose slightly in the first quarter, as the increase from the reversal of the government shutdown in the fourth quarter was mostly offset by the ongoing downtrend in purchases. Real state and local government purchases decreased somewhat in the first quarter, as state and local construction expenditures declined.
The U.S. international trade deficit widened in February as exports fell and imports rose. The export declines were concentrated in aircraft and petroleum products, while exports of consumer goods rose. Rising imports of services and automotive products offset declines in imports of oil and capital goods. In the advance release of the national income and product accounts, the BEA estimated that net exports subtracted substantially from real gross domestic product (GDP) growth in the first quarter.
U.S. consumer prices, as measured by the PCE price index, rose at a slow rate in the first quarter, though somewhat faster than the pace posted in the fourth quarter, and were about 1 percent higher than a year earlier. After falling in the fourth quarter, consumer energy prices increased markedly in the first quarter as natural gas prices moved higher on a sharp decline in inventories during the unusually cold winter months. The PCE price index for items excluding food and energy rose at the same rate in the first quarter as in the previous one and was around 1-1/4 percent higher than four quarters earlier. Both near- and longer-term inflation expectations from the Michigan survey were unchanged in March and April. Over the 12 months ending in March, both the employment cost index for private-sector workers and average hourly earnings for all employees increased only a little more than consumer price inflation.
Indicators of foreign economic activity suggested continued expansion in the first quarter but at a rate somewhat below that in the fourth quarter. The deceleration was concentrated in emerging market economies (EMEs). Real GDP growth slowed markedly in China, largely reflecting lower investment growth and exports. Weaker exports also restrained economic activity in other emerging Asian economies. In Mexico, indicators of activity suggested some improvement from a lackluster fourth quarter. By contrast, economic growth remained near its solid fourth-quarter pace in the advanced foreign economies (AFEs). In the euro area, the United Kingdom, and Canada, average industrial production in the first two months of the year was up moderately from the fourth quarter; in Japan, industrial production rose robustly, and consumer demand was boosted by anticipation of the April increase in the consumption tax. Inflation developments were mixed. Inflation rebounded in Canada but remained very low in the euro area. In China and India, inflation fell in the first quarter, largely because of lower food prices. Monetary policy remained highly accommodative during the intermeeting period in the AFEs and also in many EMEs, although monetary policy in Brazil was tightened to contain inflation pressures.
Staff Review of the Financial Situation
Despite some volatility in certain asset prices, financial conditions did not change appreciably, on net, over the intermeeting period. Asset prices moved in response to economic data releases that were, on balance, a little stronger than expected and to Federal Reserve communications. The anticipated path of the federal funds rate moved up somewhat, as did intermediate-dated Treasury yields, while corporate bond spreads narrowed and the S&P 500 increased slightly. The foreign exchange value of the dollar was little changed.
Federal Reserve communications garnered significant attention from market participants over the period but appeared to have only a modest net effect on their expectations for monetary policy. The communications following the conclusion of the March FOMC meeting were interpreted as somewhat less accommodative than expected. However, subsequent communications--including the release of the minutes of the March FOMC meeting--appeared to mostly reverse the earlier change in expectations.
Yields on short- and medium-term nominal Treasury securities rose, on balance, over the intermeeting period. In contrast, yields at the long end of the curve declined, continuing a downward trend evident over much of this year. Market participants cited a number of factors as contributing to the drop in long-term yields so far this year, including portfolio reallocation by large institutional investors, the trading strategies pursued by some investors, and safe-haven flows. Some market participants reportedly also revised down their estimate of the average real federal funds rate over the longer term, reflecting in part changes in their assessments of long-run economic conditions. Measures of longer-horizon inflation compensation based on Treasury Inflation-Protected Securities were little changed.
Conditions in short-term funding markets remained fairly stable over the intermeeting period. Take-up in the Federal Reserve's fixed-rate ON RRP exercise continued to be sensitive to the spread between market rates and the rate offered in the exercise, with higher take-up occurring on days when the market rate on repurchase agreements was close to or below the ON RRP rate. As has been the case since the ON RRP exercise began, money market funds increased their usage at quarter-end; take-up reached a record level of about $240 billion at the end of March. Part of the increase in ON RRP usage at the end of March relative to the end of December likely reflected higher counterparty allotment limits, which were raised from $3 billion to $7 billion during the first quarter. The allotment limit was subsequently increased to $10 billion per counterparty in early April. The seasonal paydown of short-term Treasury debt following the April tax date was accompanied by a notable pickup in participation at ON RRP operations, but Treasury repo rates generally remained very close to the ON RRP rate of 5 basis points.
The S&P 500 increased a bit, on net, over the intermeeting period, but broader stock market indexes edged down. The prices of social media and biotechnology stocks, which had risen substantially faster than the broader market over the previous year, fell sharply over the intermeeting period, leaving the gains on these shares about in line with those on broader indexes over the past 12 months. Some initial public offerings were reportedly put on hold as prices of small-capitalization stocks declined. By contrast, stocks that generally have more stable dividends, such as those of utility and telecommunications companies, advanced. First-quarter earnings reports for large banking organizations were mixed, and the stock prices of such firms generally underperformed broad equity indexes.
Credit flows to nonfinancial corporations remained robust, on balance, notwithstanding subdued bond issuance in April that was attributed to typical constraints on issuance during the period when many firms are reporting their earnings. The growth in commercial and industrial loans on banks' balance sheets remained robust, consistent with the increase in loan demand by large and middle-market firms reported in the April Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS). Institutional issuance of leveraged loans continued at a brisk pace amid reports of an ongoing gradual easing of credit terms and deal structures.
Financing conditions in the commercial real estate (CRE) sector improved further. In the first quarter, commercial mortgage loans held on banks' books continued to grow solidly. According to the April SLOOS, banks again eased standards on CRE loans during the first quarter; they also reported an increase in loan demand, especially for construction and land development loans. In contrast, issuance of commercial mortgage-backed securities in 2014 has been a bit slower than last year's pace.
Mortgage credit conditions generally remained tight over the intermeeting period, though signs of easing continued to emerge amid further gains in house prices. In particular, the April SLOOS indicated a net easing of banks' credit standards for home-purchase loans to prime customers in the first quarter. Mortgage interest rates and their spreads over Treasury yields were little changed over the intermeeting period, and applications for refinancing and purchase mortgages remained tepid.
Conditions in consumer credit markets continued to be mixed. Student and auto loans expanded at a robust pace, while credit card debt outstanding stayed flat, as it had been in recent months. Financing conditions in the consumer asset-backed securities market remained favorable, and issuance continued to be solid.
Most foreign equity indexes rose over the period despite a global selloff of technology-related stocks, and 10-year sovereign bond yields in Canada, Germany, and the United Kingdom were nearly unchanged on net. Yield spreads on peripheral euro-area debt over German bonds of similar maturity continued to narrow. The broad nominal exchange rate index for the dollar was about unchanged, as the dollar appreciated against the euro, yen, and renminbi but depreciated against most other currencies. Investor sentiment toward EMEs continued to improve over the period despite incoming data that were somewhat weaker than expected. Increasing tensions between Ukraine and Russia, as well as the lowering of Russia's sovereign debt rating by Standard & Poor's, contributed to a rise in Russia's 10-year sovereign bond yield and a sharp decline in its main equity index. Outside of that region, however, these building tensions left little imprint on global financial markets.
The staff's periodic report on potential risks to financial stability concluded that the vulnerability of the financial system to adverse shocks remained at moderate levels overall. Relatively strong capital profiles of large domestic banking firms, low levels of aggregate leverage in the nonfinancial sector, and moderate use of short-term wholesale funding across the financial sector were seen as the primary factors supporting overall financial stability. However, the staff report also highlighted valuation pressures in some segments of the equity market, continued strong demand for corporate debt instruments and associated pressures on underwriting standards, and liquidity risks associated with fixed-income mutual funds.
Staff Economic Outlook
In the economic forecast prepared by the staff for the April FOMC meeting, real GDP growth in the first half of this year was somewhat slower than in the projection for the March meeting. The available readings on net exports and, to a lesser extent, residential investment pointed to less spending growth in the first quarter than the staff previously expected. However, the staff's assessment was that the unanticipated weakness in economic activity in the first quarter would be largely transitory and implied little revision to its projection for second-quarter output growth. In addition, the medium-term forecast for real GDP growth was essentially unrevised. The staff continued to project that real GDP would expand at a faster pace over the next few years than it did last year, and that it would rise more quickly than the growth rate of potential output. The faster pace of real GDP growth was expected to be supported by an easing in the restraint from changes in fiscal policy, increases in consumer and business confidence, further improvements in credit availability and financial conditions, and a pickup in the rate of foreign economic growth. The expansion in economic activity was anticipated to slowly reduce resource slack over the projection period, and the unemployment rate was expected to decline gradually to the staff's estimate of its longer-run natural rate.
The staff's forecast for inflation was basically unchanged from the projection prepared for the previous FOMC meeting. The staff continued to forecast that inflation would remain below the Committee's longer-run objective of 2 percent over the next few years. With longer-run inflation expectations assumed to remain stable, changes in commodity and import prices expected to be subdued, and slack in labor and product markets anticipated to diminish slowly, inflation was projected to rise gradually toward the Committee's objective.
The staff viewed the extent of uncertainty around its April projections for real GDP growth, inflation, and the unemployment rate as roughly in line with the average over the past 20 years. Nonetheless, the risks to the forecast for real GDP growth were viewed as tilted a little to the downside, especially because the economy was not well positioned to withstand adverse shocks while the target for the federal funds rate was at its effective lower bound. At the same time, the staff viewed the risks around its outlook for the unemployment rate and for inflation as roughly balanced.
Participants' Views on Current Conditions and the Economic Outlook
In their discussion of the economic situation and the outlook, meeting participants generally indicated that their assessment of the economic outlook had not changed materially since the March meeting. Severe winter weather had contributed to a sharp slowing in activity during the first quarter, but recent indicators pointed to a rebound and suggested that the economy had returned to a trajectory of moderate growth. However, some participants remarked that it was too early to confirm that the bounceback in economic activity would put the economy on a path of sustained above-trend economic growth. In general, participants continued to view the risks to the outlook for the economy and the labor market as nearly balanced. However, a number of participants pointed to possible sources of downside risk to growth, including a persistent slowdown in the housing sector or potential international developments, such as a further slowing of growth in China or an increase in geopolitical tensions regarding Russia and Ukraine.
Participants noted that business contacts in many parts of the country were generally optimistic about economic prospects, with reports of increased sales of automobiles, higher production in the aerospace industry, and increased usage of industrial power; in addition, a couple of firms with a global presence reported a notable increase in demand from customers in Europe. Contacts in several Districts pointed to plans for increasing capital expenditures or to stronger demand for commercial and industrial loans. In the agricultural sector, the planting season was under way, but there were concerns about the effects of drought on production in some areas.
Most participants commented on the continuing weakness in housing activity. They saw a range of factors affecting the housing market, including higher home prices, construction bottlenecks stemming from a scarcity of labor and harsh winter weather, input cost pressures, or a shortage in the supply of available lots. Views varied regarding the outlook for the multifamily sector, with the large increase in multifamily units coming to market potentially putting downward pressure on prices and rents, but the demand for this type of housing expected to rise as the population ages. A couple of participants noted that mortgage credit availability remained constrained and lending standards were tight compared with historical norms, especially for purchase mortgages. However, reports from some Districts indicated that real estate and housing-related business activity had strengthened recently, consistent with the solid gains in consumer spending registered in March.
Conditions in the labor market continued to improve over the intermeeting period and participants generally expected further gradual improvement. Participants discussed a range of research and analysis bearing on the amount of available slack remaining in the labor market. A number of them argued that several indicators of labor underutilization--including the low labor force participation rate and the still-elevated rates of longer-duration unemployment and of workers employed part time for economic reasons--suggested that there is more slack in the labor market than is captured by the unemployment rate alone. Low nominal wage inflation was also viewed as consistent with slack in labor markets. However, some participants reported that labor markets were tight in their Districts or that contacts indicated some sectors or occupations were experiencing shortages of workers. Another participant observed that labor underutilization, as measured by an index that takes employment transition rates into account, was consistent with past periods in which the official unemployment rate had reached its current level, and had declined about as much relative to the official unemployment rate as it had in previous economic recoveries.
In discussing the effect of labor market conditions on inflation, a number of participants expressed skepticism about recent studies suggesting that long-term unemployment provides less downward pressure on wage and price inflation than short-term unemployment does. A couple of participants cited other research findings that both short- and long-term unemployment rates exert pressure on wages, with the effects of long-term unemployment increasing as the level of short-term unemployment declines. Moreover, a few participants pointed out that because of downward nominal wage rigidity during the recession, wage increases are likely to remain relatively modest for some time during the recovery, even as the labor market strengthens. It was also noted that because inflation was expected to remain well below the Committee's 2 percent objective and the unemployment rate was still above participants' estimates of its longer-run normal level, the Committee did not, at present, face a tradeoff between its employment and inflation objectives, and an expansion of aggregate demand would result in further progress relative to both objectives.
Inflation continued to run below the Committee's 2 percent longer-run objective over the intermeeting period. Many participants saw the recent behavior of the prices of food, energy, shelter, and imports as consistent with a stabilization in inflation and judged that the transitory factors that had reduced inflation, such as declines in administered prices for medical services, were fading. Most participants expected inflation to return to 2 percent within the next few years, supported by highly accommodative monetary policy, stable inflation expectations, and a continued gradual recovery in economic activity. However, a few others expressed the concern that the return to 2 percent inflation could be even more gradual.
In their discussion of financial stability, participants generally did not see imbalances that posed significant near-term risks to the financial system and the broader economy, but they nevertheless reviewed some financial developments that pointed to potential future risks. A couple of participants noted that conditions in the leveraged loan market had become stretched, although equity cushions on new deals remained above levels seen prior to the financial crisis. Two others saw declining credit spreads, particularly on speculative-grade corporate bonds, as consistent with an increase in investors' appetite for risk. In addition, several participants noted that the low level of expected volatility implied by some financial market prices might also signal an increase in risk appetite. Some stated that it would be helpful to continue to explore the appropriate regulatory, supervisory, and monetary policy responses to potential risks to financial stability.
It was noted that the changes to the Committee's forward guidance at the March FOMC meeting had been well understood by investors. However, a number of participants emphasized the importance of communicating still more clearly about the Committee's policy intentions as the time of the first increase in the federal funds rate moves closer. Some thought it would be helpful to clarify the reasoning underlying the language in the FOMC's postmeeting statement indicating that even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run. In addition, a few participants judged that additional clarity about the Committee's reaction function could be particularly important in the event that future economic conditions necessitate a more rapid rise in the target federal funds rate than the Committee currently anticipates. A number of participants suggested that it would be useful to provide additional information regarding how long the Committee would continue its policy of rolling over maturing Treasury securities at auction and reinvesting principal payments on all agency debt and agency mortgage-backed securities in agency mortgage-backed securities.
Committee Policy Action
Members viewed the information received over the intermeeting period as indicating that economic growth had picked up recently, following a sharp slowdown during the winter due in part to unusually severe weather conditions. Although labor market indicators were mixed, on balance they showed further improvement. The unemployment rate, however, remained elevated. While household spending appeared to be rising more rapidly, business fixed investment had edged down and the recovery in the housing sector remained slow. Fiscal policy was restraining economic growth, but the extent of that restraint had diminished. The Committee expected that, with appropriate policy accommodation, economic activity would expand at a moderate pace and labor market conditions would continue to improve gradually, moving toward those the Committee judges to be consistent with its dual mandate. Moreover, members continued to see risks to the outlook for the economy and the labor market as nearly balanced. Inflation was running below the Committee's longer-run objective and was seen as posing possible risks to economic performance, but members anticipated that stable inflation expectations and strengthening economic activity would, over time, return inflation to the Committee's 2 percent target. However, in light of their concerns about the possible persistence of low inflation, members agreed that inflation developments should be monitored carefully for evidence that inflation was moving back toward the Committee's longer-run objective.
In their discussion of monetary policy in the period ahead, members noted that there had been little change in the economic outlook since the March meeting and decided that it would be appropriate to make a further measured reduction in the pace of asset purchases at this meeting. Accordingly, the Committee agreed that, beginning in May, it would add to its holdings of agency mortgage-backed securities at a pace of $20 billion per month rather than $25 billion per month, and would add to its holdings of longer-term Treasury securities at a pace of $25 billion per month rather than $30 billion per month. Members again judged that, if the economy continued to develop as anticipated, the Committee would likely reduce the pace of asset purchases in further measured steps at future meetings. However, members underscored that the pace of asset purchases was not on a preset course and would remain contingent on the Committee's outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of purchases.
The Committee agreed that no changes to its target range for the federal funds rate or its forward guidance were warranted at this meeting, aside from removing a short paragraph that was added when the forward guidance was updated at the March meeting and which noted that the change in the Committee's guidance did not signal a change in the Committee's policy intentions; members deemed this language no longer necessary.
At the conclusion of the discussion, the Committee voted to authorize and direct the Federal Reserve Bank of New York, until it was instructed otherwise, to execute transactions in the SOMA in accordance with the following domestic policy directive:
"Consistent with its statutory mandate, the Federal Open Market Committee seeks monetary and financial conditions that will foster maximum employment and price stability. In particular, the Committee seeks conditions in reserve markets consistent with federal funds trading in a range from 0 to 1/4 percent. The Committee directs the Desk to undertake open market operations as necessary to maintain such conditions. Beginning in May, the Desk is directed to purchase longer-term Treasury securities at a pace of about $25 billion per month and to purchase agency mortgage-backed securities at a pace of about $20 billion per month. The Committee also directs the Desk to engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve's agency mortgage-backed securities transactions. The Committee directs the Desk to maintain its policy of rolling over maturing Treasury securities into new issues and its policy of reinvesting principal payments on all agency debt and agency mortgage-backed securities in agency mortgage-backed securities. The System Open Market Account Manager and the Secretary will keep the Committee informed of ongoing developments regarding the System's balance sheet that could affect the attainment over time of the Committee's objectives of maximum employment and price stability."
The vote encompassed approval of the statement below to be released at 2:00 p.m.:
"Information received since the Federal Open Market Committee met in March indicates that growth in economic activity has picked up recently, after having slowed sharply during the winter in part because of adverse weather conditions. Labor market indicators were mixed but on balance showed further improvement. The unemployment rate, however, remains elevated. Household spending appears to be rising more quickly. Business fixed investment edged down, while the recovery in the housing sector remained slow. Fiscal policy is restraining economic growth, although the extent of restraint is diminishing. Inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace and labor market conditions will continue to improve gradually, moving toward those the Committee judges consistent with its dual mandate. The Committee sees the risks to the outlook for the economy and the labor market as nearly balanced. The Committee recognizes that inflation persistently below its 2 percent objective could pose risks to economic performance, and it is monitoring inflation developments carefully for evidence that inflation will move back toward its objective over the medium term.
The Committee currently judges that there is sufficient underlying strength in the broader economy to support ongoing improvement in labor market conditions. In light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions since the inception of the current asset purchase program, the Committee decided to make a further measured reduction in the pace of its asset purchases. Beginning in May, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $20 billion per month rather than $25 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $25 billion per month rather than $30 billion per month. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. The Committee's sizable and still-increasing holdings of longer-term securities should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative, which in turn should promote a stronger economic recovery and help to ensure that inflation, over time, is at the rate most consistent with the Committee's dual mandate.
The Committee will closely monitor incoming information on economic and financial developments in coming months and will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability. If incoming information broadly supports the Committee's expectation of ongoing improvement in labor market conditions and inflation moving back toward its longer-run objective, the Committee will likely reduce the pace of asset purchases in further measured steps at future meetings. However, asset purchases are not on a preset course, and the Committee's decisions about their pace will remain contingent on the Committee's outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of such purchases.
To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate. In determining how long to maintain the current 0 to 1/4 percent target range for the federal funds rate, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments. The Committee continues to anticipate, based on its assessment of these factors, that it likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Committee's 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored.
When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run."
Voting for this action: Janet L. Yellen, William C. Dudley, Richard W. Fisher, Narayana Kocherlakota, Sandra Pianalto, Charles I. Plosser, Jerome H. Powell, Jeremy C. Stein, and Daniel K. Tarullo.
Voting against this action: None.
It was agreed that the next meeting of the Committee would be held on Tuesday-Wednesday, June 17-18, 2014. The meeting adjourned at 10:55 a.m. on April 30, 2014.
Notation Vote
By notation vote completed on April 8, 2014, the Committee unanimously approved the minutes of the Committee meeting held on March 18-19, 2014.
William B. English
1. Attended Wednesday's session only. Return to text
2. Attended the discussion of monetary policy normalization. Return to text
3. Attended Tuesday's session only. Return to text
4. Attended Tuesday's session following the discussion of monetary policy normalization. Return to text
Last Update: May 21, 2014
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7layers is now approved for CTIA Cybersecurity Certification testing for IoT Devices.
become one important consideration when implementing IoT solutions. With this test service, 7layers – a Bureau Veritas company – can provide manufacturers a way to stand out through verification of their IoT devices cybersecurity features.
As a leader in wireless testing, 7layers continues to add new accredited test services to meet customer needs. Device manufacturers face an increasingly sophisticated market for IoT devices and with 7layers, manufacturers have a partner in wireless testing who can meet their evolving needs.


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Arteta and Odegaard take monthly Premier League awards
By Admin Martin - 13 January 2023, 16:00
Mikel Arteta has been named the Premier League's Manager of the Month for November and December as Arsenal continues to progress under the Spaniard.
The Gunners have started this season brightly and have spent more time at the top of the standings than any other club.
Arteta deserves credit for how they have played so far and the Spaniard has been rewarded as his team continued winning either side of the World Cup, as reported by The Daily Mail.
Gunners midfielder Martin Odegaard also won the award for the Player of the Month as he continues to shine with the club's armband.
The Norwegian has been in superb form, which has helped Arsenal score more goals and to win more games and he fully deserves the award.
This award shows fans recognise the progress Arsenal is making this term and they are top of the standings because they deserve to be there.
Arteta has developed into a top manager and we expect his team to continue performing brilliantly well.
The players have to maintain their high standards for the rest of this season to help us achieve our seasonal objective.
As we continue to win games, our manager and players will almost certainly keep winning awards.
Odegaard on Arsenal fans, Legends and making History
Tags Martin Odegaard mikel arteta
Pires says:
Deservedly

redpajama_set_name: RedPajamaCommonCrawl


The following is our selection of artists that we tirelessly promote on BFN. We urge you to discover them for yourself.
Suggested Albums: Cool Is Just a Number EP; Welcome to the Breakdown EP; KABOOM!
Suggested Albums: John Davis; Arigato!
The following artists may not get a lot of airplay (or have much of a discography), but we still would like to give them high praise for their incredible work.
Shivaree: I Oughtta Give You a Shot in the Head for Making Me Live in This Dump; Rough Dreams; Who's Got Trouble?
These artists don't need much exposure, but we do enjoy listening to them.
Suggested Album: A Fever You Can't Sweat Out; Pretty. Odd.; Vices & Virtues; Too Weird to Live, Too Rare to Die!
Suggested Albums: What Up, Dog?; Are You Okay?; Boo!


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Doty Funeral Home Horseshoe Bend Ar
She has a degree in music from arkansas state university. Doty funeral home horseshoe bend arkansas.
Doty Funeral Home Obituaries
A celebration of life will be held saturday, june 19, 2021, beginning at 11:00.
Doty funeral home horseshoe bend ar. 83, of viola, arkansas, passed away, monday, january 3, 2022, in viola. Funeral services will be friday, january 7, 2022, beginning at 2:00 pm with bro. Lauren served her apprenticeship with barker funeral home of salem while working in the horseshoe bend location.
Or send flowers directly to a service happening at doty family funeral and memorial service. Which is hwy 167 south of batesville. Visitation will be prior to the service beginning at 12:00 pm.
903 3rd street, horseshoe bend, arkansas. We offer full traditional services, graveside services and memorial services and we. They consider the funeral homes in which they serve to be an honor and privilege.
Visitation will be prior to the service beginning at 10:00 am. View all funeral homes in arkansas. Funeral services will be held, friday, april 16, 2021 at doty family funeral & memorial service chapel in horseshoe bend, arkansas beginning at 2:00 pm.
Visitation will be wednesday, february 10, 2021 from 4:00 pm until 6:00 pm at doty family funeral & memorial service chapel in horseshoe bend, arkansas. Visit obituary send flowers sam osamah jamil khader amer. In horseshoe bend, ar if you are in immediate need of a funeral home or cremation service to care for a family member or.
Funeral services will be held, tuesday, november 16, 2021, at doty family funeral & memorial service chapel in horseshoe bend, arkansas beginning at 2:00 pm. Interment will follow at morriston cemetery in morriston, arkansas. Visitation will be prior to the service beginning at 12:00 pm.
Passed away january 2, 2021, in mountain home, arkansas. View upcoming funeral services, obituaries, and funeral flowers for doty family funeral & memorial service in horseshoe bend, arkansas. Doty cox blevins provides complete funeral services in salem, ar.
Michael dillenger officiating at doty family funeral service chapel i. Herbert hess, jr., 85, of horseshoe bend, arkansas went home to be with the lord on wednesday, december 30, 2020 at baxter regional medical center in mountain home, arkansas. Their passion for helping families during stressful times has resulted in the ownership of 3 funeral homes.
He also serves the horseshoe bend community as chairman of the municipal recreation improvement district. Here is francis micheal slavin's obituary. Mary of the mount catholic church in horseshoe bend, arkansas beginning at 11:00 am with father amal punganoor officiating.
140 north pickren street, salem, arkansas. Brenda has worked with funeral homes and families for over fourteen years. Funeral mass will be thursday, february 11, 2021 beginning at 11:00 am at st.
Lauren is a member of salem first baptist church, horseshoe bend chamber of commerce and the national association of. Interment will follow at reeves cemetery in melbourne, arkansas. He was born in milan, michigan on may 17, 1935 to herbert and mildred moore hess.
Doty family funeral obituaries and death notices for the horseshoe bend area. A celebration of life will be held saturday, june 19, 2021 beginning at 11:00 am at the home of barbara o'brien in horseshoe bend, arkansas. 506 likes · 2 talking about this · 8 were here.
Arrangements entrusted to doty family funeral & memorial service of horseshoe bend, arkansas. Funeral services will be held, monday, november 8, 2021, at doty family funeral & memorial service chapel in horseshoe bend, arkansas beginning at 2:00 pm with bro. New location at southside 2180 batesville blvd.
Brenda isom doty is a native of jonesboro arkansas and a graduate of jonesboro high school. It is always difficult saying goodbye to someone we love and cherish. Herb worked for general motors and retired after 30 years in lansing, michigan.
Family and friends must say goodbye to their beloved francis micheal slavin of horseshoe bend, arkansas, born in cincinnati, ohio, who passed away at the age of 77, on november 15, 2021. Burial will follow services at evening shadows memorial park in horseshoe bend. Doty family funeral and memorial service.
Please accept echovita's sincere condolences. Visitation will be prior to the service beginning at 12:00 pm. Visitation will be prior to the service beginning at 1:00 pm.
Get information about doty family funeral and memorial service in horseshoe bend, arkansas. Mary of the mount catholic church in horseshoe bend, arkansas. Funeral services will be held, friday, november 5, 2021, at st.
Arrangements entrusted to doty family funeral & memorial service of horseshoe bend, arkansas. Lauren is married to matthew jeffery and own their home in wiseman. Lauren is a member of salem first baptist church, horseshoe bend chamber of commerce and the national association of insurance and financial advisors.
Doty family funeral and memorial service, horseshoe bend, arkansas. Funeral services will be tuesday, november 23, 2021, beginning 11:00 am at doty family funeral & memorial service chapel in horseshoe bend. Not being from this area the funeral home was new to us yet we were treated respectfully at such a.
Explore life stories, offer condolences & send flowers. See reviews, pricing, contact info, answers to faqs and more.
Doty Family Funeral and Memorial Service Horseshoe Bend
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Help your children get confident in using their money, always knowing how much money is left. Works everywhere where MasterCard is accepted. No risk of debt and expensive mistakes.
Hibbo is a cashless moneybox making digital money visible. It's thrilling to see weekly pocket money being dropped to the savings. With Hibbo children feel the money they have is their own.
Get peace of mind knowing how your kids are using money. With the app you can set spending limits and it keeps updated on your kids purchases.
Congrats @HibboHQ for the #fintech track #Ultrahack win! Now build Hibbo for adults too!
MasterCard display card with a button to display current balance on high contrast digital LCD display. Contactless NFC payments (PayPass), Standard EMV 2.0, and Mastercard CSI approval.
Connected IoT piggy bank. Raspberry PI 3 single board computer, Wi-Fi, full color screen, speaker for speech output, NFC reader, and 3D printed case. Connects to OpenBankProject API (PSD2) via Hibbo cloud.
iOS and Android mobile apps. Connects to OP OpenBankProject API. Features include children's account balance, transaction history, usage limits, and QR/AR Pokémon-style money transfer.
Hibbo was built for OP Financial Group's Ultrahack Fintech Challenge in Ultrahack 2016.


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Regasification terminals and cryogenic tanks
German LNG will be located in Brunsbüttel and will be able to produce up to 8 BCMA
Case of success
Sener/Proyectos/How much do you know about the first onshore regasification terminal to be built in Germany?
Learn about the projectCharacteristicsIn figuresBenefitsThe Joint Venture
German LNG will be the first onshore regasification terminal in Germany, and it will allow the country to inject gas to the national network from the sea.
It is a strategic project for the energy transition process which will make a significant contribution to the energy supply of Germany and Europe.
This Liquefied Natural Gas (LNG) regasification terminal, which will be located in the German town of Brunsbüttel, in the North of the country, wil have the capacity to produce up to 8 BCMA (Billion Cubic Meters per Annum) of natural gas per year, which can be expanded to at least 10 BCMA. This represents approximately 10% of Germany's current annual consumption.
It will contribute to the security of energy supply in Germany and Europe
It will allow Germany to inject gas to the national network from the sea, offering an alternative to the gas imported by land.
Contributes to the Germany energy transition process.
Two 165,000-m3 storage tanks.
Two jetties, unloading arms and pipelines.
Storage tanks.
Systems for regasification and gas emission.
A BOG (Boil-off Gas) recovery system.
A flare stack.
Auxiliary systems.
Series of buildings specially designed for the operations.
Loading and unloading of carriers.
Storge of LNG.
Regasification.
Injection into the German natural gas grid.
Distribution of LNG via tankers and railway tanker wagons.
Two 165,000-m3 storage tanks
Up to 8 BCMA (Billion Cubic Meters per Annum) of natural gas per year, which can be expanded to at least 10 BCMA.
The Joint Venture
Cobra (62%) and Sener (38%)
El consorcio formado por las empresas Cobra, una empresa del grupo VINCI, y SENER, llevarán a cabo los trabajos de ingeniería, compra y construcción (EPC), con una participación del 62 % y 38 % respectivamente.
The consortium comprising the companies Cobra, a company of the VINCI group, and Sener will carry out the EPC (Engineering, Procurement and Construction) contract, with a 62% and 38% share, respectively, for the client German LNG Terminal GmbH.


Oct. 14, 2015, 12:30 p.m.
Canon showcases an exciting collection of concepts and technologies that will fundamentally change the way we capture, store and share images in the future, at Canon Expo 2015 in Paris.
Canon Europe today shared its future vision for the rapidly evolving world of consumer imaging. Passionate about developing new ways to help people enjoy and immerse themselves in their memories, Canon showcased an exciting collection of concepts and technologies that will fundamentally change the way we capture, store and share images in the future, at Canon EXPO 2015 in Paris.
Alessandro Stanzani, Head of Consumer Imaging Group, Canon Europe, commented: "EXPO is an incredibly exciting time for us. Over the past five years we have leveraged our heritage, knowledge and expertise to push the boundaries of imaging. We're transforming our consumer business to respond to our customers' needs, focusing on creating new digital consumer services alongside our renowned imaging hardware.
"Reflected throughout everything we're showcasing in Paris is our commitment to enabling powerful experiences that make it easier for everyone to get more enjoyment from imaging."
As increasing importance and emotional links are placed on photos and videos, with more being shot year-on-year, Canon continues to push the boundaries of imaging technology and pioneer new experiences and creative possibilities. Through its evolving ecosystem of products and digital consumer services, Canon is committed to supporting people through every stage of their imaging journey, and make it easier for everyone to get the best from their photos and videos – regardless of what device they've used to capture them on.
Reaffirming its commitment to enhance and expand its range of digital services and smartphone photo apps, Canon is showcasing its latest solutions designed to tackle the challenges facing consumers in managing their large and ever expanding photo libraries. Following the acquisition of Lifecake in April 2015, Canon will preview the new capabilities and fresh look and feel for its cloud-based image management service, irista.
Also at the show is hdbook EZ – a soon to be launched app for smartphones, tablets & PCs that intelligently selects the best images from your photo and video libraries, and automatically creates a personalised photobook in a few minutes.
Intelligent Imaging for Life: Make your home a live canvas for reliving your memories with Intelligent Imaging for Life. This innovative, intuitive technology allows you to recall and interact with your photos and videos in completely new ways, including the ability to share, crop and print your images from an interactive table surface.


It's Time to Get Ready for Giving Tuesday!
As we consider how to continue the trend of double-digit growth on Giving Tuesday, it's important to take a look at what steps and strategies make for a truly successful campaign.
Are you ready to navigate the busiest giving season of the year?
Here are the five best (and easiest) ways to optimize your donation forms in time for Giving Tuesday!
I knew these two were on the cusp of something special. And 5 months later, #GivingTuesday was born.


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WORKING PAPER • VOL. 2 • N° 7 • OCTOBER 2016
STRUCTURE AND ENFORCEMENT OF DATA PRIVACY LAW IN SOUTH KOREA
by Haksoo Ko, John Leitner, Eunsoo Kim and Jong-Gu Jung
South Korea's data privacy law has evolved rapidly, in particular during the past several years, despite a short history of relevant legislation and enforcement. South Korea's data privacy law has exceedingly stringent consent requirements. In addition to consent, there are many other statutory provisions with onerous requirements, arguably making the overall data privacy law regime in South Korea one of the strictest in the world. South Korea's data privacy law, in particular the Personal Information Protection Act (the PIPA), has a similar structure to the EU's data privacy law. However, the overall legal regime for data privacy and also its enforcement mechanism reveal South Korea's unique characteristics and its weaknesses. In terms of the overall legal regime for data privacy, one interesting characteristic is that, in addition to the PIPA, an omnibus data privacy statute, there are multiple additional statutes governing data privacy issues for specific sectors or industries. In terms of the enforcement of data privacy law, a multitude of government agencies and institutions are in charge. Thus, depending on applicable statutes and other factors, different agencies or institutions could be in charge. Issues on data privacy has gained notable traction in recent years in South Korea and, perhaps reflecting this phenomenon, relevant laws and regulations have been amended frequently. A notable trend is to strengthen penalty provisions and, in particular, the maximum amount of administrative fine is now set at 3% of relevant sales revenue. It remains to be seen if heightened penalty provisions will indeed help addressing data privacy concerns in a meaningful manner.
Keywords: Data privacy, South Korea's data privacy law, Personal Information Protection Act


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Elon Musk Likes Overwatch, Hearthstone, and Games With a Good Story
January 12, 2017 12:49 pm EDT
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Super-genius inventor and engineer Elon Musk lit up when asked about video games in a recent interview. Musk has commented on video games before, but this is the first time the Space X and Tesla CEO has given his opinion on which games are any good, and it turns out he likes Overwatch and Hearthstone.
Musk recently sat down with Sam Altman of Y Combinator to talk about the firm's startup funding efforts – something the Musk knows a bit about as a tech investor. Their discussions were heavy on the serious side, heavier than would be expected for tech investments.
Musk shared his fears about the future of AI, which includes the risk of human extinction. However, when the interview was otherwise over Altman took a quick moment while the cameras were still rolling to ask Musk about his favorite games.
Though Musk did not admit to spending hours a day dedicated to any addictive game, he did say he is a fan of the games that offer a good storyline. He named Blizzard as a maker of good games, and Overwatch and Hearthstone as two games his kids enjoy playing. Hearthstone in particular.
He got so excited about this after-interview chat he brought assistants off-camera into the conversation.
He called the original Deus Ex "killer," but said the newer Deus Ex: Mankind Divided was "lame" because it lacked the storytelling of the original. Musk says the old games had to rely on great storytelling because the graphics and sound were terrible.


Unemployment, poverty and little access to education had left the Loco slum community in Jinja, Uganda extremely vulnerable. Children were exposed to malnutrition, exploitation, neglect and physical abuse. In the last 18 months Children on the Edge have opened a nursery school for the youngest children, and equipped local community leaders to form a Child Protection Team.
The new nursery and primary school now provides education for 60 children, including four year old Namakula. Namakula had her first day at school a year ago. She is from one of the poorest families in Loco slum, and in her first few months at school, she could not speak.
At first, the teachers relied entirely on hand signals to communicate with Namakula. They worked closely with her, using play and creativity to build her confidence and sense of safety. By the second term she was one of the best pupils in her writing, enjoyed singing and found a best friend to play with.
"Thank you to South Downs Water and all your customers – you're helping restore the full ingredients of a childhood to children like Namakula.
Our support is bringing tangible change to where it is most needed.
Why not support Children on the Edge by having a South Downs Water Cooler for your office.
With flexible and short term contracts available, low cost rental and our locally bottled South Downs Natural Mineral Water to drink – it's a local win all round! Call 01243 376156 or email enquiries@southdownswater.co.uk to order yours today.
Children at the Children on the Edge playscheme in Loco. Health and hygiene are taught through play and song. The children are now quick to wash their hands before eating their daily porridge; running to the queue at the tap to wash meticulously with soap whilst singing "this is the way we wash our hands" song.


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Trump-Russia superfans contemplate life after Mueller
The special counsel probe made them famous. Now that it's over, they're not letting go.
A sand sculpture features US President Donald Trump and his Russian counterpart Vladimir Putin | Stefan Sauer/AFP via Getty Images
By Ben Schreckinger
The end of Special Counsel Robert Mueller's probe marks a new phase of U.S. President Donald Trump's presidency. It also marks a new phase for the small group of citizen journalists, Twitter thread-spinners and stunt artists who rose to prominence on the back of the investigation.
After devoting much of their waking lives to the investigation over the last two years, they are taking its anticlimactic demise with surprising poise. You might say that for the Mueller probe's biggest fans, it's not just about the number of indictments — it's about the friends they made along the way.
Jeff Jetton, the owner of a ramen shop along Washington, D.C.'s gentrifying H Street corridor who has entangled himself in the web of journalists, hustlers and lawyers surrounding the probe, knows this well.
Jetton came to Washington's notice in early 2017 when he scored a number of interviews with key Trump-Russia figures including former Trump campaign adviser Carter Page and suspected Steele dossier source Sergei Millian for Brightest Young Things, a Washington-based marketing collective.
Jetton, who also performed public anti-Kremlin stunts and made a habit of hectoring Trump's aides about Russia in out-of-the-blue emails on which he often copied half the Washington press corps, has made nice with many of the targets of his scrutiny.
The probe's conclusion does not even close a chapter, let alone a paragraph, for one Trump-Russia superfan.
"I still talk to Sergei Millian all the time," he said.
Jetton is planning to spend Friday night in Hell's Kitchen taking in a concert for the trippy Russian band Little Big alongside a new pal, Felix Sater.
"Jeff is one of the nicest people I know, and I always enjoy spending time with him," said Sater, the international man of intrigue who sits at the center of many of Trump's ties to the former Soviet Union.
Even before the probe's end, Jetton, 43, had already begun moving on, taking a job at the New York marketing firm R/GA. In September, he married a Russian woman, complicating his Trump-Russia activism.
Robert Mueller testifies during a hearing before the Senate judiciary committee | Alex Wong/Getty Images
"I can't be out there putting dildos on things dressed as Vladimir Putin anymore, because that could have implications for her and her family,"said Jetton, who generated media attention in July when he set a shirtless Putin mannequin astride Wall Street's iconic bull and covered the monument in a colorful array of synthetic penises.
"I don't see this as the end of anything. I see it as maybe the beginning. Maybe one chapter closing," he said. "Donald Trump Jr.'s still going to be an asshole."
For Seth Abramson, a professor at the University of New Hampshire who authored voluminous viral Twitter threads about Russian collusion, the probe's conclusion does not even close a chapter, let alone a paragraph. "At most it's going to be an em dash in the middle of a sentence," said Abramson, who, as a poet and author in his offline life, should know.
For Abramson and others who have immersed themselves in the drama of the probe, the events of the weekend only shift the action to new settings.
"The Mueller investigation is not something that will conclude in the way that we think of investigations concluding," Abramson said. "It will simply transform."
"The Mueller investigation … will simply transform." — Professor Seth Abramson
Others view the Trump-Russia affair less as a story than as a part of a collective national journey. "The Mueller report is just one more road mark on that very long highway," said Claude Taylor, a former director of volunteers in Bill Clinton's White House who has made it his mission to draw attention to Trump's Russia links on Twitter and in real life.
That highway has already taken Taylor, 55, all over the country, where he has channeled anti-Trump energy on Twitter into real-life activism on land and on sea.
In 2016, Taylor closed up his Washington photo gallery and devoted more time to assailing Trump on social media with a focus on his Russia ties. Eventually he set up Mad Dog PAC to fund his activism, including purchasing billboards around the country that linked Republican politicians to Russia.
One of his most treasured memories involves renting a 30-foot motorboat, loading it with a large inflatable rat bearing Trump's face and, "with the help of a local skipper," navigating it up to a sea wall at the edge of Mar-a-Lago.
Former MP Louise Mensch | Stefan Wemuth/Getty Images
The hobby brought him into contact with former U.K. parliamentarian Louise Mensch, and the pair authored widely read articles claiming that Trump was the subject of a sealed indictment and under investigation for sex trafficking.
It turned out the pair had fallen for a hoax and none of that was true. "In terms of all the stories that have been produced about Trump and Trump-Russia," Taylor said, "we'll all have a good sense in the individual fullness of time of how our individual records stand up."
Despite that hiccup, the friendship formed over their sleuthing has stood up firmly. "I remain very, very fond of her," Taylor said of Mensch.
Mensch has perhaps gained more notoriety from the Trump-Russia affair than anybody else who was not a direct party to it. After laying out her views of the matter in the New York Times op-ed section, she memorably claimed that prosecutors were considering executing former White House chief strategist Steve Bannon for treason and that U.S. marshals had forcibly removed Trump's first chief of staff, Reince Priebus, from Saudi Arabia, among other wild allegations.
Mensch has perhaps gained more notoriety from the Trump-Russia affair than anybody else who was not a direct party to it.
Reached on Twitter, Mensch asked that an interview request be sent via email, but did not respond to emailed interview requests. Fortunately, she has made her views known on her blog.
For her, the formal end of Mueller's probe is more like a technicality.
In Mensch's unorthodox reading of U.S. Attorney General Bill Barr's summary of the investigation, Barr actually confirms that many of Trump's confederates are well on their way to being convicted of collusion-related crimes.
In her view, it is the president's associates who will have the hardest transition of anyone to life after Mueller.
"The loathsome batch of traitors who are laughing tonight," she wrote on Sunday, "will be crying tomorrow. Or on one tomorrow in the very near future."
Trump didn't collude with Russia. So why does he love Putin so much?
By Blake Hounshell
'Total EXONERATION': Trump savors post-Mueller victory lap
By Andrew Restuccia, Gabby Orr and Darren Samuelsohn
More from ... Ben Schreckinger
The former president did his first rally of 2022 and left no doubt about the base he wants to build.
BBC funding freeze needed to curb cost of living, UK minister claims
Labour argues the move to squeeze Britain's public broadcaster is designed to restore Boris Johnson's battered popularity.
Double fault: Australia moves to deport tennis star Novak Djokovic, again
Djokovic's lawyers had indicated prior to the decision that they planned to appeal it.
12 times Boris Johnson's Tories are accused of partying during lockdown
The British PM is under intense pressure amid claims gatherings took place despite restrictions.
By Annabelle Dickson
By Zoya Sheftalovich and	Ali Walker
By Andrew McDonald
Donald Trump	Robert Mueller


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Home News Alessandro Petacchi embroiled in blood doping scandal
Alessandro Petacchi embroiled in blood doping scandal
(AFP) – Former Italian cyclist Alessandro Petacchi has been embroiled in the blood doping scandal around German doctor Mark Schmidt and the so-called operation Aderlass.
Newspapers in both Italy and France, Corriere della Sera and Le Monde, both cited sources close to the case as saying Petacchi was being investigated.
They claim that Petacchi, with the help of Schmidt, benefitted from blood doping by transfusing his own blood, treated to raise the red blood cell count that facilitates oxygen delivery in the body, thereby increasing power and stamina.
Schmidt was arrested during the Nordic ski world championships in February in a blood doping scandal involving sports stars from many disciplines.
Petacchi, who won six Tour de France stages and 22 on the Giro, denied the allegations outright.
"I never went to his surgery in Germany or anywhere else. I never had a blood transfusion and I have no idea why I'm being connected with this case," the 45-year-old TV pundit told Corriere della Sera after the fourth stage of the Giro on Tuesday.
blood doping
operation Aderlass
Two 'high-class teams' riders linked to Aderlass blood doping
Team Sky doctor Freeman downloaded research data about testosterone
Ex-Team Sky coach Shane Sutton accused of being a 'serial liar and doper'
Former Team Sky doctor Richard Freeman admits to telling 'lots of lies'
Cycling Gods: Fearless Greg LeMond


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The Huskers dropped to 0-4 in the Big 12 with the loss at Texas Tech on Sunday.
Lubbock, Texas - The Nebraska men's tennis team lost on Sunday to the No. 20 Texas Tech Red Raiders 7-0 in Lubbock, Texas. The loss is NU's fourth straight to open Big 12 play, and drops its record to 9-13 overall. The 20th-ranked Texas Tech squad is the fourth straight top-25 opponent the Huskers have played, and although the team has competed well at times, it hasn't been able to put it together for a victory over any of those teams.
The Huskers lost all three doubles matches and weren't able to recover in singles play. Hendrik Stahmer and Francois Van Impe each took their matches into third-set super-tiebreakers, but neither was able to win and get a point on the board for the Huskers. Calin Paar lost for just the second time in his last nine matches, and David Bendheim was stalled at No. 1 singles by Bojan Szumanski, the 43rd-ranked player in the nation. Bendheim is now 3-6 against ranked singles opponents on the year.
The Huskers finish up their regular season schedule next week with three matches. They play their final home match on Tuesday, April 15, against in-state foe Nebraska-Kearney before traveling to Baylor on April 18 and to Oklahoma on April 20. Tuesday's match against UNK is schedule for a 2 p.m. start, and will be played at the Nebraska Tennis Center.


Style & flow combine in this beautifully updated brick semi situated on a quiet street w/ a fenced-in backyard & backing up to a sprawling neighborhood park. It offers fresh paint, new flooring & new lighting throughout. As you enter into the living room accented w/ recessed lighting & a rod iron staircase, you'll find an effortless flow straight back to the kitchen w/ hardwood floors blanketing the main level. The new kitchen is equipped w/a handy center island/breakfast bar, counter-to-ceiling tile backsplash, stainless appliances, marble countertops, oversized farmhouse-style sink & plenty of storage space w/2 pantry cabinets & a lazy-susan. 3 Nice-sized bedrooms & 1.5 bathrooms including a nicely remodeled main bathroom w/shiplap accent wall & tiled shower. Painted & clean walk-out basement, economical gas heat, cool central air & off-street parking for 2.
513 VERNON ST is a townhouse for sale in Media, PA 19063. This 1360.00 SQFT townhouse sits on a 0.09 acre lot and features 3 bedrooms and 1 bathrooms. Built in 1950, this townhouse has been on the market for a total of 1 week and is currently priced at $289,500.
From E. Baltimore Pk turn left S. Providence. Turn right E. Jefferson. Turn left Vernon to home on left.


PCT - Second batch of patent processes initiated.
We are getting new requests about our technology from various markets.
Shortly we will update news with a new animation describing how ParticleTrap can be applied in the mining industry, this application describes how ParticleTrap can be used in other industries as well.
Older PostPCT - First batch of patent processes initiated.


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BIG EAST Women's Hoops Games Of The Week: Seton Hall Hopes For Bounceback
It might just be gut-check week for many of the women's basketball teams in the BIG EAST.
BIG EAST Women's Basketball Games Of The Week: Marquette Looking To Rebound
In the BIG EAST women's basketball gauntlet, few games, if any, are guaranteed victories.
BIG EAST Women's Basketball Midseason Review And Second-Half Predictions
So, what can we all take away from the first half of the BIG EAST women's basketball season?
BIG EAST Women's Basketball: Can St. John's Keep The Magic Going?
Welcome to a new year, BIG EAST women's hoops fans. Like what you see?
BIG EAST MLS SuperDraft Picks: A Breakdown Of Every BIG EAST Star Selected
The standout performers of the BIG EAST men's soccer season thrilled audiences with some of the best talent found anywhere in collegiate soccer.
BIG EAST Women's Basketball Games Of The Week: Hogs, Jays Tussle
With nearly every BIG EAST women's basketball team now at the 10-game mark of the 2022-2023 season, where does each school stand heading into the thick of the conference schedule?
BIG EAST Women's Basketball: St. John's Looking To Continue Hot Start
Women's basketball teams in the BIG EAST got a taste of conference play against each other last week.
BIG EAST Men's Soccer Championship Semis: Creighton, Georgetown Advance
In the hectic BIG EAST men's soccer world, it's truly always anyone's game.
A Look At The FCS Playoffs Landscape Ahead Of Week 11
Just two weeks remain in the FCS regular season, but the playoff picture remains far from clear. A variety of conference championship races will come down to the final score of games on the final day, and assorted t-large bubbles are guaranteed to burst.
BIG EAST Men's Soccer Championship: Hoyas Seek Fifth Title In Six Years
It's tournament time in the BIG EAST, and everything has come down to this.
Georgetown, Xavier Advance To BIG EAST Women's Soccer Championship Final
The 2022 BIG EAST Women's Soccer Championship presented by Jeep continued Thursday with the semifinals.
Villanova Women's Basketball: Siegrist Returns, Team Eyes Silverware
Villanova women's basketball became a must-watch program a season ago.
BIG EAST Women's Basketball: Morrow, Siegrist, Others Give Chase To UConn
The more things change, the more they stay the same in the BIG EAST women's basketball landscape, it seems.
BIG EAST Men's Soccer Offensive Player of the Year: Who Ya Got?
It has been a long and arduous BIG EAST men's soccer season, and with the regular season about to come to a close, the debates are raging.
Payton Award Hopeful Bret Bushka & Butler Are Football's Best Surprise
A 99-yard touchdown run marked a pivotal turn in the Butler Bulldogs' 2022 football season — and it was one they gave up.


Chelsea chairman Roman Abramovich is reportedly considering sacking manager Maurizio Sarri during the upcoming international break following Sunday's 2-0 defeat at the hands of Everton.
Sarri's future came under intense scrutiny last month following a string of poor results and an extraordinary incident in the EFL Cup final when goalkeeper Kepa Arrizabalaga openly defied the Italian's attempts to take him off.
Abramovich will reportedly use the international break to decide the former Napoli manager's fate following a disappointing debut campaign at Stamford Bridge.
Chelsea have made it into the quarter-finals of the Europa League, but have slipped down to sixth in the Premier League table and remain four points adrift of the top four following Sunday's result.


Every single music piece has its own history and, as result, every single musical note has a soul.
As you can see in the video below, Luca loves playing in the dark hours of the day surrounded by the Nature's sounds like a pianist of the old romantic Era. While you are watching the video, you can imagine how we create our style!
Luca starts composing deep-childlike melodies and then during rehearsals me and Guerrino start figuring out his thoughts and intentions; after this primary mental process we begin to play together the new piece, step by step we add rythms on drums and counterpoint melodies on cello. After re-arranging the primal melody, a new music piece comes to life!
How long does this process last? Well, it depends on how much time we have! Generally it takes 30-40 days rehearsing one time per week; after this period we try to improve the Piece in order to give him a stronger identity.
This is the reason why I love playing in this Project: we are always creating music, exploring ourselves and the Spirit of All Things.


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BayBears pitchers smoke Tennessee in series finale
Canning allows one hit, Lillis-White fans seven, Custred notches save
(vpbowers.com)
By Mobile BayBears | June 2, 2018 10:08 PM
KODAK, Tenn. (June 2, 2018) - The Mobile BayBears, the Double-A affiliate of the Los Angeles Angels, held the Tennessee Smokies to three hits in a 1-0 shutout win in the series finale Saturday night at Smokies Stadium.
Griffin Canning retired the first 11 batters of the game before giving up a double in the fourth. It was the first hit against him since May 9, snapping a stretch of 12 2/3 straight hitless innings. Canning walked one batter in the fifth before exiting with two outs in the frame, increasing his scoreless streak to 12 2/3 consecutive innings.
After allowing a single, Conor Lillis White (2-0) proceeded to strike out the next seven Tennessee (28-26) batters. It set a new career-high for Lillis-White and was just one shy of the Southern League record for consecutive strikeouts by a single pitcher.
Matt Custred retired the side in order in the eighth and got out of a jam in the ninth to earn his third save. With two men on and one out, Yasiel Balaguert lined into a game-ending double play.
Jared Walsh hit his 15th home run of the season in the fifth inning off Oscar De La Cruz (5-6). De La Cruz recorded a quality start, giving up just three hits with seven strikeouts in six innings pitched.
It was the seventh shutout win of the season for Mobile (29-25) and the fifth straight series victory.
The BayBears begin a five-game road series against the Chattanooga Lookouts Sunday at 4:15 p.m. CDT. Right-handed pitcher Jesus Castillo (4-3, 4.33 ERA) is scheduled to make the start against southpaw Lewis Thorpe (1-3, 4.21 ERA) for the Lookouts. Live coverage can be heard on the BayBears Broadcast Network, the TuneIn Radio App, and the MiLB First Pitch App, with the Countdown to First Pitch starting at 4:00 p.m. CDT.
The BayBears return home Friday and host a total of 70 home dates through Labor Day, September 3. Single-game tickets and ticket packages are currently on sale. Group and hospitality offerings for the 2018 season can be reserved by calling (251) 479-BEAR (2327).
About the Mobile BayBears
The Mobile BayBears are the Double-A affiliate of the Los Angeles Angels and play their games at Hank Aaron Stadium in Mobile, Ala. The BayBears were founded in 1997 and have won four Southern League titles in 1998, 2004, 2011, and 2012. Additionally, the 1998 and 2011 championship squads were named Minor League Team of the Year by Baseball America. More than 160 former BayBears have reached the Major League level, including All-Stars Max Scherzer, Paul Goldschmidt, Jake Peavy, Carlos Gonzalez, and Justin Upton. For more information on the Mobile BayBears and Hank Aaron Stadium, please visit MobileBayBears.com, call (251) 479-BEAR (2327), or contact Steve Goldberg via email at Steve@MobileBayBears.com.
This story was not subject to the approval of the National Association of Professional Baseball Leagues or its clubs.


In the world of gaming mice brand names such as Steel Series, Logitech, Rocatt and Razer reign supreme. When we were offered a sample from a company called Shogun Bros we immediately thought of a cool new oriental themed Nintendo game.Wacky company name aside, the new Ballista MK1 has been designed to challenge the big players, at a lower price point. We spent around a week testing this mouse and loaning it out to several competitive UK clan gamers to get other viewpoints. Is this a cheap 'n' nasty second choice option or a quality mouse able to stand its ground against the big players?


I'll introduce myself in a bit.
But first, let's talk about you.
You are probably asking yourself right now is, "What makes this blog different from the other personal finance resources out there, and why should I read it?"And the most appropriate answer that I have crafted to this is also the easiest: since I am not being paid by a publicly traded company according to what I write, my advice can remain objective.
We talk about interesting topics such as investing, travel, lifestyle design, financial independence, and any other topic that jumps into this curiosity playground. We swap stories and ideas about real estate, entrepreneurship, productivity, personal development and a philosophy of money.
My goals for starting a blog is because I want to share tips on how to live frugally, save money, and even make money on the side in their free time. Moreover, this blog would be an interactive forum for everyone to voice out their ideas or opinions to help each other achieve our financial dreams!
And lastly, I enjoy writing and sharing what I know about finance in order to help others. This also provides motivation for me to keep my financial knowledge fresh!
Bad Credit Car Loan Vs Guaranteed Auto Financing – Will You Save Money?


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Photos: In Focus - Grant Delpit
Check out photos of Grant Delpit during his big game against the Commanders where he snagged two interceptions, his most in a game in his career.
Safety Grant Delpit (22) during a NFL football game between the Cleveland Browns and Washington Commanders on January 1, 2023 at FedEx Field. The Browns won 24-10.
Cornerback Greedy Williams (26) and Safety Grant Delpit (22) during a NFL football game between the Cleveland Browns and Washington Commanders on January 1, 2023 at FedEx Field. The Browns won 24-10.
David Dermer/Cleveland Browns
Safety Grant Delpit (22) before a NFL football game between the Cleveland Browns and Washington Commanders on January 1, 2023 at FedEx Field. The Browns won 24-10.
Cornerback Denzel Ward (21) and Safety Grant Delpit (22) during a NFL football game between the Cleveland Browns and Washington Commanders on January 1, 2023 at FedEx Field. The Browns won 24-10.
Safety Grant Delpit (22) and the defense during a NFL football game between the Cleveland Browns and Washington Commanders on January 1, 2023 at FedEx Field. The Browns won 24-10.
Safety Grant Delpit (22) after a NFL football game between the Cleveland Browns and Washington Commanders on January 1, 2023 at FedEx Field. The Browns won 24-10.
Cornerback Greedy Williams (26), Cornerback Greg Newsome II (20), Safety Grant Delpit (22) and Cornerback A.J. Green (38) during a NFL football game between the Cleveland Browns and Washington Commanders on January 1, 2023 at FedEx Field. The Browns won 24-10.
Safety Grant Delpit (22) and Cornerback Denzel Ward (21) during a NFL football game between the Cleveland Browns and Washington Commanders on January 1, 2023 at FedEx Field. The Browns won 24-10.
The defense during a NFL football game between the Cleveland Browns and Washington Commanders on January 1, 2023 at FedEx Field. The Browns won 24-10.
Photos: In Focus - Jim Schwartz
Check out photos of Jim Schwartz speaking with the media after he was named the Browns' new defensive coordinator.
Photos: In Focus - Locker Clean Out Day
Check out photos of the Browns players, coaches and front office staff talking with the media and cleaning out their lockers at CrossCountry Mortgage Campus on January 9, 2023
Photos: In Focus - Postgame Celebrations against the Commanders
The Browns celebrate after a win over the Washington Commanders on January 1, 2023 at FedEx Field.
Photos: In Focus - Nick Chubb is going to the Pro Bowl
Check out the best photos from the 2022-23 season of Nick Chubb, who was voted to his fourth consecutive Pro Bowl.
Photos: In Focus - Joel Bitonio is going to the Pro Bowl
Check out the best photos from the 2022-23 season of Joel Bitonio, who was voted to his fifth consecutive Pro Bowl.
Photos: In Focus - Myles Garrett is going to the Pro Bowl
Check out the best photos from the 2022-23 season of Myles Garrett, who was voted to his third consecutive Pro Bowl.
Photos: In Focus - Postgame Celebrations against the Ravens
The Browns celebrate after a win over the Baltimore Ravens on December 17, 2022 at FirstEnergy Stadium.
Photos: In Focus - White Facemask Reveal
Check out photos of the throwback white facemasks the Browns will wear on their helmets for their Week 15 game against the Ravens.
Photos: In Focus - Browns Defense
Check out photos of the Browns defense after a season-best performance where it snagged three takeaways and scored two touchdowns versus the Texans.
Photos: In Focus - Postgame Celebrations against the Texans
The Browns celebrate after a win over the Houston Texans on December 4, 2022 at NRG Stadium.
Photos: In Focus - Jacoby Brissett
Check out photos of Jacoby Brissett in action against the Bucs in his final expected start for the Browns this season. Brissett led the Browns with two late touchdown drives to give them a comeback victory in overtime.
Photos: In Focus - Postgame Celebrations against the Buccaneers
The Browns celebrate after a win over the Tampa Bay Buccaneers on November 27, 2022 at FirstEnergy Stadium.


The paper will describe the use of flow chemistry for scaling up exothermic or hazardous nitration reactions. Such reactions often cause time delays to the delivery of larger batches of intermediates or final compounds for medicinal chemistry projects, because considerable time is required for safety evaluation and, if necessary, modification of the procedure so that it can be scaled-up and run in a safe manner. A commercially available continuous flow reactor was used in the scale up of three challenging nitrations including a reaction involving a potentially explosive mixture of acetic acid and fuming nitric acid, with a productivity of 97 g/h.