About this Book

The Board of Governors is pleased to submit its Monetary Policy Report to the Congress pursuant to section 2B of the Federal Reserve Act.

Sincerely,

Ben Bernanke, Chairman

Washington, D.C., July 21, 2009

Contents

Overview: Monetary Policy and the Economic Outlook

Recent Financial and Economic Developments

Monetary Policy: Recent Developments and Outlook

Summary of Economic Projections