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2012 Annual Report

  • Housing May Have Finally
    Turned Around in 2012

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  • Unemployment Did Not Reach a Hoped-For Turning Point in 2012

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  • Small Business Had
    Few Turning Points in 2012

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  • Monetary Policy Tools Used on
    Fed’s Balance Sheet

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  • Inflation Did Not
    Follow a Straight Path

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  • No Absolute Turning Point for the European Sovereign Debt Crisis

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  • Fiscal Policy Uncertainty Pivoted
    on the Actions of Congress

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