Much concern has been expressed of late about the atypically sluggish rebound in real fixed investment expenditures in the current recovery. Such concern reflects the important role of fixed investment in a dynamic economy—it not only serves to augment the current pace of economic activity, but also influences the sustainability of the economy’s upward momentum beyond “recovery.”
As the central bank of the United States, the Federal Reserve performs three basic functions: the implementation of monetary policy, the supervision and regulation of member banks, and the provision of various services to the public, the U. S. Treasury, and commercial banks. These operations are conducted through the 12 regional Federal Reserve Banks located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. In addition, 25 branches of the 12 regional banks perform similar functions in territories served by such branches. The Eighth Federal Reserve District is served by the head office in St. Louis and branches in Little Rock, Louisville, and Memphis, and covers a region which includes the state of Arkansas and parts of Illinois, Indiana, Kentucky, Mississippi, Missouri, and Tennessee.
Net income of U.S. farmers in 1977 is expected to total about $24 billion, approximately the same as in 1976 and 1975 according to information presented at the National Agricultural Outlook Conference in November. While realized gross farm income is expected to total more than the $104 billion estimated for last year, production expenses are also trending upward and will probably match the increase in gross income.
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