id	sid	tid	token	lemma	pos
cblr-11900	1	1	money	money	NOUN
cblr-11900	1	2	and	and	CCONJ
cblr-11900	1	3	the	the	DET
cblr-11900	1	4	public	public	ADJ
cblr-11900	1	5	debt	debt	NOUN
cblr-11900	1	6	:	:	PUNCT
cblr-11900	1	7	treasury	treasury	NOUN
cblr-11900	1	8	market	market	NOUN
cblr-11900	1	9	liquidity	liquidity	NOUN
cblr-11900	1	10	as	as	ADP
cblr-11900	1	11	a	a	DET
cblr-11900	1	12	legal	legal	ADJ
cblr-11900	1	13	phenomenon	phenomenon	NOUN
cblr-11900	1	14	lev	lev	PROPN
cblr-11900	1	15	menand	menand	PROPN
cblr-11900	1	16	*	*	PROPN
cblr-11900	1	17	joshua	joshua	PROPN
cblr-11900	1	18	younger†	younger†	PROPN
cblr-11900	1	19	the	the	DET
cblr-11900	1	20	market	market	NOUN
cblr-11900	1	21	for	for	ADP
cblr-11900	1	22	u.s	u.s	PROPN
cblr-11900	1	23	.	.	PROPN
cblr-11900	1	24	government	government	NOUN
cblr-11900	1	25	debt	debt	NOUN
cblr-11900	1	26	(	(	PUNCT
cblr-11900	1	27	treasuries	treasury	NOUN
cblr-11900	1	28	)	)	PUNCT
cblr-11900	1	29	forms	form	VERB
cblr-11900	1	30	the	the	DET
cblr-11900	1	31	bedrock	bedrock	NOUN
cblr-11900	1	32	of	of	ADP
cblr-11900	1	33	the	the	DET
cblr-11900	1	34	global	global	ADJ
cblr-11900	1	35	financial	financial	ADJ
cblr-11900	1	36	system	system	NOUN
cblr-11900	1	37	.	.	PUNCT
cblr-11900	2	1	the	the	DET
cblr-11900	2	2	ability	ability	NOUN
cblr-11900	2	3	of	of	ADP
cblr-11900	2	4	investors	investor	NOUN
cblr-11900	2	5	to	to	PART
cblr-11900	2	6	sell	sell	VERB
cblr-11900	2	7	treasuries	treasury	NOUN
cblr-11900	2	8	quickly	quickly	ADV
cblr-11900	2	9	,	,	PUNCT
cblr-11900	2	10	cheaply	cheaply	ADV
cblr-11900	2	11	,	,	PUNCT
cblr-11900	2	12	and	and	CCONJ
cblr-11900	2	13	at	at	ADP
cblr-11900	2	14	scale	scale	NOUN
cblr-11900	2	15	has	have	AUX
cblr-11900	2	16	led	lead	VERB
cblr-11900	2	17	to	to	ADP
cblr-11900	2	18	an	an	DET
cblr-11900	2	19	assumption	assumption	NOUN
cblr-11900	2	20	,	,	PUNCT
cblr-11900	2	21	in	in	ADP
cblr-11900	2	22	many	many	ADJ
cblr-11900	2	23	places	place	NOUN
cblr-11900	2	24	enshrined	enshrine	VERB
cblr-11900	2	25	in	in	ADP
cblr-11900	2	26	law	law	NOUN
cblr-11900	2	27	,	,	PUNCT
cblr-11900	2	28	that	that	SCONJ
cblr-11900	2	29	treasuries	treasury	NOUN
cblr-11900	2	30	are	be	AUX
cblr-11900	2	31	nearly	nearly	ADV
cblr-11900	2	32	equivalent	equivalent	ADJ
cblr-11900	2	33	to	to	ADP
cblr-11900	2	34	cash	cash	NOUN
cblr-11900	2	35	.	.	PUNCT
cblr-11900	3	1	yet	yet	ADV
cblr-11900	3	2	in	in	ADP
cblr-11900	3	3	recent	recent	ADJ
cblr-11900	3	4	years	year	NOUN
cblr-11900	3	5	treasury	treasury	NOUN
cblr-11900	3	6	market	market	NOUN
cblr-11900	3	7	liquidity	liquidity	NOUN
cblr-11900	3	8	has	have	AUX
cblr-11900	3	9	evaporated	evaporate	VERB
cblr-11900	3	10	on	on	ADP
cblr-11900	3	11	several	several	ADJ
cblr-11900	3	12	occasions	occasion	NOUN
cblr-11900	3	13	and	and	CCONJ
cblr-11900	3	14	,	,	PUNCT
cblr-11900	3	15	in	in	ADP
cblr-11900	3	16	2020	2020	NUM
cblr-11900	3	17	,	,	PUNCT
cblr-11900	3	18	the	the	DET
cblr-11900	3	19	market	market	NOUN
cblr-11900	3	20	’s	’	VERB
cblr-11900	3	21	near	near	ADP
cblr-11900	3	22	collapse	collapse	NOUN
cblr-11900	3	23	led	lead	VERB
cblr-11900	3	24	to	to	ADP
cblr-11900	3	25	the	the	DET
cblr-11900	3	26	most	most	ADV
cblr-11900	3	27	aggressive	aggressive	ADJ
cblr-11900	3	28	central	central	ADJ
cblr-11900	3	29	bank	bank	NOUN
cblr-11900	3	30	intervention	intervention	NOUN
cblr-11900	3	31	in	in	ADP
cblr-11900	3	32	history	history	NOUN
cblr-11900	3	33	.	.	PUNCT
cblr-11900	4	1	this	this	DET
cblr-11900	4	2	article	article	NOUN
cblr-11900	4	3	pieces	piece	VERB
cblr-11900	4	4	together	together	ADV
cblr-11900	4	5	what	what	PRON
cblr-11900	4	6	went	go	VERB
cblr-11900	4	7	wrong	wrong	ADJ
cblr-11900	4	8	and	and	CCONJ
cblr-11900	4	9	offers	offer	VERB
cblr-11900	4	10	a	a	DET
cblr-11900	4	11	new	new	ADJ
cblr-11900	4	12	account	account	NOUN
cblr-11900	4	13	of	of	ADP
cblr-11900	4	14	the	the	DET
cblr-11900	4	15	relationship	relationship	NOUN
cblr-11900	4	16	between	between	ADP
cblr-11900	4	17	money	money	NOUN
cblr-11900	4	18	issue	issue	NOUN
cblr-11900	4	19	and	and	CCONJ
cblr-11900	4	20	debt	debt	NOUN
cblr-11900	4	21	issue	issue	NOUN
cblr-11900	4	22	as	as	ADP
cblr-11900	4	23	mechanisms	mechanism	NOUN
cblr-11900	4	24	of	of	ADP
cblr-11900	4	25	public	public	ADJ
cblr-11900	4	26	finance	finance	NOUN
cblr-11900	4	27	.	.	PUNCT
cblr-11900	5	1	it	it	PRON
cblr-11900	5	2	argues	argue	VERB
cblr-11900	5	3	that	that	SCONJ
cblr-11900	5	4	a	a	DET
cblr-11900	5	5	high	high	ADJ
cblr-11900	5	6	degree	degree	NOUN
cblr-11900	5	7	of	of	ADP
cblr-11900	5	8	convertibility	convertibility	NOUN
cblr-11900	5	9	between	between	ADP
cblr-11900	5	10	treasuries	treasury	NOUN
cblr-11900	5	11	and	and	CCONJ
cblr-11900	5	12	cash	cash	NOUN
cblr-11900	5	13	generally	generally	ADV
cblr-11900	5	14	requires	require	VERB
cblr-11900	5	15	intermediaries	intermediary	NOUN
cblr-11900	5	16	that	that	PRON
cblr-11900	5	17	can	can	AUX
cblr-11900	5	18	augment	augment	VERB
cblr-11900	5	19	the	the	DET
cblr-11900	5	20	money	money	NOUN
cblr-11900	5	21	supply	supply	NOUN
cblr-11900	5	22	,	,	PUNCT
cblr-11900	5	23	absorbing	absorb	VERB
cblr-11900	5	24	sales	sale	NOUN
cblr-11900	5	25	by	by	ADP
cblr-11900	5	26	expanding	expand	VERB
cblr-11900	5	27	their	their	PRON
cblr-11900	5	28	balance	balance	NOUN
cblr-11900	5	29	sheets	sheet	NOUN
cblr-11900	5	30	on	on	ADP
cblr-11900	5	31	both	both	DET
cblr-11900	5	32	sides	side	NOUN
cblr-11900	5	33	.	.	PUNCT
cblr-11900	6	1	the	the	DET
cblr-11900	6	2	historical	historical	ADJ
cblr-11900	6	3	depth	depth	NOUN
cblr-11900	6	4	of	of	ADP
cblr-11900	6	5	the	the	DET
cblr-11900	6	6	treasury	treasury	NOUN
cblr-11900	6	7	market	market	NOUN
cblr-11900	6	8	was	be	AUX
cblr-11900	6	9	in	in	ADP
cblr-11900	6	10	large	large	ADJ
cblr-11900	6	11	part	part	NOUN
cblr-11900	6	12	the	the	DET
cblr-11900	6	13	result	result	NOUN
cblr-11900	6	14	of	of	ADP
cblr-11900	6	15	a	a	DET
cblr-11900	6	16	concerted	concerted	ADJ
cblr-11900	6	17	effort	effort	NOUN
cblr-11900	6	18	by	by	ADP
cblr-11900	6	19	policymakers	policymaker	NOUN
cblr-11900	6	20	to	to	PART
cblr-11900	6	21	nurture	nurture	VERB
cblr-11900	6	22	and	and	CCONJ
cblr-11900	6	23	support	support	VERB
cblr-11900	6	24	such	such	ADJ
cblr-11900	6	25	balance	balance	NOUN
cblr-11900	6	26	sheet	sheet	NOUN
cblr-11900	6	27	capacity	capacity	NOUN
cblr-11900	6	28	at	at	ADP
cblr-11900	6	29	a	a	DET
cblr-11900	6	30	collection	collection	NOUN
cblr-11900	6	31	of	of	ADP
cblr-11900	6	32	nonbank	nonbank	PROPN
cblr-11900	6	33	broker	broker	PROPN
cblr-11900	6	34	-	-	PUNCT
cblr-11900	6	35	dealers	dealer	NOUN
cblr-11900	6	36	.	.	PUNCT
cblr-11900	7	1	in	in	ADP
cblr-11900	7	2	2008	2008	NUM
cblr-11900	7	3	,	,	PUNCT
cblr-11900	7	4	the	the	DET
cblr-11900	7	5	ability	ability	NOUN
cblr-11900	7	6	of	of	ADP
cblr-11900	7	7	these	these	DET
cblr-11900	7	8	*	*	PUNCT
cblr-11900	7	9	associate	associate	ADJ
cblr-11900	7	10	professor	professor	NOUN
cblr-11900	7	11	of	of	ADP
cblr-11900	7	12	law	law	NOUN
cblr-11900	7	13	,	,	PUNCT
cblr-11900	7	14	columbia	columbia	PROPN
cblr-11900	7	15	law	law	PROPN
cblr-11900	7	16	school	school	NOUN
cblr-11900	7	17	;	;	PUNCT
cblr-11900	7	18	fellow	fellow	NOUN
cblr-11900	7	19	,	,	PUNCT
cblr-11900	7	20	the	the	DET
cblr-11900	7	21	roosevelt	roosevelt	PROPN
cblr-11900	7	22	institute	institute	PROPN
cblr-11900	7	23	.	.	PUNCT
cblr-11900	8	1	†federal	†federal	PROPN
cblr-11900	8	2	reserve	reserve	PROPN
cblr-11900	8	3	bank	bank	PROPN
cblr-11900	8	4	of	of	ADP
cblr-11900	8	5	new	new	PROPN
cblr-11900	8	6	york	york	PROPN
cblr-11900	8	7	;	;	PUNCT
cblr-11900	8	8	lecturer	lecturer	NOUN
cblr-11900	8	9	,	,	PUNCT
cblr-11900	8	10	columbia	columbia	PROPN
cblr-11900	8	11	law	law	PROPN
cblr-11900	8	12	school	school	NOUN
cblr-11900	8	13	.	.	PUNCT
cblr-11900	9	1	all	all	DET
cblr-11900	9	2	views	view	NOUN
cblr-11900	9	3	expressed	express	VERB
cblr-11900	9	4	in	in	ADP
cblr-11900	9	5	this	this	DET
cblr-11900	9	6	article	article	NOUN
cblr-11900	9	7	are	be	AUX
cblr-11900	9	8	those	those	PRON
cblr-11900	9	9	of	of	ADP
cblr-11900	9	10	the	the	DET
cblr-11900	9	11	authors	author	NOUN
cblr-11900	9	12	and	and	CCONJ
cblr-11900	9	13	do	do	AUX
cblr-11900	9	14	not	not	PART
cblr-11900	9	15	represent	represent	VERB
cblr-11900	9	16	the	the	DET
cblr-11900	9	17	views	view	NOUN
cblr-11900	9	18	of	of	ADP
cblr-11900	9	19	the	the	DET
cblr-11900	9	20	federal	federal	PROPN
cblr-11900	9	21	reserve	reserve	PROPN
cblr-11900	9	22	bank	bank	PROPN
cblr-11900	9	23	of	of	ADP
cblr-11900	9	24	new	new	PROPN
cblr-11900	9	25	york	york	PROPN
cblr-11900	9	26	or	or	CCONJ
cblr-11900	9	27	the	the	DET
cblr-11900	9	28	federal	federal	PROPN
cblr-11900	9	29	reserve	reserve	PROPN
cblr-11900	9	30	system	system	NOUN
cblr-11900	9	31	.	.	PUNCT
cblr-11900	10	1	we	we	PRON
cblr-11900	10	2	are	be	AUX
cblr-11900	10	3	grateful	grateful	ADJ
cblr-11900	10	4	to	to	ADP
cblr-11900	10	5	darrell	darrell	PROPN
cblr-11900	10	6	duffie	duffie	PROPN
cblr-11900	10	7	,	,	PUNCT
cblr-11900	10	8	dan	dan	PROPN
cblr-11900	10	9	tarullo	tarullo	PROPN
cblr-11900	10	10	,	,	PUNCT
cblr-11900	10	11	tim	tim	PROPN
cblr-11900	10	12	massad	massad	PROPN
cblr-11900	10	13	,	,	PUNCT
cblr-11900	10	14	jim	jim	PROPN
cblr-11900	10	15	millstein	millstein	PROPN
cblr-11900	10	16	,	,	PUNCT
cblr-11900	10	17	ken	ken	PROPN
cblr-11900	10	18	garbade	garbade	PROPN
cblr-11900	10	19	,	,	PUNCT
cblr-11900	10	20	yair	yair	PROPN
cblr-11900	10	21	listokin	listokin	PROPN
cblr-11900	10	22	,	,	PUNCT
cblr-11900	10	23	frank	frank	PROPN
cblr-11900	10	24	keane	keane	PROPN
cblr-11900	10	25	,	,	PUNCT
cblr-11900	10	26	ellen	ellen	PROPN
cblr-11900	10	27	correia	correia	PROPN
cblr-11900	10	28	golay	golay	PROPN
cblr-11900	10	29	,	,	PUNCT
cblr-11900	10	30	rebecca	rebecca	NOUN
cblr-11900	10	31	mccaughrin	mccaughrin	PROPN
cblr-11900	10	32	,	,	PUNCT
cblr-11900	10	33	adam	adam	PROPN
cblr-11900	10	34	minson	minson	PROPN
cblr-11900	10	35	,	,	PUNCT
cblr-11900	10	36	katherine	katherine	PROPN
cblr-11900	10	37	tilghman	tilghman	PROPN
cblr-11900	10	38	-	-	PUNCT
cblr-11900	10	39	hill	hill	PROPN
cblr-11900	10	40	,	,	PUNCT
cblr-11900	10	41	melissa	melissa	PROPN
cblr-11900	10	42	hamilton	hamilton	PROPN
cblr-11900	10	43	,	,	PUNCT
cblr-11900	10	44	tom	tom	PROPN
cblr-11900	10	45	noone	noone	PROPN
cblr-11900	10	46	,	,	PUNCT
cblr-11900	10	47	morgan	morgan	PROPN
cblr-11900	10	48	ricks	ricks	PROPN
cblr-11900	10	49	,	,	PUNCT
cblr-11900	10	50	jeremy	jeremy	PROPN
cblr-11900	10	51	kress	kress	PROPN
cblr-11900	10	52	,	,	PUNCT
cblr-11900	10	53	nathan	nathan	PROPN
cblr-11900	10	54	tankus	tankus	PROPN
cblr-11900	10	55	,	,	PUNCT
cblr-11900	10	56	gabe	gabe	PROPN
cblr-11900	10	57	rauterberg	rauterberg	PROPN
cblr-11900	10	58	,	,	PUNCT
cblr-11900	10	59	ella	ella	PROPN
cblr-11900	10	60	epstein	epstein	PROPN
cblr-11900	10	61	,	,	PUNCT
cblr-11900	10	62	joseph	joseph	PROPN
cblr-11900	10	63	komljenovich	komljenovich	PROPN
cblr-11900	10	64	,	,	PUNCT
cblr-11900	10	65	and	and	CCONJ
cblr-11900	10	66	jay	jay	PROPN
cblr-11900	10	67	sager	sager	PROPN
cblr-11900	10	68	for	for	ADP
cblr-11900	10	69	their	their	PRON
cblr-11900	10	70	helpful	helpful	ADJ
cblr-11900	10	71	comments	comment	NOUN
cblr-11900	10	72	and	and	CCONJ
cblr-11900	10	73	suggestions	suggestion	NOUN
cblr-11900	10	74	.	.	PUNCT
cblr-11900	11	1	thanks	thank	NOUN
cblr-11900	11	2	also	also	ADV
cblr-11900	11	3	to	to	ADP
cblr-11900	11	4	the	the	DET
cblr-11900	11	5	excellent	excellent	ADJ
cblr-11900	11	6	and	and	CCONJ
cblr-11900	11	7	careful	careful	ADJ
cblr-11900	11	8	editing	editing	NOUN
cblr-11900	11	9	by	by	ADP
cblr-11900	11	10	the	the	DET
cblr-11900	11	11	staff	staff	NOUN
cblr-11900	11	12	of	of	ADP
cblr-11900	11	13	the	the	DET
cblr-11900	11	14	columbia	columbia	PROPN
cblr-11900	11	15	business	business	PROPN
cblr-11900	11	16	law	law	PROPN
cblr-11900	11	17	review	review	NOUN
cblr-11900	11	18	.	.	PUNCT
cblr-11900	12	1	no	no	INTJ
cblr-11900	12	2	.	.	NOUN
cblr-11900	12	3	1	1	NUM
cblr-11900	12	4	]	]	ADJ
cblr-11900	12	5	money	money	NOUN
cblr-11900	12	6	and	and	CCONJ
cblr-11900	12	7	the	the	DET
cblr-11900	12	8	public	public	ADJ
cblr-11900	12	9	debt	debt	NOUN
cblr-11900	12	10	225	225	NUM
cblr-11900	12	11	intermediaries	intermediary	NOUN
cblr-11900	12	12	to	to	PART
cblr-11900	12	13	augment	augment	VERB
cblr-11900	12	14	the	the	DET
cblr-11900	12	15	money	money	NOUN
cblr-11900	12	16	supply	supply	NOUN
cblr-11900	12	17	became	become	VERB
cblr-11900	12	18	impaired	impaired	ADJ
cblr-11900	12	19	as	as	SCONJ
cblr-11900	12	20	investors	investor	NOUN
cblr-11900	12	21	lost	lose	VERB
cblr-11900	12	22	confidence	confidence	NOUN
cblr-11900	12	23	in	in	ADP
cblr-11900	12	24	their	their	PRON
cblr-11900	12	25	money	money	NOUN
cblr-11900	12	26	-	-	PUNCT
cblr-11900	12	27	like	like	ADJ
cblr-11900	12	28	liabilities	liability	NOUN
cblr-11900	12	29	(	(	PUNCT
cblr-11900	12	30	known	know	VERB
cblr-11900	12	31	as	as	ADP
cblr-11900	12	32	repos	repos	NOUN
cblr-11900	12	33	)	)	PUNCT
cblr-11900	12	34	.	.	PUNCT
cblr-11900	13	1	subsequent	subsequent	ADJ
cblr-11900	13	2	changes	change	NOUN
cblr-11900	13	3	to	to	ADP
cblr-11900	13	4	market	market	NOUN
cblr-11900	13	5	structure	structure	NOUN
cblr-11900	13	6	pushed	push	VERB
cblr-11900	13	7	substantial	substantial	ADJ
cblr-11900	13	8	treasury	treasury	NOUN
cblr-11900	13	9	dealing	deal	VERB
cblr-11900	13	10	further	far	ADV
cblr-11900	13	11	beyond	beyond	ADP
cblr-11900	13	12	the	the	DET
cblr-11900	13	13	bank	bank	NOUN
cblr-11900	13	14	regulatory	regulatory	ADJ
cblr-11900	13	15	perimeter	perimeter	NOUN
cblr-11900	13	16	,	,	PUNCT
cblr-11900	13	17	leaving	leave	VERB
cblr-11900	13	18	public	public	ADJ
cblr-11900	13	19	finance	finance	NOUN
cblr-11900	13	20	increasingly	increasingly	ADV
cblr-11900	13	21	dependent	dependent	ADJ
cblr-11900	13	22	on	on	ADP
cblr-11900	13	23	high	high	ADJ
cblr-11900	13	24	-	-	PUNCT
cblr-11900	13	25	frequency	frequency	NOUN
cblr-11900	13	26	traders	trader	NOUN
cblr-11900	13	27	and	and	CCONJ
cblr-11900	13	28	hedge	hedge	NOUN
cblr-11900	13	29	funds	fund	NOUN
cblr-11900	13	30	—	—	PUNCT
cblr-11900	13	31	“	"	PUNCT
cblr-11900	13	32	shadow	shadow	NOUN
cblr-11900	13	33	dealers	dealer	NOUN
cblr-11900	13	34	.	.	PUNCT
cblr-11900	13	35	”	"	PUNCT
cblr-11900	14	1	the	the	DET
cblr-11900	14	2	near	near	ADJ
cblr-11900	14	3	money	money	NOUN
cblr-11900	14	4	issued	issue	VERB
cblr-11900	14	5	by	by	ADP
cblr-11900	14	6	these	these	DET
cblr-11900	14	7	intermediaries	intermediary	NOUN
cblr-11900	14	8	proved	prove	VERB
cblr-11900	14	9	highly	highly	ADV
cblr-11900	14	10	unstable	unstable	ADJ
cblr-11900	14	11	in	in	ADP
cblr-11900	14	12	2020	2020	NUM
cblr-11900	14	13	.	.	PUNCT
cblr-11900	15	1	policy	policy	NOUN
cblr-11900	15	2	makers	maker	NOUN
cblr-11900	15	3	are	be	AUX
cblr-11900	15	4	now	now	ADV
cblr-11900	15	5	focused	focused	ADJ
cblr-11900	15	6	on	on	ADP
cblr-11900	15	7	reforming	reform	VERB
cblr-11900	15	8	treasury	treasury	NOUN
cblr-11900	15	9	market	market	NOUN
cblr-11900	15	10	structure	structure	NOUN
cblr-11900	15	11	so	so	SCONJ
cblr-11900	15	12	that	that	SCONJ
cblr-11900	15	13	treasuries	treasury	NOUN
cblr-11900	15	14	remain	remain	VERB
cblr-11900	15	15	the	the	DET
cblr-11900	15	16	world	world	NOUN
cblr-11900	15	17	’s	’s	PART
cblr-11900	15	18	most	most	ADV
cblr-11900	15	19	liquid	liquid	ADJ
cblr-11900	15	20	asset	asset	NOUN
cblr-11900	15	21	class	class	NOUN
cblr-11900	15	22	.	.	PUNCT
cblr-11900	16	1	successful	successful	ADJ
cblr-11900	16	2	reform	reform	NOUN
cblr-11900	16	3	likely	likely	ADV
cblr-11900	16	4	requires	require	VERB
cblr-11900	16	5	a	a	DET
cblr-11900	16	6	legal	legal	ADJ
cblr-11900	16	7	framework	framework	NOUN
cblr-11900	16	8	that	that	PRON
cblr-11900	16	9	,	,	PUNCT
cblr-11900	16	10	among	among	ADP
cblr-11900	16	11	other	other	ADJ
cblr-11900	16	12	things	thing	NOUN
cblr-11900	16	13	,	,	PUNCT
cblr-11900	16	14	supports	support	VERB
cblr-11900	16	15	elastic	elastic	ADJ
cblr-11900	16	16	intermediation	intermediation	NOUN
cblr-11900	16	17	capacity	capacity	NOUN
cblr-11900	16	18	through	through	ADP
cblr-11900	16	19	balance	balance	NOUN
cblr-11900	16	20	sheets	sheet	NOUN
cblr-11900	16	21	that	that	PRON
cblr-11900	16	22	can	can	AUX
cblr-11900	16	23	expand	expand	VERB
cblr-11900	16	24	and	and	CCONJ
cblr-11900	16	25	contract	contract	VERB
cblr-11900	16	26	as	as	SCONJ
cblr-11900	16	27	needed	need	VERB
cblr-11900	16	28	to	to	PART
cblr-11900	16	29	meet	meet	VERB
cblr-11900	16	30	market	market	NOUN
cblr-11900	16	31	needs	need	NOUN
cblr-11900	16	32	.	.	PUNCT
cblr-11900	17	1	i.	i.	PROPN
cblr-11900	17	2	introduction	introduction	NOUN
cblr-11900	17	3	.................................................................	.................................................................	PUNCT
cblr-11900	17	4	226	226	NUM
cblr-11900	17	5	ii	ii	NOUN
cblr-11900	17	6	.	.	PUNCT
cblr-11900	18	1	the	the	DET
cblr-11900	18	2	role	role	NOUN
cblr-11900	18	3	of	of	ADP
cblr-11900	18	4	money	money	NOUN
cblr-11900	18	5	in	in	ADP
cblr-11900	18	6	the	the	DET
cblr-11900	18	7	primary	primary	ADJ
cblr-11900	18	8	market	market	NOUN
cblr-11900	18	9	................	................	PUNCT
cblr-11900	18	10	237	237	NUM
cblr-11900	18	11	a.	a.	NOUN
cblr-11900	18	12	fiscal	fiscal	ADJ
cblr-11900	18	13	-	-	PUNCT
cblr-11900	18	14	monetary	monetary	ADJ
cblr-11900	18	15	separation	separation	NOUN
cblr-11900	18	16	before	before	ADP
cblr-11900	18	17	the	the	DET
cblr-11900	18	18	civil	civil	ADJ
cblr-11900	18	19	war	war	NOUN
cblr-11900	18	20	239	239	NUM
cblr-11900	18	21	b.	b.	PROPN
cblr-11900	18	22	fiscal	fiscal	ADJ
cblr-11900	18	23	-	-	PUNCT
cblr-11900	18	24	monetary	monetary	ADJ
cblr-11900	18	25	entanglement	entanglement	NOUN
cblr-11900	18	26	:	:	PUNCT
cblr-11900	18	27	the	the	DET
cblr-11900	18	28	national	national	ADJ
cblr-11900	18	29	banking	banking	NOUN
cblr-11900	18	30	system	system	NOUN
cblr-11900	18	31	....................................................	....................................................	PUNCT
cblr-11900	18	32	243	243	NUM
cblr-11900	18	33	c.	c.	PROPN
cblr-11900	18	34	fiscal	fiscal	ADJ
cblr-11900	18	35	-	-	PUNCT
cblr-11900	18	36	monetary	monetary	ADJ
cblr-11900	18	37	entanglement	entanglement	NOUN
cblr-11900	18	38	:	:	PUNCT
cblr-11900	18	39	the	the	DET
cblr-11900	18	40	federal	federal	PROPN
cblr-11900	18	41	reserve	reserve	NOUN
cblr-11900	18	42	system	system	NOUN
cblr-11900	18	43	.....................................................	.....................................................	PUNCT
cblr-11900	18	44	246	246	NUM
cblr-11900	18	45	iii	iii	NOUN
cblr-11900	18	46	.	.	PUNCT
cblr-11900	19	1	the	the	DET
cblr-11900	19	2	turn	turn	NOUN
cblr-11900	19	3	to	to	ADP
cblr-11900	19	4	secondary	secondary	ADJ
cblr-11900	19	5	markets	market	NOUN
cblr-11900	19	6	:	:	PUNCT
cblr-11900	19	7	the	the	DET
cblr-11900	19	8	rise	rise	NOUN
cblr-11900	19	9	of	of	ADP
cblr-11900	19	10	the	the	DET
cblr-11900	19	11	primary	primary	ADJ
cblr-11900	19	12	dealer	dealer	NOUN
cblr-11900	19	13	system	system	NOUN
cblr-11900	19	14	..............................................	..............................................	PUNCT
cblr-11900	19	15	256	256	NUM
cblr-11900	19	16	a.	a.	NOUN
cblr-11900	19	17	the	the	DET
cblr-11900	19	18	fed	fed	PROPN
cblr-11900	19	19	-	-	PUNCT
cblr-11900	19	20	treasury	treasury	PROPN
cblr-11900	19	21	accord	accord	NOUN
cblr-11900	19	22	of	of	ADP
cblr-11900	19	23	1951	1951	NUM
cblr-11900	19	24	........................	........................	PUNCT
cblr-11900	19	25	257	257	NUM
cblr-11900	19	26	b.	b.	X
cblr-11900	19	27	the	the	DET
cblr-11900	19	28	(	(	PUNCT
cblr-11900	19	29	forgotten	forget	VERB
cblr-11900	19	30	)	)	PUNCT
cblr-11900	19	31	treasury	treasury	NOUN
cblr-11900	19	32	market	market	NOUN
cblr-11900	19	33	breakdown	breakdown	NOUN
cblr-11900	19	34	of	of	ADP
cblr-11900	19	35	1953	1953	NUM
cblr-11900	19	36	.......................................................................	.......................................................................	PUNCT
cblr-11900	20	1	261	261	NUM
cblr-11900	20	2	c.	c.	NOUN
cblr-11900	20	3	the	the	DET
cblr-11900	20	4	rise	rise	NOUN
cblr-11900	20	5	of	of	ADP
cblr-11900	20	6	the	the	DET
cblr-11900	20	7	fed	fed	PROPN
cblr-11900	20	8	repurchase	repurchase	NOUN
cblr-11900	20	9	facility	facility	NOUN
cblr-11900	20	10	.............	.............	PUNCT
cblr-11900	20	11	269	269	NUM
cblr-11900	20	12	d.	d.	NOUN
cblr-11900	20	13	enshrining	enshrine	VERB
cblr-11900	20	14	bankruptcy	bankruptcy	NOUN
cblr-11900	20	15	remoteness	remoteness	NOUN
cblr-11900	20	16	...................	...................	PUNCT
cblr-11900	21	1	288	288	NUM
cblr-11900	21	2	e.	e.	NOUN
cblr-11900	21	3	the	the	DET
cblr-11900	21	4	demand	demand	NOUN
cblr-11900	21	5	side	side	NOUN
cblr-11900	21	6	:	:	PUNCT
cblr-11900	21	7	market	market	NOUN
cblr-11900	21	8	expansion	expansion	NOUN
cblr-11900	21	9	................	................	PUNCT
cblr-11900	21	10	294	294	NUM
cblr-11900	21	11	iv	iv	NOUN
cblr-11900	21	12	.	.	PUNCT
cblr-11900	22	1	the	the	DET
cblr-11900	22	2	decline	decline	NOUN
cblr-11900	22	3	and	and	CCONJ
cblr-11900	22	4	fall	fall	NOUN
cblr-11900	22	5	of	of	ADP
cblr-11900	22	6	the	the	DET
cblr-11900	22	7	primary	primary	ADJ
cblr-11900	22	8	dealer	dealer	NOUN
cblr-11900	22	9	system	system	NOUN
cblr-11900	22	10	302	302	NUM
cblr-11900	22	11	a.	a.	NOUN
cblr-11900	22	12	the	the	DET
cblr-11900	22	13	introduction	introduction	NOUN
cblr-11900	22	14	of	of	ADP
cblr-11900	22	15	size	size	NOUN
cblr-11900	22	16	constraints	constraint	NOUN
cblr-11900	22	17	..................	..................	PUNCT
cblr-11900	22	18	302	302	NUM
cblr-11900	22	19	b.	b.	NOUN
cblr-11900	22	20	the	the	DET
cblr-11900	22	21	emergence	emergence	NOUN
cblr-11900	22	22	of	of	ADP
cblr-11900	22	23	shadow	shadow	NOUN
cblr-11900	22	24	dealers	dealer	NOUN
cblr-11900	22	25	.....................	.....................	PUNCT
cblr-11900	22	26	309	309	NUM
cblr-11900	22	27	c.	c.	NOUN
cblr-11900	22	28	the	the	DET
cblr-11900	22	29	collapse	collapse	NOUN
cblr-11900	22	30	of	of	ADP
cblr-11900	22	31	shadow	shadow	NOUN
cblr-11900	22	32	dealers	dealer	NOUN
cblr-11900	22	33	..........................	..........................	PUNCT
cblr-11900	22	34	314	314	NUM
cblr-11900	22	35	v.	v.	ADP
cblr-11900	22	36	a	a	DET
cblr-11900	22	37	money	money	NOUN
cblr-11900	22	38	view	view	NOUN
cblr-11900	22	39	of	of	ADP
cblr-11900	22	40	treasury	treasury	NOUN
cblr-11900	22	41	market	market	NOUN
cblr-11900	22	42	reform	reform	NOUN
cblr-11900	22	43	...............	...............	PUNCT
cblr-11900	22	44	324	324	NUM
cblr-11900	22	45	vi	vi	NOUN
cblr-11900	22	46	.	.	PUNCT
cblr-11900	22	47	conclusion	conclusion	NOUN
cblr-11900	22	48	..................................................................	..................................................................	PUNCT
cblr-11900	23	1	335	335	NUM
cblr-11900	23	2	226	226	NUM
cblr-11900	23	3	columbia	columbia	PROPN
cblr-11900	23	4	business	business	NOUN
cblr-11900	23	5	law	law	PROPN
cblr-11900	23	6	review	review	NOUN
cblr-11900	23	7	[	[	X
cblr-11900	23	8	vol	vol	NOUN
cblr-11900	23	9	.	.	PUNCT
cblr-11900	23	10	2023	2023	NUM
cblr-11900	23	11	i.	i.	NOUN
cblr-11900	23	12	introduction	introduction	NOUN
cblr-11900	23	13	it	it	PRON
cblr-11900	23	14	is	be	AUX
cblr-11900	23	15	a	a	DET
cblr-11900	23	16	longstanding	longstanding	ADJ
cblr-11900	23	17	principle	principle	NOUN
cblr-11900	23	18	of	of	ADP
cblr-11900	23	19	american	american	ADJ
cblr-11900	23	20	public	public	ADJ
cblr-11900	23	21	finance	finance	NOUN
cblr-11900	23	22	that	that	SCONJ
cblr-11900	23	23	when	when	SCONJ
cblr-11900	23	24	the	the	DET
cblr-11900	23	25	government	government	NOUN
cblr-11900	23	26	spends	spend	VERB
cblr-11900	23	27	more	more	ADJ
cblr-11900	23	28	than	than	SCONJ
cblr-11900	23	29	it	it	PRON
cblr-11900	23	30	takes	take	VERB
cblr-11900	23	31	in	in	ADP
cblr-11900	23	32	,	,	PUNCT
cblr-11900	23	33	it	it	PRON
cblr-11900	23	34	does	do	AUX
cblr-11900	23	35	not	not	PART
cblr-11900	23	36	cover	cover	VERB
cblr-11900	23	37	that	that	DET
cblr-11900	23	38	gap	gap	NOUN
cblr-11900	23	39	by	by	ADP
cblr-11900	23	40	printing	print	VERB
cblr-11900	23	41	new	new	ADJ
cblr-11900	23	42	money	money	NOUN
cblr-11900	23	43	.	.	PUNCT
cblr-11900	24	1	instead	instead	ADV
cblr-11900	24	2	,	,	PUNCT
cblr-11900	24	3	it	it	PRON
cblr-11900	24	4	sells	sell	VERB
cblr-11900	24	5	“	"	PUNCT
cblr-11900	24	6	treasury	treasury	NOUN
cblr-11900	24	7	securities	security	NOUN
cblr-11900	24	8	,	,	PUNCT
cblr-11900	24	9	”	"	PUNCT
cblr-11900	24	10	or	or	CCONJ
cblr-11900	24	11	“	"	PUNCT
cblr-11900	24	12	treasuries	treasury	NOUN
cblr-11900	24	13	.	.	PUNCT
cblr-11900	24	14	”	"	PUNCT
cblr-11900	25	1	treasuries	treasury	NOUN
cblr-11900	25	2	are	be	AUX
cblr-11900	25	3	a	a	DET
cblr-11900	25	4	type	type	NOUN
cblr-11900	25	5	of	of	ADP
cblr-11900	25	6	tradeable	tradeable	ADJ
cblr-11900	25	7	debt	debt	NOUN
cblr-11900	25	8	obligation	obligation	NOUN
cblr-11900	25	9	backed	back	VERB
cblr-11900	25	10	by	by	ADP
cblr-11900	25	11	the	the	DET
cblr-11900	25	12	“	"	PUNCT
cblr-11900	25	13	full	full	ADJ
cblr-11900	25	14	faith	faith	NOUN
cblr-11900	25	15	and	and	CCONJ
cblr-11900	25	16	credit	credit	NOUN
cblr-11900	25	17	”	"	PUNCT
cblr-11900	25	18	of	of	ADP
cblr-11900	25	19	the	the	DET
cblr-11900	25	20	united	united	PROPN
cblr-11900	25	21	states	states	PROPN
cblr-11900	25	22	.	.	PUNCT
cblr-11900	26	1	although	although	SCONJ
cblr-11900	26	2	primarily	primarily	ADV
cblr-11900	26	3	an	an	DET
cblr-11900	26	4	instrument	instrument	NOUN
cblr-11900	26	5	for	for	ADP
cblr-11900	26	6	managing	manage	VERB
cblr-11900	26	7	fiscal	fiscal	ADJ
cblr-11900	26	8	policy	policy	NOUN
cblr-11900	26	9	,	,	PUNCT
cblr-11900	26	10	over	over	ADP
cblr-11900	26	11	time	time	NOUN
cblr-11900	26	12	,	,	PUNCT
cblr-11900	26	13	treasuries	treasury	NOUN
cblr-11900	26	14	have	have	AUX
cblr-11900	26	15	taken	take	VERB
cblr-11900	26	16	on	on	ADP
cblr-11900	26	17	additional	additional	ADJ
cblr-11900	26	18	functions	function	NOUN
cblr-11900	26	19	.	.	PUNCT
cblr-11900	27	1	today	today	NOUN
cblr-11900	27	2	,	,	PUNCT
cblr-11900	27	3	they	they	PRON
cblr-11900	27	4	are	be	AUX
cblr-11900	27	5	the	the	DET
cblr-11900	27	6	foundation	foundation	NOUN
cblr-11900	27	7	of	of	ADP
cblr-11900	27	8	global	global	ADJ
cblr-11900	27	9	capital	capital	NOUN
cblr-11900	27	10	markets	market	NOUN
cblr-11900	27	11	—	—	PUNCT
cblr-11900	27	12	the	the	DET
cblr-11900	27	13	benchmark	benchmark	NOUN
cblr-11900	27	14	against	against	ADP
cblr-11900	27	15	which	which	PRON
cblr-11900	27	16	investors	investor	NOUN
cblr-11900	27	17	price	price	VERB
cblr-11900	27	18	trillions	trillion	NOUN
cblr-11900	27	19	of	of	ADP
cblr-11900	27	20	dollars	dollar	NOUN
cblr-11900	27	21	of	of	ADP
cblr-11900	27	22	securities	security	NOUN
cblr-11900	27	23	and	and	CCONJ
cblr-11900	27	24	financial	financial	ADJ
cblr-11900	27	25	derivatives	derivative	NOUN
cblr-11900	27	26	.	.	PUNCT
cblr-11900	28	1	treasuries	treasury	NOUN
cblr-11900	28	2	are	be	AUX
cblr-11900	28	3	also	also	ADV
cblr-11900	28	4	an	an	DET
cblr-11900	28	5	important	important	ADJ
cblr-11900	28	6	component	component	NOUN
cblr-11900	28	7	of	of	ADP
cblr-11900	28	8	the	the	DET
cblr-11900	28	9	dollar	dollar	NOUN
cblr-11900	28	10	-	-	PUNCT
cblr-11900	28	11	based	base	VERB
cblr-11900	28	12	global	global	ADJ
cblr-11900	28	13	trading	trading	NOUN
cblr-11900	28	14	system	system	NOUN
cblr-11900	28	15	and	and	CCONJ
cblr-11900	28	16	the	the	DET
cblr-11900	28	17	reserve	reserve	NOUN
cblr-11900	28	18	asset	asset	NOUN
cblr-11900	28	19	of	of	ADP
cblr-11900	28	20	choice	choice	NOUN
cblr-11900	28	21	for	for	ADP
cblr-11900	28	22	foreign	foreign	ADJ
cblr-11900	28	23	governments.1	governments.1	NOUN
cblr-11900	28	24	demand	demand	NOUN
cblr-11900	28	25	for	for	ADP
cblr-11900	28	26	treasuries	treasury	NOUN
cblr-11900	28	27	abroad	abroad	ADV
cblr-11900	28	28	is	be	AUX
cblr-11900	28	29	a	a	DET
cblr-11900	28	30	“	"	PUNCT
cblr-11900	28	31	national	national	ADJ
cblr-11900	28	32	security	security	NOUN
cblr-11900	28	33	issue,”2	issue,”2	NOUN
cblr-11900	28	34	given	give	VERB
cblr-11900	28	35	how	how	SCONJ
cblr-11900	28	36	the	the	DET
cblr-11900	28	37	u.s	u.s	PROPN
cblr-11900	28	38	.	.	PROPN
cblr-11900	28	39	uses	use	VERB
cblr-11900	28	40	the	the	DET
cblr-11900	28	41	dollar	dollar	NOUN
cblr-11900	28	42	’s	’s	PART
cblr-11900	28	43	dominant	dominant	ADJ
cblr-11900	28	44	position	position	NOUN
cblr-11900	28	45	in	in	ADP
cblr-11900	28	46	cross	cross	ADJ
cblr-11900	28	47	-	-	ADJ
cblr-11900	28	48	border	border	ADJ
cblr-11900	28	49	capital	capital	NOUN
cblr-11900	28	50	flows	flow	NOUN
cblr-11900	28	51	and	and	CCONJ
cblr-11900	28	52	trade	trade	NOUN
cblr-11900	28	53	to	to	PART
cblr-11900	28	54	advance	advance	VERB
cblr-11900	28	55	its	its	PRON
cblr-11900	28	56	geopolitical	geopolitical	ADJ
cblr-11900	28	57	goals.3	goals.3	NOUN
cblr-11900	28	58	1	1	NUM
cblr-11900	28	59	of	of	ADP
cblr-11900	28	60	the	the	DET
cblr-11900	28	61	roughly	roughly	ADV
cblr-11900	28	62	$	$	SYM
cblr-11900	28	63	17.6	17.6	NUM
cblr-11900	28	64	trillion	trillion	NUM
cblr-11900	28	65	in	in	ADP
cblr-11900	28	66	marketable	marketable	ADJ
cblr-11900	28	67	debt	debt	NOUN
cblr-11900	28	68	outstanding	outstanding	ADJ
cblr-11900	28	69	as	as	ADP
cblr-11900	28	70	of	of	ADP
cblr-11900	28	71	march	march	PROPN
cblr-11900	28	72	2023	2023	NUM
cblr-11900	28	73	,	,	PUNCT
cblr-11900	28	74	see	see	VERB
cblr-11900	28	75	u.s	u.s	PROPN
cblr-11900	28	76	.	.	PROPN
cblr-11900	28	77	dep’t	dep’t	NOUN
cblr-11900	28	78	of	of	ADP
cblr-11900	28	79	the	the	DET
cblr-11900	28	80	treasury	treasury	NOUN
cblr-11900	28	81	,	,	PUNCT
cblr-11900	28	82	monthly	monthly	ADJ
cblr-11900	28	83	statement	statement	NOUN
cblr-11900	28	84	of	of	ADP
cblr-11900	28	85	the	the	DET
cblr-11900	28	86	public	public	ADJ
cblr-11900	28	87	debt	debt	NOUN
cblr-11900	28	88	of	of	ADP
cblr-11900	28	89	the	the	DET
cblr-11900	28	90	united	united	PROPN
cblr-11900	28	91	states	states	PROPN
cblr-11900	28	92	(	(	PUNCT
cblr-11900	28	93	apr	apr	PROPN
cblr-11900	28	94	.	.	NOUN
cblr-11900	28	95	2022	2022	NUM
cblr-11900	28	96	)	)	PUNCT
cblr-11900	28	97	,	,	PUNCT
cblr-11900	28	98	43	43	NUM
cblr-11900	28	99	%	%	NOUN
cblr-11900	28	100	is	be	AUX
cblr-11900	28	101	held	hold	VERB
cblr-11900	28	102	abroad	abroad	ADV
cblr-11900	28	103	,	,	PUNCT
cblr-11900	28	104	including	include	VERB
cblr-11900	28	105	22	22	NUM
cblr-11900	28	106	%	%	NOUN
cblr-11900	28	107	by	by	ADP
cblr-11900	28	108	foreign	foreign	ADJ
cblr-11900	28	109	central	central	ADJ
cblr-11900	28	110	banks	bank	NOUN
cblr-11900	28	111	,	,	PUNCT
cblr-11900	28	112	see	see	VERB
cblr-11900	28	113	u.s	u.s	PROPN
cblr-11900	28	114	.	.	PROPN
cblr-11900	28	115	dep’t	dep’t	NOUN
cblr-11900	28	116	of	of	ADP
cblr-11900	28	117	the	the	DET
cblr-11900	28	118	treasury	treasury	NOUN
cblr-11900	28	119	,	,	PUNCT
cblr-11900	28	120	major	major	ADJ
cblr-11900	28	121	foreign	foreign	ADJ
cblr-11900	28	122	holders	holder	NOUN
cblr-11900	28	123	of	of	ADP
cblr-11900	28	124	treasury	treasury	PROPN
cblr-11900	28	125	securities	securities	PROPN
cblr-11900	28	126	(	(	PUNCT
cblr-11900	28	127	mar	mar	PROPN
cblr-11900	28	128	.	.	PROPN
cblr-11900	28	129	2022	2022	NUM
cblr-11900	28	130	)	)	PUNCT
cblr-11900	28	131	,	,	PUNCT
cblr-11900	28	132	making	make	VERB
cblr-11900	28	133	up	up	ADP
cblr-11900	28	134	32	32	NUM
cblr-11900	28	135	%	%	NOUN
cblr-11900	28	136	of	of	ADP
cblr-11900	28	137	their	their	PRON
cblr-11900	28	138	overall	overall	ADJ
cblr-11900	28	139	reserves	reserve	NOUN
cblr-11900	28	140	and	and	CCONJ
cblr-11900	28	141	57	57	NUM
cblr-11900	28	142	%	%	NOUN
cblr-11900	28	143	of	of	ADP
cblr-11900	28	144	u.s	u.s	PROPN
cblr-11900	28	145	.	.	PROPN
cblr-11900	28	146	dollar	dollar	PROPN
cblr-11900	28	147	reserve	reserve	NOUN
cblr-11900	28	148	assets	asset	NOUN
cblr-11900	28	149	,	,	PUNCT
cblr-11900	28	150	see	see	VERB
cblr-11900	28	151	currency	currency	NOUN
cblr-11900	28	152	composition	composition	NOUN
cblr-11900	28	153	of	of	ADP
cblr-11900	28	154	official	official	ADJ
cblr-11900	28	155	foreign	foreign	ADJ
cblr-11900	28	156	exchange	exchange	NOUN
cblr-11900	28	157	reserves	reserve	NOUN
cblr-11900	28	158	(	(	PUNCT
cblr-11900	28	159	cofer	cofer	NOUN
cblr-11900	28	160	)	)	PUNCT
cblr-11900	28	161	,	,	PUNCT
cblr-11900	28	162	int’l	int’l	NUM
cblr-11900	28	163	monetary	monetary	ADJ
cblr-11900	28	164	fund	fund	NOUN
cblr-11900	28	165	(	(	PUNCT
cblr-11900	28	166	mar	mar	PROPN
cblr-11900	28	167	.	.	PROPN
cblr-11900	28	168	2022	2022	NUM
cblr-11900	28	169	)	)	PUNCT
cblr-11900	28	170	,	,	PUNCT
cblr-11900	28	171	https://data.imf.org/?sk=e6a5f467-c14b-4aa8-9f6d-5a09ec4e62a4	https://data.imf.org/?sk=e6a5f467-c14b-4aa8-9f6d-5a09ec4e62a4	ADP
cblr-11900	29	1	[	[	X
cblr-11900	29	2	https://perma.cc/3hhs-eld8	https://perma.cc/3hhs-eld8	NOUN
cblr-11900	29	3	]	]	PUNCT
cblr-11900	29	4	)	)	PUNCT
cblr-11900	29	5	.	.	PUNCT
cblr-11900	30	1	marketable	marketable	ADJ
cblr-11900	30	2	debt	debt	NOUN
cblr-11900	30	3	excludes	exclude	VERB
cblr-11900	30	4	treasuries	treasury	NOUN
cblr-11900	30	5	owned	own	VERB
cblr-11900	30	6	directly	directly	ADV
cblr-11900	30	7	by	by	ADP
cblr-11900	30	8	the	the	DET
cblr-11900	30	9	federal	federal	PROPN
cblr-11900	30	10	reserve	reserve	PROPN
cblr-11900	30	11	,	,	PUNCT
cblr-11900	30	12	of	of	ADP
cblr-11900	30	13	which	which	PRON
cblr-11900	30	14	there	there	PRON
cblr-11900	30	15	were	be	VERB
cblr-11900	30	16	$	$	SYM
cblr-11900	30	17	5.3	5.3	NUM
cblr-11900	30	18	trillion	trillion	NUM
cblr-11900	30	19	in	in	ADP
cblr-11900	30	20	march	march	PROPN
cblr-11900	30	21	2023	2023	NUM
cblr-11900	30	22	.	.	PUNCT
cblr-11900	31	1	fed	fed	PROPN
cblr-11900	31	2	.	.	PUNCT
cblr-11900	32	1	rsrv	rsrv	PROPN
cblr-11900	32	2	.	.	PUNCT
cblr-11900	33	1	bank	bank	PROPN
cblr-11900	33	2	of	of	ADP
cblr-11900	33	3	st	st	PROPN
cblr-11900	33	4	.	.	PROPN
cblr-11900	33	5	louis	louis	PROPN
cblr-11900	33	6	,	,	PUNCT
cblr-11900	33	7	securities	security	NOUN
cblr-11900	33	8	held	hold	VERB
cblr-11900	33	9	outright	outright	ADV
cblr-11900	33	10	:	:	PUNCT
cblr-11900	33	11	u.s	u.s	PROPN
cblr-11900	33	12	.	.	PROPN
cblr-11900	33	13	treasury	treasury	PROPN
cblr-11900	33	14	securities	securities	PROPN
cblr-11900	33	15	,	,	PUNCT
cblr-11900	33	16	fed	fed	PROPN
cblr-11900	33	17	.	.	PUNCT
cblr-11900	33	18	rsrv	rsrv	PROPN
cblr-11900	33	19	.	.	PUNCT
cblr-11900	34	1	econ	econ	PROPN
cblr-11900	34	2	.	.	PUNCT
cblr-11900	35	1	data	data	PROPN
cblr-11900	35	2	(	(	PUNCT
cblr-11900	35	3	mar	mar	PROPN
cblr-11900	35	4	.	.	PROPN
cblr-11900	35	5	30	30	NUM
cblr-11900	35	6	,	,	PUNCT
cblr-11900	35	7	2023	2023	NUM
cblr-11900	35	8	)	)	PUNCT
cblr-11900	35	9	,	,	PUNCT
cblr-11900	35	10	https://fred.stlouisfed.org/series/treast	https://fred.stlouisfed.org/series/treast	ADJ
cblr-11900	35	11	[	[	X
cblr-11900	35	12	https://perma.cc/5ymx-645q	https://perma.cc/5ymx-645q	NOUN
cblr-11900	35	13	]	]	PUNCT
cblr-11900	35	14	.	.	PUNCT
cblr-11900	36	1	2	2	NUM
cblr-11900	36	2	paul	paul	PROPN
cblr-11900	36	3	tucker	tucker	PROPN
cblr-11900	36	4	,	,	PUNCT
cblr-11900	36	5	global	global	ADJ
cblr-11900	36	6	discord	discord	NOUN
cblr-11900	36	7	:	:	PUNCT
cblr-11900	36	8	values	value	NOUN
cblr-11900	36	9	and	and	CCONJ
cblr-11900	36	10	power	power	NOUN
cblr-11900	36	11	in	in	ADP
cblr-11900	36	12	a	a	DET
cblr-11900	36	13	fractured	fractured	ADJ
cblr-11900	36	14	world	world	NOUN
cblr-11900	36	15	xii	xii	NOUN
cblr-11900	36	16	(	(	PUNCT
cblr-11900	36	17	2022	2022	NUM
cblr-11900	36	18	)	)	PUNCT
cblr-11900	36	19	;	;	PUNCT
cblr-11900	36	20	adam	adam	PROPN
cblr-11900	36	21	samson	samson	PROPN
cblr-11900	36	22	,	,	PUNCT
cblr-11900	36	23	robin	robin	PROPN
cblr-11900	36	24	wigglesworth	wigglesworth	PROPN
cblr-11900	36	25	,	,	PUNCT
cblr-11900	36	26	colby	colby	PROPN
cblr-11900	36	27	smith	smith	PROPN
cblr-11900	36	28	&	&	CCONJ
cblr-11900	36	29	joe	joe	PROPN
cblr-11900	36	30	rennison	rennison	PROPN
cblr-11900	36	31	,	,	PUNCT
cblr-11900	36	32	strains	strain	VERB
cblr-11900	36	33	in	in	ADP
cblr-11900	36	34	us	us	PROPN
cblr-11900	36	35	government	government	NOUN
cblr-11900	36	36	bond	bond	NOUN
cblr-11900	36	37	markets	market	NOUN
cblr-11900	36	38	rattle	rattle	VERB
cblr-11900	36	39	investors	investor	NOUN
cblr-11900	36	40	,	,	PUNCT
cblr-11900	36	41	fin	fin	NOUN
cblr-11900	36	42	.	.	PUNCT
cblr-11900	37	1	times	times	PROPN
cblr-11900	37	2	,	,	PUNCT
cblr-11900	37	3	mar	mar	PROPN
cblr-11900	37	4	.	.	PROPN
cblr-11900	37	5	12	12	NUM
cblr-11900	37	6	,	,	PUNCT
cblr-11900	37	7	2020	2020	NUM
cblr-11900	37	8	.	.	PUNCT
cblr-11900	38	1	3	3	NUM
cblr-11900	38	2	see	see	VERB
cblr-11900	38	3	,	,	PUNCT
cblr-11900	38	4	e.g.	e.g.	ADV
cblr-11900	38	5	,	,	PUNCT
cblr-11900	38	6	rebecca	rebecca	PROPN
cblr-11900	38	7	nelson	nelson	PROPN
cblr-11900	38	8	,	,	PUNCT
cblr-11900	38	9	congr	congr	NOUN
cblr-11900	38	10	.	.	PUNCT
cblr-11900	39	1	rsch	rsch	PROPN
cblr-11900	39	2	.	.	PUNCT
cblr-11900	40	1	serv	serv	PROPN
cblr-11900	40	2	.	.	PROPN
cblr-11900	40	3	,	,	PUNCT
cblr-11900	40	4	if12092	if12092	PROPN
cblr-11900	40	5	,	,	PUNCT
cblr-11900	40	6	the	the	DET
cblr-11900	40	7	economic	economic	ADJ
cblr-11900	40	8	impact	impact	NOUN
cblr-11900	40	9	of	of	ADP
cblr-11900	40	10	russia	russia	PROPN
cblr-11900	40	11	sanctions	sanction	NOUN
cblr-11900	40	12	1	1	NUM
cblr-11900	40	13	(	(	PUNCT
cblr-11900	40	14	2022	2022	NUM
cblr-11900	40	15	)	)	PUNCT
cblr-11900	40	16	;	;	PUNCT
cblr-11900	40	17	see	see	VERB
cblr-11900	40	18	also	also	ADV
cblr-11900	40	19	emine	emine	PROPN
cblr-11900	40	20	boz	boz	PROPN
cblr-11900	40	21	camila	camila	PROPN
cblr-11900	40	22	casas	casas	PROPN
cblr-11900	40	23	,	,	PUNCT
cblr-11900	40	24	georgios	georgios	PROPN
cblr-11900	40	25	georgiadis	georgiadis	PROPN
cblr-11900	40	26	,	,	PUNCT
cblr-11900	40	27	gita	gita	PROPN
cblr-11900	40	28	gopinath	gopinath	PROPN
cblr-11900	40	29	,	,	PUNCT
cblr-11900	40	30	helena	helena	PROPN
cblr-11900	40	31	le	le	PROPN
cblr-11900	40	32	mezo	mezo	PROPN
cblr-11900	40	33	,	,	PUNCT
cblr-11900	40	34	arnaud	arnaud	PROPN
cblr-11900	40	35	mehl	mehl	PROPN
cblr-11900	40	36	&	&	CCONJ
cblr-11900	40	37	tra	tra	PROPN
cblr-11900	40	38	nguyen	nguyen	PROPN
cblr-11900	40	39	,	,	PUNCT
cblr-11900	40	40	patterns	pattern	NOUN
cblr-11900	40	41	in	in	ADP
cblr-11900	40	42	invoicing	invoice	VERB
cblr-11900	40	43	currency	currency	NOUN
cblr-11900	40	44	in	in	ADP
cblr-11900	40	45	global	global	ADJ
cblr-11900	40	46	trade	trade	NOUN
cblr-11900	40	47	(	(	PUNCT
cblr-11900	40	48	int’l	int’l	NUM
cblr-11900	40	49	monetary	monetary	ADJ
cblr-11900	40	50	fund	fund	NOUN
cblr-11900	40	51	,	,	PUNCT
cblr-11900	40	52	working	working	NOUN
cblr-11900	40	53	paper	paper	NOUN
cblr-11900	40	54	no	no	INTJ
cblr-11900	40	55	.	.	PUNCT
cblr-11900	41	1	20/126	20/126	NUM
cblr-11900	41	2	,	,	PUNCT
cblr-11900	41	3	july	july	PROPN
cblr-11900	41	4	17	17	NUM
cblr-11900	41	5	,	,	PUNCT
cblr-11900	41	6	2020	2020	NUM
cblr-11900	41	7	)	)	PUNCT
cblr-11900	41	8	,	,	PUNCT
cblr-11900	41	9	https://www.imf.org/en/publications/wp/issues/2020/07/17/patterns-ininvoicing-currency-in-global-trade-49574	https://www.imf.org/en/publications/wp/issues/2020/07/17/patterns-ininvoicing-currency-in-global-trade-49574	NOUN
cblr-11900	41	10	.	.	PUNCT
cblr-11900	42	1	the	the	DET
cblr-11900	42	2	international	international	ADJ
cblr-11900	42	3	role	role	NOUN
cblr-11900	42	4	of	of	ADP
cblr-11900	42	5	the	the	DET
cblr-11900	42	6	no	no	NOUN
cblr-11900	42	7	.	.	NOUN
cblr-11900	42	8	1	1	NUM
cblr-11900	42	9	]	]	ADJ
cblr-11900	42	10	money	money	NOUN
cblr-11900	42	11	and	and	CCONJ
cblr-11900	42	12	the	the	DET
cblr-11900	42	13	public	public	ADJ
cblr-11900	42	14	debt	debt	NOUN
cblr-11900	42	15	227	227	NUM
cblr-11900	42	16	it	it	PRON
cblr-11900	42	17	has	have	AUX
cblr-11900	42	18	therefore	therefore	ADV
cblr-11900	42	19	come	come	VERB
cblr-11900	42	20	as	as	ADP
cblr-11900	42	21	a	a	DET
cblr-11900	42	22	shock	shock	NOUN
cblr-11900	42	23	to	to	ADP
cblr-11900	42	24	many	many	ADJ
cblr-11900	42	25	that	that	SCONJ
cblr-11900	42	26	the	the	DET
cblr-11900	42	27	market	market	NOUN
cblr-11900	42	28	for	for	ADP
cblr-11900	42	29	treasury	treasury	PROPN
cblr-11900	42	30	securities	security	NOUN
cblr-11900	42	31	—	—	PUNCT
cblr-11900	42	32	the	the	DET
cblr-11900	42	33	“	"	PUNCT
cblr-11900	42	34	deepest	deep	ADJ
cblr-11900	42	35	and	and	CCONJ
cblr-11900	42	36	most	most	ADV
cblr-11900	42	37	liquid	liquid	ADJ
cblr-11900	42	38	in	in	ADP
cblr-11900	42	39	the	the	DET
cblr-11900	42	40	world”4	world”4	NOUN
cblr-11900	42	41	—	—	PUNCT
cblr-11900	42	42	has	have	AUX
cblr-11900	42	43	faltered	falter	VERB
cblr-11900	42	44	repeatedly	repeatedly	ADV
cblr-11900	42	45	since	since	SCONJ
cblr-11900	42	46	late	late	ADJ
cblr-11900	42	47	2008.5	2008.5	NUM
cblr-11900	42	48	when	when	SCONJ
cblr-11900	42	49	sellers	seller	NOUN
cblr-11900	42	50	of	of	ADP
cblr-11900	42	51	treasuries	treasury	NOUN
cblr-11900	42	52	are	be	AUX
cblr-11900	42	53	not	not	PART
cblr-11900	42	54	able	able	ADJ
cblr-11900	42	55	to	to	PART
cblr-11900	42	56	find	find	VERB
cblr-11900	42	57	buyers	buyer	NOUN
cblr-11900	42	58	cheaply	cheaply	ADV
cblr-11900	42	59	and	and	CCONJ
cblr-11900	42	60	easily	easily	ADV
cblr-11900	42	61	,	,	PUNCT
cblr-11900	42	62	it	it	PRON
cblr-11900	42	63	increases	increase	VERB
cblr-11900	42	64	the	the	DET
cblr-11900	42	65	cost	cost	NOUN
cblr-11900	42	66	of	of	ADP
cblr-11900	42	67	public	public	ADJ
cblr-11900	42	68	finance	finance	NOUN
cblr-11900	42	69	,	,	PUNCT
cblr-11900	42	70	impairs	impair	VERB
cblr-11900	42	71	the	the	DET
cblr-11900	42	72	ability	ability	NOUN
cblr-11900	42	73	of	of	ADP
cblr-11900	42	74	the	the	DET
cblr-11900	42	75	private	private	ADJ
cblr-11900	42	76	sector	sector	NOUN
cblr-11900	42	77	to	to	PART
cblr-11900	42	78	price	price	VERB
cblr-11900	42	79	risk	risk	NOUN
cblr-11900	42	80	and	and	CCONJ
cblr-11900	42	81	allocate	allocate	ADJ
cblr-11900	42	82	capital	capital	NOUN
cblr-11900	42	83	,	,	PUNCT
cblr-11900	42	84	and	and	CCONJ
cblr-11900	42	85	reduces	reduce	VERB
cblr-11900	42	86	the	the	DET
cblr-11900	42	87	global	global	ADJ
cblr-11900	42	88	appeal	appeal	NOUN
cblr-11900	42	89	of	of	ADP
cblr-11900	42	90	the	the	DET
cblr-11900	42	91	dollar	dollar	NOUN
cblr-11900	42	92	as	as	ADP
cblr-11900	42	93	a	a	DET
cblr-11900	42	94	means	means	NOUN
cblr-11900	42	95	of	of	ADP
cblr-11900	42	96	payment	payment	NOUN
cblr-11900	42	97	and	and	CCONJ
cblr-11900	42	98	store	store	NOUN
cblr-11900	42	99	of	of	ADP
cblr-11900	42	100	value	value	NOUN
cblr-11900	42	101	.	.	PUNCT
cblr-11900	43	1	in	in	ADP
cblr-11900	43	2	march	march	PROPN
cblr-11900	43	3	of	of	ADP
cblr-11900	43	4	2020	2020	NUM
cblr-11900	43	5	,	,	PUNCT
cblr-11900	43	6	as	as	ADP
cblr-11900	43	7	the	the	DET
cblr-11900	43	8	covid19	covid19	NOUN
cblr-11900	43	9	pandemic	pandemic	ADJ
cblr-11900	43	10	spread	spread	NOUN
cblr-11900	43	11	,	,	PUNCT
cblr-11900	43	12	treasury	treasury	NOUN
cblr-11900	43	13	markets	market	NOUN
cblr-11900	43	14	became	become	VERB
cblr-11900	43	15	so	so	ADV
cblr-11900	43	16	impaired	impaired	ADJ
cblr-11900	43	17	that	that	SCONJ
cblr-11900	43	18	simple	simple	ADJ
cblr-11900	43	19	transactions	transaction	NOUN
cblr-11900	43	20	were	be	AUX
cblr-11900	43	21	difficult	difficult	ADJ
cblr-11900	43	22	(	(	PUNCT
cblr-11900	43	23	if	if	SCONJ
cblr-11900	43	24	not	not	PART
cblr-11900	43	25	impossible	impossible	ADJ
cblr-11900	43	26	)	)	PUNCT
cblr-11900	43	27	to	to	ADP
cblr-11900	43	28	execute.6	execute.6	NOUN
cblr-11900	43	29	prices	price	NOUN
cblr-11900	43	30	dropped	drop	VERB
cblr-11900	43	31	rapidly	rapidly	ADV
cblr-11900	43	32	even	even	ADV
cblr-11900	43	33	as	as	SCONJ
cblr-11900	43	34	investors	investor	NOUN
cblr-11900	43	35	moved	move	VERB
cblr-11900	43	36	toward	toward	ADV
cblr-11900	43	37	,	,	PUNCT
cblr-11900	43	38	not	not	PART
cblr-11900	43	39	away	away	ADV
cblr-11900	43	40	from	from	ADP
cblr-11900	43	41	,	,	PUNCT
cblr-11900	43	42	low	low	ADJ
cblr-11900	43	43	-	-	PUNCT
cblr-11900	43	44	risk	risk	NOUN
cblr-11900	43	45	assets	asset	NOUN
cblr-11900	43	46	.	.	PUNCT
cblr-11900	44	1	a	a	DET
cblr-11900	44	2	financial	financial	ADJ
cblr-11900	44	3	crisis	crisis	NOUN
cblr-11900	44	4	loomed	loom	VERB
cblr-11900	44	5	.	.	PUNCT
cblr-11900	45	1	to	to	PART
cblr-11900	45	2	prevent	prevent	VERB
cblr-11900	45	3	what	what	PRON
cblr-11900	45	4	some	some	PRON
cblr-11900	45	5	warned	warn	VERB
cblr-11900	45	6	could	could	AUX
cblr-11900	45	7	be	be	AUX
cblr-11900	45	8	a	a	DET
cblr-11900	45	9	catastrophe	catastrophe	NOUN
cblr-11900	45	10	rivaling	rival	VERB
cblr-11900	45	11	the	the	DET
cblr-11900	45	12	2008	2008	NUM
cblr-11900	45	13	collapse,7	collapse,7	NOUN
cblr-11900	45	14	the	the	DET
cblr-11900	45	15	u.s	u.s	PROPN
cblr-11900	45	16	.	.	PROPN
cblr-11900	45	17	monetary	monetary	ADJ
cblr-11900	45	18	authority	authority	NOUN
cblr-11900	45	19	,	,	PUNCT
cblr-11900	45	20	the	the	DET
cblr-11900	45	21	federal	federal	PROPN
cblr-11900	45	22	reserve	reserve	PROPN
cblr-11900	45	23	(	(	PUNCT
cblr-11900	45	24	the	the	DET
cblr-11900	45	25	“	"	PUNCT
cblr-11900	45	26	fed	fed	PROPN
cblr-11900	45	27	”	"	PUNCT
cblr-11900	45	28	)	)	PUNCT
cblr-11900	45	29	,	,	PUNCT
cblr-11900	45	30	intervened	intervene	VERB
cblr-11900	45	31	with	with	ADP
cblr-11900	45	32	a	a	DET
cblr-11900	45	33	massive	massive	ADJ
cblr-11900	45	34	dollar	dollar	NOUN
cblr-11900	45	35	gives	give	VERB
cblr-11900	45	36	the	the	DET
cblr-11900	45	37	u.s	u.s	PROPN
cblr-11900	45	38	.	.	PROPN
cblr-11900	45	39	a	a	DET
cblr-11900	45	40	unique	unique	ADJ
cblr-11900	45	41	position	position	NOUN
cblr-11900	45	42	in	in	ADP
cblr-11900	45	43	global	global	ADJ
cblr-11900	45	44	financial	financial	ADJ
cblr-11900	45	45	networks	network	NOUN
cblr-11900	45	46	that	that	PRON
cblr-11900	45	47	can	can	AUX
cblr-11900	45	48	in	in	ADP
cblr-11900	45	49	principle	principle	NOUN
cblr-11900	45	50	be	be	AUX
cblr-11900	45	51	used	use	VERB
cblr-11900	45	52	as	as	ADP
cblr-11900	45	53	a	a	DET
cblr-11900	45	54	tool	tool	NOUN
cblr-11900	45	55	of	of	ADP
cblr-11900	45	56	coercion	coercion	NOUN
cblr-11900	45	57	,	,	PUNCT
cblr-11900	45	58	or	or	CCONJ
cblr-11900	45	59	“	"	PUNCT
cblr-11900	45	60	weaponized	weaponize	VERB
cblr-11900	45	61	interdependence	interdependence	NOUN
cblr-11900	45	62	.	.	PUNCT
cblr-11900	45	63	”	"	PUNCT
cblr-11900	46	1	henry	henry	PROPN
cblr-11900	46	2	farrell	farrell	PROPN
cblr-11900	46	3	and	and	CCONJ
cblr-11900	46	4	abraham	abraham	PROPN
cblr-11900	46	5	l.	l.	PROPN
cblr-11900	46	6	newman	newman	PROPN
cblr-11900	46	7	,	,	PUNCT
cblr-11900	46	8	weaponized	weaponize	VERB
cblr-11900	46	9	interdependence	interdependence	NOUN
cblr-11900	46	10	:	:	PUNCT
cblr-11900	46	11	how	how	SCONJ
cblr-11900	46	12	global	global	ADJ
cblr-11900	46	13	economic	economic	ADJ
cblr-11900	46	14	networks	network	NOUN
cblr-11900	46	15	shape	shape	VERB
cblr-11900	46	16	state	state	NOUN
cblr-11900	46	17	coercion	coercion	NOUN
cblr-11900	46	18	,	,	PUNCT
cblr-11900	46	19	international	international	ADJ
cblr-11900	46	20	security	security	NOUN
cblr-11900	46	21	,	,	PUNCT
cblr-11900	46	22	vol	vol	NOUN
cblr-11900	46	23	.	.	PROPN
cblr-11900	46	24	44	44	NUM
cblr-11900	46	25	,	,	PUNCT
cblr-11900	46	26	no	no	INTJ
cblr-11900	46	27	.	.	NOUN
cblr-11900	46	28	1	1	NUM
cblr-11900	46	29	(	(	PUNCT
cblr-11900	46	30	summer	summer	NOUN
cblr-11900	46	31	2019	2019	NUM
cblr-11900	46	32	)	)	PUNCT
cblr-11900	46	33	,	,	PUNCT
cblr-11900	46	34	at	at	ADP
cblr-11900	46	35	42–79	42–79	ADV
cblr-11900	46	36	.	.	PUNCT
cblr-11900	47	1	that	that	PRON
cblr-11900	47	2	is	be	AUX
cblr-11900	47	3	true	true	ADJ
cblr-11900	47	4	not	not	PART
cblr-11900	47	5	only	only	ADV
cblr-11900	47	6	of	of	ADP
cblr-11900	47	7	u.s.-based	u.s.-based	ADJ
cblr-11900	47	8	banking	banking	NOUN
cblr-11900	47	9	services	service	NOUN
cblr-11900	47	10	but	but	CCONJ
cblr-11900	47	11	the	the	DET
cblr-11900	47	12	eurodollar	eurodollar	PROPN
cblr-11900	47	13	system	system	NOUN
cblr-11900	47	14	as	as	ADV
cblr-11900	47	15	well	well	ADV
cblr-11900	47	16	.	.	PUNCT
cblr-11900	48	1	see	see	VERB
cblr-11900	48	2	,	,	PUNCT
cblr-11900	48	3	e.g.	e.g.	ADV
cblr-11900	48	4	,	,	PUNCT
cblr-11900	48	5	john	john	PROPN
cblr-11900	48	6	e.	e.	PROPN
cblr-11900	48	7	hoffman	hoffman	PROPN
cblr-11900	48	8	,	,	PUNCT
cblr-11900	48	9	jr	jr	PROPN
cblr-11900	48	10	.	.	PROPN
cblr-11900	48	11	and	and	CCONJ
cblr-11900	48	12	ian	ian	PROPN
cblr-11900	48	13	h.	h.	PROPN
cblr-11900	48	14	giddy	giddy	PROPN
cblr-11900	48	15	,	,	PUNCT
cblr-11900	48	16	lessons	lesson	NOUN
cblr-11900	48	17	from	from	ADP
cblr-11900	48	18	the	the	DET
cblr-11900	48	19	iranian	iranian	ADJ
cblr-11900	48	20	experience	experience	NOUN
cblr-11900	48	21	:	:	PUNCT
cblr-11900	48	22	national	national	ADJ
cblr-11900	48	23	currencies	currency	NOUN
cblr-11900	48	24	as	as	ADP
cblr-11900	48	25	international	international	ADJ
cblr-11900	48	26	money	money	NOUN
cblr-11900	48	27	,	,	PUNCT
cblr-11900	48	28	journal	journal	NOUN
cblr-11900	48	29	of	of	ADP
cblr-11900	48	30	comparative	comparative	ADJ
cblr-11900	48	31	corporate	corporate	ADJ
cblr-11900	48	32	law	law	NOUN
cblr-11900	48	33	and	and	CCONJ
cblr-11900	48	34	securities	security	NOUN
cblr-11900	48	35	regulation	regulation	NOUN
cblr-11900	48	36	3	3	NUM
cblr-11900	48	37	(	(	PUNCT
cblr-11900	48	38	1981	1981	NUM
cblr-11900	48	39	)	)	PUNCT
cblr-11900	48	40	at	at	ADP
cblr-11900	48	41	275	275	NUM
cblr-11900	48	42	.	.	PUNCT
cblr-11900	48	43	4	4	NUM
cblr-11900	48	44	lorie	lorie	PROPN
cblr-11900	48	45	k.	k.	PROPN
cblr-11900	48	46	logan	logan	PROPN
cblr-11900	48	47	,	,	PUNCT
cblr-11900	48	48	exec	exec	NOUN
cblr-11900	48	49	.	.	PUNCT
cblr-11900	49	1	vice	vice	PROPN
cblr-11900	49	2	president	president	NOUN
cblr-11900	49	3	,	,	PUNCT
cblr-11900	49	4	fed	fed	PROPN
cblr-11900	49	5	.	.	PUNCT
cblr-11900	49	6	rsrv	rsrv	PROPN
cblr-11900	49	7	.	.	PUNCT
cblr-11900	50	1	bank	bank	PROPN
cblr-11900	50	2	of	of	ADP
cblr-11900	50	3	n.y	n.y	PROPN
cblr-11900	50	4	.	.	PROPN
cblr-11900	50	5	,	,	PUNCT
cblr-11900	50	6	the	the	DET
cblr-11900	50	7	federal	federal	PROPN
cblr-11900	50	8	reserve	reserve	PROPN
cblr-11900	50	9	’s	’s	PART
cblr-11900	50	10	recent	recent	ADJ
cblr-11900	50	11	actions	action	NOUN
cblr-11900	50	12	to	to	PART
cblr-11900	50	13	support	support	VERB
cblr-11900	50	14	the	the	DET
cblr-11900	50	15	flow	flow	NOUN
cblr-11900	50	16	of	of	ADP
cblr-11900	50	17	credit	credit	NOUN
cblr-11900	50	18	to	to	ADP
cblr-11900	50	19	households	household	NOUN
cblr-11900	50	20	and	and	CCONJ
cblr-11900	50	21	businesses	business	NOUN
cblr-11900	50	22	,	,	PUNCT
cblr-11900	50	23	remarks	remark	VERB
cblr-11900	50	24	before	before	ADP
cblr-11900	50	25	the	the	DET
cblr-11900	50	26	foreign	foreign	ADJ
cblr-11900	50	27	exchange	exchange	PROPN
cblr-11900	50	28	committee	committee	NOUN
cblr-11900	50	29	,	,	PUNCT
cblr-11900	50	30	federal	federal	PROPN
cblr-11900	50	31	reserve	reserve	PROPN
cblr-11900	50	32	bank	bank	PROPN
cblr-11900	50	33	of	of	ADP
cblr-11900	50	34	new	new	PROPN
cblr-11900	50	35	york	york	PROPN
cblr-11900	50	36	(	(	PUNCT
cblr-11900	50	37	apr	apr	PROPN
cblr-11900	50	38	.	.	PROPN
cblr-11900	50	39	14	14	NUM
cblr-11900	50	40	,	,	PUNCT
cblr-11900	50	41	2020	2020	NUM
cblr-11900	50	42	)	)	PUNCT
cblr-11900	50	43	,	,	PUNCT
cblr-11900	50	44	https://www.newyorkfed.org/newsevents/speeches/2020/log200414	https://www.newyorkfed.org/newsevents/speeches/2020/log200414	PROPN
cblr-11900	51	1	[	[	X
cblr-11900	51	2	https://perma.cc/vb8q-g22z	https://perma.cc/vb8q-g22z	X
cblr-11900	51	3	]	]	X
cblr-11900	51	4	(	(	PUNCT
cblr-11900	51	5	“	"	PUNCT
cblr-11900	51	6	the	the	DET
cblr-11900	51	7	market	market	NOUN
cblr-11900	51	8	for	for	ADP
cblr-11900	51	9	u.s	u.s	PROPN
cblr-11900	51	10	.	.	PROPN
cblr-11900	51	11	treasury	treasury	PROPN
cblr-11900	51	12	securities	security	NOUN
cblr-11900	51	13	is	be	AUX
cblr-11900	51	14	commonly	commonly	ADV
cblr-11900	51	15	described	describe	VERB
cblr-11900	51	16	as	as	ADP
cblr-11900	51	17	the	the	DET
cblr-11900	51	18	deepest	deep	ADJ
cblr-11900	51	19	and	and	CCONJ
cblr-11900	51	20	most	most	ADV
cblr-11900	51	21	liquid	liquid	ADJ
cblr-11900	51	22	in	in	ADP
cblr-11900	51	23	the	the	DET
cblr-11900	51	24	world	world	NOUN
cblr-11900	51	25	.	.	PUNCT
cblr-11900	51	26	”	"	PUNCT
cblr-11900	51	27	)	)	PUNCT
cblr-11900	51	28	.	.	PUNCT
cblr-11900	52	1	5	5	NUM
cblr-11900	52	2	a	a	DET
cblr-11900	52	3	market	market	NOUN
cblr-11900	52	4	is	be	AUX
cblr-11900	52	5	deep	deep	ADJ
cblr-11900	52	6	and	and	CCONJ
cblr-11900	52	7	liquid	liquid	ADJ
cblr-11900	52	8	when	when	SCONJ
cblr-11900	52	9	buyers	buyer	NOUN
cblr-11900	52	10	and	and	CCONJ
cblr-11900	52	11	sellers	seller	NOUN
cblr-11900	52	12	can	can	AUX
cblr-11900	52	13	quickly	quickly	ADV
cblr-11900	52	14	and	and	CCONJ
cblr-11900	52	15	cheaply	cheaply	ADV
cblr-11900	52	16	transact	transact	VERB
cblr-11900	52	17	in	in	ADP
cblr-11900	52	18	size	size	NOUN
cblr-11900	52	19	without	without	ADP
cblr-11900	52	20	a	a	DET
cblr-11900	52	21	significant	significant	ADJ
cblr-11900	52	22	change	change	NOUN
cblr-11900	52	23	in	in	ADP
cblr-11900	52	24	the	the	DET
cblr-11900	52	25	price	price	NOUN
cblr-11900	52	26	.	.	PUNCT
cblr-11900	53	1	liquidity	liquidity	NOUN
cblr-11900	53	2	can	can	AUX
cblr-11900	53	3	often	often	ADV
cblr-11900	53	4	be	be	AUX
cblr-11900	53	5	in	in	ADP
cblr-11900	53	6	the	the	DET
cblr-11900	53	7	eye	eye	NOUN
cblr-11900	53	8	of	of	ADP
cblr-11900	53	9	the	the	DET
cblr-11900	53	10	beholder	beholder	NOUN
cblr-11900	53	11	—	—	PUNCT
cblr-11900	53	12	to	to	PART
cblr-11900	53	13	borrow	borrow	VERB
cblr-11900	53	14	a	a	DET
cblr-11900	53	15	phrase	phrase	NOUN
cblr-11900	53	16	from	from	ADP
cblr-11900	53	17	justice	justice	PROPN
cblr-11900	53	18	potter	potter	PROPN
cblr-11900	53	19	stewart	stewart	PROPN
cblr-11900	53	20	,	,	PUNCT
cblr-11900	53	21	we	we	PRON
cblr-11900	53	22	know	know	VERB
cblr-11900	53	23	it	it	PRON
cblr-11900	53	24	when	when	SCONJ
cblr-11900	53	25	we	we	PRON
cblr-11900	53	26	see	see	VERB
cblr-11900	53	27	it	it	PRON
cblr-11900	53	28	.	.	PUNCT
cblr-11900	54	1	6	6	NUM
cblr-11900	54	2	jordan	jordan	PROPN
cblr-11900	54	3	barone	barone	PROPN
cblr-11900	54	4	,	,	PUNCT
cblr-11900	54	5	alain	alain	PROPN
cblr-11900	54	6	chaboud	chaboud	PROPN
cblr-11900	54	7	,	,	PUNCT
cblr-11900	54	8	adam	adam	PROPN
cblr-11900	54	9	copeland	copeland	PROPN
cblr-11900	54	10	,	,	PUNCT
cblr-11900	54	11	cullen	cullen	PROPN
cblr-11900	54	12	kavoussi	kavoussi	PROPN
cblr-11900	54	13	,	,	PUNCT
cblr-11900	54	14	frank	frank	PROPN
cblr-11900	54	15	m.	m.	PROPN
cblr-11900	54	16	keane	keane	PROPN
cblr-11900	54	17	&	&	CCONJ
cblr-11900	54	18	seth	seth	PROPN
cblr-11900	54	19	searls	searls	PROPN
cblr-11900	54	20	,	,	PUNCT
cblr-11900	54	21	fed	fed	PROPN
cblr-11900	54	22	.	.	PUNCT
cblr-11900	54	23	rsrv	rsrv	PROPN
cblr-11900	54	24	.	.	PUNCT
cblr-11900	55	1	bank	bank	PROPN
cblr-11900	55	2	of	of	ADP
cblr-11900	55	3	n.y	n.y	PROPN
cblr-11900	55	4	.	.	PROPN
cblr-11900	55	5	,	,	PUNCT
cblr-11900	55	6	staff	staff	NOUN
cblr-11900	55	7	reports	report	VERB
cblr-11900	55	8	no	no	INTJ
cblr-11900	55	9	.	.	NOUN
cblr-11900	55	10	1010	1010	NUM
cblr-11900	55	11	,	,	PUNCT
cblr-11900	55	12	the	the	DET
cblr-11900	55	13	global	global	ADJ
cblr-11900	55	14	dash	dash	NOUN
cblr-11900	55	15	for	for	ADP
cblr-11900	55	16	cash	cash	NOUN
cblr-11900	55	17	:	:	PUNCT
cblr-11900	55	18	why	why	SCONJ
cblr-11900	55	19	sovereign	sovereign	ADJ
cblr-11900	55	20	bond	bond	NOUN
cblr-11900	55	21	market	market	NOUN
cblr-11900	55	22	functioning	function	VERB
cblr-11900	55	23	varied	varied	ADJ
cblr-11900	55	24	across	across	ADP
cblr-11900	55	25	jurisdictions	jurisdiction	NOUN
cblr-11900	55	26	in	in	ADP
cblr-11900	55	27	march	march	PROPN
cblr-11900	55	28	2020	2020	NUM
cblr-11900	55	29	(	(	PUNCT
cblr-11900	55	30	2022	2022	NUM
cblr-11900	55	31	)	)	PUNCT
cblr-11900	55	32	.	.	PUNCT
cblr-11900	56	1	7	7	NUM
cblr-11900	56	2	see	see	VERB
cblr-11900	56	3	,	,	PUNCT
cblr-11900	56	4	e.g.	e.g.	ADV
cblr-11900	56	5	,	,	PUNCT
cblr-11900	56	6	adam	adam	PROPN
cblr-11900	56	7	tooze	tooze	PROPN
cblr-11900	56	8	,	,	PUNCT
cblr-11900	56	9	2020	2020	NUM
cblr-11900	56	10	was	be	AUX
cblr-11900	56	11	almost	almost	ADV
cblr-11900	56	12	worse	bad	ADJ
cblr-11900	56	13	than	than	ADP
cblr-11900	56	14	2008	2008	NUM
cblr-11900	56	15	,	,	PUNCT
cblr-11900	56	16	atlantic	atlantic	PROPN
cblr-11900	56	17	(	(	PUNCT
cblr-11900	56	18	sept	sept	PROPN
cblr-11900	56	19	.	.	PROPN
cblr-11900	56	20	6	6	NUM
cblr-11900	56	21	,	,	PUNCT
cblr-11900	56	22	2021	2021	NUM
cblr-11900	56	23	)	)	PUNCT
cblr-11900	56	24	,	,	PUNCT
cblr-11900	56	25	https://www.theatlantic.com/politics/archive/2021/09/adamtooze-shutdown-2020-crash/619982/	https://www.theatlantic.com/politics/archive/2021/09/adamtooze-shutdown-2020-crash/619982/	NOUN
cblr-11900	56	26	[	[	X
cblr-11900	56	27	https://perma.cc/v6f7-rqvb	https://perma.cc/v6f7-rqvb	X
cblr-11900	56	28	]	]	PUNCT
cblr-11900	56	29	.	.	PUNCT
cblr-11900	57	1	228	228	NUM
cblr-11900	57	2	columbia	columbia	PROPN
cblr-11900	57	3	business	business	NOUN
cblr-11900	57	4	law	law	PROPN
cblr-11900	57	5	review	review	NOUN
cblr-11900	58	1	[	[	X
cblr-11900	58	2	vol	vol	NOUN
cblr-11900	58	3	.	.	PUNCT
cblr-11900	58	4	2023	2023	NUM
cblr-11900	58	5	program	program	NOUN
cblr-11900	58	6	of	of	ADP
cblr-11900	58	7	“	"	PUNCT
cblr-11900	58	8	market	market	NOUN
cblr-11900	58	9	functioning	function	VERB
cblr-11900	58	10	purchases	purchase	NOUN
cblr-11900	58	11	.	.	PUNCT
cblr-11900	58	12	”	"	PUNCT
cblr-11900	59	1	it	it	PRON
cblr-11900	59	2	bought	buy	VERB
cblr-11900	59	3	more	more	ADJ
cblr-11900	59	4	than	than	ADP
cblr-11900	59	5	$	$	SYM
cblr-11900	59	6	2	2	NUM
cblr-11900	59	7	trillion	trillion	NUM
cblr-11900	59	8	of	of	ADP
cblr-11900	59	9	treasuries	treasury	NOUN
cblr-11900	59	10	and	and	CCONJ
cblr-11900	59	11	offered	offer	VERB
cblr-11900	59	12	to	to	PART
cblr-11900	59	13	finance	finance	VERB
cblr-11900	59	14	trillions	trillion	NOUN
cblr-11900	59	15	more	more	ADV
cblr-11900	59	16	as	as	ADP
cblr-11900	59	17	part	part	NOUN
cblr-11900	59	18	of	of	ADP
cblr-11900	59	19	an	an	DET
cblr-11900	59	20	unprecedented	unprecedented	ADJ
cblr-11900	59	21	and	and	CCONJ
cblr-11900	59	22	open	open	ADV
cblr-11900	59	23	-	-	PUNCT
cblr-11900	59	24	ended	end	VERB
cblr-11900	59	25	commitment	commitment	NOUN
cblr-11900	59	26	to	to	PART
cblr-11900	59	27	stabilize	stabilize	VERB
cblr-11900	59	28	the	the	DET
cblr-11900	59	29	market.8	market.8	PROPN
cblr-11900	59	30	although	although	SCONJ
cblr-11900	59	31	the	the	DET
cblr-11900	59	32	effort	effort	NOUN
cblr-11900	59	33	was	be	AUX
cblr-11900	59	34	successful	successful	ADJ
cblr-11900	59	35	,	,	PUNCT
cblr-11900	59	36	it	it	PRON
cblr-11900	59	37	raised	raise	VERB
cblr-11900	59	38	questions	question	NOUN
cblr-11900	59	39	about	about	ADP
cblr-11900	59	40	the	the	DET
cblr-11900	59	41	line	line	NOUN
cblr-11900	59	42	between	between	ADP
cblr-11900	59	43	money	money	NOUN
cblr-11900	59	44	and	and	CCONJ
cblr-11900	59	45	debt	debt	NOUN
cblr-11900	59	46	issue	issue	NOUN
cblr-11900	59	47	as	as	ADP
cblr-11900	59	48	mechanisms	mechanism	NOUN
cblr-11900	59	49	of	of	ADP
cblr-11900	59	50	public	public	ADJ
cblr-11900	59	51	finance	finance	NOUN
cblr-11900	59	52	,	,	PUNCT
cblr-11900	59	53	and	and	CCONJ
cblr-11900	59	54	whether	whether	SCONJ
cblr-11900	59	55	there	there	PRON
cblr-11900	59	56	in	in	ADP
cblr-11900	59	57	fact	fact	NOUN
cblr-11900	59	58	was	be	AUX
cblr-11900	59	59	one	one	NUM
cblr-11900	59	60	at	at	ADV
cblr-11900	59	61	all	all	ADV
cblr-11900	59	62	.	.	PUNCT
cblr-11900	60	1	determined	determined	ADJ
cblr-11900	60	2	to	to	PART
cblr-11900	60	3	reduce	reduce	VERB
cblr-11900	60	4	the	the	DET
cblr-11900	60	5	likelihood	likelihood	NOUN
cblr-11900	60	6	of	of	ADP
cblr-11900	60	7	such	such	ADJ
cblr-11900	60	8	direct	direct	ADJ
cblr-11900	60	9	interventions	intervention	NOUN
cblr-11900	60	10	in	in	ADP
cblr-11900	60	11	the	the	DET
cblr-11900	60	12	future,9	future,9	ADJ
cblr-11900	60	13	academics10	academics10	NOUN
cblr-11900	60	14	and	and	CCONJ
cblr-11900	60	15	policymakers11	policymakers11	NOUN
cblr-11900	60	16	are	be	AUX
cblr-11900	60	17	now	now	ADV
cblr-11900	60	18	considering	consider	VERB
cblr-11900	60	19	numerous	numerous	ADJ
cblr-11900	60	20	reforms	reform	NOUN
cblr-11900	60	21	.	.	PUNCT
cblr-11900	61	1	these	these	PRON
cblr-11900	61	2	include	include	VERB
cblr-11900	61	3	measures	measure	NOUN
cblr-11900	61	4	to	to	PART
cblr-11900	61	5	modify	modify	VERB
cblr-11900	61	6	or	or	CCONJ
cblr-11900	61	7	recalibrate	recalibrate	VERB
cblr-11900	61	8	bank	bank	NOUN
cblr-11900	61	9	regulations	regulation	NOUN
cblr-11900	61	10	,	,	PUNCT
cblr-11900	61	11	improve	improve	VERB
cblr-11900	61	12	market	market	NOUN
cblr-11900	61	13	infrastructure	infrastructure	NOUN
cblr-11900	61	14	and	and	CCONJ
cblr-11900	61	15	“	"	PUNCT
cblr-11900	61	16	plumbing	plumbing	NOUN
cblr-11900	61	17	,	,	PUNCT
cblr-11900	61	18	”	"	PUNCT
cblr-11900	61	19	and	and	CCONJ
cblr-11900	61	20	enhance	enhance	VERB
cblr-11900	61	21	transparency.12	transparency.12	ADP
cblr-11900	61	22	each	each	DET
cblr-11900	61	23	would	would	AUX
cblr-11900	61	24	,	,	PUNCT
cblr-11900	61	25	to	to	ADP
cblr-11900	61	26	varying	vary	VERB
cblr-11900	61	27	degrees	degree	NOUN
cblr-11900	61	28	,	,	PUNCT
cblr-11900	61	29	tend	tend	VERB
cblr-11900	61	30	to	to	PART
cblr-11900	61	31	8	8	NUM
cblr-11900	61	32	michael	michael	PROPN
cblr-11900	61	33	fleming	fleming	PROPN
cblr-11900	61	34	,	,	PUNCT
cblr-11900	61	35	haoyang	haoyang	PROPN
cblr-11900	61	36	liu	liu	PROPN
cblr-11900	61	37	,	,	PUNCT
cblr-11900	61	38	rich	rich	ADJ
cblr-11900	61	39	podjasek	podjasek	NOUN
cblr-11900	61	40	&	&	CCONJ
cblr-11900	61	41	jake	jake	PROPN
cblr-11900	61	42	schurmeier	schurmeier	PROPN
cblr-11900	61	43	,	,	PUNCT
cblr-11900	61	44	fed	fed	PROPN
cblr-11900	61	45	.	.	PUNCT
cblr-11900	61	46	rsrv	rsrv	PROPN
cblr-11900	61	47	.	.	PUNCT
cblr-11900	62	1	bank	bank	PROPN
cblr-11900	62	2	of	of	ADP
cblr-11900	62	3	n.y	n.y	PROPN
cblr-11900	62	4	.	.	PROPN
cblr-11900	62	5	,	,	PUNCT
cblr-11900	62	6	the	the	DET
cblr-11900	62	7	federal	federal	PROPN
cblr-11900	62	8	reserve	reserve	PROPN
cblr-11900	62	9	’s	’s	PART
cblr-11900	62	10	market	market	NOUN
cblr-11900	62	11	functioning	function	VERB
cblr-11900	62	12	purchases	purchase	NOUN
cblr-11900	62	13	(	(	PUNCT
cblr-11900	62	14	2021	2021	NUM
cblr-11900	62	15	)	)	PUNCT
cblr-11900	62	16	.	.	PUNCT
cblr-11900	63	1	9	9	NUM
cblr-11900	63	2	lorie	lorie	PROPN
cblr-11900	63	3	logan	logan	PROPN
cblr-11900	63	4	,	,	PUNCT
cblr-11900	63	5	president	president	NOUN
cblr-11900	63	6	of	of	ADP
cblr-11900	63	7	the	the	DET
cblr-11900	63	8	federal	federal	PROPN
cblr-11900	63	9	reserve	reserve	PROPN
cblr-11900	63	10	bank	bank	PROPN
cblr-11900	63	11	of	of	ADP
cblr-11900	63	12	dallas	dallas	PROPN
cblr-11900	63	13	and	and	CCONJ
cblr-11900	63	14	former	former	ADJ
cblr-11900	63	15	manager	manager	NOUN
cblr-11900	63	16	of	of	ADP
cblr-11900	63	17	the	the	DET
cblr-11900	63	18	federal	federal	PROPN
cblr-11900	63	19	reserve	reserve	PROPN
cblr-11900	63	20	system	system	PROPN
cblr-11900	63	21	open	open	ADJ
cblr-11900	63	22	market	market	NOUN
cblr-11900	63	23	account	account	NOUN
cblr-11900	63	24	,	,	PUNCT
cblr-11900	63	25	recently	recently	ADV
cblr-11900	63	26	observed	observe	VERB
cblr-11900	63	27	,	,	PUNCT
cblr-11900	63	28	“	"	PUNCT
cblr-11900	63	29	the	the	DET
cblr-11900	63	30	public	public	ADJ
cblr-11900	63	31	and	and	CCONJ
cblr-11900	63	32	private	private	ADJ
cblr-11900	63	33	sectors	sector	NOUN
cblr-11900	63	34	must	must	AUX
cblr-11900	63	35	work	work	VERB
cblr-11900	63	36	together	together	ADV
cblr-11900	63	37	to	to	PART
cblr-11900	63	38	enhance	enhance	VERB
cblr-11900	63	39	market	market	NOUN
cblr-11900	63	40	resilience	resilience	NOUN
cblr-11900	63	41	so	so	SCONJ
cblr-11900	63	42	that	that	SCONJ
cblr-11900	63	43	these	these	DET
cblr-11900	63	44	episodes	episode	NOUN
cblr-11900	63	45	will	will	AUX
cblr-11900	63	46	be	be	AUX
cblr-11900	63	47	far	far	ADV
cblr-11900	63	48	less	less	ADV
cblr-11900	63	49	frequent	frequent	ADJ
cblr-11900	63	50	going	go	VERB
cblr-11900	63	51	forward	forward	ADV
cblr-11900	63	52	.	.	PUNCT
cblr-11900	64	1	and	and	CCONJ
cblr-11900	64	2	,	,	PUNCT
cblr-11900	64	3	to	to	PART
cblr-11900	64	4	be	be	AUX
cblr-11900	64	5	prepared	prepare	VERB
cblr-11900	64	6	for	for	ADP
cblr-11900	64	7	those	those	DET
cblr-11900	64	8	rare	rare	ADJ
cblr-11900	64	9	occasions	occasion	NOUN
cblr-11900	64	10	when	when	SCONJ
cblr-11900	64	11	extreme	extreme	ADJ
cblr-11900	64	12	stresses	stress	NOUN
cblr-11900	64	13	in	in	ADP
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cblr-11900	64	16	threaten	threaten	VERB
cblr-11900	64	17	financial	financial	ADJ
cblr-11900	64	18	stability	stability	NOUN
cblr-11900	64	19	or	or	CCONJ
cblr-11900	64	20	the	the	DET
cblr-11900	64	21	macroeconomy	macroeconomy	NOUN
cblr-11900	64	22	,	,	PUNCT
cblr-11900	64	23	central	central	ADJ
cblr-11900	64	24	banks	bank	NOUN
cblr-11900	64	25	must	must	AUX
cblr-11900	64	26	continue	continue	VERB
cblr-11900	64	27	to	to	PART
cblr-11900	64	28	develop	develop	VERB
cblr-11900	64	29	the	the	DET
cblr-11900	64	30	toolkit	toolkit	NOUN
cblr-11900	64	31	for	for	ADP
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cblr-11900	64	33	dysfunction	dysfunction	NOUN
cblr-11900	64	34	.	.	PUNCT
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cblr-11900	65	1	lorie	lorie	PROPN
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cblr-11900	65	6	of	of	ADP
cblr-11900	65	7	the	the	DET
cblr-11900	65	8	fed	fed	PROPN
cblr-11900	65	9	.	.	PUNCT
cblr-11900	65	10	rsrv	rsrv	PROPN
cblr-11900	65	11	.	.	PUNCT
cblr-11900	66	1	bank	bank	PROPN
cblr-11900	66	2	of	of	ADP
cblr-11900	66	3	dallas	dallas	PROPN
cblr-11900	66	4	,	,	PUNCT
cblr-11900	66	5	preventing	prevent	VERB
cblr-11900	66	6	and	and	CCONJ
cblr-11900	66	7	responding	respond	VERB
cblr-11900	66	8	to	to	ADP
cblr-11900	66	9	dysfunction	dysfunction	NOUN
cblr-11900	66	10	in	in	ADP
cblr-11900	66	11	core	core	ADJ
cblr-11900	66	12	markets	market	NOUN
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cblr-11900	66	15	at	at	ADP
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cblr-11900	66	17	workshop	workshop	NOUN
cblr-11900	66	18	on	on	ADP
cblr-11900	66	19	market	market	NOUN
cblr-11900	66	20	dysfunction	dysfunction	NOUN
cblr-11900	66	21	at	at	ADP
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cblr-11900	66	24	of	of	ADP
cblr-11900	66	25	chicago	chicago	PROPN
cblr-11900	66	26	booth	booth	PROPN
cblr-11900	66	27	school	school	PROPN
cblr-11900	66	28	of	of	ADP
cblr-11900	66	29	business	business	NOUN
cblr-11900	66	30	(	(	PUNCT
cblr-11900	66	31	mar	mar	PROPN
cblr-11900	66	32	.	.	PROPN
cblr-11900	66	33	3	3	NUM
cblr-11900	66	34	,	,	PUNCT
cblr-11900	66	35	2023	2023	NUM
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cblr-11900	66	37	,	,	PUNCT
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cblr-11900	67	5	.	.	PUNCT
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cblr-11900	72	8	unknown	unknown	ADJ
cblr-11900	72	9	,	,	PUNCT
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cblr-11900	75	9	nellie	nellie	PROPN
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cblr-11900	75	17	1	1	NUM
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cblr-11900	75	19	money	money	NOUN
cblr-11900	75	20	and	and	CCONJ
cblr-11900	75	21	the	the	DET
cblr-11900	75	22	public	public	ADJ
cblr-11900	75	23	debt	debt	NOUN
cblr-11900	75	24	229	229	NUM
cblr-11900	75	25	increase	increase	NOUN
cblr-11900	75	26	and	and	CCONJ
cblr-11900	75	27	stabilize	stabilize	VERB
cblr-11900	75	28	liquidity	liquidity	NOUN
cblr-11900	75	29	.	.	PUNCT
cblr-11900	76	1	determining	determine	VERB
cblr-11900	76	2	which	which	PRON
cblr-11900	76	3	would	would	AUX
cblr-11900	76	4	have	have	VERB
cblr-11900	76	5	the	the	DET
cblr-11900	76	6	most	most	ADV
cblr-11900	76	7	significant	significant	ADJ
cblr-11900	76	8	and	and	CCONJ
cblr-11900	76	9	lasting	lasting	ADJ
cblr-11900	76	10	effect	effect	NOUN
cblr-11900	76	11	,	,	PUNCT
cblr-11900	76	12	however	however	ADV
cblr-11900	76	13	,	,	PUNCT
cblr-11900	76	14	requires	require	VERB
cblr-11900	76	15	correctly	correctly	ADV
cblr-11900	76	16	diagnosing	diagnose	VERB
cblr-11900	76	17	what	what	PRON
cblr-11900	76	18	went	go	VERB
cblr-11900	76	19	wrong	wrong	ADJ
cblr-11900	76	20	.	.	PUNCT
cblr-11900	77	1	why	why	SCONJ
cblr-11900	77	2	did	do	AUX
cblr-11900	77	3	the	the	DET
cblr-11900	77	4	market	market	NOUN
cblr-11900	77	5	break	break	VERB
cblr-11900	77	6	down	down	ADP
cblr-11900	77	7	in	in	ADP
cblr-11900	77	8	2020	2020	NUM
cblr-11900	77	9	?	?	PUNCT
cblr-11900	78	1	why	why	SCONJ
cblr-11900	78	2	does	do	AUX
cblr-11900	78	3	liquidity	liquidity	NOUN
cblr-11900	78	4	remain	remain	VERB
cblr-11900	78	5	relatively	relatively	ADV
cblr-11900	78	6	low	low	ADJ
cblr-11900	78	7	today	today	NOUN
cblr-11900	78	8	?	?	PUNCT
cblr-11900	79	1	and	and	CCONJ
cblr-11900	79	2	why	why	SCONJ
cblr-11900	79	3	,	,	PUNCT
cblr-11900	79	4	by	by	ADP
cblr-11900	79	5	contrast	contrast	NOUN
cblr-11900	79	6	,	,	PUNCT
cblr-11900	79	7	was	be	AUX
cblr-11900	79	8	the	the	DET
cblr-11900	79	9	market	market	NOUN
cblr-11900	79	10	so	so	ADV
cblr-11900	79	11	deep	deep	ADJ
cblr-11900	79	12	and	and	CCONJ
cblr-11900	79	13	liquid	liquid	ADJ
cblr-11900	79	14	in	in	ADP
cblr-11900	79	15	previous	previous	ADJ
cblr-11900	79	16	decades	decade	NOUN
cblr-11900	79	17	?	?	PUNCT
cblr-11900	80	1	this	this	DET
cblr-11900	80	2	article	article	NOUN
cblr-11900	80	3	offers	offer	VERB
cblr-11900	80	4	answers	answer	NOUN
cblr-11900	80	5	to	to	ADP
cblr-11900	80	6	these	these	DET
cblr-11900	80	7	questions	question	NOUN
cblr-11900	80	8	grounded	ground	VERB
cblr-11900	80	9	in	in	ADP
cblr-11900	80	10	a	a	DET
cblr-11900	80	11	historical	historical	ADJ
cblr-11900	80	12	account	account	NOUN
cblr-11900	80	13	of	of	ADP
cblr-11900	80	14	the	the	DET
cblr-11900	80	15	market	market	NOUN
cblr-11900	80	16	’s	’s	PART
cblr-11900	80	17	origins	origin	NOUN
cblr-11900	80	18	and	and	CCONJ
cblr-11900	80	19	development	development	NOUN
cblr-11900	80	20	.	.	PUNCT
cblr-11900	81	1	it	it	PRON
cblr-11900	81	2	argues	argue	VERB
cblr-11900	81	3	that	that	SCONJ
cblr-11900	81	4	american	american	ADJ
cblr-11900	81	5	public	public	ADJ
cblr-11900	81	6	finance	finance	NOUN
cblr-11900	81	7	has	have	AUX
cblr-11900	81	8	long	long	ADV
cblr-11900	81	9	been	be	AUX
cblr-11900	81	10	closely	closely	ADV
cblr-11900	81	11	intertwined	intertwine	VERB
cblr-11900	81	12	with	with	ADP
cblr-11900	81	13	the	the	DET
cblr-11900	81	14	american	american	ADJ
cblr-11900	81	15	monetary	monetary	ADJ
cblr-11900	81	16	framework	framework	NOUN
cblr-11900	81	17	and	and	CCONJ
cblr-11900	81	18	that	that	SCONJ
cblr-11900	81	19	deep	deep	ADJ
cblr-11900	81	20	and	and	CCONJ
cblr-11900	81	21	liquid	liquid	ADJ
cblr-11900	81	22	treasury	treasury	NOUN
cblr-11900	81	23	markets	market	NOUN
cblr-11900	81	24	are	be	AUX
cblr-11900	81	25	,	,	PUNCT
cblr-11900	81	26	in	in	ADP
cblr-11900	81	27	large	large	ADJ
cblr-11900	81	28	part	part	NOUN
cblr-11900	81	29	,	,	PUNCT
cblr-11900	81	30	a	a	DET
cblr-11900	81	31	legal	legal	ADJ
cblr-11900	81	32	phenomenon	phenomenon	NOUN
cblr-11900	81	33	.	.	PUNCT
cblr-11900	82	1	treasury	treasury	NOUN
cblr-11900	82	2	market	market	NOUN
cblr-11900	82	3	liquidity	liquidity	NOUN
cblr-11900	82	4	,	,	PUNCT
cblr-11900	82	5	in	in	ADP
cblr-11900	82	6	other	other	ADJ
cblr-11900	82	7	words	word	NOUN
cblr-11900	82	8	,	,	PUNCT
cblr-11900	82	9	did	do	AUX
cblr-11900	82	10	not	not	PART
cblr-11900	82	11	arise	arise	VERB
cblr-11900	82	12	organically	organically	ADV
cblr-11900	82	13	as	as	ADP
cblr-11900	82	14	a	a	DET
cblr-11900	82	15	product	product	NOUN
cblr-11900	82	16	primarily	primarily	ADV
cblr-11900	82	17	of	of	ADP
cblr-11900	82	18	private	private	ADJ
cblr-11900	82	19	ordering	ordering	NOUN
cblr-11900	82	20	.	.	PUNCT
cblr-11900	83	1	instead	instead	ADV
cblr-11900	83	2	,	,	PUNCT
cblr-11900	83	3	it	it	PRON
cblr-11900	83	4	was	be	AUX
cblr-11900	83	5	actively	actively	ADV
cblr-11900	83	6	constructed	construct	VERB
cblr-11900	83	7	by	by	ADP
cblr-11900	83	8	government	government	NOUN
cblr-11900	83	9	officials	official	NOUN
cblr-11900	83	10	.	.	PUNCT
cblr-11900	84	1	the	the	DET
cblr-11900	84	2	high	high	ADJ
cblr-11900	84	3	degree	degree	NOUN
cblr-11900	84	4	of	of	ADP
cblr-11900	84	5	convertibility	convertibility	NOUN
cblr-11900	84	6	between	between	ADP
cblr-11900	84	7	treasury	treasury	NOUN
cblr-11900	84	8	securities	security	NOUN
cblr-11900	84	9	and	and	CCONJ
cblr-11900	84	10	cash	cash	NOUN
cblr-11900	84	11	—	—	PUNCT
cblr-11900	84	12	the	the	DET
cblr-11900	84	13	market	market	NOUN
cblr-11900	84	14	’s	’s	PART
cblr-11900	84	15	“	"	PUNCT
cblr-11900	84	16	liquidity”—depends	liquidity”—depend	NOUN
cblr-11900	84	17	upon	upon	SCONJ
cblr-11900	84	18	entities	entity	NOUN
cblr-11900	84	19	that	that	PRON
cblr-11900	84	20	can	can	AUX
cblr-11900	84	21	create	create	VERB
cblr-11900	84	22	new	new	ADJ
cblr-11900	84	23	,	,	PUNCT
cblr-11900	84	24	money	money	NOUN
cblr-11900	84	25	-	-	PUNCT
cblr-11900	84	26	like	like	ADJ
cblr-11900	84	27	claims	claim	NOUN
cblr-11900	84	28	to	to	PART
cblr-11900	84	29	buy	buy	VERB
cblr-11900	84	30	treasuries	treasury	NOUN
cblr-11900	84	31	.	.	PUNCT
cblr-11900	85	1	sometimes	sometimes	ADV
cblr-11900	85	2	the	the	DET
cblr-11900	85	3	government	government	NOUN
cblr-11900	85	4	’s	’s	PART
cblr-11900	85	5	central	central	PROPN
cblr-11900	85	6	bank	bank	PROPN
cblr-11900	85	7	has	have	AUX
cblr-11900	85	8	issued	issue	VERB
cblr-11900	85	9	these	these	DET
cblr-11900	85	10	claims	claim	NOUN
cblr-11900	85	11	directly	directly	ADV
cblr-11900	85	12	,	,	PUNCT
cblr-11900	85	13	as	as	ADP
cblr-11900	85	14	in	in	ADP
cblr-11900	85	15	march	march	PROPN
cblr-11900	85	16	2020	2020	NUM
cblr-11900	85	17	;	;	PUNCT
cblr-11900	85	18	other	other	ADJ
cblr-11900	85	19	times	time	NOUN
cblr-11900	85	20	these	these	DET
cblr-11900	85	21	claims	claim	NOUN
cblr-11900	85	22	were	be	AUX
cblr-11900	85	23	issued	issue	VERB
cblr-11900	85	24	by	by	ADP
cblr-11900	85	25	central	central	ADJ
cblr-11900	85	26	bank	bank	NOUN
cblr-11900	85	27	-	-	PUNCT
cblr-11900	85	28	backed	back	VERB
cblr-11900	85	29	instrumentalities	instrumentality	NOUN
cblr-11900	85	30	,	,	PUNCT
cblr-11900	85	31	such	such	ADJ
cblr-11900	85	32	as	as	ADP
cblr-11900	85	33	banks	bank	NOUN
cblr-11900	85	34	and	and	CCONJ
cblr-11900	85	35	select	select	VERB
cblr-11900	85	36	broker	broker	NOUN
cblr-11900	85	37	-	-	PUNCT
cblr-11900	85	38	dealers.13	dealers.13	PROPN
cblr-11900	85	39	enhancing	enhance	VERB
cblr-11900	85	40	the	the	DET
cblr-11900	85	41	liquidity	liquidity	NOUN
cblr-11900	85	42	of	of	ADP
cblr-11900	85	43	u.s	u.s	PROPN
cblr-11900	85	44	.	.	PROPN
cblr-11900	85	45	treasury	treasury	PROPN
cblr-11900	85	46	markets	market	NOUN
cblr-11900	85	47	under	under	ADP
cblr-11900	85	48	stress	stress	NOUN
cblr-11900	85	49	,	,	PUNCT
cblr-11900	85	50	brookings	brookings	PROPN
cblr-11900	85	51	(	(	PUNCT
cblr-11900	85	52	dec	dec	PROPN
cblr-11900	85	53	.	.	PROPN
cblr-11900	85	54	16	16	NUM
cblr-11900	85	55	,	,	PUNCT
cblr-11900	85	56	2020	2020	NUM
cblr-11900	85	57	)	)	PUNCT
cblr-11900	85	58	,	,	PUNCT
cblr-11900	85	59	https://www.brookings.edu/research/enhancing-theliquidity-of-u-s-treasury-markets-under-stress/	https://www.brookings.edu/research/enhancing-theliquidity-of-u-s-treasury-markets-under-stress/	PRON
cblr-11900	85	60	[	[	X
cblr-11900	85	61	https://perma.cc/xs4smury	https://perma.cc/xs4smury	PROPN
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cblr-11900	85	63	;	;	PUNCT
cblr-11900	85	64	u.s	u.s	PROPN
cblr-11900	85	65	.	.	PROPN
cblr-11900	85	66	dep’t	dep’t	NOUN
cblr-11900	85	67	of	of	ADP
cblr-11900	85	68	the	the	DET
cblr-11900	85	69	treasury	treasury	PROPN
cblr-11900	85	70	,	,	PUNCT
cblr-11900	85	71	bd	bd	PROPN
cblr-11900	85	72	.	.	PROPN
cblr-11900	85	73	of	of	ADP
cblr-11900	85	74	governors	governor	NOUN
cblr-11900	85	75	of	of	ADP
cblr-11900	85	76	the	the	DET
cblr-11900	85	77	fed	fed	PROPN
cblr-11900	85	78	.	.	PUNCT
cblr-11900	85	79	rsrv	rsrv	PROPN
cblr-11900	85	80	.	.	PUNCT
cblr-11900	86	1	sys	sys	PROPN
cblr-11900	86	2	.	.	PROPN
cblr-11900	86	3	,	,	PUNCT
cblr-11900	86	4	fed	fed	PROPN
cblr-11900	86	5	.	.	PUNCT
cblr-11900	86	6	rsrv	rsrv	PROPN
cblr-11900	86	7	.	.	PUNCT
cblr-11900	87	1	bank	bank	PROPN
cblr-11900	87	2	of	of	ADP
cblr-11900	87	3	n.y	n.y	PROPN
cblr-11900	87	4	.	.	PROPN
cblr-11900	87	5	,	,	PUNCT
cblr-11900	87	6	sec	sec	PROPN
cblr-11900	87	7	,	,	PUNCT
cblr-11900	87	8	cftc	cftc	PROPN
cblr-11900	87	9	,	,	PUNCT
cblr-11900	87	10	enhancing	enhance	VERB
cblr-11900	87	11	the	the	DET
cblr-11900	87	12	resilience	resilience	NOUN
cblr-11900	87	13	of	of	ADP
cblr-11900	87	14	the	the	DET
cblr-11900	87	15	u.s	u.s	PROPN
cblr-11900	87	16	.	.	PROPN
cblr-11900	87	17	treasury	treasury	PROPN
cblr-11900	87	18	market	market	NOUN
cblr-11900	87	19	:	:	PUNCT
cblr-11900	87	20	2022	2022	NUM
cblr-11900	87	21	staff	staff	NOUN
cblr-11900	87	22	progress	progress	NOUN
cblr-11900	87	23	report	report	NOUN
cblr-11900	87	24	,	,	PUNCT
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cblr-11900	87	26	[	[	X
cblr-11900	87	27	https://perma.cc/4jfs-uq5u	https://perma.cc/4jfs-uq5u	X
cblr-11900	87	28	]	]	X
cblr-11900	87	29	;	;	PUNCT
cblr-11900	87	30	u.s	u.s	PROPN
cblr-11900	87	31	.	.	PROPN
cblr-11900	87	32	dep’t	dep’t	NOUN
cblr-11900	87	33	of	of	ADP
cblr-11900	87	34	the	the	DET
cblr-11900	87	35	treasury	treasury	PROPN
cblr-11900	87	36	,	,	PUNCT
cblr-11900	87	37	bd	bd	PROPN
cblr-11900	87	38	.	.	PROPN
cblr-11900	87	39	of	of	ADP
cblr-11900	87	40	governors	governor	NOUN
cblr-11900	87	41	of	of	ADP
cblr-11900	87	42	the	the	DET
cblr-11900	87	43	fed	fed	PROPN
cblr-11900	87	44	.	.	PUNCT
cblr-11900	87	45	rsrv	rsrv	PROPN
cblr-11900	87	46	.	.	PUNCT
cblr-11900	88	1	sys	sys	PROPN
cblr-11900	88	2	.	.	PROPN
cblr-11900	88	3	,	,	PUNCT
cblr-11900	88	4	fed	fed	PROPN
cblr-11900	88	5	.	.	PUNCT
cblr-11900	88	6	rsrv	rsrv	PROPN
cblr-11900	88	7	.	.	PUNCT
cblr-11900	89	1	bank	bank	PROPN
cblr-11900	89	2	of	of	ADP
cblr-11900	89	3	n.y	n.y	PROPN
cblr-11900	89	4	.	.	PROPN
cblr-11900	89	5	,	,	PUNCT
cblr-11900	89	6	sec	sec	PROPN
cblr-11900	89	7	,	,	PUNCT
cblr-11900	89	8	cftc	cftc	PROPN
cblr-11900	89	9	,	,	PUNCT
cblr-11900	89	10	recent	recent	ADJ
cblr-11900	89	11	disruptions	disruption	NOUN
cblr-11900	89	12	and	and	CCONJ
cblr-11900	89	13	potential	potential	ADJ
cblr-11900	89	14	reforms	reform	NOUN
cblr-11900	89	15	in	in	ADP
cblr-11900	89	16	the	the	DET
cblr-11900	89	17	u.s	u.s	PROPN
cblr-11900	89	18	.	.	PROPN
cblr-11900	89	19	treasury	treasury	PROPN
cblr-11900	89	20	market	market	NOUN
cblr-11900	89	21	:	:	PUNCT
cblr-11900	89	22	a	a	DET
cblr-11900	89	23	staff	staff	NOUN
cblr-11900	89	24	progress	progress	NOUN
cblr-11900	89	25	report	report	NOUN
cblr-11900	89	26	(	(	PUNCT
cblr-11900	89	27	2021	2021	NUM
cblr-11900	89	28	)	)	PUNCT
cblr-11900	89	29	,	,	PUNCT
cblr-11900	90	1	https://home.treasury.gov/system/files/136/iawg-treasury-report.pdf	https://home.treasury.gov/system/files/136/iawg-treasury-report.pdf	PROPN
cblr-11900	91	1	[	[	X
cblr-11900	91	2	https://perma.cc/fjb7-yqc8	https://perma.cc/fjb7-yqc8	NOUN
cblr-11900	91	3	]	]	X
cblr-11900	91	4	.	.	PUNCT
cblr-11900	92	1	13	13	NUM
cblr-11900	92	2	accordingly	accordingly	ADV
cblr-11900	92	3	,	,	PUNCT
cblr-11900	92	4	we	we	PRON
cblr-11900	92	5	agree	agree	VERB
cblr-11900	92	6	in	in	ADP
cblr-11900	92	7	part	part	NOUN
cblr-11900	92	8	with	with	ADP
cblr-11900	92	9	(	(	PUNCT
cblr-11900	92	10	and	and	CCONJ
cblr-11900	92	11	attempt	attempt	VERB
cblr-11900	92	12	to	to	PART
cblr-11900	92	13	elaborate	elaborate	VERB
cblr-11900	92	14	on	on	ADP
cblr-11900	92	15	and	and	CCONJ
cblr-11900	92	16	validate	validate	VERB
cblr-11900	92	17	herein	herein	NOUN
cblr-11900	92	18	)	)	PUNCT
cblr-11900	92	19	the	the	DET
cblr-11900	92	20	claim	claim	NOUN
cblr-11900	92	21	by	by	ADP
cblr-11900	92	22	modern	modern	ADJ
cblr-11900	92	23	monetary	monetary	ADJ
cblr-11900	92	24	theorists	theorist	NOUN
cblr-11900	92	25	that	that	PRON
cblr-11900	92	26	the	the	DET
cblr-11900	92	27	u.s	u.s	PROPN
cblr-11900	92	28	.	.	PROPN
cblr-11900	92	29	government	government	NOUN
cblr-11900	92	30	,	,	PUNCT
cblr-11900	92	31	in	in	ADP
cblr-11900	92	32	an	an	DET
cblr-11900	92	33	important	important	ADJ
cblr-11900	92	34	sense	sense	NOUN
cblr-11900	92	35	,	,	PUNCT
cblr-11900	92	36	money	money	NOUN
cblr-11900	92	37	-	-	PUNCT
cblr-11900	92	38	finances	finance	VERB
cblr-11900	92	39	its	its	PRON
cblr-11900	92	40	spending	spending	NOUN
cblr-11900	92	41	.	.	PUNCT
cblr-11900	93	1	see	see	VERB
cblr-11900	93	2	stephanie	stephanie	PROPN
cblr-11900	93	3	kelton	kelton	PROPN
cblr-11900	93	4	,	,	PUNCT
cblr-11900	93	5	the	the	DET
cblr-11900	93	6	deficit	deficit	NOUN
cblr-11900	93	7	myth	myth	NOUN
cblr-11900	93	8	:	:	PUNCT
cblr-11900	93	9	modern	modern	ADJ
cblr-11900	93	10	monetary	monetary	ADJ
cblr-11900	93	11	theory	theory	NOUN
cblr-11900	93	12	and	and	CCONJ
cblr-11900	93	13	the	the	DET
cblr-11900	93	14	birth	birth	NOUN
cblr-11900	93	15	of	of	ADP
cblr-11900	93	16	the	the	DET
cblr-11900	93	17	people	people	NOUN
cblr-11900	93	18	’s	’s	PART
cblr-11900	93	19	economy	economy	NOUN
cblr-11900	93	20	120–21	120–21	NUM
cblr-11900	93	21	(	(	PUNCT
cblr-11900	93	22	2020	2020	NUM
cblr-11900	93	23	)	)	PUNCT
cblr-11900	93	24	;	;	PUNCT
cblr-11900	93	25	nathan	nathan	PROPN
cblr-11900	93	26	tankus	tankus	PROPN
cblr-11900	93	27	,	,	PUNCT
cblr-11900	93	28	the	the	DET
cblr-11900	93	29	federal	federal	ADJ
cblr-11900	93	30	government	government	NOUN
cblr-11900	93	31	always	always	ADV
cblr-11900	93	32	money	money	NOUN
cblr-11900	93	33	-	-	PUNCT
cblr-11900	93	34	finances	finance	VERB
cblr-11900	93	35	its	its	PRON
cblr-11900	93	36	spending	spending	NOUN
cblr-11900	93	37	:	:	PUNCT
cblr-11900	93	38	a	a	DET
cblr-11900	93	39	restatement	restatement	NOUN
cblr-11900	93	40	,	,	PUNCT
cblr-11900	93	41	substack	substack	NOUN
cblr-11900	93	42	:	:	PUNCT
cblr-11900	93	43	notes	note	NOUN
cblr-11900	93	44	on	on	ADP
cblr-11900	93	45	the	the	DET
cblr-11900	93	46	crises	crisis	NOUN
cblr-11900	93	47	(	(	PUNCT
cblr-11900	93	48	jun	jun	PROPN
cblr-11900	93	49	.	.	PROPN
cblr-11900	93	50	30	30	NUM
cblr-11900	93	51	,	,	PUNCT
cblr-11900	93	52	2020	2020	NUM
cblr-11900	93	53	)	)	PUNCT
cblr-11900	93	54	,	,	PUNCT
cblr-11900	93	55	230	230	NUM
cblr-11900	93	56	columbia	columbia	PROPN
cblr-11900	93	57	business	business	NOUN
cblr-11900	93	58	law	law	PROPN
cblr-11900	93	59	review	review	NOUN
cblr-11900	93	60	[	[	X
cblr-11900	93	61	vol	vol	NOUN
cblr-11900	93	62	.	.	PUNCT
cblr-11900	93	63	2023	2023	NUM
cblr-11900	93	64	either	either	CCONJ
cblr-11900	93	65	way	way	NOUN
cblr-11900	93	66	,	,	PUNCT
cblr-11900	93	67	it	it	PRON
cblr-11900	93	68	has	have	AUX
cblr-11900	93	69	taken	take	VERB
cblr-11900	93	70	extensible	extensible	ADJ
cblr-11900	93	71	,	,	PUNCT
cblr-11900	93	72	money	money	NOUN
cblr-11900	93	73	-	-	PUNCT
cblr-11900	93	74	financed	finance	VERB
cblr-11900	93	75	balance	balance	NOUN
cblr-11900	93	76	sheet	sheet	NOUN
cblr-11900	93	77	capacity	capacity	NOUN
cblr-11900	93	78	to	to	PART
cblr-11900	93	79	give	give	VERB
cblr-11900	93	80	treasuries	treasury	NOUN
cblr-11900	93	81	their	their	PRON
cblr-11900	93	82	cash	cash	NOUN
cblr-11900	93	83	-	-	PUNCT
cblr-11900	93	84	like	like	ADJ
cblr-11900	93	85	properties	property	NOUN
cblr-11900	93	86	.	.	PUNCT
cblr-11900	94	1	this	this	DET
cblr-11900	94	2	article	article	NOUN
cblr-11900	94	3	proceeds	proceed	VERB
cblr-11900	94	4	in	in	ADP
cblr-11900	94	5	four	four	NUM
cblr-11900	94	6	parts	part	NOUN
cblr-11900	94	7	.	.	PUNCT
cblr-11900	95	1	parts	part	NOUN
cblr-11900	95	2	ii	ii	PROPN
cblr-11900	95	3	through	through	ADP
cblr-11900	95	4	iv	iv	NUM
cblr-11900	95	5	examine	examine	VERB
cblr-11900	95	6	the	the	DET
cblr-11900	95	7	relationship	relationship	NOUN
cblr-11900	95	8	between	between	ADP
cblr-11900	95	9	money	money	NOUN
cblr-11900	95	10	and	and	CCONJ
cblr-11900	95	11	the	the	DET
cblr-11900	95	12	public	public	ADJ
cblr-11900	95	13	debt	debt	NOUN
cblr-11900	95	14	.	.	PUNCT
cblr-11900	96	1	they	they	PRON
cblr-11900	96	2	show	show	VERB
cblr-11900	96	3	how	how	SCONJ
cblr-11900	96	4	,	,	PUNCT
cblr-11900	96	5	for	for	ADP
cblr-11900	96	6	most	most	ADJ
cblr-11900	96	7	of	of	ADP
cblr-11900	96	8	its	its	PRON
cblr-11900	96	9	history	history	NOUN
cblr-11900	96	10	,	,	PUNCT
cblr-11900	96	11	the	the	DET
cblr-11900	96	12	u.s	u.s	PROPN
cblr-11900	96	13	.	.	PROPN
cblr-11900	96	14	has	have	AUX
cblr-11900	96	15	structured	structure	VERB
cblr-11900	96	16	its	its	PRON
cblr-11900	96	17	monetary	monetary	ADJ
cblr-11900	96	18	system	system	NOUN
cblr-11900	96	19	to	to	PART
cblr-11900	96	20	facilitate	facilitate	VERB
cblr-11900	96	21	the	the	DET
cblr-11900	96	22	treasury	treasury	NOUN
cblr-11900	96	23	’s	’s	PART
cblr-11900	96	24	ability	ability	NOUN
cblr-11900	96	25	to	to	PART
cblr-11900	96	26	sell	sell	VERB
cblr-11900	96	27	securities	security	NOUN
cblr-11900	96	28	to	to	PART
cblr-11900	96	29	cover	cover	VERB
cblr-11900	96	30	revenue	revenue	NOUN
cblr-11900	96	31	shortfalls	shortfall	NOUN
cblr-11900	96	32	.	.	PUNCT
cblr-11900	97	1	simply	simply	ADV
cblr-11900	97	2	put	put	VERB
cblr-11900	97	3	,	,	PUNCT
cblr-11900	97	4	the	the	DET
cblr-11900	97	5	u.s	u.s	PROPN
cblr-11900	97	6	.	.	PROPN
cblr-11900	97	7	has	have	AUX
cblr-11900	97	8	long	long	ADV
cblr-11900	97	9	used	use	VERB
cblr-11900	97	10	money	money	NOUN
cblr-11900	97	11	issue	issue	NOUN
cblr-11900	97	12	,	,	PUNCT
cblr-11900	97	13	not	not	PART
cblr-11900	97	14	just	just	ADV
cblr-11900	97	15	taxing	tax	VERB
cblr-11900	97	16	and	and	CCONJ
cblr-11900	97	17	borrowing	borrow	VERB
cblr-11900	97	18	,	,	PUNCT
cblr-11900	97	19	to	to	PART
cblr-11900	97	20	support	support	VERB
cblr-11900	97	21	federal	federal	ADJ
cblr-11900	97	22	finance	finance	NOUN
cblr-11900	97	23	.	.	PUNCT
cblr-11900	98	1	to	to	PART
cblr-11900	98	2	appreciate	appreciate	VERB
cblr-11900	98	3	this	this	DET
cblr-11900	98	4	monetary	monetary	ADJ
cblr-11900	98	5	-	-	PUNCT
cblr-11900	98	6	fiscal	fiscal	ADJ
cblr-11900	98	7	entanglement	entanglement	NOUN
cblr-11900	98	8	,	,	PUNCT
cblr-11900	98	9	it	it	PRON
cblr-11900	98	10	is	be	AUX
cblr-11900	98	11	necessary	necessary	ADJ
cblr-11900	98	12	first	first	ADV
cblr-11900	98	13	to	to	PART
cblr-11900	98	14	recognize	recognize	VERB
cblr-11900	98	15	that	that	SCONJ
cblr-11900	98	16	the	the	DET
cblr-11900	98	17	united	united	PROPN
cblr-11900	98	18	states	states	PROPN
cblr-11900	98	19	has	have	AUX
cblr-11900	98	20	never	never	ADV
cblr-11900	98	21	relied	rely	VERB
cblr-11900	98	22	exclusively	exclusively	ADV
cblr-11900	98	23	,	,	PUNCT
cblr-11900	98	24	or	or	CCONJ
cblr-11900	98	25	even	even	ADV
cblr-11900	98	26	primarily	primarily	ADV
cblr-11900	98	27	,	,	PUNCT
cblr-11900	98	28	on	on	ADP
cblr-11900	98	29	money	money	NOUN
cblr-11900	98	30	instruments	instrument	NOUN
cblr-11900	98	31	issued	issue	VERB
cblr-11900	98	32	directly	directly	ADV
cblr-11900	98	33	by	by	ADP
cblr-11900	98	34	government	government	NOUN
cblr-11900	98	35	agencies.14	agencies.14	NOUN
cblr-11900	98	36	instead	instead	ADV
cblr-11900	98	37	,	,	PUNCT
cblr-11900	98	38	since	since	SCONJ
cblr-11900	98	39	the	the	DET
cblr-11900	98	40	founding	founding	NOUN
cblr-11900	98	41	,	,	PUNCT
cblr-11900	98	42	the	the	DET
cblr-11900	98	43	government	government	NOUN
cblr-11900	98	44	has	have	AUX
cblr-11900	98	45	outsourced	outsource	VERB
cblr-11900	98	46	money	money	NOUN
cblr-11900	98	47	augmentation	augmentation	NOUN
cblr-11900	98	48	.	.	PUNCT
cblr-11900	99	1	by	by	ADP
cblr-11900	99	2	design	design	NOUN
cblr-11900	99	3	,	,	PUNCT
cblr-11900	99	4	investor	investor	NOUN
cblr-11900	99	5	-	-	PUNCT
cblr-11900	99	6	owned	own	VERB
cblr-11900	99	7	enterprises	enterprise	NOUN
cblr-11900	99	8	—	—	PUNCT
cblr-11900	99	9	typically	typically	ADV
cblr-11900	99	10	,	,	PUNCT
cblr-11900	99	11	chartered	chartered	ADJ
cblr-11900	99	12	banks	bank	NOUN
cblr-11900	99	13	—	—	PUNCT
cblr-11900	99	14	have	have	AUX
cblr-11900	99	15	been	be	AUX
cblr-11900	99	16	the	the	DET
cblr-11900	99	17	predominant	predominant	ADJ
cblr-11900	99	18	money	money	NOUN
cblr-11900	99	19	issuers	issuer	NOUN
cblr-11900	99	20	in	in	ADP
cblr-11900	99	21	the	the	DET
cblr-11900	99	22	economy	economy	NOUN
cblr-11900	99	23	.	.	PUNCT
cblr-11900	100	1	and	and	CCONJ
cblr-11900	100	2	the	the	DET
cblr-11900	100	3	federal	federal	ADJ
cblr-11900	100	4	government	government	NOUN
cblr-11900	100	5	,	,	PUNCT
cblr-11900	100	6	recognizing	recognize	VERB
cblr-11900	100	7	this	this	PRON
cblr-11900	100	8	,	,	PUNCT
cblr-11900	100	9	has	have	AUX
cblr-11900	100	10	set	set	VERB
cblr-11900	100	11	terms	term	NOUN
cblr-11900	100	12	and	and	CCONJ
cblr-11900	100	13	conditions	condition	NOUN
cblr-11900	100	14	for	for	ADP
cblr-11900	100	15	their	their	PRON
cblr-11900	100	16	money	money	NOUN
cblr-11900	100	17	creation.15	creation.15	VERB
cblr-11900	100	18	many	many	ADJ
cblr-11900	100	19	of	of	ADP
cblr-11900	100	20	these	these	DET
cblr-11900	100	21	strictures	stricture	NOUN
cblr-11900	100	22	relate	relate	VERB
cblr-11900	100	23	to	to	ADP
cblr-11900	100	24	the	the	DET
cblr-11900	100	25	public	public	ADJ
cblr-11900	100	26	debt	debt	NOUN
cblr-11900	100	27	.	.	PUNCT
cblr-11900	101	1	table	table	NOUN
cblr-11900	101	2	1	1	NUM
cblr-11900	101	3	identifies	identify	VERB
cblr-11900	101	4	four	four	NUM
cblr-11900	101	5	distinct	distinct	ADJ
cblr-11900	101	6	legal	legal	ADJ
cblr-11900	101	7	-	-	PUNCT
cblr-11900	101	8	institutional	institutional	ADJ
cblr-11900	101	9	configurations	configuration	NOUN
cblr-11900	101	10	,	,	PUNCT
cblr-11900	101	11	which	which	PRON
cblr-11900	101	12	we	we	PRON
cblr-11900	101	13	distinguish	distinguish	VERB
cblr-11900	101	14	by	by	ADP
cblr-11900	101	15	the	the	DET
cblr-11900	101	16	type	type	NOUN
cblr-11900	101	17	of	of	ADP
cblr-11900	101	18	monetary	monetary	ADJ
cblr-11900	101	19	instrument	instrument	NOUN
cblr-11900	101	20	used	use	VERB
cblr-11900	101	21	to	to	PART
cblr-11900	101	22	undergird	undergird	VERB
cblr-11900	101	23	government	government	NOUN
cblr-11900	101	24	borrowing	borrowing	NOUN
cblr-11900	101	25	and	and	CCONJ
cblr-11900	101	26	whether	whether	SCONJ
cblr-11900	101	27	monetary	monetary	ADJ
cblr-11900	101	28	support	support	NOUN
cblr-11900	101	29	was	be	AUX
cblr-11900	101	30	targeted	target	VERB
cblr-11900	101	31	at	at	ADP
cblr-11900	101	32	primary	primary	ADJ
cblr-11900	101	33	or	or	CCONJ
cblr-11900	101	34	https://nathantankus.substack.com/p/the-federal-government-alwaysmoney	https://nathantankus.substack.com/p/the-federal-government-alwaysmoney	NOUN
cblr-11900	101	35	[	[	X
cblr-11900	101	36	https://perma.cc/4ajw-enqg	https://perma.cc/4ajw-enqg	X
cblr-11900	101	37	]	]	X
cblr-11900	101	38	.	.	PUNCT
cblr-11900	102	1	we	we	PRON
cblr-11900	102	2	also	also	ADV
cblr-11900	102	3	contribute	contribute	VERB
cblr-11900	102	4	to	to	ADP
cblr-11900	102	5	the	the	DET
cblr-11900	102	6	existing	exist	VERB
cblr-11900	102	7	literature	literature	NOUN
cblr-11900	102	8	on	on	ADP
cblr-11900	102	9	the	the	DET
cblr-11900	102	10	government	government	NOUN
cblr-11900	102	11	’s	’s	PART
cblr-11900	102	12	role	role	NOUN
cblr-11900	102	13	in	in	ADP
cblr-11900	102	14	constructing	construct	VERB
cblr-11900	102	15	certain	certain	ADJ
cblr-11900	102	16	financial	financial	ADJ
cblr-11900	102	17	markets	market	NOUN
cblr-11900	102	18	.	.	PUNCT
cblr-11900	103	1	see	see	VERB
cblr-11900	103	2	benjamin	benjamin	PROPN
cblr-11900	103	3	braun	braun	PROPN
cblr-11900	103	4	,	,	PUNCT
cblr-11900	103	5	arie	arie	PROPN
cblr-11900	103	6	krampf	krampf	PROPN
cblr-11900	103	7	&	&	CCONJ
cblr-11900	103	8	steffen	steffen	PROPN
cblr-11900	103	9	murau	murau	PROPN
cblr-11900	103	10	,	,	PUNCT
cblr-11900	103	11	financial	financial	ADJ
cblr-11900	103	12	globalization	globalization	NOUN
cblr-11900	103	13	as	as	ADP
cblr-11900	103	14	positive	positive	ADJ
cblr-11900	103	15	integration	integration	NOUN
cblr-11900	103	16	:	:	PUNCT
cblr-11900	103	17	monetary	monetary	ADJ
cblr-11900	103	18	technocrats	technocrat	NOUN
cblr-11900	103	19	and	and	CCONJ
cblr-11900	103	20	the	the	DET
cblr-11900	103	21	eurodollar	eurodollar	PROPN
cblr-11900	103	22	market	market	NOUN
cblr-11900	103	23	in	in	ADP
cblr-11900	103	24	the	the	DET
cblr-11900	103	25	1970s	1970	NOUN
cblr-11900	103	26	,	,	PUNCT
cblr-11900	103	27	28	28	NUM
cblr-11900	103	28	rev	rev	X
cblr-11900	103	29	.	.	PROPN
cblr-11900	103	30	int’l	int’l	NUM
cblr-11900	103	31	pol	pol	PROPN
cblr-11900	103	32	.	.	PUNCT
cblr-11900	104	1	econ	econ	PROPN
cblr-11900	104	2	.	.	PUNCT
cblr-11900	105	1	794	794	NUM
cblr-11900	105	2	(	(	PUNCT
cblr-11900	105	3	2021	2021	NUM
cblr-11900	105	4	)	)	PUNCT
cblr-11900	105	5	;	;	PUNCT
cblr-11900	106	1	katharina	katharina	PROPN
cblr-11900	106	2	pistor	pistor	PROPN
cblr-11900	106	3	,	,	PUNCT
cblr-11900	106	4	the	the	DET
cblr-11900	106	5	code	code	NOUN
cblr-11900	106	6	of	of	ADP
cblr-11900	106	7	capital	capital	NOUN
cblr-11900	106	8	:	:	PUNCT
cblr-11900	106	9	how	how	SCONJ
cblr-11900	106	10	the	the	DET
cblr-11900	106	11	law	law	NOUN
cblr-11900	106	12	creates	create	VERB
cblr-11900	106	13	wealth	wealth	NOUN
cblr-11900	106	14	and	and	CCONJ
cblr-11900	106	15	inequality	inequality	NOUN
cblr-11900	106	16	(	(	PUNCT
cblr-11900	106	17	2019	2019	NUM
cblr-11900	106	18	)	)	PUNCT
cblr-11900	106	19	.	.	PUNCT
cblr-11900	107	1	14	14	NUM
cblr-11900	107	2	brian	brian	PROPN
cblr-11900	107	3	galle	galle	PROPN
cblr-11900	107	4	and	and	CCONJ
cblr-11900	107	5	yair	yair	PROPN
cblr-11900	107	6	listokin	listokin	PROPN
cblr-11900	107	7	,	,	PUNCT
cblr-11900	107	8	for	for	ADP
cblr-11900	107	9	example	example	NOUN
cblr-11900	107	10	,	,	PUNCT
cblr-11900	107	11	define	define	VERB
cblr-11900	107	12	“	"	PUNCT
cblr-11900	107	13	monetary	monetary	ADJ
cblr-11900	107	14	financing	financing	NOUN
cblr-11900	107	15	”	"	PUNCT
cblr-11900	107	16	as	as	SCONJ
cblr-11900	107	17	the	the	DET
cblr-11900	107	18	government	government	NOUN
cblr-11900	107	19	’s	’s	ADV
cblr-11900	107	20	acquiring	acquire	VERB
cblr-11900	107	21	goods	good	NOUN
cblr-11900	107	22	and	and	CCONJ
cblr-11900	107	23	services	service	NOUN
cblr-11900	107	24	in	in	ADP
cblr-11900	107	25	exchange	exchange	NOUN
cblr-11900	107	26	for	for	ADP
cblr-11900	107	27	newly	newly	ADV
cblr-11900	107	28	authorized	authorize	VERB
cblr-11900	107	29	currency	currency	NOUN
cblr-11900	107	30	.	.	PUNCT
cblr-11900	108	1	brian	brian	PROPN
cblr-11900	108	2	galle	galle	PROPN
cblr-11900	108	3	&	&	CCONJ
cblr-11900	108	4	yair	yair	PROPN
cblr-11900	108	5	listokin	listokin	PROPN
cblr-11900	108	6	,	,	PUNCT
cblr-11900	108	7	monetary	monetary	ADJ
cblr-11900	108	8	finance	finance	NOUN
cblr-11900	108	9	,	,	PUNCT
cblr-11900	108	10	75	75	NUM
cblr-11900	108	11	tax	tax	NOUN
cblr-11900	108	12	l.	l.	PROPN
cblr-11900	108	13	rev	rev	PROPN
cblr-11900	108	14	.	.	PROPN
cblr-11900	108	15	137	137	NUM
cblr-11900	108	16	,	,	PUNCT
cblr-11900	108	17	137–38	137–38	NUM
cblr-11900	108	18	(	(	PUNCT
cblr-11900	108	19	2022	2022	NUM
cblr-11900	108	20	)	)	PUNCT
cblr-11900	108	21	.	.	PUNCT
cblr-11900	109	1	although	although	SCONJ
cblr-11900	109	2	galle	galle	PROPN
cblr-11900	109	3	and	and	CCONJ
cblr-11900	109	4	listokin	listokin	NOUN
cblr-11900	109	5	recognize	recognize	VERB
cblr-11900	109	6	the	the	DET
cblr-11900	109	7	role	role	NOUN
cblr-11900	109	8	played	play	VERB
cblr-11900	109	9	by	by	ADP
cblr-11900	109	10	non	non	ADJ
cblr-11900	109	11	-	-	ADJ
cblr-11900	109	12	government	government	ADJ
cblr-11900	109	13	actors	actor	NOUN
cblr-11900	109	14	in	in	ADP
cblr-11900	109	15	augmenting	augment	VERB
cblr-11900	109	16	the	the	DET
cblr-11900	109	17	money	money	NOUN
cblr-11900	109	18	supply	supply	NOUN
cblr-11900	109	19	,	,	PUNCT
cblr-11900	109	20	they	they	PRON
cblr-11900	109	21	exclude	exclude	VERB
cblr-11900	109	22	“	"	PUNCT
cblr-11900	109	23	broad	broad	ADJ
cblr-11900	109	24	money	money	NOUN
cblr-11900	109	25	”	"	PUNCT
cblr-11900	109	26	from	from	ADP
cblr-11900	109	27	their	their	PRON
cblr-11900	109	28	definition	definition	NOUN
cblr-11900	109	29	of	of	ADP
cblr-11900	109	30	monetary	monetary	ADJ
cblr-11900	109	31	finance	finance	NOUN
cblr-11900	109	32	.	.	PUNCT
cblr-11900	110	1	here	here	ADV
cblr-11900	110	2	we	we	PRON
cblr-11900	110	3	include	include	VERB
cblr-11900	110	4	broad	broad	ADJ
cblr-11900	110	5	money	money	NOUN
cblr-11900	110	6	as	as	SCONJ
cblr-11900	110	7	we	we	PRON
cblr-11900	110	8	believe	believe	VERB
cblr-11900	110	9	it	it	PRON
cblr-11900	110	10	is	be	AUX
cblr-11900	110	11	a	a	DET
cblr-11900	110	12	critical	critical	ADJ
cblr-11900	110	13	source	source	NOUN
cblr-11900	110	14	of	of	ADP
cblr-11900	110	15	support	support	NOUN
cblr-11900	110	16	for	for	ADP
cblr-11900	110	17	the	the	DET
cblr-11900	110	18	fiscal	fiscal	ADJ
cblr-11900	110	19	state	state	NOUN
cblr-11900	110	20	.	.	PUNCT
cblr-11900	111	1	15	15	NUM
cblr-11900	111	2	cf	cf	NOUN
cblr-11900	111	3	.	.	PUNCT
cblr-11900	111	4	lev	lev	PROPN
cblr-11900	111	5	menand	menand	PROPN
cblr-11900	111	6	,	,	PUNCT
cblr-11900	111	7	why	why	SCONJ
cblr-11900	111	8	supervise	supervise	VERB
cblr-11900	111	9	banks	bank	NOUN
cblr-11900	111	10	?	?	PUNCT
cblr-11900	112	1	the	the	DET
cblr-11900	112	2	foundations	foundation	NOUN
cblr-11900	112	3	of	of	ADP
cblr-11900	112	4	the	the	DET
cblr-11900	112	5	american	american	PROPN
cblr-11900	112	6	monetary	monetary	PROPN
cblr-11900	112	7	settlement	settlement	NOUN
cblr-11900	112	8	,	,	PUNCT
cblr-11900	112	9	74	74	NUM
cblr-11900	112	10	vand	vand	NOUN
cblr-11900	112	11	.	.	PUNCT
cblr-11900	113	1	l.	l.	PROPN
cblr-11900	113	2	rev	rev	PROPN
cblr-11900	113	3	.	.	PROPN
cblr-11900	113	4	951	951	NUM
cblr-11900	113	5	(	(	PUNCT
cblr-11900	113	6	2021	2021	NUM
cblr-11900	113	7	)	)	PUNCT
cblr-11900	113	8	.	.	PUNCT
cblr-11900	114	1	no	no	INTJ
cblr-11900	114	2	.	.	NOUN
cblr-11900	115	1	1	1	NUM
cblr-11900	115	2	]	]	ADJ
cblr-11900	115	3	money	money	NOUN
cblr-11900	115	4	and	and	CCONJ
cblr-11900	115	5	the	the	DET
cblr-11900	115	6	public	public	ADJ
cblr-11900	115	7	debt	debt	NOUN
cblr-11900	115	8	231	231	NUM
cblr-11900	115	9	secondary	secondary	ADJ
cblr-11900	115	10	markets	market	NOUN
cblr-11900	115	11	(	(	PUNCT
cblr-11900	115	12	the	the	DET
cblr-11900	115	13	former	former	ADJ
cblr-11900	115	14	being	be	AUX
cblr-11900	115	15	where	where	SCONJ
cblr-11900	115	16	the	the	DET
cblr-11900	115	17	treasury	treasury	NOUN
cblr-11900	115	18	initially	initially	ADV
cblr-11900	115	19	raises	raise	VERB
cblr-11900	115	20	funds	fund	NOUN
cblr-11900	115	21	,	,	PUNCT
cblr-11900	115	22	and	and	CCONJ
cblr-11900	115	23	the	the	DET
cblr-11900	115	24	latter	latter	ADJ
cblr-11900	115	25	being	be	AUX
cblr-11900	115	26	where	where	SCONJ
cblr-11900	115	27	owners	owner	NOUN
cblr-11900	115	28	of	of	ADP
cblr-11900	115	29	treasuries	treasury	NOUN
cblr-11900	115	30	sell	sell	VERB
cblr-11900	115	31	them	they	PRON
cblr-11900	115	32	to	to	ADP
cblr-11900	115	33	new	new	PROPN
cblr-11900	115	34	buyers).16	buyers).16	PROPN
cblr-11900	115	35	part	part	PROPN
cblr-11900	115	36	ii	ii	PROPN
cblr-11900	115	37	covers	cover	VERB
cblr-11900	115	38	the	the	DET
cblr-11900	115	39	first	first	ADJ
cblr-11900	115	40	two	two	NUM
cblr-11900	115	41	configurations	configuration	NOUN
cblr-11900	115	42	.	.	PUNCT
cblr-11900	116	1	under	under	ADP
cblr-11900	116	2	these	these	DET
cblr-11900	116	3	arrangements	arrangement	NOUN
cblr-11900	116	4	,	,	PUNCT
cblr-11900	116	5	fiscal	fiscal	ADJ
cblr-11900	116	6	-	-	PUNCT
cblr-11900	116	7	monetary	monetary	ADJ
cblr-11900	116	8	entanglement	entanglement	NOUN
cblr-11900	116	9	was	be	AUX
cblr-11900	116	10	relatively	relatively	ADV
cblr-11900	116	11	transparent	transparent	ADJ
cblr-11900	116	12	.	.	PUNCT
cblr-11900	117	1	between	between	ADP
cblr-11900	117	2	1863	1863	NUM
cblr-11900	117	3	and	and	CCONJ
cblr-11900	117	4	1916	1916	NUM
cblr-11900	117	5	,	,	PUNCT
cblr-11900	117	6	congress	congress	PROPN
cblr-11900	117	7	established	establish	VERB
cblr-11900	117	8	a	a	DET
cblr-11900	117	9	network	network	NOUN
cblr-11900	117	10	of	of	ADP
cblr-11900	117	11	investor	investor	NOUN
cblr-11900	117	12	-	-	PUNCT
cblr-11900	117	13	owned	own	VERB
cblr-11900	117	14	federal	federal	ADJ
cblr-11900	117	15	corporations	corporation	NOUN
cblr-11900	117	16	—	—	PUNCT
cblr-11900	117	17	national	national	ADJ
cblr-11900	117	18	banks	bank	NOUN
cblr-11900	117	19	—	—	PUNCT
cblr-11900	117	20	to	to	PART
cblr-11900	117	21	serve	serve	VERB
cblr-11900	117	22	as	as	ADP
cblr-11900	117	23	the	the	DET
cblr-11900	117	24	country	country	NOUN
cblr-11900	117	25	’s	’s	PART
cblr-11900	117	26	primary	primary	ADJ
cblr-11900	117	27	money	money	NOUN
cblr-11900	117	28	-	-	PUNCT
cblr-11900	117	29	issuing	issue	VERB
cblr-11900	117	30	institutions	institution	NOUN
cblr-11900	117	31	and	and	CCONJ
cblr-11900	117	32	required	require	VERB
cblr-11900	117	33	that	that	SCONJ
cblr-11900	117	34	these	these	DET
cblr-11900	117	35	instrumentalities	instrumentality	NOUN
cblr-11900	117	36	back	back	ADV
cblr-11900	117	37	their	their	PRON
cblr-11900	117	38	paper	paper	NOUN
cblr-11900	117	39	notes	note	NOUN
cblr-11900	117	40	with	with	ADP
cblr-11900	117	41	treasuries	treasury	NOUN
cblr-11900	117	42	.	.	PUNCT
cblr-11900	118	1	at	at	ADP
cblr-11900	118	2	the	the	DET
cblr-11900	118	3	same	same	ADJ
cblr-11900	118	4	time	time	NOUN
cblr-11900	118	5	,	,	PUNCT
cblr-11900	118	6	congress	congress	PROPN
cblr-11900	118	7	levied	levy	VERB
cblr-11900	118	8	a	a	DET
cblr-11900	118	9	prohibitively	prohibitively	ADV
cblr-11900	118	10	high	high	ADJ
cblr-11900	118	11	tax	tax	NOUN
cblr-11900	118	12	on	on	ADP
cblr-11900	118	13	the	the	DET
cblr-11900	118	14	notes	note	NOUN
cblr-11900	118	15	of	of	ADP
cblr-11900	118	16	state	state	NOUN
cblr-11900	118	17	banks	bank	NOUN
cblr-11900	118	18	,	,	PUNCT
cblr-11900	118	19	which	which	PRON
cblr-11900	118	20	lacked	lack	VERB
cblr-11900	118	21	such	such	ADJ
cblr-11900	118	22	charters	charter	NOUN
cblr-11900	118	23	.	.	PUNCT
cblr-11900	119	1	in	in	ADP
cblr-11900	119	2	doing	do	VERB
cblr-11900	119	3	so	so	ADV
cblr-11900	119	4	,	,	PUNCT
cblr-11900	119	5	the	the	DET
cblr-11900	119	6	federal	federal	ADJ
cblr-11900	119	7	government	government	NOUN
cblr-11900	119	8	conjured	conjure	VERB
cblr-11900	119	9	captive	captive	ADJ
cblr-11900	119	10	demand	demand	NOUN
cblr-11900	119	11	for	for	ADP
cblr-11900	119	12	federal	federal	ADJ
cblr-11900	119	13	debt	debt	NOUN
cblr-11900	119	14	.	.	PUNCT
cblr-11900	120	1	although	although	SCONJ
cblr-11900	120	2	,	,	PUNCT
cblr-11900	120	3	under	under	ADP
cblr-11900	120	4	the	the	DET
cblr-11900	120	5	resulting	result	VERB
cblr-11900	120	6	legal	legal	ADJ
cblr-11900	120	7	regime	regime	NOUN
cblr-11900	120	8	,	,	PUNCT
cblr-11900	120	9	the	the	DET
cblr-11900	120	10	government	government	NOUN
cblr-11900	120	11	formally	formally	ADV
cblr-11900	120	12	borrowed	borrow	VERB
cblr-11900	120	13	to	to	PART
cblr-11900	120	14	manage	manage	VERB
cblr-11900	120	15	deficits	deficit	NOUN
cblr-11900	120	16	,	,	PUNCT
cblr-11900	120	17	it	it	PRON
cblr-11900	120	18	borrowed	borrow	VERB
cblr-11900	120	19	in	in	ADP
cblr-11900	120	20	significant	significant	ADJ
cblr-11900	120	21	part	part	NOUN
cblr-11900	120	22	by	by	ADP
cblr-11900	120	23	selling	sell	VERB
cblr-11900	120	24	treasuries	treasury	NOUN
cblr-11900	120	25	to	to	ADP
cblr-11900	120	26	national	national	ADJ
cblr-11900	120	27	banks	bank	NOUN
cblr-11900	120	28	,	,	PUNCT
cblr-11900	120	29	which	which	PRON
cblr-11900	120	30	,	,	PUNCT
cblr-11900	120	31	in	in	ADP
cblr-11900	120	32	turn	turn	NOUN
cblr-11900	120	33	,	,	PUNCT
cblr-11900	120	34	funded	fund	VERB
cblr-11900	120	35	their	their	PRON
cblr-11900	120	36	purchases	purchase	NOUN
cblr-11900	120	37	with	with	ADP
cblr-11900	120	38	newly	newly	ADV
cblr-11900	120	39	issued	issue	VERB
cblr-11900	120	40	notes	note	NOUN
cblr-11900	120	41	and	and	CCONJ
cblr-11900	120	42	deposits	deposit	NOUN
cblr-11900	120	43	.	.	PUNCT
cblr-11900	121	1	table	table	NOUN
cblr-11900	121	2	1	1	NUM
cblr-11900	121	3	:	:	PUNCT
cblr-11900	121	4	four	four	NUM
cblr-11900	121	5	fiscal	fiscal	ADJ
cblr-11900	121	6	-	-	PUNCT
cblr-11900	121	7	monetary	monetary	ADJ
cblr-11900	121	8	configurations17	configurations17	NOUN
cblr-11900	121	9	16	16	NUM
cblr-11900	121	10	other	other	ADJ
cblr-11900	121	11	configurations	configuration	NOUN
cblr-11900	121	12	,	,	PUNCT
cblr-11900	121	13	of	of	ADP
cblr-11900	121	14	course	course	NOUN
cblr-11900	121	15	,	,	PUNCT
cblr-11900	121	16	are	be	AUX
cblr-11900	121	17	possible	possible	ADJ
cblr-11900	121	18	.	.	PUNCT
cblr-11900	122	1	for	for	ADP
cblr-11900	122	2	arguments	argument	NOUN
cblr-11900	122	3	that	that	SCONJ
cblr-11900	122	4	the	the	DET
cblr-11900	122	5	government	government	NOUN
cblr-11900	122	6	should	should	AUX
cblr-11900	122	7	embrace	embrace	VERB
cblr-11900	122	8	direct	direct	ADJ
cblr-11900	122	9	money	money	NOUN
cblr-11900	122	10	issue	issue	NOUN
cblr-11900	122	11	,	,	PUNCT
cblr-11900	122	12	see	see	VERB
cblr-11900	122	13	rohan	rohan	PROPN
cblr-11900	122	14	grey	grey	PROPN
cblr-11900	122	15	,	,	PUNCT
cblr-11900	122	16	administering	administer	VERB
cblr-11900	122	17	money	money	NOUN
cblr-11900	122	18	:	:	PUNCT
cblr-11900	122	19	coinage	coinage	ADJ
cblr-11900	122	20	,	,	PUNCT
cblr-11900	122	21	debt	debt	NOUN
cblr-11900	122	22	crises	crisis	NOUN
cblr-11900	122	23	,	,	PUNCT
cblr-11900	122	24	and	and	CCONJ
cblr-11900	122	25	the	the	DET
cblr-11900	122	26	future	future	NOUN
cblr-11900	122	27	of	of	ADP
cblr-11900	122	28	fiscal	fiscal	ADJ
cblr-11900	122	29	policy	policy	NOUN
cblr-11900	122	30	,	,	PUNCT
cblr-11900	122	31	109	109	NUM
cblr-11900	122	32	ky	ky	PROPN
cblr-11900	122	33	.	.	PUNCT
cblr-11900	123	1	l.j	l.j	PROPN
cblr-11900	123	2	.	.	PROPN
cblr-11900	123	3	229	229	NUM
cblr-11900	123	4	(	(	PUNCT
cblr-11900	123	5	2020	2020	NUM
cblr-11900	123	6	)	)	PUNCT
cblr-11900	123	7	.	.	PUNCT
cblr-11900	124	1	17	17	NUM
cblr-11900	124	2	cong	cong	NOUN
cblr-11900	124	3	.	.	PUNCT
cblr-11900	125	1	budget	budget	NOUN
cblr-11900	125	2	off	off	ADP
cblr-11900	125	3	.	.	PUNCT
cblr-11900	126	1	,	,	PUNCT
cblr-11900	126	2	historical	historical	ADJ
cblr-11900	126	3	data	datum	NOUN
cblr-11900	126	4	on	on	ADP
cblr-11900	126	5	federal	federal	ADJ
cblr-11900	126	6	debt	debt	NOUN
cblr-11900	126	7	held	hold	VERB
cblr-11900	126	8	by	by	ADP
cblr-11900	126	9	the	the	DET
cblr-11900	126	10	public	public	NOUN
cblr-11900	126	11	(	(	PUNCT
cblr-11900	126	12	2010	2010	NUM
cblr-11900	126	13	)	)	PUNCT
cblr-11900	126	14	;	;	PUNCT
cblr-11900	126	15	fed	fed	PROPN
cblr-11900	126	16	.	.	PUNCT
cblr-11900	127	1	rsrv	rsrv	PROPN
cblr-11900	127	2	.	.	PUNCT
cblr-11900	128	1	bank	bank	PROPN
cblr-11900	128	2	of	of	ADP
cblr-11900	128	3	dallas	dallas	PROPN
cblr-11900	128	4	,	,	PUNCT
cblr-11900	128	5	market	market	NOUN
cblr-11900	128	6	value	value	NOUN
cblr-11900	128	7	of	of	ADP
cblr-11900	128	8	marketable	marketable	ADJ
cblr-11900	128	9	treasury	treasury	NOUN
cblr-11900	128	10	debt	debt	NOUN
cblr-11900	128	11	,	,	PUNCT
cblr-11900	128	12	fed	fed	PROPN
cblr-11900	128	13	.	.	PUNCT
cblr-11900	128	14	rsrv	rsrv	PROPN
cblr-11900	128	15	.	.	PUNCT
cblr-11900	129	1	econ	econ	PROPN
cblr-11900	129	2	.	.	PUNCT
cblr-11900	129	3	data	data	PROPN
cblr-11900	129	4	(	(	PUNCT
cblr-11900	129	5	feb	feb	PROPN
cblr-11900	129	6	.	.	PROPN
cblr-11900	129	7	15	15	NUM
cblr-11900	129	8	,	,	PUNCT
cblr-11900	129	9	2023	2023	NUM
cblr-11900	129	10	)	)	PUNCT
cblr-11900	129	11	,	,	PUNCT
cblr-11900	129	12	https://fred.stlouisfed.org/series/mvmtd027mnfrbdal	https://fred.stlouisfed.org/series/mvmtd027mnfrbdal	ADJ
cblr-11900	129	13	[	[	X
cblr-11900	129	14	https://perma.cc/pdj4-njg3	https://perma.cc/pdj4-njg3	X
cblr-11900	129	15	]	]	PUNCT
cblr-11900	129	16	;	;	PUNCT
cblr-11900	129	17	ctr	ctr	PROPN
cblr-11900	129	18	.	.	PROPN
cblr-11900	130	1	for	for	ADP
cblr-11900	130	2	fin	fin	NOUN
cblr-11900	130	3	.	.	PUNCT
cblr-11900	131	1	stability	stability	NOUN
cblr-11900	131	2	,	,	PUNCT
cblr-11900	131	3	resources	resource	NOUN
cblr-11900	131	4	and	and	CCONJ
cblr-11900	131	5	assets	asset	NOUN
cblr-11900	131	6	:	:	PUNCT
cblr-11900	131	7	u.s	u.s	PROPN
cblr-11900	131	8	.	.	PROPN
cblr-11900	131	9	government	government	NOUN
cblr-11900	131	10	securities	security	NOUN
cblr-11900	131	11	:	:	PUNCT
cblr-11900	131	12	bought	buy	VERB
cblr-11900	131	13	or	or	CCONJ
cblr-11900	131	14	held	hold	VERB
cblr-11900	131	15	outright	outright	ADV
cblr-11900	131	16	:	:	PUNCT
cblr-11900	131	17	total	total	NOUN
cblr-11900	131	18	bought	buy	VERB
cblr-11900	131	19	outright	outright	ADV
cblr-11900	131	20	,	,	PUNCT
cblr-11900	131	21	fed	fed	PROPN
cblr-11900	131	22	.	.	PUNCT
cblr-11900	131	23	rsrv	rsrv	PROPN
cblr-11900	131	24	.	.	PUNCT
cblr-11900	132	1	econ	econ	PROPN
cblr-11900	132	2	.	.	PUNCT
cblr-11900	132	3	data	data	PROPN
cblr-11900	132	4	(	(	PUNCT
cblr-11900	132	5	feb	feb	PROPN
cblr-11900	132	6	.	.	PROPN
cblr-11900	132	7	10	10	NUM
cblr-11900	132	8	,	,	PUNCT
cblr-11900	132	9	2021	2021	NUM
cblr-11900	132	10	)	)	PUNCT
cblr-11900	132	11	,	,	PUNCT
cblr-11900	132	12	https://fred.stlouisfed.org/series/ragsotbo	https://fred.stlouisfed.org/series/ragsotbo	NOUN
cblr-11900	133	1	[	[	X
cblr-11900	133	2	https://perma.cc/h7kyregime	https://perma.cc/h7kyregime	NOUN
cblr-11900	133	3	dates	date	VERB
cblr-11900	133	4	market	market	NOUN
cblr-11900	133	5	monetary	monetary	ADJ
cblr-11900	133	6	instrument	instrument	NOUN
cblr-11900	133	7	1	1	NUM
cblr-11900	133	8	.	.	PUNCT
cblr-11900	134	1	the	the	DET
cblr-11900	134	2	national	national	ADJ
cblr-11900	134	3	banking	banking	NOUN
cblr-11900	134	4	system	system	NOUN
cblr-11900	134	5	1863	1863	NUM
cblr-11900	134	6	-	-	SYM
cblr-11900	134	7	1916	1916	NUM
cblr-11900	134	8	primary	primary	ADJ
cblr-11900	134	9	notes	note	NOUN
cblr-11900	134	10	2	2	NUM
cblr-11900	134	11	.	.	PUNCT
cblr-11900	135	1	the	the	DET
cblr-11900	135	2	federal	federal	PROPN
cblr-11900	135	3	reserve	reserve	PROPN
cblr-11900	135	4	system	system	NOUN
cblr-11900	135	5	1916	1916	NUM
cblr-11900	135	6	-	-	SYM
cblr-11900	135	7	1951	1951	NUM
cblr-11900	135	8	primary	primary	ADJ
cblr-11900	135	9	deposits	deposit	NOUN
cblr-11900	135	10	and	and	CCONJ
cblr-11900	135	11	reserves	reserve	NOUN
cblr-11900	135	12	3	3	NUM
cblr-11900	135	13	.	.	PUNCT
cblr-11900	136	1	the	the	DET
cblr-11900	136	2	primary	primary	ADJ
cblr-11900	136	3	dealer	dealer	NOUN
cblr-11900	136	4	system	system	NOUN
cblr-11900	136	5	1951	1951	NUM
cblr-11900	136	6	-	-	SYM
cblr-11900	136	7	2008	2008	NUM
cblr-11900	136	8	secondary	secondary	ADJ
cblr-11900	136	9	repos	repos	NOUN
cblr-11900	136	10	4	4	NUM
cblr-11900	136	11	.	.	PUNCT
cblr-11900	136	12	shadow	shadow	PROPN
cblr-11900	136	13	dealing	deal	VERB
cblr-11900	136	14	2008	2008	NUM
cblr-11900	136	15	-	-	SYM
cblr-11900	136	16	2022	2022	NUM
cblr-11900	136	17	secondary	secondary	ADJ
cblr-11900	136	18	repos	repos	NOUN
cblr-11900	136	19	and	and	CCONJ
cblr-11900	136	20	reserves	reserve	NOUN
cblr-11900	136	21	232	232	NUM
cblr-11900	136	22	columbia	columbia	PROPN
cblr-11900	136	23	business	business	NOUN
cblr-11900	136	24	law	law	PROPN
cblr-11900	136	25	review	review	NOUN
cblr-11900	136	26	[	[	X
cblr-11900	136	27	vol	vol	NOUN
cblr-11900	136	28	.	.	PUNCT
cblr-11900	136	29	2023	2023	NUM
cblr-11900	136	30	in	in	ADP
cblr-11900	136	31	1913	1913	NUM
cblr-11900	136	32	,	,	PUNCT
cblr-11900	136	33	congress	congress	PROPN
cblr-11900	136	34	established	establish	VERB
cblr-11900	136	35	the	the	DET
cblr-11900	136	36	fed	fed	PROPN
cblr-11900	136	37	to	to	PART
cblr-11900	136	38	administer	administer	VERB
cblr-11900	136	39	the	the	DET
cblr-11900	136	40	investor	investor	NOUN
cblr-11900	136	41	-	-	PUNCT
cblr-11900	136	42	owned	own	VERB
cblr-11900	136	43	banking	banking	NOUN
cblr-11900	136	44	system	system	NOUN
cblr-11900	136	45	and	and	CCONJ
cblr-11900	136	46	issue	issue	VERB
cblr-11900	136	47	a	a	DET
cblr-11900	136	48	new	new	ADJ
cblr-11900	136	49	national	national	ADJ
cblr-11900	136	50	currency	currency	NOUN
cblr-11900	136	51	,	,	PUNCT
cblr-11900	136	52	the	the	DET
cblr-11900	136	53	paper	paper	NOUN
cblr-11900	136	54	notes	note	VERB
cblr-11900	136	55	that	that	SCONJ
cblr-11900	136	56	we	we	PRON
cblr-11900	136	57	use	use	VERB
cblr-11900	136	58	today	today	NOUN
cblr-11900	136	59	.	.	PUNCT
cblr-11900	137	1	although	although	SCONJ
cblr-11900	137	2	legislators	legislator	NOUN
cblr-11900	137	3	initially	initially	ADV
cblr-11900	137	4	designed	design	VERB
cblr-11900	137	5	the	the	DET
cblr-11900	137	6	fed	fed	PROPN
cblr-11900	137	7	on	on	ADP
cblr-11900	137	8	principles	principle	NOUN
cblr-11900	137	9	of	of	ADP
cblr-11900	137	10	monetary	monetary	ADJ
cblr-11900	137	11	-	-	PUNCT
cblr-11900	137	12	fiscal	fiscal	ADJ
cblr-11900	137	13	separation	separation	NOUN
cblr-11900	137	14	,	,	PUNCT
cblr-11900	137	15	following	follow	VERB
cblr-11900	137	16	the	the	DET
cblr-11900	137	17	entry	entry	NOUN
cblr-11900	137	18	of	of	ADP
cblr-11900	137	19	the	the	DET
cblr-11900	137	20	u.s	u.s	PROPN
cblr-11900	137	21	.	.	PROPN
cblr-11900	137	22	into	into	ADP
cblr-11900	137	23	world	world	NOUN
cblr-11900	137	24	war	war	NOUN
cblr-11900	137	25	i	i	PRON
cblr-11900	137	26	,	,	PUNCT
cblr-11900	137	27	congress	congress	PROPN
cblr-11900	137	28	adjusted	adjust	VERB
cblr-11900	137	29	the	the	DET
cblr-11900	137	30	law	law	NOUN
cblr-11900	137	31	so	so	SCONJ
cblr-11900	137	32	that	that	SCONJ
cblr-11900	137	33	the	the	DET
cblr-11900	137	34	fed	fed	PROPN
cblr-11900	137	35	could	could	AUX
cblr-11900	137	36	incentivize	incentivize	VERB
cblr-11900	137	37	banks	bank	NOUN
cblr-11900	137	38	to	to	PART
cblr-11900	137	39	purchase	purchase	VERB
cblr-11900	137	40	treasuries	treasury	NOUN
cblr-11900	137	41	with	with	ADP
cblr-11900	137	42	newly	newly	ADV
cblr-11900	137	43	issued	issue	VERB
cblr-11900	137	44	deposits	deposit	NOUN
cblr-11900	137	45	.	.	PUNCT
cblr-11900	138	1	under	under	ADP
cblr-11900	138	2	this	this	DET
cblr-11900	138	3	second	second	ADJ
cblr-11900	138	4	configuration	configuration	NOUN
cblr-11900	138	5	,	,	PUNCT
cblr-11900	138	6	government	government	NOUN
cblr-11900	138	7	officials	official	NOUN
cblr-11900	138	8	actively	actively	ADV
cblr-11900	138	9	managed	manage	VERB
cblr-11900	138	10	debt	debt	NOUN
cblr-11900	138	11	monetization	monetization	NOUN
cblr-11900	138	12	by	by	ADP
cblr-11900	138	13	depositcreating	depositcreate	VERB
cblr-11900	138	14	banks	bank	NOUN
cblr-11900	138	15	.	.	PUNCT
cblr-11900	139	1	less	less	ADJ
cblr-11900	139	2	than	than	ADP
cblr-11900	139	3	thirty	thirty	NUM
cblr-11900	139	4	years	year	NOUN
cblr-11900	139	5	later	later	ADV
cblr-11900	139	6	,	,	PUNCT
cblr-11900	139	7	when	when	SCONJ
cblr-11900	139	8	the	the	DET
cblr-11900	139	9	u.s	u.s	PROPN
cblr-11900	139	10	.	.	PROPN
cblr-11900	139	11	joined	join	VERB
cblr-11900	139	12	the	the	DET
cblr-11900	139	13	allied	ally	VERB
cblr-11900	139	14	effort	effort	NOUN
cblr-11900	139	15	in	in	ADP
cblr-11900	139	16	world	world	PROPN
cblr-11900	139	17	war	war	PROPN
cblr-11900	139	18	ii	ii	PROPN
cblr-11900	139	19	,	,	PUNCT
cblr-11900	139	20	the	the	DET
cblr-11900	139	21	fed	fed	PROPN
cblr-11900	139	22	went	go	VERB
cblr-11900	139	23	even	even	ADV
cblr-11900	139	24	further	far	ADV
cblr-11900	139	25	.	.	PUNCT
cblr-11900	140	1	it	it	PRON
cblr-11900	140	2	bought	buy	VERB
cblr-11900	140	3	large	large	ADJ
cblr-11900	140	4	quantities	quantity	NOUN
cblr-11900	140	5	of	of	ADP
cblr-11900	140	6	treasuries	treasury	NOUN
cblr-11900	140	7	directly	directly	ADV
cblr-11900	140	8	and	and	CCONJ
cblr-11900	140	9	administered	administer	VERB
cblr-11900	140	10	prices	price	NOUN
cblr-11900	140	11	for	for	ADP
cblr-11900	140	12	treasury	treasury	NOUN
cblr-11900	140	13	debt	debt	NOUN
cblr-11900	140	14	,	,	PUNCT
cblr-11900	140	15	pegging	peg	VERB
cblr-11900	140	16	shortandlong	shortandlong	ADJ
cblr-11900	140	17	-	-	PUNCT
cblr-11900	140	18	term	term	NOUN
cblr-11900	140	19	treasury	treasury	NOUN
cblr-11900	140	20	rates	rate	NOUN
cblr-11900	140	21	using	use	VERB
cblr-11900	140	22	its	its	PRON
cblr-11900	140	23	own	own	ADJ
cblr-11900	140	24	balance	balance	NOUN
cblr-11900	140	25	sheet	sheet	NOUN
cblr-11900	140	26	—	—	PUNCT
cblr-11900	140	27	monetary	monetary	ADJ
cblr-11900	140	28	finance	finance	NOUN
cblr-11900	140	29	(	(	PUNCT
cblr-11900	140	30	arguably	arguably	ADV
cblr-11900	140	31	a	a	DET
cblr-11900	140	32	form	form	NOUN
cblr-11900	140	33	of	of	ADP
cblr-11900	140	34	“	"	PUNCT
cblr-11900	140	35	fiscal	fiscal	ADJ
cblr-11900	140	36	dominance”18	dominance”18	NOUN
cblr-11900	140	37	)	)	PUNCT
cblr-11900	140	38	even	even	ADV
cblr-11900	140	39	under	under	ADP
cblr-11900	140	40	the	the	DET
cblr-11900	140	41	conventional	conventional	ADJ
cblr-11900	140	42	view	view	NOUN
cblr-11900	140	43	.	.	PUNCT
cblr-11900	141	1	in	in	ADP
cblr-11900	141	2	these	these	DET
cblr-11900	141	3	first	first	ADJ
cblr-11900	141	4	two	two	NUM
cblr-11900	141	5	stages	stage	NOUN
cblr-11900	141	6	,	,	PUNCT
cblr-11900	141	7	the	the	DET
cblr-11900	141	8	government	government	NOUN
cblr-11900	141	9	ensured	ensure	VERB
cblr-11900	141	10	that	that	SCONJ
cblr-11900	141	11	a	a	DET
cblr-11900	141	12	large	large	ADJ
cblr-11900	141	13	proportion	proportion	NOUN
cblr-11900	141	14	of	of	ADP
cblr-11900	141	15	its	its	PRON
cblr-11900	141	16	funding	funding	NOUN
cblr-11900	141	17	needs	need	NOUN
cblr-11900	141	18	were	be	AUX
cblr-11900	141	19	met	meet	VERB
cblr-11900	141	20	in	in	ADP
cblr-11900	141	21	the	the	DET
cblr-11900	141	22	primary	primary	ADJ
cblr-11900	141	23	market	market	NOUN
cblr-11900	141	24	through	through	ADP
cblr-11900	141	25	some	some	DET
cblr-11900	141	26	combination	combination	NOUN
cblr-11900	141	27	of	of	ADP
cblr-11900	141	28	direct	direct	ADJ
cblr-11900	141	29	central	central	ADJ
cblr-11900	141	30	bank	bank	NOUN
cblr-11900	141	31	purchases	purchase	NOUN
cblr-11900	141	32	,	,	PUNCT
cblr-11900	141	33	commercial	commercial	ADJ
cblr-11900	141	34	bank	bank	NOUN
cblr-11900	141	35	purchases	purchase	NOUN
cblr-11900	141	36	facilitated	facilitate	VERB
cblr-11900	141	37	by	by	ADP
cblr-11900	141	38	extensions	extension	NOUN
cblr-11900	141	39	of	of	ADP
cblr-11900	141	40	central	central	ADJ
cblr-11900	141	41	bank	bank	NOUN
cblr-11900	141	42	credit	credit	NOUN
cblr-11900	141	43	,	,	PUNCT
cblr-11900	141	44	commercial	commercial	ADJ
cblr-11900	141	45	bank	bank	NOUN
cblr-11900	141	46	purchases	purchase	NOUN
cblr-11900	141	47	financed	finance	VERB
cblr-11900	141	48	by	by	ADP
cblr-11900	141	49	deposit	deposit	NOUN
cblr-11900	141	50	creation	creation	NOUN
cblr-11900	141	51	or	or	CCONJ
cblr-11900	141	52	currency	currency	NOUN
cblr-11900	141	53	issuance	issuance	NOUN
cblr-11900	141	54	,	,	PUNCT
cblr-11900	141	55	and	and	CCONJ
cblr-11900	141	56	purchases	purchase	NOUN
cblr-11900	141	57	by	by	ADP
cblr-11900	141	58	non	non	NOUN
cblr-11900	141	59	-	-	NOUN
cblr-11900	141	60	banks	bank	NOUN
cblr-11900	141	61	and	and	CCONJ
cblr-11900	141	62	individuals	individual	NOUN
cblr-11900	141	63	facilitated	facilitate	VERB
cblr-11900	141	64	by	by	ADP
cblr-11900	141	65	commercial	commercial	ADJ
cblr-11900	141	66	bank	bank	NOUN
cblr-11900	141	67	extensions	extension	NOUN
cblr-11900	141	68	of	of	ADP
cblr-11900	141	69	credit	credit	NOUN
cblr-11900	141	70	.	.	PUNCT
cblr-11900	142	1	secondary	secondary	ADJ
cblr-11900	142	2	markets	market	NOUN
cblr-11900	142	3	—	—	PUNCT
cblr-11900	142	4	where	where	SCONJ
cblr-11900	142	5	investors	investor	NOUN
cblr-11900	142	6	buy	buy	VERB
cblr-11900	142	7	and	and	CCONJ
cblr-11900	142	8	sell	sell	VERB
cblr-11900	142	9	previously	previously	ADV
cblr-11900	142	10	-	-	PUNCT
cblr-11900	142	11	issued	issue	VERB
cblr-11900	142	12	securities	security	NOUN
cblr-11900	142	13	among	among	ADP
cblr-11900	142	14	each	each	DET
cblr-11900	142	15	other	other	ADJ
cblr-11900	142	16	—	—	PUNCT
cblr-11900	142	17	played	play	VERB
cblr-11900	142	18	a	a	DET
cblr-11900	142	19	much	much	ADV
cblr-11900	142	20	less	less	ADV
cblr-11900	142	21	important	important	ADJ
cblr-11900	142	22	role	role	NOUN
cblr-11900	142	23	.	.	PUNCT
cblr-11900	143	1	subsequent	subsequent	ADJ
cblr-11900	143	2	regimes	regime	NOUN
cblr-11900	143	3	,	,	PUNCT
cblr-11900	143	4	by	by	ADP
cblr-11900	143	5	contrast	contrast	NOUN
cblr-11900	143	6	,	,	PUNCT
cblr-11900	143	7	reflect	reflect	VERB
cblr-11900	143	8	a	a	DET
cblr-11900	143	9	significant	significant	ADJ
cblr-11900	143	10	shift	shift	NOUN
cblr-11900	143	11	in	in	ADP
cblr-11900	143	12	strategy	strategy	NOUN
cblr-11900	143	13	:	:	PUNCT
cblr-11900	143	14	from	from	ADP
cblr-11900	143	15	primary	primary	ADJ
cblr-11900	143	16	market	market	NOUN
cblr-11900	143	17	credit	credit	NOUN
cblr-11900	143	18	control	control	NOUN
cblr-11900	143	19	to	to	ADP
cblr-11900	143	20	secondary	secondary	ADJ
cblr-11900	143	21	market	market	NOUN
cblr-11900	143	22	liquidity	liquidity	NOUN
cblr-11900	143	23	provisioning	provisioning	NOUN
cblr-11900	143	24	.	.	PUNCT
cblr-11900	144	1	they	they	PRON
cblr-11900	144	2	also	also	ADV
cblr-11900	144	3	involved	involve	VERB
cblr-11900	144	4	a	a	DET
cblr-11900	144	5	change	change	NOUN
cblr-11900	144	6	in	in	ADP
cblr-11900	144	7	hrxc	hrxc	ADJ
cblr-11900	144	8	]	]	PUNCT
cblr-11900	144	9	;	;	PUNCT
cblr-11900	144	10	bd	bd	PROPN
cblr-11900	144	11	.	.	PROPN
cblr-11900	144	12	of	of	ADP
cblr-11900	144	13	governors	governor	NOUN
cblr-11900	144	14	of	of	ADP
cblr-11900	144	15	the	the	DET
cblr-11900	144	16	fed	fed	PROPN
cblr-11900	144	17	.	.	PUNCT
cblr-11900	145	1	rsrv	rsrv	PROPN
cblr-11900	145	2	.	.	PUNCT
cblr-11900	146	1	sys	sys	PROPN
cblr-11900	146	2	.	.	PROPN
cblr-11900	146	3	,	,	PUNCT
cblr-11900	146	4	assets	asset	NOUN
cblr-11900	146	5	:	:	PUNCT
cblr-11900	146	6	securities	security	NOUN
cblr-11900	146	7	held	hold	VERB
cblr-11900	146	8	outright	outright	ADV
cblr-11900	146	9	:	:	PUNCT
cblr-11900	146	10	u.s	u.s	PROPN
cblr-11900	146	11	.	.	PROPN
cblr-11900	146	12	treasury	treasury	PROPN
cblr-11900	146	13	securities	securities	PROPN
cblr-11900	146	14	,	,	PUNCT
cblr-11900	146	15	fed	fed	PROPN
cblr-11900	146	16	.	.	PUNCT
cblr-11900	146	17	rsrv	rsrv	PROPN
cblr-11900	146	18	.	.	PUNCT
cblr-11900	147	1	econ	econ	PROPN
cblr-11900	147	2	.	.	PUNCT
cblr-11900	148	1	data	data	PROPN
cblr-11900	148	2	(	(	PUNCT
cblr-11900	148	3	mar	mar	PROPN
cblr-11900	148	4	.	.	PROPN
cblr-11900	148	5	2	2	NUM
cblr-11900	148	6	,	,	PUNCT
cblr-11900	148	7	2023	2023	NUM
cblr-11900	148	8	)	)	PUNCT
cblr-11900	148	9	,	,	PUNCT
cblr-11900	148	10	https://fred.stlouisfed.org/series/treast	https://fred.stlouisfed.org/series/treast	ADJ
cblr-11900	148	11	[	[	X
cblr-11900	148	12	https://perma.cc/p6az-vtnv	https://perma.cc/p6az-vtnv	NOUN
cblr-11900	148	13	]	]	X
cblr-11900	148	14	;	;	PUNCT
cblr-11900	148	15	u.s	u.s	PROPN
cblr-11900	148	16	.	.	PROPN
cblr-11900	148	17	bureau	bureau	PROPN
cblr-11900	148	18	of	of	ADP
cblr-11900	148	19	econ	econ	PROPN
cblr-11900	148	20	.	.	PUNCT
cblr-11900	149	1	analysis	analysis	NOUN
cblr-11900	149	2	,	,	PUNCT
cblr-11900	149	3	gross	gross	ADJ
cblr-11900	149	4	domestic	domestic	ADJ
cblr-11900	149	5	product	product	NOUN
cblr-11900	149	6	,	,	PUNCT
cblr-11900	149	7	fed	fed	PROPN
cblr-11900	149	8	.	.	PUNCT
cblr-11900	149	9	rsrv	rsrv	PROPN
cblr-11900	149	10	.	.	PUNCT
cblr-11900	150	1	econ	econ	PROPN
cblr-11900	150	2	.	.	PUNCT
cblr-11900	150	3	data	data	PROPN
cblr-11900	150	4	(	(	PUNCT
cblr-11900	150	5	feb	feb	PROPN
cblr-11900	150	6	.	.	PROPN
cblr-11900	150	7	23	23	NUM
cblr-11900	150	8	,	,	PUNCT
cblr-11900	150	9	2023	2023	NUM
cblr-11900	150	10	)	)	PUNCT
cblr-11900	150	11	,	,	PUNCT
cblr-11900	150	12	https://fred.stlouisfed.org/series/gdp	https://fred.stlouisfed.org/series/gdp	X
cblr-11900	150	13	[	[	X
cblr-11900	150	14	https://perma.cc/jd8g-hyc4	https://perma.cc/jd8g-hyc4	X
cblr-11900	150	15	]	]	X
cblr-11900	150	16	.	.	PUNCT
cblr-11900	151	1	18	18	NUM
cblr-11900	151	2	fiscal	fiscal	ADJ
cblr-11900	151	3	dominance	dominance	NOUN
cblr-11900	151	4	refers	refer	VERB
cblr-11900	151	5	to	to	ADP
cblr-11900	151	6	a	a	DET
cblr-11900	151	7	policy	policy	NOUN
cblr-11900	151	8	configuration	configuration	NOUN
cblr-11900	151	9	in	in	ADP
cblr-11900	151	10	which	which	PRON
cblr-11900	151	11	fiscal	fiscal	ADJ
cblr-11900	151	12	concerns	concern	NOUN
cblr-11900	151	13	determine	determine	VERB
cblr-11900	151	14	the	the	DET
cblr-11900	151	15	size	size	NOUN
cblr-11900	151	16	of	of	ADP
cblr-11900	151	17	the	the	DET
cblr-11900	151	18	money	money	NOUN
cblr-11900	151	19	supply	supply	NOUN
cblr-11900	151	20	,	,	PUNCT
cblr-11900	151	21	limiting	limit	VERB
cblr-11900	151	22	the	the	DET
cblr-11900	151	23	ability	ability	NOUN
cblr-11900	151	24	of	of	ADP
cblr-11900	151	25	government	government	NOUN
cblr-11900	151	26	officials	official	NOUN
cblr-11900	151	27	to	to	PART
cblr-11900	151	28	use	use	VERB
cblr-11900	151	29	interest	interest	NOUN
cblr-11900	151	30	rate	rate	NOUN
cblr-11900	151	31	policy	policy	NOUN
cblr-11900	151	32	for	for	ADP
cblr-11900	151	33	other	other	ADJ
cblr-11900	151	34	purposes	purpose	NOUN
cblr-11900	151	35	.	.	PUNCT
cblr-11900	152	1	no	no	INTJ
cblr-11900	152	2	.	.	NOUN
cblr-11900	152	3	1	1	NUM
cblr-11900	152	4	]	]	ADJ
cblr-11900	152	5	money	money	NOUN
cblr-11900	152	6	and	and	CCONJ
cblr-11900	152	7	the	the	DET
cblr-11900	152	8	public	public	ADJ
cblr-11900	152	9	debt	debt	NOUN
cblr-11900	152	10	233	233	NUM
cblr-11900	152	11	policy	policy	NOUN
cblr-11900	152	12	leadership	leadership	NOUN
cblr-11900	152	13	from	from	ADP
cblr-11900	152	14	legislators	legislator	NOUN
cblr-11900	152	15	to	to	ADP
cblr-11900	152	16	administrators	administrator	NOUN
cblr-11900	152	17	,	,	PUNCT
cblr-11900	152	18	especially	especially	ADV
cblr-11900	152	19	central	central	ADJ
cblr-11900	152	20	bankers	banker	NOUN
cblr-11900	152	21	.	.	PUNCT
cblr-11900	153	1	part	part	NOUN
cblr-11900	153	2	iii	iii	PROPN
cblr-11900	153	3	describes	describe	VERB
cblr-11900	153	4	a	a	DET
cblr-11900	153	5	pivotal	pivotal	ADJ
cblr-11900	153	6	moment	moment	NOUN
cblr-11900	153	7	in	in	ADP
cblr-11900	153	8	the	the	DET
cblr-11900	153	9	early	early	ADJ
cblr-11900	153	10	1950s	1950s	NUM
cblr-11900	153	11	,	,	PUNCT
cblr-11900	153	12	when	when	SCONJ
cblr-11900	153	13	fed	fed	PROPN
cblr-11900	153	14	officials	official	NOUN
cblr-11900	153	15	sought	seek	VERB
cblr-11900	153	16	to	to	PART
cblr-11900	153	17	establish	establish	VERB
cblr-11900	153	18	a	a	DET
cblr-11900	153	19	“	"	PUNCT
cblr-11900	153	20	free	free	ADJ
cblr-11900	153	21	market	market	NOUN
cblr-11900	153	22	”	"	PUNCT
cblr-11900	153	23	in	in	ADP
cblr-11900	153	24	government	government	NOUN
cblr-11900	153	25	debt	debt	NOUN
cblr-11900	153	26	,	,	PUNCT
cblr-11900	153	27	in	in	ADP
cblr-11900	153	28	large	large	ADJ
cblr-11900	153	29	part	part	NOUN
cblr-11900	153	30	to	to	PART
cblr-11900	153	31	counteract	counteract	VERB
cblr-11900	153	32	inflationary	inflationary	ADJ
cblr-11900	153	33	pressures	pressure	NOUN
cblr-11900	153	34	.	.	PUNCT
cblr-11900	154	1	officials	official	NOUN
cblr-11900	154	2	aimed	aim	VERB
cblr-11900	154	3	not	not	PART
cblr-11900	154	4	just	just	ADV
cblr-11900	154	5	to	to	PART
cblr-11900	154	6	eliminate	eliminate	VERB
cblr-11900	154	7	administered	administer	VERB
cblr-11900	154	8	prices	price	NOUN
cblr-11900	154	9	and	and	CCONJ
cblr-11900	154	10	shrink	shrink	VERB
cblr-11900	154	11	the	the	DET
cblr-11900	154	12	central	central	ADJ
cblr-11900	154	13	bank	bank	NOUN
cblr-11900	154	14	balance	balance	NOUN
cblr-11900	154	15	sheet	sheet	NOUN
cblr-11900	154	16	,	,	PUNCT
cblr-11900	154	17	but	but	CCONJ
cblr-11900	154	18	also	also	ADV
cblr-11900	154	19	to	to	PART
cblr-11900	154	20	use	use	VERB
cblr-11900	154	21	capital	capital	NOUN
cblr-11900	154	22	markets	market	NOUN
cblr-11900	154	23	,	,	PUNCT
cblr-11900	154	24	rather	rather	ADV
cblr-11900	154	25	than	than	ADP
cblr-11900	154	26	the	the	DET
cblr-11900	154	27	chartered	chartered	ADJ
cblr-11900	154	28	banking	banking	NOUN
cblr-11900	154	29	system	system	NOUN
cblr-11900	154	30	,	,	PUNCT
cblr-11900	154	31	as	as	ADP
cblr-11900	154	32	a	a	DET
cblr-11900	154	33	means	means	NOUN
cblr-11900	154	34	of	of	ADP
cblr-11900	154	35	placing	place	VERB
cblr-11900	154	36	federal	federal	ADJ
cblr-11900	154	37	debt	debt	NOUN
cblr-11900	154	38	with	with	ADP
cblr-11900	154	39	a	a	DET
cblr-11900	154	40	much	much	ADV
cblr-11900	154	41	broader	broad	ADJ
cblr-11900	154	42	set	set	NOUN
cblr-11900	154	43	of	of	ADP
cblr-11900	154	44	end	end	NOUN
cblr-11900	154	45	-	-	PUNCT
cblr-11900	154	46	investors	investor	NOUN
cblr-11900	154	47	.	.	PUNCT
cblr-11900	155	1	as	as	SCONJ
cblr-11900	155	2	william	william	PROPN
cblr-11900	155	3	mcchesney	mcchesney	PROPN
cblr-11900	155	4	martin	martin	PROPN
cblr-11900	155	5	,	,	PUNCT
cblr-11900	155	6	then	then	ADV
cblr-11900	155	7	-	-	PUNCT
cblr-11900	155	8	chairman	chairman	NOUN
cblr-11900	155	9	of	of	ADP
cblr-11900	155	10	the	the	DET
cblr-11900	155	11	board	board	NOUN
cblr-11900	155	12	of	of	ADP
cblr-11900	155	13	governors	governor	NOUN
cblr-11900	155	14	of	of	ADP
cblr-11900	155	15	the	the	DET
cblr-11900	155	16	federal	federal	PROPN
cblr-11900	155	17	reserve	reserve	PROPN
cblr-11900	155	18	system	system	NOUN
cblr-11900	155	19	,	,	PUNCT
cblr-11900	155	20	later	later	ADV
cblr-11900	155	21	put	put	VERB
cblr-11900	155	22	it	it	PRON
cblr-11900	155	23	,	,	PUNCT
cblr-11900	155	24	the	the	DET
cblr-11900	155	25	capital	capital	NOUN
cblr-11900	155	26	markets	market	NOUN
cblr-11900	155	27	(	(	PUNCT
cblr-11900	155	28	and	and	CCONJ
cblr-11900	155	29	not	not	PART
cblr-11900	155	30	the	the	DET
cblr-11900	155	31	banking	banking	NOUN
cblr-11900	155	32	system	system	NOUN
cblr-11900	155	33	)	)	PUNCT
cblr-11900	155	34	“	"	PUNCT
cblr-11900	155	35	represent	represent	VERB
cblr-11900	155	36	the	the	DET
cblr-11900	155	37	main	main	ADJ
cblr-11900	155	38	channel	channel	NOUN
cblr-11900	155	39	through	through	ADP
cblr-11900	155	40	which	which	PRON
cblr-11900	155	41	the	the	DET
cblr-11900	155	42	government	government	NOUN
cblr-11900	155	43	’s	’s	PART
cblr-11900	155	44	financial	financial	ADJ
cblr-11900	155	45	policies	policy	NOUN
cblr-11900	155	46	to	to	PART
cblr-11900	155	47	foster	foster	VERB
cblr-11900	155	48	growth	growth	NOUN
cblr-11900	155	49	and	and	CCONJ
cblr-11900	155	50	stability	stability	NOUN
cblr-11900	155	51	must	must	AUX
cblr-11900	155	52	pass	pass	VERB
cblr-11900	155	53	.	.	PUNCT
cblr-11900	155	54	”19	”19	NOUN
cblr-11900	156	1	but	but	CCONJ
cblr-11900	156	2	the	the	DET
cblr-11900	156	3	fed	fed	PROPN
cblr-11900	156	4	’s	’s	PART
cblr-11900	156	5	turn	turn	NOUN
cblr-11900	156	6	to	to	ADP
cblr-11900	156	7	capital	capital	NOUN
cblr-11900	156	8	markets	market	NOUN
cblr-11900	156	9	—	—	PUNCT
cblr-11900	156	10	the	the	DET
cblr-11900	156	11	beginning	beginning	NOUN
cblr-11900	156	12	of	of	ADP
cblr-11900	156	13	a	a	DET
cblr-11900	156	14	third	third	ADJ
cblr-11900	156	15	stage	stage	NOUN
cblr-11900	156	16	of	of	ADP
cblr-11900	156	17	monetary	monetary	ADJ
cblr-11900	156	18	-	-	PUNCT
cblr-11900	156	19	fiscal	fiscal	ADJ
cblr-11900	156	20	entanglement	entanglement	NOUN
cblr-11900	156	21	—	—	PUNCT
cblr-11900	156	22	was	be	AUX
cblr-11900	156	23	not	not	PART
cblr-11900	156	24	just	just	ADV
cblr-11900	156	25	a	a	DET
cblr-11900	156	26	matter	matter	NOUN
cblr-11900	156	27	of	of	ADP
cblr-11900	156	28	central	central	ADJ
cblr-11900	156	29	bankers	banker	NOUN
cblr-11900	156	30	exiting	exit	VERB
cblr-11900	156	31	and	and	CCONJ
cblr-11900	156	32	private	private	ADJ
cblr-11900	156	33	actors	actor	NOUN
cblr-11900	156	34	stepping	step	VERB
cblr-11900	156	35	in	in	ADV
cblr-11900	156	36	.	.	PUNCT
cblr-11900	157	1	it	it	PRON
cblr-11900	157	2	required	require	VERB
cblr-11900	157	3	creative	creative	ADJ
cblr-11900	157	4	lawyering	lawyering	NOUN
cblr-11900	157	5	and	and	CCONJ
cblr-11900	157	6	ongoing	ongoing	ADJ
cblr-11900	157	7	government	government	NOUN
cblr-11900	157	8	support	support	NOUN
cblr-11900	157	9	.	.	PUNCT
cblr-11900	158	1	the	the	DET
cblr-11900	158	2	lynchpin	lynchpin	NOUN
cblr-11900	158	3	was	be	AUX
cblr-11900	158	4	a	a	DET
cblr-11900	158	5	form	form	NOUN
cblr-11900	158	6	of	of	ADP
cblr-11900	158	7	near	near	ADJ
cblr-11900	158	8	-	-	PUNCT
cblr-11900	158	9	money	money	NOUN
cblr-11900	158	10	financing	financing	NOUN
cblr-11900	158	11	for	for	ADP
cblr-11900	158	12	non	non	ADJ
cblr-11900	158	13	-	-	ADJ
cblr-11900	158	14	bank	bank	ADJ
cblr-11900	158	15	dealer	dealer	NOUN
cblr-11900	158	16	firms	firm	NOUN
cblr-11900	158	17	that	that	PRON
cblr-11900	158	18	the	the	DET
cblr-11900	158	19	fed	fed	PROPN
cblr-11900	158	20	itself	itself	PRON
cblr-11900	158	21	developed	develop	VERB
cblr-11900	158	22	:	:	PUNCT
cblr-11900	158	23	a	a	DET
cblr-11900	158	24	saleand	saleand	NOUN
cblr-11900	158	25	-	-	PUNCT
cblr-11900	158	26	repurchase	repurchase	NOUN
cblr-11900	158	27	agreement	agreement	NOUN
cblr-11900	158	28	,	,	PUNCT
cblr-11900	158	29	or	or	CCONJ
cblr-11900	158	30	“	"	PUNCT
cblr-11900	158	31	repo	repo	NOUN
cblr-11900	158	32	.	.	PUNCT
cblr-11900	158	33	”	"	PUNCT
cblr-11900	159	1	a	a	DET
cblr-11900	159	2	repo	repo	NOUN
cblr-11900	159	3	is	be	AUX
cblr-11900	159	4	economically	economically	ADV
cblr-11900	159	5	equivalent	equivalent	ADJ
cblr-11900	159	6	to	to	ADP
cblr-11900	159	7	a	a	DET
cblr-11900	159	8	secured	secure	VERB
cblr-11900	159	9	loan	loan	NOUN
cblr-11900	159	10	but	but	CCONJ
cblr-11900	159	11	structured	structure	VERB
cblr-11900	159	12	as	as	ADP
cblr-11900	159	13	a	a	DET
cblr-11900	159	14	sale	sale	NOUN
cblr-11900	159	15	of	of	ADP
cblr-11900	159	16	a	a	DET
cblr-11900	159	17	bond	bond	NOUN
cblr-11900	159	18	combined	combine	VERB
cblr-11900	159	19	with	with	ADP
cblr-11900	159	20	an	an	DET
cblr-11900	159	21	agreement	agreement	NOUN
cblr-11900	159	22	to	to	PART
cblr-11900	159	23	repurchase	repurchase	VERB
cblr-11900	159	24	that	that	DET
cblr-11900	159	25	bond	bond	NOUN
cblr-11900	159	26	at	at	ADP
cblr-11900	159	27	an	an	DET
cblr-11900	159	28	adjusted	adjusted	ADJ
cblr-11900	159	29	price	price	NOUN
cblr-11900	159	30	on	on	ADP
cblr-11900	159	31	a	a	DET
cblr-11900	159	32	date	date	NOUN
cblr-11900	159	33	specified	specify	VERB
cblr-11900	159	34	in	in	ADP
cblr-11900	159	35	advance	advance	NOUN
cblr-11900	159	36	.	.	PUNCT
cblr-11900	160	1	when	when	SCONJ
cblr-11900	160	2	the	the	DET
cblr-11900	160	3	first	first	ADJ
cblr-11900	160	4	and	and	CCONJ
cblr-11900	160	5	second	second	ADJ
cblr-11900	160	6	transaction	transaction	NOUN
cblr-11900	160	7	in	in	ADP
cblr-11900	160	8	a	a	DET
cblr-11900	160	9	repo	repo	NOUN
cblr-11900	160	10	are	be	AUX
cblr-11900	160	11	spaced	space	VERB
cblr-11900	160	12	a	a	DET
cblr-11900	160	13	day	day	NOUN
cblr-11900	160	14	apart	apart	ADV
cblr-11900	160	15	(	(	PUNCT
cblr-11900	160	16	and	and	CCONJ
cblr-11900	160	17	made	make	VERB
cblr-11900	160	18	exempt	exempt	ADJ
cblr-11900	160	19	from	from	ADP
cblr-11900	160	20	the	the	DET
cblr-11900	160	21	bankruptcy	bankruptcy	NOUN
cblr-11900	160	22	process	process	NOUN
cblr-11900	160	23	)	)	PUNCT
cblr-11900	160	24	,	,	PUNCT
cblr-11900	160	25	repos	repos	NOUN
cblr-11900	160	26	function	function	NOUN
cblr-11900	160	27	(	(	PUNCT
cblr-11900	160	28	in	in	ADP
cblr-11900	160	29	certain	certain	ADJ
cblr-11900	160	30	respects	respect	NOUN
cblr-11900	160	31	)	)	PUNCT
cblr-11900	160	32	like	like	ADP
cblr-11900	160	33	bank	bank	NOUN
cblr-11900	160	34	deposits	deposit	NOUN
cblr-11900	160	35	.	.	PUNCT
cblr-11900	161	1	dealer	dealer	NOUN
cblr-11900	161	2	firms	firm	NOUN
cblr-11900	161	3	,	,	PUNCT
cblr-11900	161	4	therefore	therefore	ADV
cblr-11900	161	5	,	,	PUNCT
cblr-11900	161	6	could	could	AUX
cblr-11900	161	7	conduct	conduct	VERB
cblr-11900	161	8	overnight	overnight	ADV
cblr-11900	161	9	repo	repo	ADP
cblr-11900	161	10	transactions	transaction	NOUN
cblr-11900	161	11	primarily	primarily	ADV
cblr-11900	161	12	with	with	ADP
cblr-11900	161	13	nonbank	nonbank	PROPN
cblr-11900	161	14	corporate	corporate	ADJ
cblr-11900	161	15	“	"	PUNCT
cblr-11900	161	16	depositors	depositor	NOUN
cblr-11900	161	17	,	,	PUNCT
cblr-11900	161	18	”	"	PUNCT
cblr-11900	161	19	effectively	effectively	ADV
cblr-11900	161	20	money	money	NOUN
cblr-11900	161	21	-	-	PUNCT
cblr-11900	161	22	financing	finance	VERB
cblr-11900	161	23	their	their	PRON
cblr-11900	161	24	operations	operation	NOUN
cblr-11900	161	25	.	.	PUNCT
cblr-11900	162	1	to	to	PART
cblr-11900	162	2	accomplish	accomplish	VERB
cblr-11900	162	3	their	their	PRON
cblr-11900	162	4	goals	goal	NOUN
cblr-11900	162	5	,	,	PUNCT
cblr-11900	162	6	the	the	DET
cblr-11900	162	7	fed	fed	PROPN
cblr-11900	162	8	needed	need	VERB
cblr-11900	162	9	to	to	PART
cblr-11900	162	10	serve	serve	VERB
cblr-11900	162	11	only	only	ADV
cblr-11900	162	12	as	as	ADP
cblr-11900	162	13	a	a	DET
cblr-11900	162	14	backstop	backstop	NOUN
cblr-11900	162	15	to	to	ADP
cblr-11900	162	16	repos	repos	NOUN
cblr-11900	162	17	—	—	PUNCT
cblr-11900	162	18	in	in	ADP
cblr-11900	162	19	much	much	ADV
cblr-11900	162	20	the	the	DET
cblr-11900	162	21	same	same	ADJ
cblr-11900	162	22	way	way	NOUN
cblr-11900	162	23	as	as	SCONJ
cblr-11900	162	24	it	it	PRON
cblr-11900	162	25	supports	support	VERB
cblr-11900	162	26	traditional	traditional	ADJ
cblr-11900	162	27	banks	bank	NOUN
cblr-11900	162	28	and	and	CCONJ
cblr-11900	162	29	their	their	PRON
cblr-11900	162	30	deposits	deposit	NOUN
cblr-11900	162	31	.	.	PUNCT
cblr-11900	163	1	accordingly	accordingly	ADV
cblr-11900	163	2	,	,	PUNCT
cblr-11900	163	3	the	the	DET
cblr-11900	163	4	fed	fed	PROPN
cblr-11900	163	5	19	19	NUM
cblr-11900	163	6	william	william	PROPN
cblr-11900	163	7	mcchesney	mcchesney	PROPN
cblr-11900	163	8	martin	martin	PROPN
cblr-11900	163	9	,	,	PUNCT
cblr-11900	163	10	chairman	chairman	NOUN
cblr-11900	163	11	of	of	ADP
cblr-11900	163	12	the	the	DET
cblr-11900	163	13	bd	bd	PROPN
cblr-11900	163	14	.	.	PROPN
cblr-11900	163	15	of	of	ADP
cblr-11900	163	16	governors	governor	NOUN
cblr-11900	163	17	of	of	ADP
cblr-11900	163	18	the	the	DET
cblr-11900	163	19	fed	fed	PROPN
cblr-11900	163	20	.	.	PUNCT
cblr-11900	163	21	rsrv	rsrv	PROPN
cblr-11900	163	22	.	.	PUNCT
cblr-11900	164	1	sys	sys	PROPN
cblr-11900	164	2	.	.	PROPN
cblr-11900	164	3	,	,	PUNCT
cblr-11900	164	4	“	"	PUNCT
cblr-11900	164	5	the	the	DET
cblr-11900	164	6	government	government	NOUN
cblr-11900	164	7	securities	security	NOUN
cblr-11900	164	8	market	market	NOUN
cblr-11900	164	9	and	and	CCONJ
cblr-11900	164	10	economic	economic	ADJ
cblr-11900	164	11	growth	growth	NOUN
cblr-11900	164	12	,	,	PUNCT
cblr-11900	164	13	”	"	PUNCT
cblr-11900	164	14	statement	statement	NOUN
cblr-11900	164	15	before	before	ADP
cblr-11900	164	16	the	the	DET
cblr-11900	164	17	joint	joint	ADJ
cblr-11900	164	18	economic	economic	ADJ
cblr-11900	164	19	committee	committee	NOUN
cblr-11900	164	20	(	(	PUNCT
cblr-11900	164	21	july	july	PROPN
cblr-11900	164	22	27	27	NUM
cblr-11900	164	23	,	,	PUNCT
cblr-11900	164	24	1959	1959	NUM
cblr-11900	164	25	)	)	PUNCT
cblr-11900	164	26	,	,	PUNCT
cblr-11900	164	27	https://fraser.stlouisfed.org/title/448/item/7840	https://fraser.stlouisfed.org/title/448/item/7840	X
cblr-11900	165	1	[	[	X
cblr-11900	165	2	https://perma.cc/y5rnx84c	https://perma.cc/y5rnx84c	X
cblr-11900	165	3	]	]	PUNCT
cblr-11900	165	4	.	.	PUNCT
cblr-11900	166	1	234	234	NUM
cblr-11900	166	2	columbia	columbia	PROPN
cblr-11900	166	3	business	business	NOUN
cblr-11900	166	4	law	law	PROPN
cblr-11900	166	5	review	review	NOUN
cblr-11900	167	1	[	[	X
cblr-11900	167	2	vol	vol	NOUN
cblr-11900	167	3	.	.	PUNCT
cblr-11900	167	4	2023	2023	NUM
cblr-11900	167	5	began	begin	VERB
cblr-11900	167	6	to	to	PART
cblr-11900	167	7	use	use	VERB
cblr-11900	167	8	repos	repos	NOUN
cblr-11900	167	9	to	to	PART
cblr-11900	167	10	backstop	backstop	VERB
cblr-11900	167	11	a	a	DET
cblr-11900	167	12	group	group	NOUN
cblr-11900	167	13	of	of	ADP
cblr-11900	167	14	nonbank	nonbank	NOUN
cblr-11900	167	15	dealer	dealer	NOUN
cblr-11900	167	16	firms	firm	NOUN
cblr-11900	167	17	known	know	VERB
cblr-11900	167	18	today	today	NOUN
cblr-11900	167	19	as	as	ADP
cblr-11900	167	20	“	"	PUNCT
cblr-11900	167	21	primary	primary	ADJ
cblr-11900	167	22	dealers	dealer	NOUN
cblr-11900	167	23	,	,	PUNCT
cblr-11900	167	24	”	"	PUNCT
cblr-11900	167	25	which	which	PRON
cblr-11900	167	26	themselves	themselves	PRON
cblr-11900	167	27	used	use	VERB
cblr-11900	167	28	repos	repos	NOUN
cblr-11900	167	29	with	with	ADP
cblr-11900	167	30	private	private	ADJ
cblr-11900	167	31	sector	sector	NOUN
cblr-11900	167	32	cash	cash	NOUN
cblr-11900	167	33	providers	provider	NOUN
cblr-11900	167	34	to	to	PART
cblr-11900	167	35	support	support	VERB
cblr-11900	167	36	a	a	DET
cblr-11900	167	37	highly	highly	ADV
cblr-11900	167	38	liquid	liquid	ADJ
cblr-11900	167	39	market	market	NOUN
cblr-11900	167	40	in	in	ADP
cblr-11900	167	41	treasuries	treasury	NOUN
cblr-11900	167	42	.	.	PUNCT
cblr-11900	168	1	this	this	DET
cblr-11900	168	2	liquidity	liquidity	NOUN
cblr-11900	168	3	,	,	PUNCT
cblr-11900	168	4	in	in	ADP
cblr-11900	168	5	turn	turn	NOUN
cblr-11900	168	6	,	,	PUNCT
cblr-11900	168	7	attracted	attract	VERB
cblr-11900	168	8	end	end	NOUN
cblr-11900	168	9	-	-	PUNCT
cblr-11900	168	10	investors	investor	NOUN
cblr-11900	168	11	by	by	ADP
cblr-11900	168	12	offering	offer	VERB
cblr-11900	168	13	them	they	PRON
cblr-11900	168	14	the	the	DET
cblr-11900	168	15	ability	ability	NOUN
cblr-11900	168	16	to	to	PART
cblr-11900	168	17	convert	convert	VERB
cblr-11900	168	18	the	the	DET
cblr-11900	168	19	federal	federal	ADJ
cblr-11900	168	20	government	government	NOUN
cblr-11900	168	21	’s	’s	PART
cblr-11900	168	22	debt	debt	NOUN
cblr-11900	168	23	cheaply	cheaply	ADV
cblr-11900	168	24	and	and	CCONJ
cblr-11900	168	25	easily	easily	ADV
cblr-11900	168	26	into	into	ADP
cblr-11900	168	27	cash	cash	NOUN
cblr-11900	168	28	at	at	ADP
cblr-11900	168	29	any	any	DET
cblr-11900	168	30	time	time	NOUN
cblr-11900	168	31	.	.	PUNCT
cblr-11900	169	1	the	the	DET
cblr-11900	169	2	legal	legal	ADJ
cblr-11900	169	3	department	department	NOUN
cblr-11900	169	4	at	at	ADP
cblr-11900	169	5	the	the	DET
cblr-11900	169	6	fed	fed	PROPN
cblr-11900	169	7	’s	’s	PART
cblr-11900	169	8	board	board	NOUN
cblr-11900	169	9	concluded	conclude	VERB
cblr-11900	169	10	that	that	SCONJ
cblr-11900	169	11	the	the	DET
cblr-11900	169	12	fed	fed	PROPN
cblr-11900	169	13	could	could	AUX
cblr-11900	169	14	conduct	conduct	VERB
cblr-11900	169	15	repos	repos	NOUN
cblr-11900	169	16	with	with	ADP
cblr-11900	169	17	nonbanks	nonbank	NOUN
cblr-11900	169	18	continuously	continuously	ADV
cblr-11900	169	19	under	under	ADP
cblr-11900	169	20	their	their	PRON
cblr-11900	169	21	authority	authority	NOUN
cblr-11900	169	22	to	to	PART
cblr-11900	169	23	purchase	purchase	VERB
cblr-11900	169	24	and	and	CCONJ
cblr-11900	169	25	sell	sell	VERB
cblr-11900	169	26	government	government	NOUN
cblr-11900	169	27	securities	security	NOUN
cblr-11900	169	28	in	in	ADP
cblr-11900	169	29	the	the	DET
cblr-11900	169	30	open	open	ADJ
cblr-11900	169	31	market	market	NOUN
cblr-11900	169	32	.	.	PUNCT
cblr-11900	170	1	doing	do	VERB
cblr-11900	170	2	so	so	ADV
cblr-11900	170	3	allowed	allow	VERB
cblr-11900	170	4	the	the	DET
cblr-11900	170	5	fed	fed	PROPN
cblr-11900	170	6	to	to	PART
cblr-11900	170	7	control	control	VERB
cblr-11900	170	8	the	the	DET
cblr-11900	170	9	funding	funding	NOUN
cblr-11900	170	10	costs	cost	NOUN
cblr-11900	170	11	of	of	ADP
cblr-11900	170	12	government	government	NOUN
cblr-11900	170	13	securities	security	NOUN
cblr-11900	170	14	dealers	dealer	NOUN
cblr-11900	170	15	,	,	PUNCT
cblr-11900	170	16	including	include	VERB
cblr-11900	170	17	ensuring	ensure	VERB
cblr-11900	170	18	that	that	SCONJ
cblr-11900	170	19	it	it	PRON
cblr-11900	170	20	would	would	AUX
cblr-11900	170	21	be	be	AUX
cblr-11900	170	22	profitable	profitable	ADJ
cblr-11900	170	23	to	to	PART
cblr-11900	170	24	maintain	maintain	VERB
cblr-11900	170	25	stable	stable	ADJ
cblr-11900	170	26	inventories	inventory	NOUN
cblr-11900	170	27	for	for	ADP
cblr-11900	170	28	later	later	ADJ
cblr-11900	170	29	sale	sale	NOUN
cblr-11900	170	30	.	.	PUNCT
cblr-11900	171	1	the	the	DET
cblr-11900	171	2	fed	fed	PROPN
cblr-11900	171	3	’s	’s	PART
cblr-11900	171	4	backstop	backstop	NOUN
cblr-11900	171	5	,	,	PUNCT
cblr-11900	171	6	along	along	ADP
cblr-11900	171	7	with	with	ADP
cblr-11900	171	8	other	other	ADJ
cblr-11900	171	9	risk	risk	NOUN
cblr-11900	171	10	mitigants	mitigant	NOUN
cblr-11900	171	11	like	like	ADP
cblr-11900	171	12	haircuts	haircut	NOUN
cblr-11900	171	13	and	and	CCONJ
cblr-11900	171	14	counterparty	counterparty	NOUN
cblr-11900	171	15	selection	selection	NOUN
cblr-11900	171	16	,	,	PUNCT
cblr-11900	171	17	greatly	greatly	ADV
cblr-11900	171	18	enhanced	enhance	VERB
cblr-11900	171	19	the	the	DET
cblr-11900	171	20	“	"	PUNCT
cblr-11900	171	21	moneyness	moneyness	NOUN
cblr-11900	171	22	”	"	PUNCT
cblr-11900	171	23	of	of	ADP
cblr-11900	171	24	repos	repos	NOUN
cblr-11900	171	25	from	from	ADP
cblr-11900	171	26	the	the	DET
cblr-11900	171	27	perspective	perspective	NOUN
cblr-11900	171	28	of	of	ADP
cblr-11900	171	29	the	the	DET
cblr-11900	171	30	cash	cash	NOUN
cblr-11900	171	31	providers	provider	NOUN
cblr-11900	171	32	on	on	ADP
cblr-11900	171	33	which	which	PRON
cblr-11900	171	34	the	the	DET
cblr-11900	171	35	dealers	dealer	NOUN
cblr-11900	171	36	relied	rely	VERB
cblr-11900	171	37	day	day	NOUN
cblr-11900	171	38	-	-	PUNCT
cblr-11900	171	39	to	to	ADP
cblr-11900	171	40	-	-	PUNCT
cblr-11900	171	41	day	day	NOUN
cblr-11900	171	42	.	.	PUNCT
cblr-11900	172	1	as	as	SCONJ
cblr-11900	172	2	the	the	DET
cblr-11900	172	3	federal	federal	PROPN
cblr-11900	172	4	reserve	reserve	PROPN
cblr-11900	172	5	bank	bank	PROPN
cblr-11900	172	6	of	of	ADP
cblr-11900	172	7	new	new	PROPN
cblr-11900	172	8	york	york	PROPN
cblr-11900	172	9	later	later	ADV
cblr-11900	172	10	explained	explain	VERB
cblr-11900	172	11	,	,	PUNCT
cblr-11900	172	12	repo	repo	NOUN
cblr-11900	172	13	was	be	AUX
cblr-11900	172	14	a	a	DET
cblr-11900	172	15	key	key	ADJ
cblr-11900	172	16	element	element	NOUN
cblr-11900	172	17	in	in	ADP
cblr-11900	172	18	making	make	VERB
cblr-11900	172	19	treasuries	treasury	NOUN
cblr-11900	172	20	more	more	ADV
cblr-11900	172	21	attractive	attractive	ADJ
cblr-11900	172	22	to	to	ADP
cblr-11900	172	23	both	both	CCONJ
cblr-11900	172	24	foreign	foreign	ADJ
cblr-11900	172	25	and	and	CCONJ
cblr-11900	172	26	domestic	domestic	ADJ
cblr-11900	172	27	investors	investor	NOUN
cblr-11900	172	28	.	.	PUNCT
cblr-11900	173	1	repo	repo	NOUN
cblr-11900	173	2	-	-	PUNCT
cblr-11900	173	3	financed	finance	VERB
cblr-11900	173	4	liquidity	liquidity	NOUN
cblr-11900	173	5	lowered	lower	VERB
cblr-11900	173	6	the	the	DET
cblr-11900	173	7	cost	cost	NOUN
cblr-11900	173	8	of	of	ADP
cblr-11900	173	9	servicing	service	VERB
cblr-11900	173	10	the	the	DET
cblr-11900	173	11	nation	nation	NOUN
cblr-11900	173	12	’s	’s	PART
cblr-11900	173	13	debt	debt	NOUN
cblr-11900	173	14	and	and	CCONJ
cblr-11900	173	15	buttressed	buttress	VERB
cblr-11900	173	16	the	the	DET
cblr-11900	173	17	foundations	foundation	NOUN
cblr-11900	173	18	of	of	ADP
cblr-11900	173	19	what	what	PRON
cblr-11900	173	20	became	became	AUX
cblr-11900	173	21	known	know	VERB
cblr-11900	173	22	as	as	ADP
cblr-11900	173	23	the	the	DET
cblr-11900	173	24	global	global	ADJ
cblr-11900	173	25	dollar	dollar	NOUN
cblr-11900	173	26	system.20	system.20	NOUN
cblr-11900	173	27	meanwhile	meanwhile	ADV
cblr-11900	173	28	,	,	PUNCT
cblr-11900	173	29	the	the	DET
cblr-11900	173	30	central	central	ADJ
cblr-11900	173	31	bank	bank	NOUN
cblr-11900	173	32	’s	’s	PART
cblr-11900	173	33	hand	hand	NOUN
cblr-11900	173	34	faded	fade	VERB
cblr-11900	173	35	into	into	ADP
cblr-11900	173	36	the	the	DET
cblr-11900	173	37	background	background	NOUN
cblr-11900	173	38	,	,	PUNCT
cblr-11900	173	39	with	with	ADP
cblr-11900	173	40	the	the	DET
cblr-11900	173	41	fed	fed	PROPN
cblr-11900	173	42	using	use	VERB
cblr-11900	173	43	its	its	PRON
cblr-11900	173	44	balance	balance	NOUN
cblr-11900	173	45	sheet	sheet	NOUN
cblr-11900	173	46	only	only	ADV
cblr-11900	173	47	intermittently	intermittently	ADV
cblr-11900	173	48	and	and	CCONJ
cblr-11900	173	49	generally	generally	ADV
cblr-11900	173	50	at	at	ADP
cblr-11900	173	51	small	small	ADJ
cblr-11900	173	52	scale	scale	NOUN
cblr-11900	173	53	rather	rather	ADV
cblr-11900	173	54	than	than	ADP
cblr-11900	173	55	continuously	continuously	ADV
cblr-11900	173	56	and	and	CCONJ
cblr-11900	173	57	as	as	ADP
cblr-11900	173	58	the	the	DET
cblr-11900	173	59	primary	primary	ADJ
cblr-11900	173	60	source	source	NOUN
cblr-11900	173	61	of	of	ADP
cblr-11900	173	62	dealer	dealer	NOUN
cblr-11900	173	63	funding.21	funding.21	PROPN
cblr-11900	173	64	20	20	NUM
cblr-11900	173	65	brief	brief	ADJ
cblr-11900	173	66	for	for	ADP
cblr-11900	173	67	the	the	DET
cblr-11900	173	68	federal	federal	PROPN
cblr-11900	173	69	reserve	reserve	PROPN
cblr-11900	173	70	bank	bank	PROPN
cblr-11900	173	71	of	of	ADP
cblr-11900	173	72	new	new	PROPN
cblr-11900	173	73	york	york	PROPN
cblr-11900	173	74	as	as	ADP
cblr-11900	173	75	amici	amici	PROPN
cblr-11900	173	76	curiae	curiae	NOUN
cblr-11900	173	77	,	,	PUNCT
cblr-11900	173	78	in	in	ADP
cblr-11900	173	79	re	re	VERB
cblr-11900	173	80	lombard	lombard	PROPN
cblr-11900	173	81	-	-	PUNCT
cblr-11900	173	82	wall	wall	PROPN
cblr-11900	173	83	inc	inc	PROPN
cblr-11900	173	84	.	.	PROPN
cblr-11900	173	85	,	,	PUNCT
cblr-11900	173	86	23	23	NUM
cblr-11900	173	87	b.r	b.r	PROPN
cblr-11900	173	88	.	.	PROPN
cblr-11900	173	89	165	165	NUM
cblr-11900	173	90	(	(	PUNCT
cblr-11900	173	91	bankr	bankr	PROPN
cblr-11900	173	92	.	.	PUNCT
cblr-11900	174	1	s.d.n.y	s.d.n.y	PROPN
cblr-11900	174	2	.	.	PROPN
cblr-11900	174	3	1982	1982	NUM
cblr-11900	174	4	)	)	PUNCT
cblr-11900	174	5	,	,	PUNCT
cblr-11900	174	6	reprinted	reprint	VERB
cblr-11900	174	7	in	in	ADP
cblr-11900	174	8	impact	impact	NOUN
cblr-11900	174	9	on	on	ADP
cblr-11900	174	10	money	money	NOUN
cblr-11900	174	11	and	and	CCONJ
cblr-11900	174	12	credit	credit	NOUN
cblr-11900	174	13	policy	policy	NOUN
cblr-11900	174	14	of	of	ADP
cblr-11900	174	15	federal	federal	ADJ
cblr-11900	174	16	debt	debt	NOUN
cblr-11900	174	17	management	management	NOUN
cblr-11900	174	18	:	:	PUNCT
cblr-11900	174	19	hearing	hear	VERB
cblr-11900	174	20	before	before	ADP
cblr-11900	174	21	the	the	DET
cblr-11900	174	22	subcomm	subcomm	NOUN
cblr-11900	174	23	.	.	PUNCT
cblr-11900	175	1	on	on	ADP
cblr-11900	175	2	domestic	domestic	ADJ
cblr-11900	175	3	monetary	monetary	ADJ
cblr-11900	175	4	pol’y	pol’y	NOUN
cblr-11900	175	5	of	of	ADP
cblr-11900	175	6	the	the	DET
cblr-11900	175	7	comm	comm	NOUN
cblr-11900	175	8	.	.	PUNCT
cblr-11900	176	1	on	on	ADP
cblr-11900	176	2	banking	banking	NOUN
cblr-11900	176	3	,	,	PUNCT
cblr-11900	176	4	fin	fin	NOUN
cblr-11900	176	5	.	.	PUNCT
cblr-11900	176	6	and	and	CCONJ
cblr-11900	176	7	urb	urb	PROPN
cblr-11900	176	8	.	.	PUNCT
cblr-11900	177	1	aff	aff	PROPN
cblr-11900	177	2	.	.	PUNCT
cblr-11900	178	1	of	of	ADP
cblr-11900	178	2	the	the	DET
cblr-11900	178	3	h.r	h.r	PROPN
cblr-11900	178	4	.	.	PROPN
cblr-11900	178	5	,	,	PUNCT
cblr-11900	178	6	98th	98th	ADJ
cblr-11900	178	7	cong	cong	NOUN
cblr-11900	178	8	.	.	PUNCT
cblr-11900	179	1	73–74	73–74	NUM
cblr-11900	179	2	(	(	PUNCT
cblr-11900	179	3	1983	1983	NUM
cblr-11900	179	4	)	)	PUNCT
cblr-11900	179	5	.	.	PUNCT
cblr-11900	180	1	21	21	NUM
cblr-11900	180	2	here	here	ADV
cblr-11900	180	3	our	our	PRON
cblr-11900	180	4	argument	argument	NOUN
cblr-11900	180	5	mirrors	mirror	VERB
cblr-11900	180	6	the	the	DET
cblr-11900	180	7	argument	argument	NOUN
cblr-11900	180	8	made	make	VERB
cblr-11900	180	9	in	in	ADP
cblr-11900	180	10	2020	2020	NUM
cblr-11900	180	11	by	by	ADP
cblr-11900	180	12	nathan	nathan	PROPN
cblr-11900	180	13	tankus	tankus	PROPN
cblr-11900	180	14	,	,	PUNCT
cblr-11900	180	15	who	who	PRON
cblr-11900	180	16	observed	observe	VERB
cblr-11900	180	17	that	that	SCONJ
cblr-11900	180	18	the	the	DET
cblr-11900	180	19	rise	rise	NOUN
cblr-11900	180	20	in	in	ADP
cblr-11900	180	21	the	the	DET
cblr-11900	180	22	amount	amount	NOUN
cblr-11900	180	23	of	of	ADP
cblr-11900	180	24	treasuries	treasury	NOUN
cblr-11900	180	25	on	on	ADP
cblr-11900	180	26	the	the	DET
cblr-11900	180	27	fed	fed	PROPN
cblr-11900	180	28	’s	’s	PART
cblr-11900	180	29	balance	balance	NOUN
cblr-11900	180	30	sheet	sheet	NOUN
cblr-11900	180	31	merely	merely	ADV
cblr-11900	180	32	reflected	reflect	VERB
cblr-11900	180	33	a	a	DET
cblr-11900	180	34	shift	shift	NOUN
cblr-11900	180	35	from	from	ADP
cblr-11900	180	36	covert	covert	ADJ
cblr-11900	180	37	to	to	ADP
cblr-11900	180	38	overt	overt	VERB
cblr-11900	180	39	intervention	intervention	NOUN
cblr-11900	180	40	in	in	ADP
cblr-11900	180	41	the	the	DET
cblr-11900	180	42	treasury	treasury	NOUN
cblr-11900	180	43	market	market	NOUN
cblr-11900	180	44	by	by	ADP
cblr-11900	180	45	the	the	DET
cblr-11900	180	46	central	central	ADJ
cblr-11900	180	47	bank	bank	NOUN
cblr-11900	180	48	.	.	PUNCT
cblr-11900	181	1	nathan	nathan	PROPN
cblr-11900	181	2	tankus	tankus	PROPN
cblr-11900	181	3	,	,	PUNCT
cblr-11900	181	4	the	the	DET
cblr-11900	181	5	way	way	NOUN
cblr-11900	181	6	people	people	NOUN
cblr-11900	181	7	talk	talk	VERB
cblr-11900	181	8	about	about	ADP
cblr-11900	181	9	the	the	DET
cblr-11900	181	10	federal	federal	PROPN
cblr-11900	181	11	reserve	reserve	PROPN
cblr-11900	181	12	’s	’s	PART
cblr-11900	181	13	“	"	PUNCT
cblr-11900	181	14	big	big	ADJ
cblr-11900	181	15	”	"	PUNCT
cblr-11900	181	16	balance	balance	NOUN
cblr-11900	181	17	sheet	sheet	NOUN
cblr-11900	181	18	is	be	AUX
cblr-11900	181	19	all	all	ADV
cblr-11900	181	20	wrong	wrong	ADJ
cblr-11900	181	21	,	,	PUNCT
cblr-11900	181	22	substack	substack	VERB
cblr-11900	181	23	:	:	PUNCT
cblr-11900	181	24	notes	note	NOUN
cblr-11900	181	25	on	on	ADP
cblr-11900	181	26	the	the	DET
cblr-11900	181	27	crises	crisis	NOUN
cblr-11900	181	28	(	(	PUNCT
cblr-11900	181	29	july	july	PROPN
cblr-11900	181	30	27	27	NUM
cblr-11900	181	31	,	,	PUNCT
cblr-11900	181	32	2020	2020	NUM
cblr-11900	181	33	)	)	PUNCT
cblr-11900	182	1	https://nathantankus.substack.com/p/the-way-people-talk-about-thefederal	https://nathantankus.substack.com/p/the-way-people-talk-about-thefederal	DET
cblr-11900	182	2	[	[	X
cblr-11900	182	3	https://perma.cc/ugx9-xda6	https://perma.cc/ugx9-xda6	X
cblr-11900	182	4	]	]	X
cblr-11900	182	5	(	(	PUNCT
cblr-11900	182	6	“	"	PUNCT
cblr-11900	182	7	[	[	X
cblr-11900	182	8	w]hat	w]hat	PRON
cblr-11900	182	9	is	be	AUX
cblr-11900	182	10	the	the	DET
cblr-11900	182	11	difference	difference	NOUN
cblr-11900	182	12	between	between	ADP
cblr-11900	182	13	the	the	DET
cblr-11900	182	14	federal	federal	ADJ
cblr-11900	182	15	reserve	reserve	PROPN
cblr-11900	182	16	requiring	require	VERB
cblr-11900	182	17	a	a	DET
cblr-11900	182	18	private	private	ADJ
cblr-11900	182	19	financial	financial	ADJ
cblr-11900	182	20	institution	institution	NOUN
cblr-11900	182	21	to	to	PART
cblr-11900	182	22	purchase	purchase	VERB
cblr-11900	182	23	no	no	PRON
cblr-11900	182	24	.	.	NOUN
cblr-11900	182	25	1	1	NUM
cblr-11900	182	26	]	]	ADJ
cblr-11900	182	27	money	money	NOUN
cblr-11900	182	28	and	and	CCONJ
cblr-11900	182	29	the	the	DET
cblr-11900	182	30	public	public	ADJ
cblr-11900	182	31	debt	debt	NOUN
cblr-11900	182	32	235	235	NUM
cblr-11900	182	33	this	this	DET
cblr-11900	182	34	arrangement	arrangement	NOUN
cblr-11900	182	35	had	have	VERB
cblr-11900	182	36	profound	profound	ADJ
cblr-11900	182	37	consequences	consequence	NOUN
cblr-11900	182	38	for	for	ADP
cblr-11900	182	39	the	the	DET
cblr-11900	182	40	u.s	u.s	PROPN
cblr-11900	182	41	.	.	PROPN
cblr-11900	182	42	economy	economy	NOUN
cblr-11900	182	43	and	and	CCONJ
cblr-11900	182	44	financial	financial	ADJ
cblr-11900	182	45	system	system	NOUN
cblr-11900	182	46	.	.	PUNCT
cblr-11900	183	1	deep	deep	ADJ
cblr-11900	183	2	public	public	ADJ
cblr-11900	183	3	debt	debt	NOUN
cblr-11900	183	4	markets	market	NOUN
cblr-11900	183	5	helped	help	VERB
cblr-11900	183	6	dealer	dealer	NOUN
cblr-11900	183	7	firms	firm	NOUN
cblr-11900	183	8	manage	manage	VERB
cblr-11900	183	9	their	their	PRON
cblr-11900	183	10	interest	interest	NOUN
cblr-11900	183	11	rate	rate	NOUN
cblr-11900	183	12	risk	risk	NOUN
cblr-11900	183	13	.	.	PUNCT
cblr-11900	184	1	that	that	PRON
cblr-11900	184	2	,	,	PUNCT
cblr-11900	184	3	in	in	ADP
cblr-11900	184	4	turn	turn	NOUN
cblr-11900	184	5	,	,	PUNCT
cblr-11900	184	6	facilitated	facilitate	VERB
cblr-11900	184	7	deeper	deep	ADJ
cblr-11900	184	8	and	and	CCONJ
cblr-11900	184	9	more	more	ADV
cblr-11900	184	10	liquid	liquid	ADJ
cblr-11900	184	11	capital	capital	NOUN
cblr-11900	184	12	markets	market	NOUN
cblr-11900	184	13	in	in	ADP
cblr-11900	184	14	debt	debt	NOUN
cblr-11900	184	15	securities	security	NOUN
cblr-11900	184	16	issued	issue	VERB
cblr-11900	184	17	by	by	ADP
cblr-11900	184	18	corporations	corporation	NOUN
cblr-11900	184	19	and	and	CCONJ
cblr-11900	184	20	other	other	ADJ
cblr-11900	184	21	borrowers	borrower	NOUN
cblr-11900	184	22	.	.	PUNCT
cblr-11900	185	1	the	the	DET
cblr-11900	185	2	rise	rise	NOUN
cblr-11900	185	3	of	of	ADP
cblr-11900	185	4	dealer	dealer	NOUN
cblr-11900	185	5	repo	repo	NOUN
cblr-11900	185	6	also	also	ADV
cblr-11900	185	7	increasingly	increasingly	ADV
cblr-11900	185	8	crowded	crowd	VERB
cblr-11900	185	9	out	out	ADP
cblr-11900	185	10	bank	bank	NOUN
cblr-11900	185	11	deposits	deposit	NOUN
cblr-11900	185	12	.	.	PUNCT
cblr-11900	186	1	in	in	ADP
cblr-11900	186	2	this	this	DET
cblr-11900	186	3	way	way	NOUN
cblr-11900	186	4	,	,	PUNCT
cblr-11900	186	5	the	the	DET
cblr-11900	186	6	events	event	NOUN
cblr-11900	186	7	of	of	ADP
cblr-11900	186	8	the	the	DET
cblr-11900	186	9	1950s	1950	NOUN
cblr-11900	186	10	and	and	CCONJ
cblr-11900	186	11	the	the	DET
cblr-11900	186	12	transition	transition	NOUN
cblr-11900	186	13	to	to	ADP
cblr-11900	186	14	a	a	DET
cblr-11900	186	15	free	free	ADJ
cblr-11900	186	16	market	market	NOUN
cblr-11900	186	17	in	in	ADP
cblr-11900	186	18	treasuries	treasury	NOUN
cblr-11900	186	19	catalyzed	catalyze	VERB
cblr-11900	186	20	the	the	DET
cblr-11900	186	21	growth	growth	NOUN
cblr-11900	186	22	of	of	ADP
cblr-11900	186	23	“	"	PUNCT
cblr-11900	186	24	shadow	shadow	NOUN
cblr-11900	186	25	banking	banking	NOUN
cblr-11900	186	26	,	,	PUNCT
cblr-11900	186	27	”	"	PUNCT
cblr-11900	186	28	redirecting	redirect	VERB
cblr-11900	186	29	vast	vast	ADJ
cblr-11900	186	30	supplies	supply	NOUN
cblr-11900	186	31	of	of	ADP
cblr-11900	186	32	corporate	corporate	ADJ
cblr-11900	186	33	cash	cash	NOUN
cblr-11900	186	34	away	away	ADV
cblr-11900	186	35	from	from	ADP
cblr-11900	186	36	regulated	regulated	ADJ
cblr-11900	186	37	banks	bank	NOUN
cblr-11900	186	38	.	.	PUNCT
cblr-11900	187	1	ultimately	ultimately	ADV
cblr-11900	187	2	,	,	PUNCT
cblr-11900	187	3	the	the	DET
cblr-11900	187	4	result	result	NOUN
cblr-11900	187	5	was	be	AUX
cblr-11900	187	6	a	a	DET
cblr-11900	187	7	multi	multi	ADJ
cblr-11900	187	8	-	-	ADJ
cblr-11900	187	9	trillion	trillion	NUM
cblr-11900	187	10	-	-	PUNCT
cblr-11900	187	11	dollar	dollar	NOUN
cblr-11900	187	12	repo	repo	NOUN
cblr-11900	187	13	market	market	NOUN
cblr-11900	187	14	that	that	PRON
cblr-11900	187	15	collapsed	collapse	VERB
cblr-11900	187	16	in	in	ADP
cblr-11900	187	17	2008	2008	NUM
cblr-11900	187	18	,	,	PUNCT
cblr-11900	187	19	bringing	bring	VERB
cblr-11900	187	20	down	down	ADP
cblr-11900	187	21	many	many	ADJ
cblr-11900	187	22	of	of	ADP
cblr-11900	187	23	its	its	PRON
cblr-11900	187	24	key	key	ADJ
cblr-11900	187	25	players	player	NOUN
cblr-11900	187	26	.	.	PUNCT
cblr-11900	188	1	in	in	ADP
cblr-11900	188	2	effect	effect	NOUN
cblr-11900	188	3	,	,	PUNCT
cblr-11900	188	4	a	a	DET
cblr-11900	188	5	feature	feature	NOUN
cblr-11900	188	6	of	of	ADP
cblr-11900	188	7	the	the	DET
cblr-11900	188	8	primary	primary	ADJ
cblr-11900	188	9	dealer	dealer	NOUN
cblr-11900	188	10	system	system	NOUN
cblr-11900	188	11	—	—	PUNCT
cblr-11900	188	12	that	that	DET
cblr-11900	188	13	repo	repo	NOUN
cblr-11900	188	14	behaved	behave	VERB
cblr-11900	188	15	like	like	ADP
cblr-11900	188	16	money	money	NOUN
cblr-11900	188	17	in	in	ADP
cblr-11900	188	18	many	many	ADJ
cblr-11900	188	19	respects	respect	NOUN
cblr-11900	188	20	,	,	PUNCT
cblr-11900	188	21	but	but	CCONJ
cblr-11900	188	22	was	be	AUX
cblr-11900	188	23	not	not	PART
cblr-11900	188	24	insured	insure	VERB
cblr-11900	188	25	by	by	ADP
cblr-11900	188	26	the	the	DET
cblr-11900	188	27	government	government	NOUN
cblr-11900	188	28	or	or	CCONJ
cblr-11900	188	29	subject	subject	NOUN
cblr-11900	188	30	to	to	ADP
cblr-11900	188	31	bank	bank	NOUN
cblr-11900	188	32	regulation	regulation	NOUN
cblr-11900	188	33	—	—	PUNCT
cblr-11900	188	34	was	be	AUX
cblr-11900	188	35	revealed	reveal	VERB
cblr-11900	188	36	to	to	PART
cblr-11900	188	37	be	be	AUX
cblr-11900	188	38	a	a	DET
cblr-11900	188	39	bug	bug	NOUN
cblr-11900	188	40	.	.	PUNCT
cblr-11900	189	1	private	private	ADJ
cblr-11900	189	2	sector	sector	NOUN
cblr-11900	189	3	repo	repo	NOUN
cblr-11900	189	4	was	be	AUX
cblr-11900	189	5	highly	highly	ADV
cblr-11900	189	6	runnable	runnable	ADJ
cblr-11900	189	7	,	,	PUNCT
cblr-11900	189	8	notwithstanding	notwithstanding	SCONJ
cblr-11900	189	9	the	the	DET
cblr-11900	189	10	fed	fed	PROPN
cblr-11900	189	11	’s	’s	PART
cblr-11900	189	12	primary	primary	ADJ
cblr-11900	189	13	dealer	dealer	NOUN
cblr-11900	189	14	repo	repo	ADP
cblr-11900	189	15	backstop	backstop	NOUN
cblr-11900	189	16	.	.	PUNCT
cblr-11900	190	1	a	a	DET
cblr-11900	190	2	fourth	fourth	ADJ
cblr-11900	190	3	era	era	NOUN
cblr-11900	190	4	began	begin	VERB
cblr-11900	190	5	—	—	PUNCT
cblr-11900	190	6	quickly	quickly	ADV
cblr-11900	190	7	,	,	PUNCT
cblr-11900	190	8	somewhat	somewhat	ADV
cblr-11900	190	9	chaotically	chaotically	ADV
cblr-11900	190	10	,	,	PUNCT
cblr-11900	190	11	unheralded	unheralded	ADJ
cblr-11900	190	12	,	,	PUNCT
cblr-11900	190	13	and	and	CCONJ
cblr-11900	190	14	largely	largely	ADV
cblr-11900	190	15	undesigned	undesigne	VERB
cblr-11900	190	16	.	.	PUNCT
cblr-11900	191	1	one	one	NUM
cblr-11900	191	2	by	by	ADP
cblr-11900	191	3	one	one	NUM
cblr-11900	191	4	,	,	PUNCT
cblr-11900	191	5	the	the	DET
cblr-11900	191	6	largest	large	ADJ
cblr-11900	191	7	standalone	standalone	ADJ
cblr-11900	191	8	broker	broker	NOUN
cblr-11900	191	9	-	-	PUNCT
cblr-11900	191	10	dealers	dealer	NOUN
cblr-11900	191	11	were	be	AUX
cblr-11900	191	12	either	either	CCONJ
cblr-11900	191	13	acquired	acquire	VERB
cblr-11900	191	14	by	by	ADP
cblr-11900	191	15	commercial	commercial	ADJ
cblr-11900	191	16	banks	bank	NOUN
cblr-11900	191	17	,	,	PUNCT
cblr-11900	191	18	failed	fail	VERB
cblr-11900	191	19	,	,	PUNCT
cblr-11900	191	20	or	or	CCONJ
cblr-11900	191	21	opened	open	VERB
cblr-11900	191	22	banks	bank	NOUN
cblr-11900	191	23	and	and	CCONJ
cblr-11900	191	24	reorganized	reorganize	VERB
cblr-11900	191	25	as	as	ADP
cblr-11900	191	26	bank	bank	NOUN
cblr-11900	191	27	holding	hold	VERB
cblr-11900	191	28	companies	company	NOUN
cblr-11900	191	29	.	.	PUNCT
cblr-11900	192	1	in	in	ADP
cblr-11900	192	2	the	the	DET
cblr-11900	192	3	span	span	NOUN
cblr-11900	192	4	of	of	ADP
cblr-11900	192	5	a	a	DET
cblr-11900	192	6	few	few	ADJ
cblr-11900	192	7	weeks	week	NOUN
cblr-11900	192	8	,	,	PUNCT
cblr-11900	192	9	the	the	DET
cblr-11900	192	10	bulk	bulk	NOUN
cblr-11900	192	11	of	of	ADP
cblr-11900	192	12	treasury	treasury	PROPN
cblr-11900	192	13	dealing	dealing	NOUN
cblr-11900	192	14	was	be	AUX
cblr-11900	192	15	pulled	pull	VERB
cblr-11900	192	16	back	back	ADV
cblr-11900	192	17	into	into	ADP
cblr-11900	192	18	the	the	DET
cblr-11900	192	19	banking	banking	NOUN
cblr-11900	192	20	system	system	NOUN
cblr-11900	192	21	broadly	broadly	ADV
cblr-11900	192	22	defined.22	defined.22	ADJ
cblr-11900	192	23	part	part	NOUN
cblr-11900	192	24	iv	iv	NUM
cblr-11900	192	25	unpacks	unpack	VERB
cblr-11900	192	26	the	the	DET
cblr-11900	192	27	resulting	result	VERB
cblr-11900	192	28	market	market	NOUN
cblr-11900	192	29	structure	structure	NOUN
cblr-11900	192	30	.	.	PUNCT
cblr-11900	193	1	when	when	SCONJ
cblr-11900	193	2	volatility	volatility	NOUN
cblr-11900	193	3	subsided	subside	VERB
cblr-11900	193	4	,	,	PUNCT
cblr-11900	193	5	the	the	DET
cblr-11900	193	6	federal	federal	ADJ
cblr-11900	193	7	government	government	NOUN
cblr-11900	193	8	embarked	embark	VERB
cblr-11900	193	9	on	on	ADP
cblr-11900	193	10	a	a	DET
cblr-11900	193	11	comprehensive	comprehensive	ADJ
cblr-11900	193	12	overhaul	overhaul	NOUN
cblr-11900	193	13	of	of	ADP
cblr-11900	193	14	international	international	ADJ
cblr-11900	193	15	banking	banking	NOUN
cblr-11900	193	16	regulations	regulation	NOUN
cblr-11900	193	17	.	.	PUNCT
cblr-11900	194	1	as	as	ADP
cblr-11900	194	2	part	part	NOUN
cblr-11900	194	3	of	of	ADP
cblr-11900	194	4	what	what	PRON
cblr-11900	194	5	became	became	AUX
cblr-11900	194	6	known	know	VERB
cblr-11900	194	7	as	as	ADP
cblr-11900	194	8	basel	basel	PROPN
cblr-11900	194	9	iii	iii	PROPN
cblr-11900	194	10	,	,	PUNCT
cblr-11900	194	11	the	the	DET
cblr-11900	194	12	u.s	u.s	PROPN
cblr-11900	194	13	.	.	PROPN
cblr-11900	194	14	imposed	impose	VERB
cblr-11900	194	15	new	new	ADJ
cblr-11900	194	16	size	size	NOUN
cblr-11900	194	17	-	-	PUNCT
cblr-11900	194	18	based	base	VERB
cblr-11900	194	19	requirements	requirement	NOUN
cblr-11900	194	20	for	for	ADP
cblr-11900	194	21	banks	bank	NOUN
cblr-11900	194	22	and	and	CCONJ
cblr-11900	194	23	bank	bank	NOUN
cblr-11900	194	24	holding	hold	VERB
cblr-11900	194	25	companies	company	NOUN
cblr-11900	194	26	,	,	PUNCT
cblr-11900	194	27	which	which	PRON
cblr-11900	194	28	were	be	AUX
cblr-11900	194	29	agnostic	agnostic	ADJ
cblr-11900	194	30	to	to	ADP
cblr-11900	194	31	credit	credit	NOUN
cblr-11900	194	32	risk.23	risk.23	NOUN
cblr-11900	194	33	these	these	DET
cblr-11900	194	34	rules	rule	NOUN
cblr-11900	194	35	treasury	treasury	NOUN
cblr-11900	194	36	securities	security	NOUN
cblr-11900	194	37	,	,	PUNCT
cblr-11900	194	38	and	and	CCONJ
cblr-11900	194	39	ensuring	ensure	VERB
cblr-11900	194	40	they	they	PRON
cblr-11900	194	41	can	can	AUX
cblr-11900	194	42	borrow	borrow	VERB
cblr-11900	194	43	against	against	ADP
cblr-11900	194	44	those	those	DET
cblr-11900	194	45	securities	security	NOUN
cblr-11900	194	46	at	at	ADP
cblr-11900	194	47	a	a	DET
cblr-11900	194	48	target	target	NOUN
cblr-11900	194	49	interest	interest	NOUN
cblr-11900	194	50	rate	rate	NOUN
cblr-11900	194	51	,	,	PUNCT
cblr-11900	194	52	and	and	CCONJ
cblr-11900	194	53	simply	simply	ADV
cblr-11900	194	54	purchasing	purchase	VERB
cblr-11900	194	55	a	a	DET
cblr-11900	194	56	treasury	treasury	NOUN
cblr-11900	194	57	security	security	NOUN
cblr-11900	194	58	themselves	themselves	PRON
cblr-11900	194	59	?	?	PUNCT
cblr-11900	194	60	”	"	PUNCT
cblr-11900	194	61	)	)	PUNCT
cblr-11900	194	62	.	.	PUNCT
cblr-11900	195	1	22	22	NUM
cblr-11900	195	2	cecilia	cecilia	PROPN
cblr-11900	195	3	caglio	caglio	PROPN
cblr-11900	195	4	,	,	PUNCT
cblr-11900	195	5	adam	adam	PROPN
cblr-11900	195	6	copeland	copeland	PROPN
cblr-11900	195	7	&	&	CCONJ
cblr-11900	195	8	antoine	antoine	PROPN
cblr-11900	195	9	martin	martin	PROPN
cblr-11900	195	10	,	,	PUNCT
cblr-11900	195	11	fed	fed	PROPN
cblr-11900	195	12	.	.	PUNCT
cblr-11900	195	13	rsrv	rsrv	PROPN
cblr-11900	195	14	.	.	PUNCT
cblr-11900	196	1	bank	bank	PROPN
cblr-11900	196	2	of	of	ADP
cblr-11900	196	3	n.y	n.y	PROPN
cblr-11900	196	4	.	.	PROPN
cblr-11900	196	5	,	,	PUNCT
cblr-11900	196	6	the	the	DET
cblr-11900	196	7	value	value	NOUN
cblr-11900	196	8	of	of	ADP
cblr-11900	196	9	internal	internal	ADJ
cblr-11900	196	10	sources	source	NOUN
cblr-11900	196	11	of	of	ADP
cblr-11900	196	12	funding	funding	NOUN
cblr-11900	196	13	liquidity	liquidity	NOUN
cblr-11900	196	14	:	:	PUNCT
cblr-11900	196	15	u.s	u.s	PROPN
cblr-11900	196	16	.	.	PROPN
cblr-11900	196	17	broker	broker	NOUN
cblr-11900	196	18	-	-	PUNCT
cblr-11900	196	19	dealers	dealer	NOUN
cblr-11900	196	20	and	and	CCONJ
cblr-11900	196	21	the	the	DET
cblr-11900	196	22	financial	financial	ADJ
cblr-11900	196	23	crisis	crisis	NOUN
cblr-11900	196	24	(	(	PUNCT
cblr-11900	196	25	2021	2021	NUM
cblr-11900	196	26	)	)	PUNCT
cblr-11900	196	27	.	.	PUNCT
cblr-11900	197	1	23	23	NUM
cblr-11900	197	2	for	for	ADP
cblr-11900	197	3	example	example	NOUN
cblr-11900	197	4	,	,	PUNCT
cblr-11900	197	5	the	the	DET
cblr-11900	197	6	supplementary	supplementary	ADJ
cblr-11900	197	7	leverage	leverage	NOUN
cblr-11900	197	8	ratio	ratio	NOUN
cblr-11900	197	9	,	,	PUNCT
cblr-11900	197	10	or	or	CCONJ
cblr-11900	197	11	slr	slr	NOUN
cblr-11900	197	12	,	,	PUNCT
cblr-11900	197	13	and	and	CCONJ
cblr-11900	197	14	its	its	PRON
cblr-11900	197	15	enhanced	enhanced	ADJ
cblr-11900	197	16	cousin	cousin	NOUN
cblr-11900	197	17	in	in	ADP
cblr-11900	197	18	the	the	DET
cblr-11900	197	19	u.s	u.s	PROPN
cblr-11900	197	20	.	.	PROPN
cblr-11900	197	21	,	,	PUNCT
cblr-11900	197	22	the	the	DET
cblr-11900	197	23	eslr	eslr	NOUN
cblr-11900	197	24	.	.	PUNCT
cblr-11900	198	1	see	see	VERB
cblr-11900	198	2	12	12	NUM
cblr-11900	198	3	c.f.r	c.f.r	NOUN
cblr-11900	198	4	.	.	PUNCT
cblr-11900	199	1	pts	pts	PROPN
cblr-11900	199	2	.	.	PROPN
cblr-11900	199	3	6	6	NUM
cblr-11900	199	4	,	,	PUNCT
cblr-11900	199	5	324	324	NUM
cblr-11900	199	6	(	(	PUNCT
cblr-11900	199	7	2022	2022	NUM
cblr-11900	199	8	)	)	PUNCT
cblr-11900	199	9	.	.	PUNCT
cblr-11900	200	1	the	the	DET
cblr-11900	200	2	capital	capital	NOUN
cblr-11900	200	3	surcharge	surcharge	NOUN
cblr-11900	200	4	assigned	assign	VERB
cblr-11900	200	5	to	to	ADP
cblr-11900	200	6	global	global	ADJ
cblr-11900	200	7	systematically	systematically	ADV
cblr-11900	200	8	important	important	ADJ
cblr-11900	200	9	banking	banking	NOUN
cblr-11900	200	10	236	236	NUM
cblr-11900	200	11	columbia	columbia	PROPN
cblr-11900	200	12	business	business	NOUN
cblr-11900	200	13	law	law	PROPN
cblr-11900	200	14	review	review	NOUN
cblr-11900	200	15	[	[	X
cblr-11900	200	16	vol	vol	NOUN
cblr-11900	200	17	.	.	PUNCT
cblr-11900	200	18	2023	2023	NUM
cblr-11900	200	19	disincentivized	disincentivize	VERB
cblr-11900	200	20	banks	bank	NOUN
cblr-11900	200	21	and	and	CCONJ
cblr-11900	200	22	their	their	PRON
cblr-11900	200	23	dealer	dealer	NOUN
cblr-11900	200	24	affiliates	affiliate	NOUN
cblr-11900	200	25	from	from	ADP
cblr-11900	200	26	engaging	engage	VERB
cblr-11900	200	27	in	in	ADP
cblr-11900	200	28	low	low	ADJ
cblr-11900	200	29	-	-	PUNCT
cblr-11900	200	30	risk	risk	NOUN
cblr-11900	200	31	activities	activity	NOUN
cblr-11900	200	32	requiring	require	VERB
cblr-11900	200	33	high	high	ADJ
cblr-11900	200	34	levels	level	NOUN
cblr-11900	200	35	of	of	ADP
cblr-11900	200	36	leverage	leverage	NOUN
cblr-11900	200	37	to	to	PART
cblr-11900	200	38	be	be	AUX
cblr-11900	200	39	profitable	profitable	ADJ
cblr-11900	200	40	—	—	PUNCT
cblr-11900	200	41	among	among	ADP
cblr-11900	200	42	them	they	PRON
cblr-11900	200	43	the	the	DET
cblr-11900	200	44	intermediation	intermediation	NOUN
cblr-11900	200	45	of	of	ADP
cblr-11900	200	46	treasury	treasury	NOUN
cblr-11900	200	47	markets	market	NOUN
cblr-11900	200	48	.	.	PUNCT
cblr-11900	201	1	the	the	DET
cblr-11900	201	2	ability	ability	NOUN
cblr-11900	201	3	of	of	ADP
cblr-11900	201	4	dealers	dealer	NOUN
cblr-11900	201	5	to	to	PART
cblr-11900	201	6	use	use	VERB
cblr-11900	201	7	their	their	PRON
cblr-11900	201	8	balance	balance	NOUN
cblr-11900	201	9	sheets	sheet	NOUN
cblr-11900	201	10	elastically	elastically	ADV
cblr-11900	201	11	to	to	PART
cblr-11900	201	12	mitigate	mitigate	VERB
cblr-11900	201	13	the	the	DET
cblr-11900	201	14	price	price	NOUN
cblr-11900	201	15	impact	impact	NOUN
cblr-11900	201	16	of	of	ADP
cblr-11900	201	17	heavy	heavy	ADJ
cblr-11900	201	18	sales	sale	NOUN
cblr-11900	201	19	and	and	CCONJ
cblr-11900	201	20	other	other	ADJ
cblr-11900	201	21	sources	source	NOUN
cblr-11900	201	22	of	of	ADP
cblr-11900	201	23	volatility	volatility	NOUN
cblr-11900	201	24	fell	fall	VERB
cblr-11900	201	25	as	as	SCONJ
cblr-11900	201	26	demand	demand	NOUN
cblr-11900	201	27	for	for	ADP
cblr-11900	201	28	intermediation	intermediation	NOUN
cblr-11900	201	29	increased	increase	VERB
cblr-11900	201	30	,	,	PUNCT
cblr-11900	201	31	along	along	ADP
cblr-11900	201	32	with	with	ADP
cblr-11900	201	33	the	the	DET
cblr-11900	201	34	overall	overall	ADJ
cblr-11900	201	35	stock	stock	NOUN
cblr-11900	201	36	of	of	ADP
cblr-11900	201	37	public	public	ADJ
cblr-11900	201	38	debt.24	debt.24	NOUN
cblr-11900	201	39	the	the	DET
cblr-11900	201	40	pre	pre	ADJ
cblr-11900	201	41	-	-	ADJ
cblr-11900	201	42	crisis	crisis	ADJ
cblr-11900	201	43	framework	framework	NOUN
cblr-11900	201	44	—	—	PUNCT
cblr-11900	201	45	which	which	PRON
cblr-11900	201	46	relied	rely	VERB
cblr-11900	201	47	on	on	ADP
cblr-11900	201	48	repofinanced	repofinanced	ADJ
cblr-11900	201	49	dealer	dealer	NOUN
cblr-11900	201	50	firms	firm	NOUN
cblr-11900	201	51	relatively	relatively	ADV
cblr-11900	201	52	unencumbered	unencumbered	ADJ
cblr-11900	201	53	by	by	ADP
cblr-11900	201	54	strict	strict	ADJ
cblr-11900	201	55	banklike	banklike	NOUN
cblr-11900	201	56	balance	balance	NOUN
cblr-11900	201	57	regulations	regulation	NOUN
cblr-11900	201	58	—	—	PUNCT
cblr-11900	201	59	could	could	AUX
cblr-11900	201	60	no	no	ADV
cblr-11900	201	61	longer	long	ADV
cblr-11900	201	62	generate	generate	VERB
cblr-11900	201	63	elasticity	elasticity	NOUN
cblr-11900	201	64	under	under	ADP
cblr-11900	201	65	stress.25	stress.25	NOUN
cblr-11900	201	66	but	but	CCONJ
cblr-11900	201	67	treasury	treasury	PROPN
cblr-11900	201	68	markets	market	NOUN
cblr-11900	201	69	have	have	AUX
cblr-11900	201	70	not	not	PART
cblr-11900	201	71	entirely	entirely	ADV
cblr-11900	201	72	dried	dry	VERB
cblr-11900	201	73	up	up	ADP
cblr-11900	201	74	for	for	ADP
cblr-11900	201	75	two	two	NUM
cblr-11900	201	76	reasons	reason	NOUN
cblr-11900	201	77	.	.	PUNCT
cblr-11900	202	1	first	first	ADV
cblr-11900	202	2	,	,	PUNCT
cblr-11900	202	3	the	the	DET
cblr-11900	202	4	fed	fed	PROPN
cblr-11900	202	5	has	have	AUX
cblr-11900	202	6	spent	spend	VERB
cblr-11900	202	7	much	much	ADJ
cblr-11900	202	8	of	of	ADP
cblr-11900	202	9	the	the	DET
cblr-11900	202	10	past	past	ADJ
cblr-11900	202	11	fifteen	fifteen	NUM
cblr-11900	202	12	years	year	NOUN
cblr-11900	202	13	engaged	engage	VERB
cblr-11900	202	14	in	in	ADP
cblr-11900	202	15	large	large	ADJ
cblr-11900	202	16	-	-	PUNCT
cblr-11900	202	17	scale	scale	NOUN
cblr-11900	202	18	purchases	purchase	NOUN
cblr-11900	202	19	of	of	ADP
cblr-11900	202	20	treasuries	treasury	NOUN
cblr-11900	202	21	in	in	ADP
cblr-11900	202	22	effort	effort	NOUN
cblr-11900	202	23	to	to	PART
cblr-11900	202	24	stimulate	stimulate	VERB
cblr-11900	202	25	aggregate	aggregate	ADJ
cblr-11900	202	26	demand	demand	NOUN
cblr-11900	202	27	.	.	PUNCT
cblr-11900	203	1	while	while	SCONJ
cblr-11900	203	2	motivated	motivate	VERB
cblr-11900	203	3	by	by	ADP
cblr-11900	203	4	near	near	ADV
cblr-11900	203	5	-	-	PUNCT
cblr-11900	203	6	zero	zero	NUM
cblr-11900	203	7	overnight	overnight	ADJ
cblr-11900	203	8	interest	interest	NOUN
cblr-11900	203	9	rates	rate	NOUN
cblr-11900	203	10	,	,	PUNCT
cblr-11900	203	11	a	a	DET
cblr-11900	203	12	side	side	ADJ
cblr-11900	203	13	effect	effect	NOUN
cblr-11900	203	14	of	of	ADP
cblr-11900	203	15	this	this	DET
cblr-11900	203	16	“	"	PUNCT
cblr-11900	203	17	quantitative	quantitative	ADJ
cblr-11900	203	18	easing	easing	NOUN
cblr-11900	203	19	”	"	PUNCT
cblr-11900	203	20	was	be	AUX
cblr-11900	203	21	to	to	PART
cblr-11900	203	22	monetize	monetize	VERB
cblr-11900	203	23	government	government	NOUN
cblr-11900	203	24	borrowing	borrowing	NOUN
cblr-11900	203	25	and	and	CCONJ
cblr-11900	203	26	irrigate	irrigate	VERB
cblr-11900	203	27	treasury	treasury	NOUN
cblr-11900	203	28	markets	market	NOUN
cblr-11900	203	29	.	.	PUNCT
cblr-11900	204	1	second	second	ADJ
cblr-11900	204	2	,	,	PUNCT
cblr-11900	204	3	with	with	ADP
cblr-11900	204	4	bank	bank	NOUN
cblr-11900	204	5	and	and	CCONJ
cblr-11900	204	6	dealer	dealer	NOUN
cblr-11900	204	7	balance	balance	NOUN
cblr-11900	204	8	sheets	sheet	NOUN
cblr-11900	204	9	constrained	constrain	VERB
cblr-11900	204	10	,	,	PUNCT
cblr-11900	204	11	new	new	ADJ
cblr-11900	204	12	actors	actor	NOUN
cblr-11900	204	13	further	far	ADV
cblr-11900	204	14	beyond	beyond	ADP
cblr-11900	204	15	the	the	DET
cblr-11900	204	16	bank	bank	NOUN
cblr-11900	204	17	regulatory	regulatory	ADJ
cblr-11900	204	18	perimeter	perimeter	NOUN
cblr-11900	204	19	,	,	PUNCT
cblr-11900	204	20	high	high	ADJ
cblr-11900	204	21	-	-	PUNCT
cblr-11900	204	22	frequency	frequency	NOUN
cblr-11900	204	23	traders	trader	NOUN
cblr-11900	204	24	(	(	PUNCT
cblr-11900	204	25	hfts	hft	NOUN
cblr-11900	204	26	)	)	PUNCT
cblr-11900	204	27	and	and	CCONJ
cblr-11900	204	28	hedge	hedge	NOUN
cblr-11900	204	29	funds	fund	NOUN
cblr-11900	204	30	,	,	PUNCT
cblr-11900	204	31	stepped	step	VERB
cblr-11900	204	32	in	in	ADP
cblr-11900	204	33	.	.	PUNCT
cblr-11900	205	1	some	some	PRON
cblr-11900	205	2	refer	refer	VERB
cblr-11900	205	3	to	to	ADP
cblr-11900	205	4	these	these	DET
cblr-11900	205	5	entities	entity	NOUN
cblr-11900	205	6	as	as	ADP
cblr-11900	205	7	“	"	PUNCT
cblr-11900	205	8	shadow	shadow	NOUN
cblr-11900	205	9	dealers	dealer	NOUN
cblr-11900	205	10	,	,	PUNCT
cblr-11900	205	11	”	"	PUNCT
cblr-11900	205	12	as	as	SCONJ
cblr-11900	205	13	they	they	PRON
cblr-11900	205	14	are	be	AUX
cblr-11900	205	15	incentivized	incentivize	VERB
cblr-11900	205	16	to	to	PART
cblr-11900	205	17	serve	serve	VERB
cblr-11900	205	18	the	the	DET
cblr-11900	205	19	same	same	ADJ
cblr-11900	205	20	economic	economic	ADJ
cblr-11900	205	21	function	function	NOUN
cblr-11900	205	22	as	as	ADP
cblr-11900	205	23	dealer	dealer	NOUN
cblr-11900	205	24	firms	firm	NOUN
cblr-11900	205	25	but	but	CCONJ
cblr-11900	205	26	are	be	AUX
cblr-11900	205	27	not	not	PART
cblr-11900	205	28	currently	currently	ADV
cblr-11900	205	29	subject	subject	ADJ
cblr-11900	205	30	to	to	ADP
cblr-11900	205	31	regulation	regulation	NOUN
cblr-11900	205	32	as	as	ADP
cblr-11900	205	33	dealers26	dealers26	NOUN
cblr-11900	205	34	(	(	PUNCT
cblr-11900	205	35	and	and	CCONJ
cblr-11900	205	36	are	be	AUX
cblr-11900	205	37	not	not	PART
cblr-11900	205	38	required	require	VERB
cblr-11900	205	39	or	or	CCONJ
cblr-11900	205	40	expected	expect	VERB
cblr-11900	205	41	to	to	PART
cblr-11900	205	42	support	support	VERB
cblr-11900	205	43	the	the	DET
cblr-11900	205	44	market	market	NOUN
cblr-11900	205	45	to	to	ADP
cblr-11900	205	46	the	the	DET
cblr-11900	205	47	same	same	ADJ
cblr-11900	205	48	extent	extent	NOUN
cblr-11900	205	49	as	as	ADP
cblr-11900	205	50	dealers	dealer	NOUN
cblr-11900	205	51	)	)	PUNCT
cblr-11900	205	52	.	.	PUNCT
cblr-11900	206	1	shadow	shadow	PROPN
cblr-11900	206	2	institutions	institution	NOUN
cblr-11900	206	3	,	,	PUNCT
cblr-11900	206	4	or	or	CCONJ
cblr-11900	206	5	gsibs	gsib	NOUN
cblr-11900	206	6	,	,	PUNCT
cblr-11900	206	7	also	also	ADV
cblr-11900	206	8	has	have	VERB
cblr-11900	206	9	components	component	NOUN
cblr-11900	206	10	that	that	PRON
cblr-11900	206	11	are	be	AUX
cblr-11900	206	12	agnostic	agnostic	ADJ
cblr-11900	206	13	to	to	ADP
cblr-11900	206	14	credit	credit	NOUN
cblr-11900	206	15	risk	risk	NOUN
cblr-11900	206	16	.	.	PUNCT
cblr-11900	207	1	see	see	VERB
cblr-11900	207	2	12	12	NUM
cblr-11900	207	3	c.f.r	c.f.r	NOUN
cblr-11900	207	4	.	.	PUNCT
cblr-11900	208	1	§	§	PROPN
cblr-11900	208	2	217.403	217.403	NUM
cblr-11900	208	3	.	.	PUNCT
cblr-11900	208	4	24	24	NUM
cblr-11900	208	5	darrell	darrell	PROPN
cblr-11900	208	6	duffie	duffie	PROPN
cblr-11900	208	7	,	,	PUNCT
cblr-11900	208	8	still	still	ADV
cblr-11900	208	9	the	the	DET
cblr-11900	208	10	world	world	NOUN
cblr-11900	208	11	’s	’s	PART
cblr-11900	208	12	safe	safe	ADJ
cblr-11900	208	13	haven	haven	NOUN
cblr-11900	208	14	?	?	PUNCT
cblr-11900	209	1	(	(	PUNCT
cblr-11900	209	2	hutchins	hutchins	PROPN
cblr-11900	209	3	center	center	NOUN
cblr-11900	209	4	on	on	ADP
cblr-11900	209	5	fiscal	fiscal	ADJ
cblr-11900	209	6	&	&	CCONJ
cblr-11900	209	7	monetary	monetary	ADJ
cblr-11900	209	8	policy	policy	NOUN
cblr-11900	209	9	at	at	ADP
cblr-11900	209	10	brookings	brookings	PROPN
cblr-11900	209	11	,	,	PUNCT
cblr-11900	209	12	hutchins	hutchins	PROPN
cblr-11900	209	13	center	center	PROPN
cblr-11900	209	14	working	working	NOUN
cblr-11900	209	15	paper	paper	NOUN
cblr-11900	209	16	no	no	INTJ
cblr-11900	209	17	.	.	PROPN
cblr-11900	209	18	62	62	NUM
cblr-11900	209	19	,	,	PUNCT
cblr-11900	209	20	2020	2020	NUM
cblr-11900	209	21	)	)	PUNCT
cblr-11900	209	22	,	,	PUNCT
cblr-11900	209	23	https://www.brookings.edu/research/still-the-worlds-safe-haven	https://www.brookings.edu/research/still-the-worlds-safe-haven	PROPN
cblr-11900	210	1	[	[	X
cblr-11900	210	2	https://perma.cc/c73t-ymgt	https://perma.cc/c73t-ymgt	PROPN
cblr-11900	210	3	]	]	PUNCT
cblr-11900	210	4	.	.	PUNCT
cblr-11900	211	1	25	25	NUM
cblr-11900	211	2	see	see	VERB
cblr-11900	211	3	tankus	tankus	NOUN
cblr-11900	211	4	,	,	PUNCT
cblr-11900	211	5	supra	supra	PROPN
cblr-11900	211	6	note	note	NOUN
cblr-11900	211	7	21	21	NUM
cblr-11900	211	8	(	(	PUNCT
cblr-11900	211	9	noting	note	VERB
cblr-11900	211	10	that	that	SCONJ
cblr-11900	211	11	prior	prior	ADV
cblr-11900	211	12	to	to	ADP
cblr-11900	211	13	2008	2008	NUM
cblr-11900	211	14	“	"	PUNCT
cblr-11900	211	15	both	both	CCONJ
cblr-11900	211	16	primary	primary	ADJ
cblr-11900	211	17	dealers	dealer	NOUN
cblr-11900	211	18	and	and	CCONJ
cblr-11900	211	19	broker	broker	NOUN
cblr-11900	211	20	-	-	PUNCT
cblr-11900	211	21	dealers	dealer	NOUN
cblr-11900	211	22	could	could	AUX
cblr-11900	211	23	expand	expand	VERB
cblr-11900	211	24	their	their	PRON
cblr-11900	211	25	balance	balance	NOUN
cblr-11900	211	26	sheets	sheet	NOUN
cblr-11900	211	27	at	at	ADP
cblr-11900	211	28	will	will	NOUN
cblr-11900	211	29	”	"	PUNCT
cblr-11900	211	30	)	)	PUNCT
cblr-11900	211	31	.	.	PUNCT
cblr-11900	212	1	26	26	NUM
cblr-11900	213	1	the	the	DET
cblr-11900	213	2	securities	securities	PROPN
cblr-11900	213	3	and	and	CCONJ
cblr-11900	213	4	exchange	exchange	PROPN
cblr-11900	213	5	commission	commission	NOUN
cblr-11900	213	6	has	have	AUX
cblr-11900	213	7	proposed	propose	VERB
cblr-11900	213	8	broadening	broaden	VERB
cblr-11900	213	9	the	the	DET
cblr-11900	213	10	functional	functional	ADJ
cblr-11900	213	11	definition	definition	NOUN
cblr-11900	213	12	of	of	ADP
cblr-11900	213	13	government	government	NOUN
cblr-11900	213	14	securities	security	NOUN
cblr-11900	213	15	dealers	dealer	NOUN
cblr-11900	213	16	in	in	ADP
cblr-11900	213	17	response	response	NOUN
cblr-11900	213	18	to	to	ADP
cblr-11900	213	19	the	the	DET
cblr-11900	213	20	events	event	NOUN
cblr-11900	213	21	of	of	ADP
cblr-11900	213	22	2020	2020	NUM
cblr-11900	213	23	.	.	PUNCT
cblr-11900	214	1	further	further	ADJ
cblr-11900	214	2	definition	definition	NOUN
cblr-11900	214	3	of	of	ADP
cblr-11900	214	4	“	"	PUNCT
cblr-11900	214	5	as	as	ADP
cblr-11900	214	6	a	a	DET
cblr-11900	214	7	part	part	NOUN
cblr-11900	214	8	of	of	ADP
cblr-11900	214	9	a	a	DET
cblr-11900	214	10	regular	regular	ADJ
cblr-11900	214	11	business	business	NOUN
cblr-11900	214	12	”	"	PUNCT
cblr-11900	214	13	in	in	ADP
cblr-11900	214	14	the	the	DET
cblr-11900	214	15	definition	definition	NOUN
cblr-11900	214	16	of	of	ADP
cblr-11900	214	17	dealer	dealer	NOUN
cblr-11900	214	18	and	and	CCONJ
cblr-11900	214	19	government	government	NOUN
cblr-11900	214	20	securities	security	NOUN
cblr-11900	214	21	dealer	dealer	NOUN
cblr-11900	214	22	,	,	PUNCT
cblr-11900	214	23	exchange	exchange	NOUN
cblr-11900	214	24	act	act	NOUN
cblr-11900	214	25	release	release	VERB
cblr-11900	214	26	no	no	NOUN
cblr-11900	214	27	.	.	NOUN
cblr-11900	214	28	34	34	NUM
cblr-11900	214	29	-	-	SYM
cblr-11900	214	30	94524	94524	NUM
cblr-11900	214	31	(	(	PUNCT
cblr-11900	214	32	mar	mar	PROPN
cblr-11900	214	33	.	.	PROPN
cblr-11900	214	34	28	28	NUM
cblr-11900	214	35	,	,	PUNCT
cblr-11900	214	36	2022	2022	NUM
cblr-11900	214	37	)	)	PUNCT
cblr-11900	214	38	(	(	PUNCT
cblr-11900	214	39	to	to	PART
cblr-11900	214	40	be	be	AUX
cblr-11900	214	41	codified	codify	VERB
cblr-11900	214	42	at	at	ADP
cblr-11900	214	43	17	17	NUM
cblr-11900	214	44	c.f.r	c.f.r	NOUN
cblr-11900	214	45	.	.	PUNCT
cblr-11900	215	1	pt	pt	PROPN
cblr-11900	215	2	.	.	PROPN
cblr-11900	215	3	240	240	NUM
cblr-11900	215	4	)	)	PUNCT
cblr-11900	215	5	,	,	PUNCT
cblr-11900	216	1	https://www.sec.gov/rules/proposed/2022/34-94524.pdf	https://www.sec.gov/rules/proposed/2022/34-94524.pdf	PROPN
cblr-11900	216	2	[	[	X
cblr-11900	216	3	https://perma.cc/5ev4-pe8r	https://perma.cc/5ev4-pe8r	X
cblr-11900	216	4	]	]	PUNCT
cblr-11900	216	5	.	.	PUNCT
cblr-11900	217	1	no	no	INTJ
cblr-11900	217	2	.	.	NOUN
cblr-11900	217	3	1	1	NUM
cblr-11900	217	4	]	]	ADJ
cblr-11900	217	5	money	money	NOUN
cblr-11900	217	6	and	and	CCONJ
cblr-11900	217	7	the	the	DET
cblr-11900	217	8	public	public	ADJ
cblr-11900	217	9	debt	debt	NOUN
cblr-11900	217	10	237	237	NUM
cblr-11900	217	11	dealers	dealer	NOUN
cblr-11900	217	12	are	be	AUX
cblr-11900	217	13	,	,	PUNCT
cblr-11900	217	14	in	in	ADP
cblr-11900	217	15	some	some	DET
cblr-11900	217	16	cases	case	NOUN
cblr-11900	217	17	,	,	PUNCT
cblr-11900	217	18	also	also	ADV
cblr-11900	217	19	shadow	shadow	VERB
cblr-11900	217	20	banks	bank	NOUN
cblr-11900	217	21	—	—	PUNCT
cblr-11900	217	22	they	they	PRON
cblr-11900	217	23	too	too	ADV
cblr-11900	217	24	rely	rely	VERB
cblr-11900	217	25	on	on	ADP
cblr-11900	217	26	repo	repo	ADP
cblr-11900	217	27	financing	financing	NOUN
cblr-11900	217	28	.	.	PUNCT
cblr-11900	218	1	indeed	indeed	ADV
cblr-11900	218	2	,	,	PUNCT
cblr-11900	218	3	their	their	PRON
cblr-11900	218	4	emergence	emergence	NOUN
cblr-11900	218	5	has	have	AUX
cblr-11900	218	6	spurred	spur	VERB
cblr-11900	218	7	a	a	DET
cblr-11900	218	8	rapid	rapid	ADJ
cblr-11900	218	9	expansion	expansion	NOUN
cblr-11900	218	10	in	in	ADP
cblr-11900	218	11	the	the	DET
cblr-11900	218	12	repo	repo	NOUN
cblr-11900	218	13	market.27	market.27	PROPN
cblr-11900	218	14	this	this	DET
cblr-11900	218	15	ad	ad	NOUN
cblr-11900	218	16	hoc	hoc	X
cblr-11900	218	17	public	public	ADJ
cblr-11900	218	18	finance	finance	NOUN
cblr-11900	218	19	market	market	NOUN
cblr-11900	218	20	structure	structure	NOUN
cblr-11900	218	21	has	have	AUX
cblr-11900	218	22	proven	prove	VERB
cblr-11900	218	23	unstable	unstable	ADJ
cblr-11900	218	24	when	when	SCONJ
cblr-11900	218	25	subjected	subject	VERB
cblr-11900	218	26	to	to	ADP
cblr-11900	218	27	stress	stress	NOUN
cblr-11900	218	28	.	.	PUNCT
cblr-11900	219	1	in	in	ADP
cblr-11900	219	2	2020	2020	NUM
cblr-11900	219	3	,	,	PUNCT
cblr-11900	219	4	the	the	DET
cblr-11900	219	5	onset	onset	NOUN
cblr-11900	219	6	of	of	ADP
cblr-11900	219	7	the	the	DET
cblr-11900	219	8	pandemic	pandemic	NOUN
cblr-11900	219	9	revealed	reveal	VERB
cblr-11900	219	10	that	that	SCONJ
cblr-11900	219	11	shadow	shadow	PROPN
cblr-11900	219	12	dealers	dealer	NOUN
cblr-11900	219	13	,	,	PUNCT
cblr-11900	219	14	which	which	PRON
cblr-11900	219	15	were	be	AUX
cblr-11900	219	16	often	often	ADV
cblr-11900	219	17	much	much	ADV
cblr-11900	219	18	more	more	ADV
cblr-11900	219	19	thinly	thinly	ADV
cblr-11900	219	20	capitalized	capitalize	VERB
cblr-11900	219	21	than	than	ADP
cblr-11900	219	22	commercial	commercial	ADJ
cblr-11900	219	23	banks	bank	NOUN
cblr-11900	219	24	and	and	CCONJ
cblr-11900	219	25	lacked	lack	VERB
cblr-11900	219	26	explicit	explicit	ADJ
cblr-11900	219	27	or	or	CCONJ
cblr-11900	219	28	implicit	implicit	ADJ
cblr-11900	219	29	access	access	NOUN
cblr-11900	219	30	to	to	ADP
cblr-11900	219	31	central	central	ADJ
cblr-11900	219	32	bank	bank	NOUN
cblr-11900	219	33	backstopping	backstoppe	VERB
cblr-11900	219	34	,	,	PUNCT
cblr-11900	219	35	were	be	AUX
cblr-11900	219	36	extremely	extremely	ADV
cblr-11900	219	37	vulnerable	vulnerable	ADJ
cblr-11900	219	38	to	to	ADP
cblr-11900	219	39	run	run	VERB
cblr-11900	219	40	-	-	PUNCT
cblr-11900	219	41	like	like	ADJ
cblr-11900	219	42	dynamics	dynamic	NOUN
cblr-11900	219	43	in	in	ADP
cblr-11900	219	44	the	the	DET
cblr-11900	219	45	face	face	NOUN
cblr-11900	219	46	of	of	ADP
cblr-11900	219	47	market	market	NOUN
cblr-11900	219	48	volatility	volatility	NOUN
cblr-11900	219	49	.	.	PUNCT
cblr-11900	220	1	just	just	ADV
cblr-11900	220	2	when	when	SCONJ
cblr-11900	220	3	private	private	ADJ
cblr-11900	220	4	intermediaries	intermediary	NOUN
cblr-11900	220	5	,	,	PUNCT
cblr-11900	220	6	including	include	VERB
cblr-11900	220	7	hedge	hedge	NOUN
cblr-11900	220	8	funds	fund	NOUN
cblr-11900	220	9	and	and	CCONJ
cblr-11900	220	10	high	high	ADJ
cblr-11900	220	11	-	-	PUNCT
cblr-11900	220	12	frequency	frequency	NOUN
cblr-11900	220	13	traders	trader	NOUN
cblr-11900	220	14	as	as	ADV
cblr-11900	220	15	well	well	ADV
cblr-11900	220	16	as	as	ADP
cblr-11900	220	17	securities	security	NOUN
cblr-11900	220	18	dealers	dealer	NOUN
cblr-11900	220	19	,	,	PUNCT
cblr-11900	220	20	were	be	AUX
cblr-11900	220	21	most	most	ADV
cblr-11900	220	22	needed	need	VERB
cblr-11900	220	23	to	to	PART
cblr-11900	220	24	warehouse	warehouse	VERB
cblr-11900	220	25	a	a	DET
cblr-11900	220	26	deluge	deluge	NOUN
cblr-11900	220	27	of	of	ADP
cblr-11900	220	28	sales	sale	NOUN
cblr-11900	220	29	by	by	ADP
cblr-11900	220	30	end	end	NOUN
cblr-11900	220	31	-	-	PUNCT
cblr-11900	220	32	investors	investor	NOUN
cblr-11900	220	33	in	in	ADP
cblr-11900	220	34	a	a	DET
cblr-11900	220	35	largely	largely	ADV
cblr-11900	220	36	one	one	NUM
cblr-11900	220	37	-	-	PUNCT
cblr-11900	220	38	sided	sided	ADJ
cblr-11900	220	39	market	market	NOUN
cblr-11900	220	40	,	,	PUNCT
cblr-11900	220	41	these	these	DET
cblr-11900	220	42	firms	firm	NOUN
cblr-11900	220	43	stepped	step	VERB
cblr-11900	220	44	back	back	ADV
cblr-11900	220	45	in	in	ADP
cblr-11900	220	46	unison	unison	NOUN
cblr-11900	220	47	.	.	PUNCT
cblr-11900	221	1	size	size	NOUN
cblr-11900	221	2	constraints	constraint	NOUN
cblr-11900	221	3	may	may	AUX
cblr-11900	221	4	not	not	PART
cblr-11900	221	5	have	have	AUX
cblr-11900	221	6	been	be	AUX
cblr-11900	221	7	strictly	strictly	ADV
cblr-11900	221	8	binding	bind	VERB
cblr-11900	221	9	on	on	ADP
cblr-11900	221	10	the	the	DET
cblr-11900	221	11	banking	banking	NOUN
cblr-11900	221	12	system	system	NOUN
cblr-11900	221	13	or	or	CCONJ
cblr-11900	221	14	individual	individual	ADJ
cblr-11900	221	15	bank	bank	NOUN
cblr-11900	221	16	holding	hold	VERB
cblr-11900	221	17	companies	company	NOUN
cblr-11900	221	18	at	at	ADP
cblr-11900	221	19	the	the	DET
cblr-11900	221	20	time	time	NOUN
cblr-11900	221	21	,	,	PUNCT
cblr-11900	221	22	but	but	CCONJ
cblr-11900	221	23	they	they	PRON
cblr-11900	221	24	created	create	VERB
cblr-11900	221	25	a	a	DET
cblr-11900	221	26	brittle	brittle	ADJ
cblr-11900	221	27	internal	internal	ADJ
cblr-11900	221	28	arrangement	arrangement	NOUN
cblr-11900	221	29	that	that	PRON
cblr-11900	221	30	acted	act	VERB
cblr-11900	221	31	as	as	ADP
cblr-11900	221	32	an	an	DET
cblr-11900	221	33	amplifier	amplifier	NOUN
cblr-11900	221	34	of	of	ADP
cblr-11900	221	35	market	market	NOUN
cblr-11900	221	36	volatility	volatility	NOUN
cblr-11900	221	37	.	.	PUNCT
cblr-11900	222	1	the	the	DET
cblr-11900	222	2	day	day	NOUN
cblr-11900	222	3	was	be	AUX
cblr-11900	222	4	saved	save	VERB
cblr-11900	222	5	only	only	ADV
cblr-11900	222	6	by	by	ADP
cblr-11900	222	7	a	a	DET
cblr-11900	222	8	dramatic	dramatic	ADJ
cblr-11900	222	9	intervention	intervention	NOUN
cblr-11900	222	10	by	by	ADP
cblr-11900	222	11	the	the	DET
cblr-11900	222	12	fed	fed	PROPN
cblr-11900	222	13	,	,	PUNCT
cblr-11900	222	14	which	which	PRON
cblr-11900	222	15	used	use	VERB
cblr-11900	222	16	its	its	PRON
cblr-11900	222	17	balance	balance	NOUN
cblr-11900	222	18	sheet	sheet	NOUN
cblr-11900	222	19	to	to	PART
cblr-11900	222	20	absorb	absorb	VERB
cblr-11900	222	21	supply	supply	NOUN
cblr-11900	222	22	and	and	CCONJ
cblr-11900	222	23	smooth	smooth	VERB
cblr-11900	222	24	out	out	ADP
cblr-11900	222	25	price	price	NOUN
cblr-11900	222	26	fluctuations	fluctuation	NOUN
cblr-11900	222	27	.	.	PUNCT
cblr-11900	223	1	it	it	PRON
cblr-11900	223	2	was	be	AUX
cblr-11900	223	3	what	what	PRON
cblr-11900	223	4	chairman	chairman	PROPN
cblr-11900	223	5	martin	martin	PROPN
cblr-11900	223	6	had	have	AUX
cblr-11900	223	7	aimed	aim	VERB
cblr-11900	223	8	to	to	PART
cblr-11900	223	9	avoid	avoid	VERB
cblr-11900	223	10	:	:	PUNCT
cblr-11900	223	11	direct	direct	ADJ
cblr-11900	223	12	central	central	ADJ
cblr-11900	223	13	bank	bank	NOUN
cblr-11900	223	14	intervention	intervention	NOUN
cblr-11900	223	15	undergirding	undergird	VERB
cblr-11900	223	16	federal	federal	ADJ
cblr-11900	223	17	finance	finance	NOUN
cblr-11900	223	18	.	.	PUNCT
cblr-11900	224	1	part	part	NOUN
cblr-11900	224	2	v	v	NOUN
cblr-11900	224	3	draws	draw	VERB
cblr-11900	224	4	on	on	ADP
cblr-11900	224	5	the	the	DET
cblr-11900	224	6	historical	historical	ADJ
cblr-11900	224	7	and	and	CCONJ
cblr-11900	224	8	conceptual	conceptual	ADJ
cblr-11900	224	9	framework	framework	NOUN
cblr-11900	224	10	developed	develop	VERB
cblr-11900	224	11	in	in	ADP
cblr-11900	224	12	parts	part	NOUN
cblr-11900	224	13	ii	ii	PROPN
cblr-11900	224	14	through	through	ADP
cblr-11900	224	15	iv	iv	NUM
cblr-11900	224	16	to	to	PART
cblr-11900	224	17	assess	assess	VERB
cblr-11900	224	18	various	various	ADJ
cblr-11900	224	19	reform	reform	NOUN
cblr-11900	224	20	proposals	proposal	NOUN
cblr-11900	224	21	.	.	PUNCT
cblr-11900	225	1	it	it	PRON
cblr-11900	225	2	argues	argue	VERB
cblr-11900	225	3	that	that	SCONJ
cblr-11900	225	4	restoring	restore	VERB
cblr-11900	225	5	treasury	treasury	NOUN
cblr-11900	225	6	market	market	NOUN
cblr-11900	225	7	liquidity	liquidity	NOUN
cblr-11900	225	8	requires	require	VERB
cblr-11900	225	9	constructing	construct	VERB
cblr-11900	225	10	extensible	extensible	ADJ
cblr-11900	225	11	balance	balance	NOUN
cblr-11900	225	12	sheet	sheet	NOUN
cblr-11900	225	13	capacity	capacity	NOUN
cblr-11900	225	14	in	in	ADP
cblr-11900	225	15	either	either	CCONJ
cblr-11900	225	16	the	the	DET
cblr-11900	225	17	public	public	ADJ
cblr-11900	225	18	or	or	CCONJ
cblr-11900	225	19	private	private	ADJ
cblr-11900	225	20	sector	sector	NOUN
cblr-11900	225	21	:	:	PUNCT
cblr-11900	225	22	marrying	marry	VERB
cblr-11900	225	23	monetary	monetary	ADJ
cblr-11900	225	24	expansion	expansion	NOUN
cblr-11900	225	25	and	and	CCONJ
cblr-11900	225	26	government	government	NOUN
cblr-11900	225	27	debt	debt	NOUN
cblr-11900	225	28	markets	market	NOUN
cblr-11900	225	29	together	together	ADV
cblr-11900	225	30	in	in	ADP
cblr-11900	225	31	a	a	DET
cblr-11900	225	32	stable	stable	ADJ
cblr-11900	225	33	institutional	institutional	ADJ
cblr-11900	225	34	order	order	NOUN
cblr-11900	225	35	.	.	PUNCT
cblr-11900	226	1	such	such	DET
cblr-11900	226	2	a	a	DET
cblr-11900	226	3	reform	reform	NOUN
cblr-11900	226	4	could	could	AUX
cblr-11900	226	5	potentially	potentially	ADV
cblr-11900	226	6	enhance	enhance	VERB
cblr-11900	226	7	treasury	treasury	NOUN
cblr-11900	226	8	market	market	NOUN
cblr-11900	226	9	liquidity	liquidity	NOUN
cblr-11900	226	10	without	without	ADP
cblr-11900	226	11	changing	change	VERB
cblr-11900	226	12	the	the	DET
cblr-11900	226	13	bank	bank	NOUN
cblr-11900	226	14	regulatory	regulatory	ADJ
cblr-11900	226	15	regime	regime	NOUN
cblr-11900	226	16	and	and	CCONJ
cblr-11900	226	17	while	while	SCONJ
cblr-11900	226	18	also	also	ADV
cblr-11900	226	19	keeping	keep	VERB
cblr-11900	226	20	central	central	ADJ
cblr-11900	226	21	bank	bank	NOUN
cblr-11900	226	22	-	-	PUNCT
cblr-11900	226	23	backed	back	VERB
cblr-11900	226	24	treasury	treasury	NOUN
cblr-11900	226	25	dealing	deal	VERB
cblr-11900	226	26	inside	inside	ADP
cblr-11900	226	27	the	the	DET
cblr-11900	226	28	bank	bank	NOUN
cblr-11900	226	29	regulatory	regulatory	ADJ
cblr-11900	226	30	perimeter	perimeter	NOUN
cblr-11900	226	31	.	.	PUNCT
cblr-11900	227	1	ii	ii	PROPN
cblr-11900	227	2	.	.	PUNCT
cblr-11900	228	1	the	the	DET
cblr-11900	228	2	role	role	NOUN
cblr-11900	228	3	of	of	ADP
cblr-11900	228	4	money	money	NOUN
cblr-11900	228	5	in	in	ADP
cblr-11900	228	6	the	the	DET
cblr-11900	228	7	primary	primary	ADJ
cblr-11900	228	8	market	market	NOUN
cblr-11900	228	9	the	the	DET
cblr-11900	228	10	line	line	NOUN
cblr-11900	228	11	between	between	ADP
cblr-11900	228	12	money	money	NOUN
cblr-11900	228	13	and	and	CCONJ
cblr-11900	228	14	the	the	DET
cblr-11900	228	15	public	public	ADJ
cblr-11900	228	16	debt	debt	NOUN
cblr-11900	228	17	has	have	AUX
cblr-11900	228	18	never	never	ADV
cblr-11900	228	19	been	be	AUX
cblr-11900	228	20	entirely	entirely	ADV
cblr-11900	228	21	clear	clear	ADJ
cblr-11900	228	22	or	or	CCONJ
cblr-11900	228	23	distinct	distinct	ADJ
cblr-11900	228	24	.	.	PUNCT
cblr-11900	229	1	but	but	CCONJ
cblr-11900	229	2	it	it	PRON
cblr-11900	229	3	was	be	AUX
cblr-11900	229	4	perhaps	perhaps	ADV
cblr-11900	229	5	sharper	sharp	ADJ
cblr-11900	229	6	in	in	ADP
cblr-11900	229	7	27	27	NUM
cblr-11900	229	8	see	see	NOUN
cblr-11900	229	9	infra	infra	NOUN
cblr-11900	229	10	part	part	NOUN
cblr-11900	229	11	iv	iv	NUM
cblr-11900	229	12	.	.	PUNCT
cblr-11900	230	1	238	238	NUM
cblr-11900	230	2	columbia	columbia	PROPN
cblr-11900	230	3	business	business	NOUN
cblr-11900	230	4	law	law	PROPN
cblr-11900	230	5	review	review	NOUN
cblr-11900	230	6	[	[	X
cblr-11900	230	7	vol	vol	NOUN
cblr-11900	230	8	.	.	PUNCT
cblr-11900	230	9	2023	2023	NUM
cblr-11900	230	10	the	the	DET
cblr-11900	230	11	early	early	ADJ
cblr-11900	230	12	republic	republic	NOUN
cblr-11900	230	13	,	,	PUNCT
cblr-11900	230	14	when	when	SCONJ
cblr-11900	230	15	federal	federal	ADJ
cblr-11900	230	16	officials	official	NOUN
cblr-11900	230	17	constructed	construct	VERB
cblr-11900	230	18	a	a	DET
cblr-11900	230	19	fiscal	fiscal	ADJ
cblr-11900	230	20	framework	framework	NOUN
cblr-11900	230	21	that	that	PRON
cblr-11900	230	22	at	at	ADV
cblr-11900	230	23	least	least	ADJ
cblr-11900	230	24	aimed	aim	VERB
cblr-11900	230	25	to	to	PART
cblr-11900	230	26	separate	separate	VERB
cblr-11900	230	27	the	the	DET
cblr-11900	230	28	public	public	ADJ
cblr-11900	230	29	purse	purse	NOUN
cblr-11900	230	30	from	from	ADP
cblr-11900	230	31	the	the	DET
cblr-11900	230	32	printing	printing	NOUN
cblr-11900	230	33	press	press	NOUN
cblr-11900	230	34	.	.	PUNCT
cblr-11900	231	1	this	this	PRON
cblr-11900	231	2	changed	change	VERB
cblr-11900	231	3	decisively	decisively	ADV
cblr-11900	231	4	in	in	ADP
cblr-11900	231	5	the	the	DET
cblr-11900	231	6	1860s	1860	NOUN
cblr-11900	231	7	,	,	PUNCT
cblr-11900	231	8	when	when	SCONJ
cblr-11900	231	9	the	the	DET
cblr-11900	231	10	budgetary	budgetary	ADJ
cblr-11900	231	11	demands	demand	NOUN
cblr-11900	231	12	of	of	ADP
cblr-11900	231	13	the	the	DET
cblr-11900	231	14	civil	civil	ADJ
cblr-11900	231	15	war	war	NOUN
cblr-11900	231	16	led	lead	VERB
cblr-11900	231	17	congress	congress	PROPN
cblr-11900	231	18	to	to	PART
cblr-11900	231	19	experiment	experiment	VERB
cblr-11900	231	20	with	with	ADP
cblr-11900	231	21	direct	direct	ADJ
cblr-11900	231	22	money	money	NOUN
cblr-11900	231	23	issue	issue	NOUN
cblr-11900	231	24	as	as	ADP
cblr-11900	231	25	a	a	DET
cblr-11900	231	26	means	means	NOUN
cblr-11900	231	27	for	for	ADP
cblr-11900	231	28	funding	fund	VERB
cblr-11900	231	29	outlays.28	outlays.28	NOUN
cblr-11900	231	30	ultimately	ultimately	ADV
cblr-11900	231	31	,	,	PUNCT
cblr-11900	231	32	legislators	legislator	NOUN
cblr-11900	231	33	turned	turn	VERB
cblr-11900	231	34	to	to	ADP
cblr-11900	231	35	a	a	DET
cblr-11900	231	36	monetary	monetary	ADJ
cblr-11900	231	37	outsourcing	outsourcing	NOUN
cblr-11900	231	38	scheme	scheme	NOUN
cblr-11900	231	39	that	that	PRON
cblr-11900	231	40	required	require	VERB
cblr-11900	231	41	federally	federally	ADV
cblr-11900	231	42	-	-	PUNCT
cblr-11900	231	43	incorporated	incorporate	VERB
cblr-11900	231	44	money	money	NOUN
cblr-11900	231	45	issuers	issuer	NOUN
cblr-11900	231	46	to	to	PART
cblr-11900	231	47	buy	buy	VERB
cblr-11900	231	48	government	government	NOUN
cblr-11900	231	49	debt	debt	NOUN
cblr-11900	231	50	—	—	PUNCT
cblr-11900	231	51	the	the	DET
cblr-11900	231	52	national	national	ADJ
cblr-11900	231	53	banking	banking	NOUN
cblr-11900	231	54	system	system	NOUN
cblr-11900	231	55	.	.	PUNCT
cblr-11900	232	1	in	in	ADP
cblr-11900	232	2	the	the	DET
cblr-11900	232	3	twentieth	twentieth	ADJ
cblr-11900	232	4	century	century	NOUN
cblr-11900	232	5	,	,	PUNCT
cblr-11900	232	6	following	follow	VERB
cblr-11900	232	7	the	the	DET
cblr-11900	232	8	creation	creation	NOUN
cblr-11900	232	9	of	of	ADP
cblr-11900	232	10	the	the	DET
cblr-11900	232	11	federal	federal	PROPN
cblr-11900	232	12	reserve	reserve	PROPN
cblr-11900	232	13	and	and	CCONJ
cblr-11900	232	14	two	two	NUM
cblr-11900	232	15	world	world	NOUN
cblr-11900	232	16	wars	war	NOUN
cblr-11900	232	17	,	,	PUNCT
cblr-11900	232	18	fiscal	fiscal	ADJ
cblr-11900	232	19	-	-	PUNCT
cblr-11900	232	20	monetary	monetary	ADJ
cblr-11900	232	21	entanglement	entanglement	NOUN
cblr-11900	232	22	deepened	deepen	VERB
cblr-11900	232	23	,	,	PUNCT
cblr-11900	232	24	culminating	culminate	VERB
cblr-11900	232	25	in	in	ADP
cblr-11900	232	26	a	a	DET
cblr-11900	232	27	regime	regime	NOUN
cblr-11900	232	28	of	of	ADP
cblr-11900	232	29	direct	direct	ADJ
cblr-11900	232	30	debt	debt	NOUN
cblr-11900	232	31	monetization	monetization	NOUN
cblr-11900	232	32	.	.	PUNCT
cblr-11900	233	1	under	under	ADP
cblr-11900	233	2	this	this	DET
cblr-11900	233	3	regime	regime	NOUN
cblr-11900	233	4	,	,	PUNCT
cblr-11900	233	5	the	the	DET
cblr-11900	233	6	government	government	NOUN
cblr-11900	233	7	formally	formally	ADV
cblr-11900	233	8	financed	finance	VERB
cblr-11900	233	9	its	its	PRON
cblr-11900	233	10	activities	activity	NOUN
cblr-11900	233	11	through	through	ADP
cblr-11900	233	12	debt	debt	NOUN
cblr-11900	233	13	markets	market	NOUN
cblr-11900	233	14	,	,	PUNCT
cblr-11900	233	15	but	but	CCONJ
cblr-11900	233	16	used	use	VERB
cblr-11900	233	17	money	money	NOUN
cblr-11900	233	18	printing	print	VERB
cblr-11900	233	19	to	to	PART
cblr-11900	233	20	reduce	reduce	VERB
cblr-11900	233	21	the	the	DET
cblr-11900	233	22	cost	cost	NOUN
cblr-11900	233	23	of	of	ADP
cblr-11900	233	24	debt	debt	NOUN
cblr-11900	233	25	finance	finance	NOUN
cblr-11900	233	26	,	,	PUNCT
cblr-11900	233	27	and	and	CCONJ
cblr-11900	233	28	even	even	ADV
cblr-11900	233	29	,	,	PUNCT
cblr-11900	233	30	in	in	ADP
cblr-11900	233	31	the	the	DET
cblr-11900	233	32	1940s	1940	NOUN
cblr-11900	233	33	,	,	PUNCT
cblr-11900	233	34	to	to	PART
cblr-11900	233	35	fix	fix	VERB
cblr-11900	233	36	the	the	DET
cblr-11900	233	37	prices	price	NOUN
cblr-11900	233	38	of	of	ADP
cblr-11900	233	39	public	public	ADJ
cblr-11900	233	40	debt	debt	NOUN
cblr-11900	233	41	,	,	PUNCT
cblr-11900	233	42	converting	convert	VERB
cblr-11900	233	43	it	it	PRON
cblr-11900	233	44	into	into	ADP
cblr-11900	233	45	a	a	DET
cblr-11900	233	46	sort	sort	NOUN
cblr-11900	233	47	of	of	ADP
cblr-11900	233	48	interest	interest	NOUN
cblr-11900	233	49	-	-	PUNCT
cblr-11900	233	50	paying	pay	VERB
cblr-11900	233	51	money	money	NOUN
cblr-11900	233	52	.	.	PUNCT
cblr-11900	234	1	this	this	DET
cblr-11900	234	2	system	system	NOUN
cblr-11900	234	3	facilitated	facilitate	VERB
cblr-11900	234	4	a	a	DET
cblr-11900	234	5	massive	massive	ADJ
cblr-11900	234	6	expansion	expansion	NOUN
cblr-11900	234	7	in	in	ADP
cblr-11900	234	8	public	public	ADJ
cblr-11900	234	9	debt	debt	NOUN
cblr-11900	234	10	:	:	PUNCT
cblr-11900	234	11	between	between	ADP
cblr-11900	234	12	1860	1860	NUM
cblr-11900	234	13	and	and	CCONJ
cblr-11900	234	14	1947	1947	NUM
cblr-11900	234	15	,	,	PUNCT
cblr-11900	234	16	the	the	DET
cblr-11900	234	17	total	total	ADJ
cblr-11900	234	18	stock	stock	NOUN
cblr-11900	234	19	of	of	ADP
cblr-11900	234	20	u.s	u.s	PROPN
cblr-11900	234	21	.	.	PROPN
cblr-11900	234	22	government	government	NOUN
cblr-11900	234	23	debt	debt	NOUN
cblr-11900	234	24	grew	grow	VERB
cblr-11900	234	25	from	from	ADP
cblr-11900	234	26	$	$	SYM
cblr-11900	234	27	52	52	NUM
cblr-11900	234	28	million	million	NUM
cblr-11900	234	29	to	to	PART
cblr-11900	234	30	more	more	ADJ
cblr-11900	234	31	than	than	ADP
cblr-11900	234	32	$	$	SYM
cblr-11900	234	33	250	250	NUM
cblr-11900	234	34	billion	billion	NUM
cblr-11900	234	35	—	—	PUNCT
cblr-11900	234	36	an	an	DET
cblr-11900	234	37	eighty	eighty	NUM
cblr-11900	234	38	-	-	PUNCT
cblr-11900	234	39	fold	fold	ADJ
cblr-11900	234	40	increase	increase	NOUN
cblr-11900	234	41	relative	relative	ADJ
cblr-11900	234	42	to	to	ADP
cblr-11900	234	43	activity	activity	NOUN
cblr-11900	234	44	(	(	PUNCT
cblr-11900	234	45	1.3	1.3	NUM
cblr-11900	234	46	%	%	NOUN
cblr-11900	234	47	to	to	PART
cblr-11900	234	48	105	105	NUM
cblr-11900	234	49	%	%	NOUN
cblr-11900	234	50	of	of	ADP
cblr-11900	234	51	gdp	gdp	NOUN
cblr-11900	234	52	)	)	PUNCT
cblr-11900	234	53	and	and	CCONJ
cblr-11900	234	54	a	a	DET
cblr-11900	234	55	more	more	ADJ
cblr-11900	234	56	than	than	ADP
cblr-11900	234	57	four	four	NUM
cblr-11900	234	58	-	-	PUNCT
cblr-11900	234	59	hundredfold	hundredfold	ADJ
cblr-11900	234	60	increase	increase	NOUN
cblr-11900	234	61	in	in	ADP
cblr-11900	234	62	real	real	ADJ
cblr-11900	234	63	per	per	ADP
cblr-11900	234	64	capita	capita	NOUN
cblr-11900	234	65	terms	term	NOUN
cblr-11900	234	66	(	(	PUNCT
cblr-11900	234	67	$	$	SYM
cblr-11900	234	68	49	49	NUM
cblr-11900	234	69	to	to	PART
cblr-11900	234	70	$	$	SYM
cblr-11900	234	71	21k	21k	NUM
cblr-11900	234	72	,	,	PUNCT
cblr-11900	234	73	in	in	ADP
cblr-11900	234	74	2020	2020	NUM
cblr-11900	234	75	28	28	NUM
cblr-11900	234	76	john	john	PROPN
cblr-11900	234	77	steele	steele	PROPN
cblr-11900	234	78	gordon	gordon	PROPN
cblr-11900	234	79	,	,	PUNCT
cblr-11900	234	80	paying	pay	VERB
cblr-11900	234	81	for	for	ADP
cblr-11900	234	82	the	the	DET
cblr-11900	234	83	war	war	NOUN
cblr-11900	234	84	,	,	PUNCT
cblr-11900	234	85	am	be	AUX
cblr-11900	234	86	.	.	PUNCT
cblr-11900	235	1	heritage	heritage	NOUN
cblr-11900	235	2	(	(	PUNCT
cblr-11900	235	3	mar	mar	PROPN
cblr-11900	235	4	.	.	PROPN
cblr-11900	235	5	1990	1990	NUM
cblr-11900	235	6	)	)	PUNCT
cblr-11900	235	7	,	,	PUNCT
cblr-11900	235	8	https://www.americanheritage.com/paying-war	https://www.americanheritage.com/paying-war	VERB
cblr-11900	235	9	[	[	X
cblr-11900	235	10	https://perma.cc/6yg6lry6	https://perma.cc/6yg6lry6	X
cblr-11900	235	11	]	]	X
cblr-11900	235	12	.	.	PUNCT
cblr-11900	236	1	no	no	INTJ
cblr-11900	236	2	.	.	NOUN
cblr-11900	236	3	1	1	NUM
cblr-11900	236	4	]	]	ADJ
cblr-11900	236	5	money	money	NOUN
cblr-11900	236	6	and	and	CCONJ
cblr-11900	236	7	the	the	DET
cblr-11900	236	8	public	public	ADJ
cblr-11900	236	9	debt	debt	NOUN
cblr-11900	236	10	239	239	NUM
cblr-11900	236	11	dollars).29	dollars).29	NOUN
cblr-11900	236	12	(	(	PUNCT
cblr-11900	236	13	see	see	VERB
cblr-11900	236	14	table	table	NOUN
cblr-11900	236	15	2	2	NUM
cblr-11900	236	16	for	for	ADP
cblr-11900	236	17	an	an	DET
cblr-11900	236	18	overview	overview	NOUN
cblr-11900	236	19	of	of	ADP
cblr-11900	236	20	the	the	DET
cblr-11900	236	21	largest	large	ADJ
cblr-11900	236	22	increases.)30	increases.)30	AUX
cblr-11900	236	23	table	table	NOUN
cblr-11900	236	24	2	2	NUM
cblr-11900	236	25	:	:	PUNCT
cblr-11900	236	26	net	net	ADJ
cblr-11900	236	27	change	change	NOUN
cblr-11900	236	28	in	in	ADP
cblr-11900	236	29	federal	federal	ADJ
cblr-11900	236	30	debt	debt	NOUN
cblr-11900	236	31	during	during	ADP
cblr-11900	236	32	several	several	ADJ
cblr-11900	236	33	shocks	shock	NOUN
cblr-11900	236	34	a.	a.	NOUN
cblr-11900	236	35	fiscal	fiscal	ADJ
cblr-11900	236	36	-	-	PUNCT
cblr-11900	236	37	monetary	monetary	ADJ
cblr-11900	236	38	separation	separation	NOUN
cblr-11900	236	39	before	before	ADP
cblr-11900	236	40	the	the	DET
cblr-11900	236	41	civil	civil	ADJ
cblr-11900	236	42	war	war	PROPN
cblr-11900	236	43	alexander	alexander	PROPN
cblr-11900	236	44	hamilton	hamilton	PROPN
cblr-11900	236	45	,	,	PUNCT
cblr-11900	236	46	the	the	DET
cblr-11900	236	47	first	first	ADJ
cblr-11900	236	48	secretary	secretary	NOUN
cblr-11900	236	49	of	of	ADP
cblr-11900	236	50	the	the	DET
cblr-11900	236	51	treasury	treasury	NOUN
cblr-11900	236	52	,	,	PUNCT
cblr-11900	236	53	referred	refer	VERB
cblr-11900	236	54	to	to	ADP
cblr-11900	236	55	the	the	DET
cblr-11900	236	56	public	public	ADJ
cblr-11900	236	57	debt	debt	NOUN
cblr-11900	236	58	as	as	ADP
cblr-11900	236	59	a	a	DET
cblr-11900	236	60	“	"	PUNCT
cblr-11900	236	61	blessing	blessing	NOUN
cblr-11900	236	62	”	"	PUNCT
cblr-11900	236	63	on	on	ADP
cblr-11900	236	64	multiple	multiple	ADJ
cblr-11900	236	65	occasions.31	occasions.31	NOUN
cblr-11900	236	66	in	in	ADP
cblr-11900	236	67	part	part	NOUN
cblr-11900	236	68	,	,	PUNCT
cblr-11900	236	69	this	this	PRON
cblr-11900	236	70	reflected	reflect	VERB
cblr-11900	236	71	his	his	PRON
cblr-11900	236	72	belief	belief	NOUN
cblr-11900	236	73	that	that	SCONJ
cblr-11900	236	74	the	the	DET
cblr-11900	236	75	newly	newly	ADV
cblr-11900	236	76	29	29	NUM
cblr-11900	236	77	of	of	ADP
cblr-11900	236	78	that	that	DET
cblr-11900	236	79	1947	1947	NUM
cblr-11900	236	80	total	total	NOUN
cblr-11900	236	81	,	,	PUNCT
cblr-11900	236	82	roughly	roughly	ADV
cblr-11900	236	83	69	69	NUM
cblr-11900	236	84	%	%	NOUN
cblr-11900	236	85	was	be	AUX
cblr-11900	236	86	marketable	marketable	ADJ
cblr-11900	236	87	,	,	PUNCT
cblr-11900	236	88	most	most	ADJ
cblr-11900	236	89	of	of	ADP
cblr-11900	236	90	which	which	PRON
cblr-11900	236	91	was	be	AUX
cblr-11900	236	92	held	hold	VERB
cblr-11900	236	93	within	within	ADP
cblr-11900	236	94	the	the	DET
cblr-11900	236	95	banking	banking	NOUN
cblr-11900	236	96	system	system	NOUN
cblr-11900	236	97	.	.	PUNCT
cblr-11900	237	1	as	as	ADP
cblr-11900	237	2	of	of	ADP
cblr-11900	237	3	the	the	DET
cblr-11900	237	4	fourth	fourth	ADJ
cblr-11900	237	5	quarter	quarter	NOUN
cblr-11900	237	6	of	of	ADP
cblr-11900	237	7	1947	1947	NUM
cblr-11900	237	8	,	,	PUNCT
cblr-11900	237	9	outright	outright	ADJ
cblr-11900	237	10	holdings	holding	NOUN
cblr-11900	237	11	by	by	ADP
cblr-11900	237	12	the	the	DET
cblr-11900	237	13	federal	federal	PROPN
cblr-11900	237	14	reserve	reserve	PROPN
cblr-11900	237	15	totaled	total	VERB
cblr-11900	237	16	$	$	SYM
cblr-11900	237	17	22.5	22.5	NUM
cblr-11900	237	18	billion	billion	NUM
cblr-11900	237	19	(	(	PUNCT
cblr-11900	237	20	13	13	NUM
cblr-11900	237	21	%	%	NOUN
cblr-11900	237	22	of	of	ADP
cblr-11900	237	23	the	the	DET
cblr-11900	237	24	$	$	SYM
cblr-11900	237	25	175	175	NUM
cblr-11900	237	26	billion	billion	NUM
cblr-11900	237	27	in	in	ADP
cblr-11900	237	28	marketable	marketable	ADJ
cblr-11900	237	29	debt	debt	NOUN
cblr-11900	237	30	outstanding	outstanding	ADJ
cblr-11900	237	31	at	at	ADP
cblr-11900	237	32	the	the	DET
cblr-11900	237	33	time	time	NOUN
cblr-11900	237	34	)	)	PUNCT
cblr-11900	237	35	,	,	PUNCT
cblr-11900	237	36	while	while	SCONJ
cblr-11900	237	37	domestic	domestic	ADJ
cblr-11900	237	38	depository	depository	NOUN
cblr-11900	237	39	institutions	institution	NOUN
cblr-11900	237	40	owned	own	VERB
cblr-11900	237	41	roughly	roughly	ADV
cblr-11900	237	42	$	$	SYM
cblr-11900	237	43	83	83	NUM
cblr-11900	237	44	billion	billion	NUM
cblr-11900	237	45	(	(	PUNCT
cblr-11900	237	46	47	47	NUM
cblr-11900	237	47	%	%	NOUN
cblr-11900	237	48	)	)	PUNCT
cblr-11900	237	49	.	.	PUNCT
cblr-11900	238	1	domestic	domestic	ADJ
cblr-11900	238	2	bank	bank	NOUN
cblr-11900	238	3	balance	balance	NOUN
cblr-11900	238	4	sheets	sheet	NOUN
cblr-11900	238	5	in	in	ADP
cblr-11900	238	6	particular	particular	ADJ
cblr-11900	238	7	were	be	AUX
cblr-11900	238	8	roughly	roughly	ADV
cblr-11900	238	9	two	two	NUM
cblr-11900	238	10	-	-	PUNCT
cblr-11900	238	11	thirds	third	NOUN
cblr-11900	238	12	treasuries	treasury	NOUN
cblr-11900	238	13	(	(	PUNCT
cblr-11900	238	14	50	50	NUM
cblr-11900	238	15	%	%	NOUN
cblr-11900	238	16	)	)	PUNCT
cblr-11900	238	17	and	and	CCONJ
cblr-11900	238	18	cash	cash	NOUN
cblr-11900	238	19	(	(	PUNCT
cblr-11900	238	20	12	12	NUM
cblr-11900	238	21	%	%	NOUN
cblr-11900	238	22	)	)	PUNCT
cblr-11900	238	23	.	.	PUNCT
cblr-11900	239	1	authors	author	NOUN
cblr-11900	239	2	’	'	PUNCT
cblr-11900	239	3	calculations	calculation	NOUN
cblr-11900	239	4	based	base	VERB
cblr-11900	239	5	on	on	ADP
cblr-11900	239	6	data	datum	NOUN
cblr-11900	239	7	from	from	ADP
cblr-11900	239	8	historical	historical	ADJ
cblr-11900	239	9	data	datum	NOUN
cblr-11900	239	10	on	on	ADP
cblr-11900	239	11	federal	federal	ADJ
cblr-11900	239	12	debt	debt	NOUN
cblr-11900	239	13	held	hold	VERB
cblr-11900	239	14	by	by	ADP
cblr-11900	239	15	the	the	DET
cblr-11900	239	16	public	public	NOUN
cblr-11900	239	17	,	,	PUNCT
cblr-11900	239	18	cong	cong	NOUN
cblr-11900	239	19	.	.	PUNCT
cblr-11900	240	1	budget	budget	NOUN
cblr-11900	240	2	off	off	ADP
cblr-11900	240	3	.	.	PUNCT
cblr-11900	241	1	(	(	PUNCT
cblr-11900	241	2	aug	aug	PROPN
cblr-11900	241	3	.	.	PROPN
cblr-11900	241	4	5	5	NUM
cblr-11900	241	5	,	,	PUNCT
cblr-11900	241	6	2010	2010	NUM
cblr-11900	241	7	)	)	PUNCT
cblr-11900	241	8	,	,	PUNCT
cblr-11900	241	9	https://www.cbo.gov/publication/21728	https://www.cbo.gov/publication/21728	NOUN
cblr-11900	242	1	[	[	X
cblr-11900	242	2	https://perma.cc/d2up-3qck	https://perma.cc/d2up-3qck	X
cblr-11900	242	3	]	]	X
cblr-11900	242	4	;	;	PUNCT
cblr-11900	242	5	consumer	consumer	NOUN
cblr-11900	242	6	price	price	NOUN
cblr-11900	242	7	indexes	index	NOUN
cblr-11900	242	8	,	,	PUNCT
cblr-11900	242	9	series	series	NOUN
cblr-11900	242	10	cc1	cc1	PROPN
cblr-11900	242	11	-	-	PUNCT
cblr-11900	242	12	65	65	NUM
cblr-11900	242	13	,	,	PUNCT
cblr-11900	242	14	hist	hist	PROPN
cblr-11900	242	15	.	.	PUNCT
cblr-11900	242	16	stat	stat	PROPN
cblr-11900	242	17	.	.	PUNCT
cblr-11900	243	1	of	of	ADP
cblr-11900	243	2	the	the	DET
cblr-11900	243	3	u.s	u.s	PROPN
cblr-11900	243	4	.	.	PROPN
cblr-11900	243	5	(	(	PUNCT
cblr-11900	243	6	https://hsus.cambridge.org/hsusweb/toc/showtable.do?id=cc1-65	https://hsus.cambridge.org/hsusweb/toc/showtable.do?id=cc1-65	PROPN
cblr-11900	243	7	)	)	PUNCT
cblr-11900	244	1	[	[	X
cblr-11900	244	2	https://perma.cc/qg5e-qdj2	https://perma.cc/qg5e-qdj2	X
cblr-11900	244	3	]	]	X
cblr-11900	244	4	(	(	PUNCT
cblr-11900	244	5	last	last	ADV
cblr-11900	244	6	accessed	access	VERB
cblr-11900	244	7	may	may	PROPN
cblr-11900	244	8	19	19	NUM
cblr-11900	244	9	,	,	PUNCT
cblr-11900	244	10	2023	2023	NUM
cblr-11900	244	11	)	)	PUNCT
cblr-11900	244	12	;	;	PUNCT
cblr-11900	244	13	consumer	consumer	NOUN
cblr-11900	244	14	price	price	NOUN
cblr-11900	244	15	index	index	NOUN
cblr-11900	244	16	,	,	PUNCT
cblr-11900	244	17	1913-	1913-	NUM
cblr-11900	244	18	,	,	PUNCT
cblr-11900	244	19	fed	fed	PROPN
cblr-11900	244	20	.	.	PUNCT
cblr-11900	244	21	rsrv	rsrv	PROPN
cblr-11900	244	22	.	.	PUNCT
cblr-11900	245	1	bank	bank	PROPN
cblr-11900	245	2	of	of	ADP
cblr-11900	245	3	minneapolis	minneapolis	PROPN
cblr-11900	245	4	,	,	PUNCT
cblr-11900	245	5	https://www.minneapolisfed.org/about-us/monetary-policy/inflationcalculator/consumer-price-index-1913[https://perma.cc/6qer-qerp	https://www.minneapolisfed.org/about-us/monetary-policy/inflationcalculator/consumer-price-index-1913[https://perma.cc/6qer-qerp	PROPN
cblr-11900	245	6	]	]	PUNCT
cblr-11900	245	7	;	;	PUNCT
cblr-11900	245	8	area	area	NOUN
cblr-11900	245	9	and	and	CCONJ
cblr-11900	245	10	population	population	NOUN
cblr-11900	245	11	,	,	PUNCT
cblr-11900	245	12	series	series	PROPN
cblr-11900	245	13	aa1	aa1	PROPN
cblr-11900	245	14	-	-	PUNCT
cblr-11900	245	15	109	109	NUM
cblr-11900	245	16	,	,	PUNCT
cblr-11900	245	17	hist	hist	PROPN
cblr-11900	245	18	.	.	PUNCT
cblr-11900	246	1	stat	stat	PROPN
cblr-11900	246	2	.	.	PUNCT
cblr-11900	247	1	of	of	ADP
cblr-11900	247	2	the	the	DET
cblr-11900	247	3	u.s	u.s	PROPN
cblr-11900	247	4	.	.	PROPN
cblr-11900	247	5	,	,	PUNCT
cblr-11900	247	6	https://hsus.cambridge.org/hsusweb/toc/showtable.do?id=aa1-109	https://hsus.cambridge.org/hsusweb/toc/showtable.do?id=aa1-109	VERB
cblr-11900	248	1	[	[	X
cblr-11900	248	2	https://perma.cc/9ud5-ge59	https://perma.cc/9ud5-ge59	NOUN
cblr-11900	248	3	]	]	X
cblr-11900	248	4	(	(	PUNCT
cblr-11900	248	5	last	last	ADV
cblr-11900	248	6	accessed	access	VERB
cblr-11900	248	7	may	may	PROPN
cblr-11900	248	8	19	19	NUM
cblr-11900	248	9	,	,	PUNCT
cblr-11900	248	10	2023	2023	NUM
cblr-11900	248	11	)	)	PUNCT
cblr-11900	248	12	;	;	PUNCT
cblr-11900	249	1	population	population	NOUN
cblr-11900	249	2	,	,	PUNCT
cblr-11900	249	3	fred	fred	PROPN
cblr-11900	249	4	econ	econ	PROPN
cblr-11900	249	5	.	.	PUNCT
cblr-11900	250	1	data	data	PROPN
cblr-11900	250	2	,	,	PUNCT
cblr-11900	250	3	https://fred.stlouisfed.org/series/popthm	https://fred.stlouisfed.org/series/popthm	PROPN
cblr-11900	251	1	[	[	X
cblr-11900	251	2	https://perma.cc/k286-m8vk	https://perma.cc/k286-m8vk	NOUN
cblr-11900	251	3	]	]	PUNCT
cblr-11900	251	4	(	(	PUNCT
cblr-11900	251	5	last	last	ADV
cblr-11900	251	6	accessed	access	VERB
cblr-11900	251	7	may	may	PROPN
cblr-11900	251	8	19	19	NUM
cblr-11900	251	9	,	,	PUNCT
cblr-11900	251	10	2023	2023	NUM
cblr-11900	251	11	)	)	PUNCT
cblr-11900	251	12	.	.	PUNCT
cblr-11900	252	1	30	30	NUM
cblr-11900	252	2	cong	cong	NOUN
cblr-11900	252	3	.	.	PUNCT
cblr-11900	253	1	budget	budget	NOUN
cblr-11900	253	2	off	off	ADP
cblr-11900	253	3	.	.	PUNCT
cblr-11900	254	1	,	,	PUNCT
cblr-11900	254	2	supra	supra	PROPN
cblr-11900	254	3	note	note	PROPN
cblr-11900	254	4	16	16	NUM
cblr-11900	254	5	;	;	PUNCT
cblr-11900	254	6	ctr	ctr	PROPN
cblr-11900	254	7	.	.	PROPN
cblr-11900	255	1	for	for	ADP
cblr-11900	255	2	fin	fin	NOUN
cblr-11900	255	3	.	.	PUNCT
cblr-11900	256	1	stability	stability	NOUN
cblr-11900	256	2	,	,	PUNCT
cblr-11900	256	3	supra	supra	PROPN
cblr-11900	256	4	note	note	PROPN
cblr-11900	256	5	16	16	NUM
cblr-11900	256	6	;	;	PUNCT
cblr-11900	256	7	bd	bd	PROPN
cblr-11900	256	8	.	.	PROPN
cblr-11900	256	9	of	of	ADP
cblr-11900	256	10	governors	governor	NOUN
cblr-11900	256	11	of	of	ADP
cblr-11900	256	12	the	the	DET
cblr-11900	256	13	fed	fed	PROPN
cblr-11900	256	14	.	.	PUNCT
cblr-11900	257	1	rsrv	rsrv	PROPN
cblr-11900	257	2	.	.	PUNCT
cblr-11900	258	1	sys	sys	PROPN
cblr-11900	258	2	.	.	PROPN
cblr-11900	258	3	,	,	PUNCT
cblr-11900	258	4	supra	supra	PROPN
cblr-11900	258	5	note	note	VERB
cblr-11900	258	6	16	16	NUM
cblr-11900	258	7	.	.	PUNCT
cblr-11900	258	8	31	31	NUM
cblr-11900	258	9	letter	letter	NOUN
cblr-11900	258	10	from	from	ADP
cblr-11900	258	11	alexander	alexander	PROPN
cblr-11900	258	12	hamilton	hamilton	PROPN
cblr-11900	258	13	to	to	ADP
cblr-11900	258	14	robert	robert	PROPN
cblr-11900	258	15	morris	morris	PROPN
cblr-11900	258	16	(	(	PUNCT
cblr-11900	258	17	april	april	PROPN
cblr-11900	258	18	30	30	NUM
cblr-11900	258	19	,	,	PUNCT
cblr-11900	258	20	1781	1781	NUM
cblr-11900	258	21	)	)	PUNCT
cblr-11900	258	22	,	,	PUNCT
cblr-11900	258	23	in	in	ADP
cblr-11900	258	24	2	2	NUM
cblr-11900	258	25	the	the	DET
cblr-11900	258	26	papers	paper	NOUN
cblr-11900	258	27	of	of	ADP
cblr-11900	258	28	alexander	alexander	PROPN
cblr-11900	258	29	hamilton	hamilton	PROPN
cblr-11900	258	30	,	,	PUNCT
cblr-11900	258	31	1779–1781	1779–1781	NUM
cblr-11900	258	32	,	,	PUNCT
cblr-11900	258	33	604–35	604–35	NUM
cblr-11900	258	34	(	(	PUNCT
cblr-11900	258	35	harold	harold	PROPN
cblr-11900	258	36	c.	c.	PROPN
cblr-11900	258	37	event	event	PROPN
cblr-11900	258	38	nominal	nominal	ADJ
cblr-11900	258	39	(	(	PUNCT
cblr-11900	258	40	$	$	SYM
cblr-11900	258	41	bn	bn	NOUN
cblr-11900	258	42	)	)	PUNCT
cblr-11900	258	43	%	%	NOUN
cblr-11900	258	44	of	of	ADP
cblr-11900	258	45	gdp	gdp	NOUN
cblr-11900	258	46	%	%	NOUN
cblr-11900	258	47	of	of	ADP
cblr-11900	258	48	ex	ex	PROPN
cblr-11900	258	49	-	-	NOUN
cblr-11900	258	50	ante	ante	NOUN
cblr-11900	258	51	gdp	gdp	NOUN
cblr-11900	258	52	adj	adj	PROPN
cblr-11900	258	53	to	to	ADP
cblr-11900	258	54	2019	2019	NUM
cblr-11900	258	55	gdp	gdp	NOUN
cblr-11900	258	56	excl	excl	PROPN
cblr-11900	258	57	cb	cb	PROPN
cblr-11900	258	58	purch	purch	PROPN
cblr-11900	258	59	adj	adj	PROPN
cblr-11900	258	60	to	to	ADP
cblr-11900	258	61	2019	2019	NUM
cblr-11900	258	62	gdp	gdp	NOUN
cblr-11900	258	63	civil	civil	ADJ
cblr-11900	258	64	war	war	NOUN
cblr-11900	258	65	$	$	SYM
cblr-11900	258	66	2.60	2.60	NUM
cblr-11900	258	67	29	29	NUM
cblr-11900	258	68	%	%	NOUN
cblr-11900	258	69	64	64	NUM
cblr-11900	258	70	%	%	NOUN
cblr-11900	258	71	$	$	SYM
cblr-11900	258	72	13,692	13,692	NUM
cblr-11900	258	73	64	64	NUM
cblr-11900	258	74	%	%	NOUN
cblr-11900	258	75	$	$	SYM
cblr-11900	258	76	13,692	13,692	NUM
cblr-11900	258	77	wwi	wwi	NOUN
cblr-11900	258	78	$	$	SYM
cblr-11900	258	79	24.50	24.50	NUM
cblr-11900	258	80	31	31	NUM
cblr-11900	258	81	%	%	NOUN
cblr-11900	258	82	53	53	NUM
cblr-11900	258	83	%	%	NOUN
cblr-11900	258	84	$	$	SYM
cblr-11900	258	85	11,349	11,349	NUM
cblr-11900	258	86	53	53	NUM
cblr-11900	258	87	%	%	NOUN
cblr-11900	258	88	$	$	SYM
cblr-11900	258	89	11,235	11,235	NUM
cblr-11900	258	90	wwii	wwii	NOUN
cblr-11900	258	91	$	$	SYM
cblr-11900	258	92	208	208	NUM
cblr-11900	258	93	70	70	NUM
cblr-11900	258	94	%	%	NOUN
cblr-11900	258	95	205	205	NUM
cblr-11900	258	96	%	%	NOUN
cblr-11900	258	97	$	$	SYM
cblr-11900	258	98	43,887	43,887	NUM
cblr-11900	258	99	184	184	NUM
cblr-11900	258	100	%	%	NOUN
cblr-11900	258	101	$	$	SYM
cblr-11900	258	102	39,279	39,279	NUM
cblr-11900	258	103	gfc	gfc	NOUN
cblr-11900	258	104	$	$	SYM
cblr-11900	258	105	7,888	7,888	NUM
cblr-11900	258	106	39	39	NUM
cblr-11900	258	107	%	%	NOUN
cblr-11900	258	108	54	54	NUM
cblr-11900	258	109	%	%	NOUN
cblr-11900	258	110	$	$	SYM
cblr-11900	258	111	11,651	11,651	NUM
cblr-11900	258	112	43	43	NUM
cblr-11900	258	113	%	%	NOUN
cblr-11900	258	114	$	$	SYM
cblr-11900	258	115	9,130	9,130	NUM
cblr-11900	258	116	covid	covid	NOUN
cblr-11900	258	117	$	$	SYM
cblr-11900	258	118	5,981	5,981	NUM
cblr-11900	258	119	19	19	NUM
cblr-11900	258	120	%	%	NOUN
cblr-11900	258	121	28	28	NUM
cblr-11900	258	122	%	%	NOUN
cblr-11900	258	123	$	$	SYM
cblr-11900	258	124	5,981	5,981	NUM
cblr-11900	258	125	12	12	NUM
cblr-11900	258	126	%	%	NOUN
cblr-11900	258	127	$	$	SYM
cblr-11900	258	128	2,658	2,658	NUM
cblr-11900	258	129	240	240	NUM
cblr-11900	258	130	columbia	columbia	PROPN
cblr-11900	258	131	business	business	NOUN
cblr-11900	258	132	law	law	NOUN
cblr-11900	258	133	review	review	NOUN
cblr-11900	259	1	[	[	X
cblr-11900	259	2	vol	vol	NOUN
cblr-11900	259	3	.	.	PUNCT
cblr-11900	259	4	2023	2023	NUM
cblr-11900	259	5	constituted	constitute	VERB
cblr-11900	259	6	federal	federal	ADJ
cblr-11900	259	7	government	government	NOUN
cblr-11900	259	8	needed	need	VERB
cblr-11900	259	9	access	access	NOUN
cblr-11900	259	10	to	to	ADP
cblr-11900	259	11	credit	credit	NOUN
cblr-11900	259	12	to	to	PART
cblr-11900	259	13	maintain	maintain	VERB
cblr-11900	259	14	an	an	DET
cblr-11900	259	15	able	able	ADJ
cblr-11900	259	16	and	and	CCONJ
cblr-11900	259	17	flexible	flexible	ADJ
cblr-11900	259	18	fiscal	fiscal	ADJ
cblr-11900	259	19	policy	policy	NOUN
cblr-11900	259	20	.	.	PUNCT
cblr-11900	260	1	but	but	CCONJ
cblr-11900	260	2	hamilton	hamilton	PROPN
cblr-11900	260	3	also	also	ADV
cblr-11900	260	4	offered	offer	VERB
cblr-11900	260	5	a	a	DET
cblr-11900	260	6	further	further	ADJ
cblr-11900	260	7	,	,	PUNCT
cblr-11900	260	8	more	more	ADV
cblr-11900	260	9	novel	novel	ADJ
cblr-11900	260	10	argument	argument	NOUN
cblr-11900	260	11	:	:	PUNCT
cblr-11900	260	12	government	government	NOUN
cblr-11900	260	13	debt	debt	NOUN
cblr-11900	260	14	had	have	AUX
cblr-11900	260	15	a	a	DET
cblr-11900	260	16	“	"	PUNCT
cblr-11900	260	17	capacity	capacity	NOUN
cblr-11900	260	18	for	for	ADP
cblr-11900	260	19	prompt	prompt	ADJ
cblr-11900	260	20	convertibility	convertibility	NOUN
cblr-11900	260	21	”	"	PUNCT
cblr-11900	260	22	to	to	ADP
cblr-11900	260	23	currency	currency	NOUN
cblr-11900	260	24	,	,	PUNCT
cblr-11900	260	25	potentially	potentially	ADV
cblr-11900	260	26	rendering	render	VERB
cblr-11900	260	27	transfers	transfer	NOUN
cblr-11900	260	28	“	"	PUNCT
cblr-11900	260	29	equivalent	equivalent	ADJ
cblr-11900	260	30	to	to	ADP
cblr-11900	260	31	a	a	DET
cblr-11900	260	32	payment	payment	NOUN
cblr-11900	260	33	in	in	ADP
cblr-11900	260	34	coin	coin	NOUN
cblr-11900	260	35	.	.	PUNCT
cblr-11900	261	1	”32	”32	VERB
cblr-11900	261	2	in	in	ADP
cblr-11900	261	3	other	other	ADJ
cblr-11900	261	4	words	word	NOUN
cblr-11900	261	5	,	,	PUNCT
cblr-11900	261	6	claims	claim	NOUN
cblr-11900	261	7	on	on	ADP
cblr-11900	261	8	the	the	DET
cblr-11900	261	9	sovereign	sovereign	ADJ
cblr-11900	261	10	exist	exist	NOUN
cblr-11900	261	11	in	in	ADP
cblr-11900	261	12	a	a	DET
cblr-11900	261	13	superposition	superposition	NOUN
cblr-11900	261	14	of	of	ADP
cblr-11900	261	15	states	state	NOUN
cblr-11900	261	16	between	between	ADP
cblr-11900	261	17	money33	money33	NOUN
cblr-11900	261	18	and	and	CCONJ
cblr-11900	261	19	debt	debt	NOUN
cblr-11900	261	20	.	.	PUNCT
cblr-11900	262	1	this	this	PRON
cblr-11900	262	2	conveyed	convey	VERB
cblr-11900	262	3	a	a	DET
cblr-11900	262	4	special	special	ADJ
cblr-11900	262	5	status	status	NOUN
cblr-11900	262	6	on	on	ADP
cblr-11900	262	7	direct	direct	ADJ
cblr-11900	262	8	obligations	obligation	NOUN
cblr-11900	262	9	of	of	ADP
cblr-11900	262	10	the	the	DET
cblr-11900	262	11	federal	federal	ADJ
cblr-11900	262	12	government	government	NOUN
cblr-11900	262	13	compared	compare	VERB
cblr-11900	262	14	to	to	ADP
cblr-11900	262	15	all	all	DET
cblr-11900	262	16	other	other	ADJ
cblr-11900	262	17	financial	financial	ADJ
cblr-11900	262	18	assets	asset	NOUN
cblr-11900	262	19	at	at	ADP
cblr-11900	262	20	a	a	DET
cblr-11900	262	21	time	time	NOUN
cblr-11900	262	22	when	when	SCONJ
cblr-11900	262	23	money	money	NOUN
cblr-11900	262	24	was	be	AUX
cblr-11900	262	25	in	in	ADP
cblr-11900	262	26	short	short	ADJ
cblr-11900	262	27	supply.34	supply.34	NOUN
cblr-11900	262	28	nonetheless	nonetheless	ADV
cblr-11900	262	29	,	,	PUNCT
cblr-11900	262	30	hamilton	hamilton	PROPN
cblr-11900	262	31	rejected	reject	VERB
cblr-11900	262	32	direct	direct	ADJ
cblr-11900	262	33	money	money	NOUN
cblr-11900	262	34	issuance	issuance	NOUN
cblr-11900	262	35	as	as	ADP
cblr-11900	262	36	a	a	DET
cblr-11900	262	37	way	way	NOUN
cblr-11900	262	38	for	for	SCONJ
cblr-11900	262	39	the	the	DET
cblr-11900	262	40	government	government	NOUN
cblr-11900	262	41	to	to	PART
cblr-11900	262	42	acquire	acquire	VERB
cblr-11900	262	43	resources	resource	NOUN
cblr-11900	262	44	.	.	PUNCT
cblr-11900	263	1	instead	instead	ADV
cblr-11900	263	2	,	,	PUNCT
cblr-11900	263	3	he	he	PRON
cblr-11900	263	4	helped	help	VERB
cblr-11900	263	5	to	to	PART
cblr-11900	263	6	establish	establish	VERB
cblr-11900	263	7	an	an	DET
cblr-11900	263	8	outsourcing	outsourcing	NOUN
cblr-11900	263	9	scheme	scheme	NOUN
cblr-11900	263	10	for	for	ADP
cblr-11900	263	11	money	money	NOUN
cblr-11900	263	12	creation	creation	NOUN
cblr-11900	263	13	that	that	PRON
cblr-11900	263	14	would	would	AUX
cblr-11900	263	15	address	address	VERB
cblr-11900	263	16	the	the	DET
cblr-11900	263	17	country	country	NOUN
cblr-11900	263	18	’s	’s	PART
cblr-11900	263	19	money	money	NOUN
cblr-11900	263	20	shortage	shortage	NOUN
cblr-11900	263	21	but	but	CCONJ
cblr-11900	263	22	insulate	insulate	VERB
cblr-11900	263	23	monetary	monetary	ADJ
cblr-11900	263	24	policy	policy	NOUN
cblr-11900	263	25	from	from	ADP
cblr-11900	263	26	fiscal	fiscal	ADJ
cblr-11900	263	27	policy	policy	NOUN
cblr-11900	263	28	.	.	PUNCT
cblr-11900	264	1	hamilton	hamilton	PROPN
cblr-11900	264	2	thought	think	VERB
cblr-11900	264	3	it	it	PRON
cblr-11900	264	4	essential	essential	ADJ
cblr-11900	264	5	that	that	SCONJ
cblr-11900	264	6	legislators	legislator	NOUN
cblr-11900	264	7	be	be	AUX
cblr-11900	264	8	forced	force	VERB
cblr-11900	264	9	to	to	PART
cblr-11900	264	10	tax	tax	VERB
cblr-11900	264	11	or	or	CCONJ
cblr-11900	264	12	borrow	borrow	VERB
cblr-11900	264	13	to	to	PART
cblr-11900	264	14	finance	finance	VERB
cblr-11900	264	15	government	government	NOUN
cblr-11900	264	16	spending	spending	NOUN
cblr-11900	264	17	.	.	PUNCT
cblr-11900	265	1	“	"	PUNCT
cblr-11900	265	2	the	the	DET
cblr-11900	265	3	stamping	stamping	NOUN
cblr-11900	265	4	of	of	ADP
cblr-11900	265	5	paper	paper	NOUN
cblr-11900	265	6	,	,	PUNCT
cblr-11900	265	7	”	"	PUNCT
cblr-11900	265	8	he	he	PRON
cblr-11900	265	9	explained	explain	VERB
cblr-11900	265	10	,	,	PUNCT
cblr-11900	265	11	“	"	PUNCT
cblr-11900	265	12	is	be	AUX
cblr-11900	265	13	an	an	DET
cblr-11900	265	14	operation	operation	NOUN
cblr-11900	265	15	so	so	ADV
cblr-11900	265	16	much	much	ADV
cblr-11900	265	17	easier	easy	ADJ
cblr-11900	265	18	than	than	ADP
cblr-11900	265	19	the	the	DET
cblr-11900	265	20	laying	laying	NOUN
cblr-11900	265	21	of	of	ADP
cblr-11900	265	22	taxes	taxis	NOUN
cblr-11900	265	23	,	,	PUNCT
cblr-11900	265	24	that	that	SCONJ
cblr-11900	265	25	a	a	DET
cblr-11900	265	26	government	government	NOUN
cblr-11900	265	27	,	,	PUNCT
cblr-11900	265	28	in	in	ADP
cblr-11900	265	29	the	the	DET
cblr-11900	265	30	practice	practice	NOUN
cblr-11900	265	31	of	of	ADP
cblr-11900	265	32	paper	paper	NOUN
cblr-11900	265	33	emissions	emission	NOUN
cblr-11900	265	34	,	,	PUNCT
cblr-11900	265	35	would	would	AUX
cblr-11900	265	36	rarely	rarely	ADV
cblr-11900	265	37	fail	fail	VERB
cblr-11900	265	38	in	in	ADP
cblr-11900	265	39	any	any	DET
cblr-11900	265	40	such	such	ADJ
cblr-11900	265	41	emergency	emergency	NOUN
cblr-11900	265	42	,	,	PUNCT
cblr-11900	265	43	to	to	PART
cblr-11900	265	44	indulge	indulge	VERB
cblr-11900	265	45	itself	itself	PRON
cblr-11900	265	46	too	too	ADV
cblr-11900	265	47	far	far	ADV
cblr-11900	265	48	in	in	ADP
cblr-11900	265	49	the	the	DET
cblr-11900	265	50	employment	employment	NOUN
cblr-11900	265	51	of	of	ADP
cblr-11900	265	52	that	that	DET
cblr-11900	265	53	resource	resource	NOUN
cblr-11900	265	54	,	,	PUNCT
cblr-11900	265	55	to	to	PART
cblr-11900	265	56	avoid	avoid	VERB
cblr-11900	265	57	as	as	ADV
cblr-11900	265	58	much	much	ADJ
cblr-11900	265	59	as	as	ADP
cblr-11900	265	60	possible	possible	ADJ
cblr-11900	265	61	,	,	PUNCT
cblr-11900	265	62	one	one	NUM
cblr-11900	265	63	less	less	ADV
cblr-11900	265	64	auspicious	auspicious	ADJ
cblr-11900	265	65	to	to	PART
cblr-11900	265	66	present	present	ADJ
cblr-11900	265	67	popularity	popularity	NOUN
cblr-11900	265	68	.	.	PUNCT
cblr-11900	266	1	”35	”35	PROPN
cblr-11900	266	2	in	in	ADP
cblr-11900	266	3	hamilton	hamilton	PROPN
cblr-11900	266	4	’s	’s	PART
cblr-11900	266	5	view	view	NOUN
cblr-11900	266	6	,	,	PUNCT
cblr-11900	266	7	syrett	syrett	VERB
cblr-11900	266	8	ed	ed	NOUN
cblr-11900	266	9	.	.	PUNCT
cblr-11900	266	10	)	)	PUNCT
cblr-11900	267	1	(	(	PUNCT
cblr-11900	267	2	1961	1961	NUM
cblr-11900	267	3	)	)	PUNCT
cblr-11900	267	4	(	(	PUNCT
cblr-11900	267	5	“	"	PUNCT
cblr-11900	267	6	a	a	DET
cblr-11900	267	7	national	national	ADJ
cblr-11900	267	8	debt	debt	NOUN
cblr-11900	267	9	if	if	SCONJ
cblr-11900	267	10	it	it	PRON
cblr-11900	267	11	is	be	AUX
cblr-11900	267	12	not	not	PART
cblr-11900	267	13	excessive	excessive	ADJ
cblr-11900	267	14	will	will	AUX
cblr-11900	267	15	be	be	AUX
cblr-11900	267	16	to	to	ADP
cblr-11900	267	17	us	we	PRON
cblr-11900	267	18	a	a	DET
cblr-11900	267	19	national	national	ADJ
cblr-11900	267	20	blessing	blessing	NOUN
cblr-11900	267	21	;	;	PUNCT
cblr-11900	267	22	it	it	PRON
cblr-11900	267	23	will	will	AUX
cblr-11900	267	24	be	be	AUX
cblr-11900	267	25	powerful	powerful	ADJ
cblr-11900	267	26	[	[	X
cblr-11900	267	27	sic	sic	ADJ
cblr-11900	267	28	]	]	PUNCT
cblr-11900	267	29	cement	cement	NOUN
cblr-11900	267	30	of	of	ADP
cblr-11900	267	31	our	our	PRON
cblr-11900	267	32	union	union	NOUN
cblr-11900	267	33	.	.	PUNCT
cblr-11900	267	34	”	"	PUNCT
cblr-11900	267	35	)	)	PUNCT
cblr-11900	267	36	.	.	PUNCT
cblr-11900	268	1	32	32	NUM
cblr-11900	268	2	10	10	NUM
cblr-11900	268	3	the	the	DET
cblr-11900	268	4	papers	paper	NOUN
cblr-11900	268	5	of	of	ADP
cblr-11900	268	6	alexander	alexander	PROPN
cblr-11900	268	7	hamilton	hamilton	PROPN
cblr-11900	268	8	,	,	PUNCT
cblr-11900	268	9	dec	dec	PROPN
cblr-11900	268	10	.	.	PROPN
cblr-11900	268	11	1791	1791	NUM
cblr-11900	268	12	 	 	SPACE
cblr-11900	268	13	–	–	PUNCT
cblr-11900	268	14	 	 	SPACE
cblr-11900	268	15	jan	jan	PROPN
cblr-11900	268	16	.	.	PROPN
cblr-11900	268	17	1792	1792	NUM
cblr-11900	268	18	,	,	PUNCT
cblr-11900	268	19	230	230	NUM
cblr-11900	268	20	–	–	PUNCT
cblr-11900	268	21	340	340	NUM
cblr-11900	268	22	(	(	PUNCT
cblr-11900	268	23	1966	1966	NUM
cblr-11900	268	24	)	)	PUNCT
cblr-11900	268	25	.	.	PUNCT
cblr-11900	269	1	33	33	NUM
cblr-11900	269	2	broad	broad	ADJ
cblr-11900	269	3	money	money	NOUN
cblr-11900	269	4	is	be	AUX
cblr-11900	269	5	typically	typically	ADV
cblr-11900	269	6	defined	define	VERB
cblr-11900	269	7	to	to	PART
cblr-11900	269	8	include	include	VERB
cblr-11900	269	9	the	the	DET
cblr-11900	269	10	monetary	monetary	ADJ
cblr-11900	269	11	base	base	NOUN
cblr-11900	269	12	(	(	PUNCT
cblr-11900	269	13	currency	currency	NOUN
cblr-11900	269	14	in	in	ADP
cblr-11900	269	15	circulation	circulation	NOUN
cblr-11900	269	16	and	and	CCONJ
cblr-11900	269	17	liabilities	liability	NOUN
cblr-11900	269	18	of	of	ADP
cblr-11900	269	19	the	the	DET
cblr-11900	269	20	central	central	ADJ
cblr-11900	269	21	bank	bank	NOUN
cblr-11900	269	22	to	to	ADP
cblr-11900	269	23	commercial	commercial	ADJ
cblr-11900	269	24	banks	bank	NOUN
cblr-11900	269	25	(	(	PUNCT
cblr-11900	269	26	in	in	ADP
cblr-11900	269	27	the	the	DET
cblr-11900	269	28	u.s	u.s	PROPN
cblr-11900	269	29	.	.	PROPN
cblr-11900	269	30	,	,	PUNCT
cblr-11900	269	31	bank	bank	NOUN
cblr-11900	269	32	reserves	reserve	NOUN
cblr-11900	269	33	)	)	PUNCT
cblr-11900	269	34	)	)	PUNCT
cblr-11900	269	35	as	as	ADV
cblr-11900	269	36	well	well	ADV
cblr-11900	269	37	as	as	ADP
cblr-11900	269	38	various	various	ADJ
cblr-11900	269	39	types	type	NOUN
cblr-11900	269	40	of	of	ADP
cblr-11900	269	41	bank	bank	NOUN
cblr-11900	269	42	deposits	deposit	NOUN
cblr-11900	269	43	.	.	PUNCT
cblr-11900	270	1	yueh	yueh	NOUN
cblr-11900	270	2	-	-	PUNCT
cblr-11900	270	3	yun	yun	PROPN
cblr-11900	270	4	c.	c.	PROPN
cblr-11900	270	5	o’brien	o’brien	PROPN
cblr-11900	270	6	,	,	PUNCT
cblr-11900	270	7	measurement	measurement	NOUN
cblr-11900	270	8	of	of	ADP
cblr-11900	270	9	monetary	monetary	ADJ
cblr-11900	270	10	aggregates	aggregate	NOUN
cblr-11900	270	11	across	across	ADP
cblr-11900	270	12	countries	country	NOUN
cblr-11900	270	13	,	,	PUNCT
cblr-11900	270	14	3	3	NUM
cblr-11900	270	15	(	(	PUNCT
cblr-11900	270	16	fin	fin	NOUN
cblr-11900	270	17	.	.	PUNCT
cblr-11900	270	18	and	and	CCONJ
cblr-11900	271	1	econ	econ	PROPN
cblr-11900	271	2	.	.	PUNCT
cblr-11900	272	1	discussion	discussion	NOUN
cblr-11900	272	2	series	series	PROPN
cblr-11900	272	3	,	,	PUNCT
cblr-11900	272	4	working	working	NOUN
cblr-11900	272	5	paper	paper	NOUN
cblr-11900	272	6	no	no	INTJ
cblr-11900	272	7	.	.	NOUN
cblr-11900	273	1	2007	2007	NUM
cblr-11900	273	2	-	-	SYM
cblr-11900	273	3	02	02	NUM
cblr-11900	273	4	,	,	PUNCT
cblr-11900	273	5	2007	2007	NUM
cblr-11900	273	6	)	)	PUNCT
cblr-11900	274	1	,	,	PUNCT
cblr-11900	274	2	https://www.federalreserve.gov/econres/feds/measurement-ofmonetary-aggregates-across-countries.htm	https://www.federalreserve.gov/econres/feds/measurement-ofmonetary-aggregates-across-countries.htm	PROPN
cblr-11900	275	1	[	[	X
cblr-11900	275	2	https://perma.cc/pf89-k44n	https://perma.cc/pf89-k44n	NOUN
cblr-11900	275	3	]	]	X
cblr-11900	275	4	.	.	PUNCT
cblr-11900	276	1	34	34	NUM
cblr-11900	276	2	bray	bray	PROPN
cblr-11900	276	3	hammond	hammond	PROPN
cblr-11900	276	4	,	,	PUNCT
cblr-11900	276	5	banks	bank	NOUN
cblr-11900	276	6	and	and	CCONJ
cblr-11900	276	7	politics	politic	NOUN
cblr-11900	276	8	in	in	ADP
cblr-11900	276	9	america	america	PROPN
cblr-11900	276	10	:	:	PUNCT
cblr-11900	276	11	from	from	ADP
cblr-11900	276	12	the	the	DET
cblr-11900	276	13	revolution	revolution	NOUN
cblr-11900	276	14	to	to	ADP
cblr-11900	276	15	the	the	DET
cblr-11900	276	16	civil	civil	ADJ
cblr-11900	276	17	war	war	NOUN
cblr-11900	276	18	95–96	95–96	PROPN
cblr-11900	276	19	(	(	PUNCT
cblr-11900	276	20	1957	1957	NUM
cblr-11900	276	21	)	)	PUNCT
cblr-11900	276	22	;	;	PUNCT
cblr-11900	276	23	j.	j.	PROPN
cblr-11900	276	24	lawrence	lawrence	PROPN
cblr-11900	276	25	laughlin	laughlin	PROPN
cblr-11900	276	26	,	,	PUNCT
cblr-11900	276	27	history	history	NOUN
cblr-11900	276	28	of	of	ADP
cblr-11900	276	29	bimetallism	bimetallism	NOUN
cblr-11900	276	30	in	in	ADP
cblr-11900	276	31	the	the	DET
cblr-11900	276	32	united	united	PROPN
cblr-11900	276	33	states	states	PROPN
cblr-11900	276	34	52–53	52–53	NUM
cblr-11900	276	35	(	(	PUNCT
cblr-11900	276	36	1891	1891	NUM
cblr-11900	276	37	)	)	PUNCT
cblr-11900	276	38	.	.	PUNCT
cblr-11900	277	1	35	35	NUM
cblr-11900	277	2	alexander	alexander	PROPN
cblr-11900	277	3	hamilton	hamilton	PROPN
cblr-11900	277	4	,	,	PUNCT
cblr-11900	277	5	the	the	DET
cblr-11900	277	6	report	report	NOUN
cblr-11900	277	7	of	of	ADP
cblr-11900	277	8	the	the	DET
cblr-11900	277	9	secretary	secretary	NOUN
cblr-11900	277	10	of	of	ADP
cblr-11900	277	11	the	the	DET
cblr-11900	277	12	treasury	treasury	NOUN
cblr-11900	277	13	,	,	PUNCT
cblr-11900	277	14	(	(	PUNCT
cblr-11900	277	15	alexander	alexander	PROPN
cblr-11900	277	16	hamilton	hamilton	PROPN
cblr-11900	277	17	)	)	PUNCT
cblr-11900	277	18	,	,	PUNCT
cblr-11900	277	19	on	on	ADP
cblr-11900	277	20	the	the	DET
cblr-11900	277	21	subject	subject	NOUN
cblr-11900	277	22	of	of	ADP
cblr-11900	277	23	a	a	DET
cblr-11900	277	24	national	national	ADJ
cblr-11900	277	25	bank	bank	NOUN
cblr-11900	277	26	,	,	PUNCT
cblr-11900	277	27	in	in	ADP
cblr-11900	277	28	7	7	NUM
cblr-11900	277	29	charles	charle	NOUN
cblr-11900	277	30	brockden	brockden	PROPN
cblr-11900	277	31	brown	brown	PROPN
cblr-11900	277	32	&	&	CCONJ
cblr-11900	277	33	robert	robert	PROPN
cblr-11900	277	34	walsh	walsh	PROPN
cblr-11900	277	35	,	,	PUNCT
cblr-11900	277	36	american	american	PROPN
cblr-11900	277	37	register	register	PROPN
cblr-11900	277	38	,	,	PUNCT
cblr-11900	277	39	or	or	CCONJ
cblr-11900	277	40	general	general	ADJ
cblr-11900	277	41	repository	repository	NOUN
cblr-11900	277	42	of	of	ADP
cblr-11900	277	43	history	history	NOUN
cblr-11900	277	44	,	,	PUNCT
cblr-11900	277	45	politics	politic	NOUN
cblr-11900	277	46	,	,	PUNCT
cblr-11900	277	47	and	and	CCONJ
cblr-11900	277	48	science	science	NOUN
cblr-11900	277	49	225	225	NUM
cblr-11900	277	50	,	,	PUNCT
cblr-11900	277	51	238	238	NUM
cblr-11900	277	52	(	(	PUNCT
cblr-11900	277	53	charles	charles	PROPN
cblr-11900	277	54	brockden	brockden	PROPN
cblr-11900	277	55	brown	brown	PROPN
cblr-11900	277	56	&	&	CCONJ
cblr-11900	277	57	robert	robert	PROPN
cblr-11900	277	58	walsh	walsh	PROPN
cblr-11900	277	59	eds	eds	PROPN
cblr-11900	277	60	.	.	PROPN
cblr-11900	277	61	,	,	PUNCT
cblr-11900	277	62	1810	1810	NUM
cblr-11900	277	63	)	)	PUNCT
cblr-11900	277	64	.	.	PUNCT
cblr-11900	278	1	no	no	INTJ
cblr-11900	278	2	.	.	NOUN
cblr-11900	279	1	1	1	NUM
cblr-11900	279	2	]	]	ADJ
cblr-11900	279	3	money	money	NOUN
cblr-11900	279	4	and	and	CCONJ
cblr-11900	279	5	the	the	DET
cblr-11900	279	6	public	public	ADJ
cblr-11900	279	7	debt	debt	NOUN
cblr-11900	279	8	241	241	NUM
cblr-11900	279	9	delegating	delegate	VERB
cblr-11900	279	10	the	the	DET
cblr-11900	279	11	power	power	NOUN
cblr-11900	279	12	to	to	PART
cblr-11900	279	13	issue	issue	VERB
cblr-11900	279	14	money	money	NOUN
cblr-11900	279	15	to	to	ADP
cblr-11900	279	16	private	private	ADJ
cblr-11900	279	17	investors	investor	NOUN
cblr-11900	279	18	would	would	AUX
cblr-11900	279	19	improve	improve	VERB
cblr-11900	279	20	the	the	DET
cblr-11900	279	21	strength	strength	NOUN
cblr-11900	279	22	of	of	ADP
cblr-11900	279	23	the	the	DET
cblr-11900	279	24	dollar	dollar	NOUN
cblr-11900	279	25	,	,	PUNCT
cblr-11900	279	26	as	as	SCONJ
cblr-11900	279	27	investors	investor	NOUN
cblr-11900	279	28	would	would	AUX
cblr-11900	279	29	be	be	AUX
cblr-11900	279	30	more	more	ADV
cblr-11900	279	31	likely	likely	ADJ
cblr-11900	279	32	than	than	SCONJ
cblr-11900	279	33	government	government	NOUN
cblr-11900	279	34	officials	official	NOUN
cblr-11900	279	35	to	to	PART
cblr-11900	279	36	achieve	achieve	VERB
cblr-11900	279	37	the	the	DET
cblr-11900	279	38	right	right	ADJ
cblr-11900	279	39	rate	rate	NOUN
cblr-11900	279	40	of	of	ADP
cblr-11900	279	41	monetary	monetary	ADJ
cblr-11900	279	42	expansion.36	expansion.36	NOUN
cblr-11900	279	43	following	follow	VERB
cblr-11900	279	44	the	the	DET
cblr-11900	279	45	secretary	secretary	NOUN
cblr-11900	279	46	’s	’s	PART
cblr-11900	279	47	advice	advice	NOUN
cblr-11900	279	48	,	,	PUNCT
cblr-11900	279	49	in	in	ADP
cblr-11900	279	50	1792	1792	NUM
cblr-11900	279	51	,	,	PUNCT
cblr-11900	279	52	congress	congress	PROPN
cblr-11900	279	53	fixed	fix	VERB
cblr-11900	279	54	the	the	DET
cblr-11900	279	55	metal	metal	NOUN
cblr-11900	279	56	content	content	NOUN
cblr-11900	279	57	of	of	ADP
cblr-11900	279	58	dollar	dollar	NOUN
cblr-11900	279	59	coins	coin	NOUN
cblr-11900	279	60	issued	issue	VERB
cblr-11900	279	61	by	by	ADP
cblr-11900	279	62	the	the	DET
cblr-11900	279	63	u.s	u.s	PROPN
cblr-11900	279	64	.	.	PROPN
cblr-11900	279	65	mint.37	mint.37	PROPN
cblr-11900	279	66	to	to	PART
cblr-11900	279	67	expand	expand	VERB
cblr-11900	279	68	the	the	DET
cblr-11900	279	69	supply	supply	NOUN
cblr-11900	279	70	of	of	ADP
cblr-11900	279	71	money	money	NOUN
cblr-11900	279	72	beyond	beyond	ADP
cblr-11900	279	73	the	the	DET
cblr-11900	279	74	government	government	NOUN
cblr-11900	279	75	-	-	PUNCT
cblr-11900	279	76	issued	issue	VERB
cblr-11900	279	77	gold	gold	NOUN
cblr-11900	279	78	and	and	CCONJ
cblr-11900	279	79	silver	silver	NOUN
cblr-11900	279	80	base	base	NOUN
cblr-11900	279	81	,	,	PUNCT
cblr-11900	279	82	congress	congress	PROPN
cblr-11900	279	83	chartered	charter	VERB
cblr-11900	279	84	the	the	DET
cblr-11900	279	85	investor	investor	NOUN
cblr-11900	279	86	-	-	PUNCT
cblr-11900	279	87	owned	own	VERB
cblr-11900	279	88	bank	bank	NOUN
cblr-11900	279	89	of	of	ADP
cblr-11900	279	90	the	the	DET
cblr-11900	279	91	united	united	PROPN
cblr-11900	279	92	states	states	PROPN
cblr-11900	279	93	.	.	PUNCT
cblr-11900	280	1	although	although	SCONJ
cblr-11900	280	2	it	it	PRON
cblr-11900	280	3	did	do	AUX
cblr-11900	280	4	not	not	PART
cblr-11900	280	5	authorize	authorize	VERB
cblr-11900	280	6	the	the	DET
cblr-11900	280	7	bank	bank	NOUN
cblr-11900	280	8	to	to	PART
cblr-11900	280	9	create	create	VERB
cblr-11900	280	10	new	new	ADJ
cblr-11900	280	11	coins	coin	NOUN
cblr-11900	280	12	,	,	PUNCT
cblr-11900	280	13	it	it	PRON
cblr-11900	280	14	did	do	AUX
cblr-11900	280	15	empower	empower	VERB
cblr-11900	280	16	the	the	DET
cblr-11900	280	17	bank	bank	NOUN
cblr-11900	280	18	to	to	PART
cblr-11900	280	19	issue	issue	VERB
cblr-11900	280	20	paper	paper	NOUN
cblr-11900	280	21	notes38	notes38	NOUN
cblr-11900	280	22	and	and	CCONJ
cblr-11900	280	23	deposits	deposit	NOUN
cblr-11900	280	24	(	(	PUNCT
cblr-11900	280	25	which	which	PRON
cblr-11900	280	26	are	be	AUX
cblr-11900	280	27	essentially	essentially	ADV
cblr-11900	280	28	uncertificated	uncertificated	ADJ
cblr-11900	280	29	notes	note	NOUN
cblr-11900	280	30	)	)	PUNCT
cblr-11900	280	31	.	.	PUNCT
cblr-11900	281	1	these	these	DET
cblr-11900	281	2	notes	note	NOUN
cblr-11900	281	3	and	and	CCONJ
cblr-11900	281	4	deposits	deposit	NOUN
cblr-11900	281	5	,	,	PUNCT
cblr-11900	281	6	in	in	ADP
cblr-11900	281	7	turn	turn	NOUN
cblr-11900	281	8	,	,	PUNCT
cblr-11900	281	9	functioned	function	VERB
cblr-11900	281	10	like	like	ADP
cblr-11900	281	11	additional	additional	ADJ
cblr-11900	281	12	coins	coin	NOUN
cblr-11900	281	13	.	.	PUNCT
cblr-11900	282	1	here	here	ADV
cblr-11900	282	2	is	be	AUX
cblr-11900	282	3	how	how	SCONJ
cblr-11900	282	4	hamilton	hamilton	PROPN
cblr-11900	282	5	explained	explain	VERB
cblr-11900	282	6	the	the	DET
cblr-11900	282	7	alchemy	alchemy	NOUN
cblr-11900	282	8	:	:	PUNCT
cblr-11900	282	9	every	every	DET
cblr-11900	282	10	loan	loan	NOUN
cblr-11900	282	11	,	,	PUNCT
cblr-11900	282	12	which	which	PRON
cblr-11900	282	13	a	a	DET
cblr-11900	282	14	bank	bank	NOUN
cblr-11900	282	15	makes	make	VERB
cblr-11900	282	16	is	be	AUX
cblr-11900	282	17	,	,	PUNCT
cblr-11900	282	18	in	in	ADP
cblr-11900	282	19	its	its	PRON
cblr-11900	282	20	first	first	ADJ
cblr-11900	282	21	shape	shape	NOUN
cblr-11900	282	22	,	,	PUNCT
cblr-11900	282	23	a	a	DET
cblr-11900	282	24	credit	credit	NOUN
cblr-11900	282	25	given	give	VERB
cblr-11900	282	26	to	to	ADP
cblr-11900	282	27	the	the	DET
cblr-11900	282	28	borrower	borrower	NOUN
cblr-11900	282	29	on	on	ADP
cblr-11900	282	30	its	its	PRON
cblr-11900	282	31	books	book	NOUN
cblr-11900	282	32	[	[	X
cblr-11900	282	33	i.e.	i.e.	X
cblr-11900	282	34	,	,	PUNCT
cblr-11900	282	35	a	a	DET
cblr-11900	282	36	deposit	deposit	NOUN
cblr-11900	282	37	]	]	PUNCT
cblr-11900	282	38	,	,	PUNCT
cblr-11900	282	39	the	the	DET
cblr-11900	282	40	amount	amount	NOUN
cblr-11900	282	41	of	of	ADP
cblr-11900	282	42	which	which	PRON
cblr-11900	282	43	it	it	PRON
cblr-11900	282	44	stands	stand	VERB
cblr-11900	282	45	ready	ready	ADJ
cblr-11900	282	46	to	to	PART
cblr-11900	282	47	pay	pay	VERB
cblr-11900	282	48	,	,	PUNCT
cblr-11900	282	49	either	either	CCONJ
cblr-11900	282	50	in	in	ADP
cblr-11900	282	51	its	its	PRON
cblr-11900	282	52	own	own	ADJ
cblr-11900	282	53	notes	note	NOUN
cblr-11900	282	54	,	,	PUNCT
cblr-11900	282	55	or	or	CCONJ
cblr-11900	282	56	in	in	ADP
cblr-11900	282	57	gold	gold	NOUN
cblr-11900	282	58	or	or	CCONJ
cblr-11900	282	59	silver	silver	NOUN
cblr-11900	282	60	,	,	PUNCT
cblr-11900	282	61	at	at	ADP
cblr-11900	282	62	his	his	PRON
cblr-11900	282	63	option	option	NOUN
cblr-11900	282	64	.	.	PUNCT
cblr-11900	283	1	but	but	CCONJ
cblr-11900	283	2	,	,	PUNCT
cblr-11900	283	3	in	in	ADP
cblr-11900	283	4	a	a	DET
cblr-11900	283	5	great	great	ADJ
cblr-11900	283	6	number	number	NOUN
cblr-11900	283	7	of	of	ADP
cblr-11900	283	8	cases	case	NOUN
cblr-11900	283	9	,	,	PUNCT
cblr-11900	283	10	no	no	DET
cblr-11900	283	11	actual	actual	ADJ
cblr-11900	283	12	payment	payment	NOUN
cblr-11900	283	13	is	be	AUX
cblr-11900	283	14	made	make	VERB
cblr-11900	283	15	in	in	ADP
cblr-11900	283	16	either	either	ADV
cblr-11900	283	17	.	.	PUNCT
cblr-11900	284	1	the	the	DET
cblr-11900	284	2	borrower	borrower	NOUN
cblr-11900	284	3	frequently	frequently	ADV
cblr-11900	284	4	,	,	PUNCT
cblr-11900	284	5	by	by	ADP
cblr-11900	284	6	a	a	DET
cblr-11900	284	7	check	check	NOUN
cblr-11900	284	8	or	or	CCONJ
cblr-11900	284	9	order	order	NOUN
cblr-11900	284	10	,	,	PUNCT
cblr-11900	284	11	transfers	transfer	VERB
cblr-11900	284	12	his	his	PRON
cblr-11900	284	13	credit	credit	NOUN
cblr-11900	284	14	to	to	ADP
cblr-11900	284	15	some	some	DET
cblr-11900	284	16	other	other	ADJ
cblr-11900	284	17	person	person	NOUN
cblr-11900	284	18	,	,	PUNCT
cblr-11900	284	19	to	to	PART
cblr-11900	284	20	whom	whom	PRON
cblr-11900	284	21	he	he	PRON
cblr-11900	284	22	has	have	VERB
cblr-11900	284	23	a	a	DET
cblr-11900	284	24	payment	payment	NOUN
cblr-11900	284	25	to	to	PART
cblr-11900	284	26	make	make	VERB
cblr-11900	284	27	;	;	PUNCT
cblr-11900	284	28	who	who	PRON
cblr-11900	284	29	,	,	PUNCT
cblr-11900	284	30	in	in	ADP
cblr-11900	284	31	his	his	PRON
cblr-11900	284	32	turn	turn	NOUN
cblr-11900	284	33	,	,	PUNCT
cblr-11900	284	34	is	be	AUX
cblr-11900	284	35	as	as	ADV
cblr-11900	284	36	often	often	ADV
cblr-11900	284	37	content	content	ADJ
cblr-11900	284	38	with	with	ADP
cblr-11900	284	39	a	a	DET
cblr-11900	284	40	similar	similar	ADJ
cblr-11900	284	41	credit	credit	NOUN
cblr-11900	284	42	.	.	PUNCT
cblr-11900	284	43	.	.	PUNCT
cblr-11900	285	1	.	.	PUNCT
cblr-11900	286	1	and	and	CCONJ
cblr-11900	286	2	in	in	ADP
cblr-11900	286	3	this	this	DET
cblr-11900	286	4	manner	manner	NOUN
cblr-11900	286	5	the	the	DET
cblr-11900	286	6	credit	credit	NOUN
cblr-11900	286	7	keeps	keep	VERB
cblr-11900	286	8	circulating	circulate	VERB
cblr-11900	286	9	,	,	PUNCT
cblr-11900	286	10	performing	perform	VERB
cblr-11900	286	11	in	in	ADP
cblr-11900	286	12	every	every	DET
cblr-11900	286	13	stage	stage	NOUN
cblr-11900	286	14	the	the	DET
cblr-11900	286	15	office	office	NOUN
cblr-11900	286	16	of	of	ADP
cblr-11900	286	17	money	money	NOUN
cblr-11900	286	18	,	,	PUNCT
cblr-11900	286	19	till	till	SCONJ
cblr-11900	286	20	it	it	PRON
cblr-11900	286	21	is	be	AUX
cblr-11900	286	22	extinguished	extinguish	VERB
cblr-11900	286	23	by	by	ADP
cblr-11900	286	24	a	a	DET
cblr-11900	286	25	discount	discount	NOUN
cblr-11900	286	26	with	with	ADP
cblr-11900	286	27	some	some	DET
cblr-11900	286	28	person	person	NOUN
cblr-11900	286	29	,	,	PUNCT
cblr-11900	286	30	who	who	PRON
cblr-11900	286	31	has	have	VERB
cblr-11900	286	32	a	a	DET
cblr-11900	286	33	payment	payment	NOUN
cblr-11900	286	34	to	to	PART
cblr-11900	286	35	make	make	VERB
cblr-11900	286	36	to	to	ADP
cblr-11900	286	37	the	the	DET
cblr-11900	286	38	bank	bank	NOUN
cblr-11900	286	39	,	,	PUNCT
cblr-11900	286	40	to	to	ADP
cblr-11900	286	41	an	an	DET
cblr-11900	286	42	equal	equal	ADJ
cblr-11900	286	43	or	or	CCONJ
cblr-11900	286	44	greater	great	ADJ
cblr-11900	286	45	amount	amount	NOUN
cblr-11900	286	46	.	.	PUNCT
cblr-11900	287	1	thus	thus	ADV
cblr-11900	287	2	large	large	ADJ
cblr-11900	287	3	sums	sum	NOUN
cblr-11900	287	4	are	be	AUX
cblr-11900	287	5	lent	lend	VERB
cblr-11900	287	6	[	[	PUNCT
cblr-11900	287	7	by	by	ADP
cblr-11900	287	8	a	a	DET
cblr-11900	287	9	bank	bank	NOUN
cblr-11900	287	10	]	]	PUNCT
cblr-11900	287	11	and	and	CCONJ
cblr-11900	287	12	paid	pay	VERB
cblr-11900	287	13	,	,	PUNCT
cblr-11900	287	14	frequently	frequently	ADV
cblr-11900	287	15	through	through	ADP
cblr-11900	287	16	a	a	DET
cblr-11900	287	17	variety	variety	NOUN
cblr-11900	287	18	of	of	ADP
cblr-11900	287	19	hands	hand	NOUN
cblr-11900	287	20	,	,	PUNCT
cblr-11900	287	21	without	without	ADP
cblr-11900	287	22	the	the	DET
cblr-11900	287	23	intervention	intervention	NOUN
cblr-11900	287	24	of	of	ADP
cblr-11900	287	25	a	a	DET
cblr-11900	287	26	single	single	ADJ
cblr-11900	287	27	piece	piece	NOUN
cblr-11900	287	28	of	of	ADP
cblr-11900	287	29	coin.39	coin.39	PROPN
cblr-11900	287	30	36	36	NUM
cblr-11900	287	31	i	i	PRON
cblr-11900	287	32	d.	d.	PROPN
cblr-11900	287	33	see	see	VERB
cblr-11900	287	34	also	also	ADV
cblr-11900	287	35	james	james	PROPN
cblr-11900	287	36	willard	willard	PROPN
cblr-11900	287	37	hurst	hurst	PROPN
cblr-11900	287	38	,	,	PUNCT
cblr-11900	287	39	a	a	DET
cblr-11900	287	40	legal	legal	ADJ
cblr-11900	287	41	history	history	NOUN
cblr-11900	287	42	of	of	ADP
cblr-11900	287	43	money	money	NOUN
cblr-11900	287	44	in	in	ADP
cblr-11900	287	45	the	the	DET
cblr-11900	287	46	united	united	PROPN
cblr-11900	287	47	states	states	PROPN
cblr-11900	287	48	154	154	NUM
cblr-11900	287	49	(	(	PUNCT
cblr-11900	287	50	1971	1971	NUM
cblr-11900	287	51	)	)	PUNCT
cblr-11900	287	52	(	(	PUNCT
cblr-11900	287	53	discussing	discuss	VERB
cblr-11900	287	54	“	"	PUNCT
cblr-11900	287	55	hamilton	hamilton	PROPN
cblr-11900	287	56	’s	’s	PART
cblr-11900	287	57	emphasis	emphasis	NOUN
cblr-11900	287	58	on	on	ADP
cblr-11900	287	59	trusting	trust	VERB
cblr-11900	287	60	the	the	DET
cblr-11900	287	61	creation	creation	NOUN
cblr-11900	287	62	of	of	ADP
cblr-11900	287	63	currency	currency	NOUN
cblr-11900	287	64	to	to	ADP
cblr-11900	287	65	private	private	ADJ
cblr-11900	287	66	management	management	NOUN
cblr-11900	287	67	,	,	PUNCT
cblr-11900	287	68	because	because	SCONJ
cblr-11900	287	69	it	it	PRON
cblr-11900	287	70	would	would	AUX
cblr-11900	287	71	be	be	AUX
cblr-11900	287	72	insulated	insulate	VERB
cblr-11900	287	73	.	.	PUNCT
cblr-11900	287	74	.	.	PUNCT
cblr-11900	287	75	.	.	PUNCT
cblr-11900	288	1	from	from	ADP
cblr-11900	288	2	the	the	DET
cblr-11900	288	3	pressures	pressure	NOUN
cblr-11900	288	4	that	that	PRON
cblr-11900	288	5	beat	beat	VERB
cblr-11900	288	6	upon	upon	SCONJ
cblr-11900	288	7	public	public	ADJ
cblr-11900	288	8	officials	official	NOUN
cblr-11900	288	9	”	"	PUNCT
cblr-11900	288	10	)	)	PUNCT
cblr-11900	288	11	.	.	PUNCT
cblr-11900	289	1	37	37	NUM
cblr-11900	289	2	the	the	DET
cblr-11900	289	3	coinage	coinage	ADJ
cblr-11900	289	4	act	act	NOUN
cblr-11900	289	5	of	of	ADP
cblr-11900	289	6	1792	1792	NUM
cblr-11900	289	7	,	,	PUNCT
cblr-11900	289	8	ch	ch	NOUN
cblr-11900	289	9	.	.	PROPN
cblr-11900	289	10	16	16	NUM
cblr-11900	289	11	,	,	PUNCT
cblr-11900	289	12	§	§	PROPN
cblr-11900	289	13	§	§	PROPN
cblr-11900	289	14	9–20	9–20	NOUN
cblr-11900	289	15	,	,	PUNCT
cblr-11900	289	16	1	1	NUM
cblr-11900	289	17	stat	stat	NOUN
cblr-11900	289	18	.	.	PUNCT
cblr-11900	290	1	246	246	NUM
cblr-11900	290	2	,	,	PUNCT
cblr-11900	290	3	248–51	248–51	NUM
cblr-11900	290	4	(	(	PUNCT
cblr-11900	290	5	1792	1792	NUM
cblr-11900	290	6	)	)	PUNCT
cblr-11900	290	7	.	.	PUNCT
cblr-11900	291	1	38	38	NUM
cblr-11900	291	2	the	the	DET
cblr-11900	291	3	bank	bank	NOUN
cblr-11900	291	4	bill	bill	NOUN
cblr-11900	291	5	of	of	ADP
cblr-11900	291	6	1791	1791	NUM
cblr-11900	291	7	,	,	PUNCT
cblr-11900	291	8	10	10	NUM
cblr-11900	291	9	,	,	PUNCT
cblr-11900	291	10	§	§	PROPN
cblr-11900	291	11	§	§	PROPN
cblr-11900	291	12	7(xiii	7(xiii	NUM
cblr-11900	291	13	)	)	PUNCT
cblr-11900	291	14	,	,	PUNCT
cblr-11900	291	15	1	1	NUM
cblr-11900	291	16	stat	stat	NOUN
cblr-11900	291	17	.	.	PUNCT
cblr-11900	292	1	191	191	NUM
cblr-11900	292	2	,	,	PUNCT
cblr-11900	292	3	195	195	NUM
cblr-11900	292	4	(	(	PUNCT
cblr-11900	292	5	1791	1791	NUM
cblr-11900	292	6	)	)	PUNCT
cblr-11900	292	7	.	.	PUNCT
cblr-11900	293	1	39	39	NUM
cblr-11900	293	2	7	7	NUM
cblr-11900	293	3	the	the	DET
cblr-11900	293	4	papers	paper	NOUN
cblr-11900	293	5	of	of	ADP
cblr-11900	293	6	alexander	alexander	PROPN
cblr-11900	293	7	hamilton	hamilton	PROPN
cblr-11900	293	8	,	,	PUNCT
cblr-11900	293	9	sep	sep	PROPN
cblr-11900	293	10	.	.	PUNCT
cblr-11900	293	11	1790	1790	NUM
cblr-11900	293	12	 	 	SPACE
cblr-11900	293	13	–	–	PUNCT
cblr-11900	293	14	 	 	SPACE
cblr-11900	293	15	jan	jan	PROPN
cblr-11900	293	16	.	.	PROPN
cblr-11900	293	17	1791	1791	NUM
cblr-11900	293	18	,	,	PUNCT
cblr-11900	293	19	307	307	NUM
cblr-11900	293	20	–	–	SYM
cblr-11900	293	21	08	08	NUM
cblr-11900	293	22	(	(	PUNCT
cblr-11900	293	23	1963	1963	NUM
cblr-11900	293	24	)	)	PUNCT
cblr-11900	293	25	.	.	PUNCT
cblr-11900	294	1	242	242	NUM
cblr-11900	294	2	columbia	columbia	PROPN
cblr-11900	294	3	business	business	NOUN
cblr-11900	294	4	law	law	PROPN
cblr-11900	294	5	review	review	NOUN
cblr-11900	294	6	[	[	X
cblr-11900	294	7	vol	vol	NOUN
cblr-11900	294	8	.	.	PUNCT
cblr-11900	294	9	2023	2023	NUM
cblr-11900	294	10	critically	critically	ADV
cblr-11900	294	11	,	,	PUNCT
cblr-11900	294	12	congress	congress	PROPN
cblr-11900	294	13	made	make	VERB
cblr-11900	294	14	the	the	DET
cblr-11900	294	15	bank	bank	NOUN
cblr-11900	294	16	’s	’s	PART
cblr-11900	294	17	notes	note	NOUN
cblr-11900	294	18	receivable	receivable	ADJ
cblr-11900	294	19	for	for	ADP
cblr-11900	294	20	all	all	DET
cblr-11900	294	21	payments	payment	NOUN
cblr-11900	294	22	due	due	ADP
cblr-11900	294	23	to	to	ADP
cblr-11900	294	24	the	the	DET
cblr-11900	294	25	united	united	PROPN
cblr-11900	294	26	states.40	states.40	PROPN
cblr-11900	294	27	that	that	PRON
cblr-11900	294	28	made	make	VERB
cblr-11900	294	29	its	its	PRON
cblr-11900	294	30	notes	note	NOUN
cblr-11900	294	31	and	and	CCONJ
cblr-11900	294	32	deposits	deposit	NOUN
cblr-11900	294	33	as	as	ADV
cblr-11900	294	34	useful	useful	ADJ
cblr-11900	294	35	as	as	ADP
cblr-11900	294	36	government	government	NOUN
cblr-11900	294	37	coins	coin	NOUN
cblr-11900	294	38	,	,	PUNCT
cblr-11900	294	39	but	but	CCONJ
cblr-11900	294	40	much	much	ADV
cblr-11900	294	41	more	more	ADV
cblr-11900	294	42	convenient	convenient	ADJ
cblr-11900	294	43	and	and	CCONJ
cblr-11900	294	44	practical	practical	ADJ
cblr-11900	294	45	.	.	PUNCT
cblr-11900	295	1	notes	note	NOUN
cblr-11900	295	2	could	could	AUX
cblr-11900	295	3	be	be	AUX
cblr-11900	295	4	cheaply	cheaply	ADV
cblr-11900	295	5	and	and	CCONJ
cblr-11900	295	6	easily	easily	ADV
cblr-11900	295	7	transported	transport	VERB
cblr-11900	295	8	around	around	ADP
cblr-11900	295	9	the	the	DET
cblr-11900	295	10	vast	vast	ADJ
cblr-11900	295	11	american	american	ADJ
cblr-11900	295	12	territory	territory	NOUN
cblr-11900	295	13	.	.	PUNCT
cblr-11900	296	1	and	and	CCONJ
cblr-11900	296	2	the	the	DET
cblr-11900	296	3	bank	bank	NOUN
cblr-11900	296	4	’s	’s	PART
cblr-11900	296	5	deposits	deposit	NOUN
cblr-11900	296	6	could	could	AUX
cblr-11900	296	7	be	be	AUX
cblr-11900	296	8	transferred	transfer	VERB
cblr-11900	296	9	by	by	ADP
cblr-11900	296	10	check	check	NOUN
cblr-11900	296	11	,	,	PUNCT
cblr-11900	296	12	without	without	ADP
cblr-11900	296	13	fear	fear	NOUN
cblr-11900	296	14	of	of	ADP
cblr-11900	296	15	theft	theft	NOUN
cblr-11900	296	16	or	or	CCONJ
cblr-11900	296	17	loss	loss	NOUN
cblr-11900	296	18	.	.	PUNCT
cblr-11900	297	1	consistent	consistent	ADJ
cblr-11900	297	2	with	with	ADP
cblr-11900	297	3	hamilton	hamilton	PROPN
cblr-11900	297	4	’s	’s	PART
cblr-11900	297	5	advice	advice	NOUN
cblr-11900	297	6	,	,	PUNCT
cblr-11900	297	7	congress	congress	PROPN
cblr-11900	297	8	was	be	AUX
cblr-11900	297	9	careful	careful	ADJ
cblr-11900	297	10	to	to	PART
cblr-11900	297	11	prevent	prevent	VERB
cblr-11900	297	12	the	the	DET
cblr-11900	297	13	bank	bank	NOUN
cblr-11900	297	14	from	from	ADP
cblr-11900	297	15	supporting	support	VERB
cblr-11900	297	16	federal	federal	ADJ
cblr-11900	297	17	finance	finance	NOUN
cblr-11900	297	18	by	by	ADP
cblr-11900	297	19	printing	print	VERB
cblr-11900	297	20	money	money	NOUN
cblr-11900	297	21	.	.	PUNCT
cblr-11900	298	1	it	it	PRON
cblr-11900	298	2	prohibited	prohibit	VERB
cblr-11900	298	3	the	the	DET
cblr-11900	298	4	bank	bank	NOUN
cblr-11900	298	5	from	from	ADP
cblr-11900	298	6	purchasing	purchase	VERB
cblr-11900	298	7	“	"	PUNCT
cblr-11900	298	8	any	any	DET
cblr-11900	298	9	public	public	ADJ
cblr-11900	298	10	debt	debt	NOUN
cblr-11900	298	11	whatsoever	whatsoever	ADV
cblr-11900	298	12	.	.	PUNCT
cblr-11900	299	1	”41	”41	PROPN
cblr-11900	300	1	and	and	CCONJ
cblr-11900	300	2	it	it	PRON
cblr-11900	300	3	barred	bar	VERB
cblr-11900	300	4	loans	loan	NOUN
cblr-11900	300	5	to	to	ADP
cblr-11900	300	6	the	the	DET
cblr-11900	300	7	federal	federal	ADJ
cblr-11900	300	8	government	government	NOUN
cblr-11900	300	9	in	in	ADP
cblr-11900	300	10	excess	excess	NOUN
cblr-11900	300	11	of	of	ADP
cblr-11900	300	12	$	$	SYM
cblr-11900	300	13	100,000	100,000	NUM
cblr-11900	300	14	(	(	PUNCT
cblr-11900	300	15	as	as	ADV
cblr-11900	300	16	well	well	ADV
cblr-11900	300	17	as	as	ADP
cblr-11900	300	18	loans	loan	NOUN
cblr-11900	300	19	to	to	ADP
cblr-11900	300	20	state	state	NOUN
cblr-11900	300	21	governments	government	NOUN
cblr-11900	300	22	in	in	ADP
cblr-11900	300	23	excess	excess	NOUN
cblr-11900	300	24	of	of	ADP
cblr-11900	300	25	$	$	SYM
cblr-11900	300	26	50,000).42	50,000).42	NUM
cblr-11900	300	27	to	to	PART
cblr-11900	300	28	enforce	enforce	VERB
cblr-11900	300	29	these	these	DET
cblr-11900	300	30	restrictions	restriction	NOUN
cblr-11900	300	31	,	,	PUNCT
cblr-11900	300	32	congress	congress	PROPN
cblr-11900	300	33	authorized	authorize	VERB
cblr-11900	300	34	a	a	DET
cblr-11900	300	35	private	private	ADJ
cblr-11900	300	36	right	right	NOUN
cblr-11900	300	37	of	of	ADP
cblr-11900	300	38	action	action	NOUN
cblr-11900	300	39	,	,	PUNCT
cblr-11900	300	40	with	with	ADP
cblr-11900	300	41	treble	treble	ADJ
cblr-11900	300	42	damages	damage	NOUN
cblr-11900	300	43	and	and	CCONJ
cblr-11900	300	44	a	a	DET
cblr-11900	300	45	one	one	NUM
cblr-11900	300	46	-	-	PUNCT
cblr-11900	300	47	fifth	fifth	ADJ
cblr-11900	300	48	reward	reward	NOUN
cblr-11900	300	49	to	to	ADP
cblr-11900	300	50	any	any	DET
cblr-11900	300	51	informers.43	informers.43	NOUN
cblr-11900	300	52	it	it	PRON
cblr-11900	300	53	was	be	AUX
cblr-11900	300	54	not	not	PART
cblr-11900	300	55	long	long	ADJ
cblr-11900	300	56	,	,	PUNCT
cblr-11900	300	57	however	however	ADV
cblr-11900	300	58	,	,	PUNCT
cblr-11900	300	59	before	before	SCONJ
cblr-11900	300	60	the	the	DET
cblr-11900	300	61	hamiltonian	hamiltonian	ADJ
cblr-11900	300	62	framework	framework	NOUN
cblr-11900	300	63	for	for	ADP
cblr-11900	300	64	monetary	monetary	ADJ
cblr-11900	300	65	-	-	PUNCT
cblr-11900	300	66	fiscal	fiscal	ADJ
cblr-11900	300	67	separation	separation	NOUN
cblr-11900	300	68	was	be	AUX
cblr-11900	300	69	tested	test	VERB
cblr-11900	300	70	and	and	CCONJ
cblr-11900	300	71	entanglement	entanglement	NOUN
cblr-11900	300	72	began	begin	VERB
cblr-11900	300	73	.	.	PUNCT
cblr-11900	301	1	during	during	ADP
cblr-11900	301	2	the	the	DET
cblr-11900	301	3	war	war	NOUN
cblr-11900	301	4	of	of	ADP
cblr-11900	301	5	1812	1812	NUM
cblr-11900	301	6	congress	congress	PROPN
cblr-11900	301	7	authorized	authorize	VERB
cblr-11900	301	8	five	five	NUM
cblr-11900	301	9	treasury	treasury	NOUN
cblr-11900	301	10	note	note	NOUN
cblr-11900	301	11	issues	issue	NOUN
cblr-11900	301	12	,	,	PUNCT
cblr-11900	301	13	which	which	PRON
cblr-11900	301	14	were	be	AUX
cblr-11900	301	15	designed	design	VERB
cblr-11900	301	16	to	to	PART
cblr-11900	301	17	function	function	VERB
cblr-11900	301	18	as	as	ADP
cblr-11900	301	19	money	money	NOUN
cblr-11900	301	20	.	.	PUNCT
cblr-11900	302	1	for	for	ADP
cblr-11900	302	2	example	example	NOUN
cblr-11900	302	3	,	,	PUNCT
cblr-11900	302	4	it	it	PRON
cblr-11900	302	5	denominated	denominate	VERB
cblr-11900	302	6	the	the	DET
cblr-11900	302	7	issues	issue	NOUN
cblr-11900	302	8	as	as	ADV
cblr-11900	302	9	low	low	ADJ
cblr-11900	302	10	as	as	ADP
cblr-11900	302	11	$	$	SYM
cblr-11900	302	12	3	3	NUM
cblr-11900	302	13	and	and	CCONJ
cblr-11900	302	14	made	make	VERB
cblr-11900	302	15	them	they	PRON
cblr-11900	302	16	receivable	receivable	ADJ
cblr-11900	302	17	for	for	ADP
cblr-11900	302	18	taxes.44	taxes.44	NOUN
cblr-11900	302	19	quickly	quickly	ADV
cblr-11900	302	20	,	,	PUNCT
cblr-11900	302	21	the	the	DET
cblr-11900	302	22	notes	note	NOUN
cblr-11900	302	23	came	come	VERB
cblr-11900	302	24	to	to	PART
cblr-11900	302	25	serve	serve	VERB
cblr-11900	302	26	as	as	ADP
cblr-11900	302	27	a	a	DET
cblr-11900	302	28	circulating	circulate	VERB
cblr-11900	302	29	medium	medium	NOUN
cblr-11900	302	30	.	.	PUNCT
cblr-11900	303	1	they	they	PRON
cblr-11900	303	2	were	be	AUX
cblr-11900	303	3	“	"	PUNCT
cblr-11900	303	4	used	use	VERB
cblr-11900	303	5	to	to	PART
cblr-11900	303	6	buy	buy	VERB
cblr-11900	303	7	goods	good	NOUN
cblr-11900	303	8	and	and	CCONJ
cblr-11900	303	9	services	service	NOUN
cblr-11900	303	10	by	by	ADP
cblr-11900	303	11	individuals	individual	NOUN
cblr-11900	303	12	,	,	PUNCT
cblr-11900	303	13	pay	pay	VERB
cblr-11900	303	14	custom	custom	NOUN
cblr-11900	303	15	duties	duty	NOUN
cblr-11900	303	16	by	by	ADP
cblr-11900	303	17	merchants	merchant	NOUN
cblr-11900	303	18	,	,	PUNCT
cblr-11900	303	19	and	and	CCONJ
cblr-11900	303	20	acted	act	VERB
cblr-11900	303	21	as	as	ADP
cblr-11900	303	22	cash	cash	NOUN
cblr-11900	303	23	reserves	reserve	NOUN
cblr-11900	303	24	for	for	ADP
cblr-11900	303	25	banks	bank	NOUN
cblr-11900	303	26	.	.	PUNCT
cblr-11900	304	1	”45	”45	PROPN
cblr-11900	304	2	in	in	ADP
cblr-11900	304	3	1837	1837	NUM
cblr-11900	304	4	,	,	PUNCT
cblr-11900	304	5	1842	1842	NUM
cblr-11900	304	6	,	,	PUNCT
cblr-11900	304	7	and	and	CCONJ
cblr-11900	304	8	1857	1857	NUM
cblr-11900	304	9	,	,	PUNCT
cblr-11900	304	10	congress	congress	PROPN
cblr-11900	304	11	returned	return	VERB
cblr-11900	304	12	to	to	ADP
cblr-11900	304	13	a	a	DET
cblr-11900	304	14	similar	similar	ADJ
cblr-11900	304	15	monetary	monetary	ADJ
cblr-11900	304	16	financing	financing	NOUN
cblr-11900	304	17	strategy.46	strategy.46	NOUN
cblr-11900	304	18	the	the	DET
cblr-11900	304	19	antebellum	antebellum	ADJ
cblr-11900	304	20	congress	congress	PROPN
cblr-11900	304	21	had	have	VERB
cblr-11900	304	22	it	it	PRON
cblr-11900	304	23	relatively	relatively	ADV
cblr-11900	304	24	easy	easy	ADJ
cblr-11900	304	25	.	.	PUNCT
cblr-11900	305	1	the	the	DET
cblr-11900	305	2	federal	federal	ADJ
cblr-11900	305	3	government	government	NOUN
cblr-11900	305	4	was	be	AUX
cblr-11900	305	5	small	small	ADJ
cblr-11900	305	6	compared	compare	VERB
cblr-11900	305	7	to	to	ADP
cblr-11900	305	8	the	the	DET
cblr-11900	305	9	economic	economic	ADJ
cblr-11900	305	10	output	output	NOUN
cblr-11900	305	11	of	of	ADP
cblr-11900	305	12	the	the	DET
cblr-11900	305	13	country	country	NOUN
cblr-11900	305	14	.	.	PUNCT
cblr-11900	306	1	for	for	ADP
cblr-11900	306	2	more	more	ADJ
cblr-11900	306	3	than	than	ADP
cblr-11900	306	4	seventy	seventy	NUM
cblr-11900	306	5	years	year	NOUN
cblr-11900	306	6	after	after	ADP
cblr-11900	306	7	ratification	ratification	NOUN
cblr-11900	306	8	,	,	PUNCT
cblr-11900	306	9	federal	federal	ADJ
cblr-11900	306	10	spending	spending	NOUN
cblr-11900	306	11	rarely	rarely	ADV
cblr-11900	306	12	exceeded	exceed	VERB
cblr-11900	306	13	2	2	NUM
cblr-11900	306	14	%	%	NOUN
cblr-11900	306	15	of	of	ADP
cblr-11900	306	16	gross	gross	ADJ
cblr-11900	306	17	40	40	NUM
cblr-11900	306	18	the	the	DET
cblr-11900	306	19	bank	bank	NOUN
cblr-11900	306	20	bill	bill	NOUN
cblr-11900	306	21	of	of	ADP
cblr-11900	306	22	1791	1791	NUM
cblr-11900	306	23	,	,	PUNCT
cblr-11900	306	24	ch	ch	NOUN
cblr-11900	306	25	.	.	PROPN
cblr-11900	306	26	10	10	NUM
cblr-11900	306	27	,	,	PUNCT
cblr-11900	306	28	§	§	PROPN
cblr-11900	306	29	10	10	NUM
cblr-11900	306	30	.	.	PUNCT
cblr-11900	307	1	41	41	NUM
cblr-11900	308	1	i	i	PRON
cblr-11900	308	2	d.	d.	PROPN
cblr-11900	308	3	§	§	PROPN
cblr-11900	308	4	7(x	7(x	NUM
cblr-11900	308	5	)	)	PUNCT
cblr-11900	308	6	.	.	PUNCT
cblr-11900	309	1	42	42	NUM
cblr-11900	310	1	i	i	PRON
cblr-11900	310	2	d.	d.	PROPN
cblr-11900	310	3	§	§	PROPN
cblr-11900	310	4	7(xi	7(xi	PROPN
cblr-11900	310	5	)	)	PUNCT
cblr-11900	310	6	.	.	PUNCT
cblr-11900	311	1	43	43	NUM
cblr-11900	312	1	i	i	PRON
cblr-11900	312	2	d.	d.	PROPN
cblr-11900	312	3	§	§	PROPN
cblr-11900	312	4	9	9	NUM
cblr-11900	312	5	.	.	NUM
cblr-11900	312	6	44	44	NUM
cblr-11900	312	7	donald	donald	PROPN
cblr-11900	312	8	h.	h.	PROPN
cblr-11900	312	9	kagin	kagin	PROPN
cblr-11900	312	10	,	,	PUNCT
cblr-11900	312	11	monetary	monetary	ADJ
cblr-11900	312	12	aspects	aspect	NOUN
cblr-11900	312	13	of	of	ADP
cblr-11900	312	14	the	the	DET
cblr-11900	312	15	treasury	treasury	NOUN
cblr-11900	312	16	notes	note	NOUN
cblr-11900	312	17	of	of	ADP
cblr-11900	312	18	the	the	DET
cblr-11900	312	19	war	war	NOUN
cblr-11900	312	20	of	of	ADP
cblr-11900	312	21	1812	1812	NUM
cblr-11900	312	22	,	,	PUNCT
cblr-11900	312	23	44	44	NUM
cblr-11900	312	24	j.	j.	PROPN
cblr-11900	312	25	econ	econ	PROPN
cblr-11900	312	26	.	.	PUNCT
cblr-11900	313	1	hist	hist	PROPN
cblr-11900	313	2	.	.	PROPN
cblr-11900	314	1	69	69	NUM
cblr-11900	314	2	,	,	PUNCT
cblr-11900	314	3	69	69	NUM
cblr-11900	314	4	(	(	PUNCT
cblr-11900	314	5	1984	1984	NUM
cblr-11900	314	6	)	)	PUNCT
cblr-11900	314	7	.	.	PUNCT
cblr-11900	315	1	45	45	NUM
cblr-11900	316	1	i	i	PROPN
cblr-11900	316	2	d.	d.	NOUN
cblr-11900	316	3	46	46	NUM
cblr-11900	316	4	legal	legal	ADJ
cblr-11900	316	5	tender	tender	NOUN
cblr-11900	316	6	cases	case	NOUN
cblr-11900	316	7	,	,	PUNCT
cblr-11900	316	8	79	79	NUM
cblr-11900	316	9	u.s	u.s	PROPN
cblr-11900	316	10	.	.	PROPN
cblr-11900	316	11	457	457	NUM
cblr-11900	316	12	,	,	PUNCT
cblr-11900	316	13	610	610	NUM
cblr-11900	316	14	(	(	PUNCT
cblr-11900	316	15	1870	1870	NUM
cblr-11900	316	16	)	)	PUNCT
cblr-11900	316	17	.	.	PUNCT
cblr-11900	317	1	no	no	INTJ
cblr-11900	317	2	.	.	NOUN
cblr-11900	318	1	1	1	NUM
cblr-11900	318	2	]	]	ADJ
cblr-11900	318	3	money	money	NOUN
cblr-11900	318	4	and	and	CCONJ
cblr-11900	318	5	the	the	DET
cblr-11900	318	6	public	public	ADJ
cblr-11900	318	7	debt	debt	NOUN
cblr-11900	318	8	243	243	NUM
cblr-11900	318	9	domestic	domestic	ADJ
cblr-11900	318	10	product	product	NOUN
cblr-11900	318	11	(	(	PUNCT
cblr-11900	318	12	gdp).47	gdp).47	NOUN
cblr-11900	318	13	by	by	ADP
cblr-11900	318	14	way	way	NOUN
cblr-11900	318	15	of	of	ADP
cblr-11900	318	16	comparison	comparison	NOUN
cblr-11900	318	17	,	,	PUNCT
cblr-11900	318	18	in	in	ADP
cblr-11900	318	19	the	the	DET
cblr-11900	318	20	united	united	ADJ
cblr-11900	318	21	kingdom	kingdom	PROPN
cblr-11900	318	22	,	,	PUNCT
cblr-11900	318	23	central	central	ADJ
cblr-11900	318	24	government	government	NOUN
cblr-11900	318	25	spending	spending	NOUN
cblr-11900	318	26	topped	top	VERB
cblr-11900	318	27	12	12	NUM
cblr-11900	318	28	%	%	NOUN
cblr-11900	318	29	of	of	ADP
cblr-11900	318	30	gdp	gdp	NOUN
cblr-11900	318	31	on	on	ADP
cblr-11900	318	32	average	average	ADJ
cblr-11900	318	33	over	over	ADP
cblr-11900	318	34	the	the	DET
cblr-11900	318	35	same	same	ADJ
cblr-11900	318	36	period.48	period.48	PROPN
cblr-11900	318	37	washington	washington	PROPN
cblr-11900	318	38	’s	’s	PART
cblr-11900	318	39	modest	modest	ADJ
cblr-11900	318	40	outlays	outlay	NOUN
cblr-11900	318	41	were	be	AUX
cblr-11900	318	42	easily	easily	ADV
cblr-11900	318	43	offset	offset	VERB
cblr-11900	318	44	by	by	ADP
cblr-11900	318	45	revenue	revenue	NOUN
cblr-11900	318	46	collected	collect	VERB
cblr-11900	318	47	,	,	PUNCT
cblr-11900	318	48	almost	almost	ADV
cblr-11900	318	49	all	all	PRON
cblr-11900	318	50	of	of	ADP
cblr-11900	318	51	it	it	PRON
cblr-11900	318	52	from	from	ADP
cblr-11900	318	53	customs.49	customs.49	NOUN
cblr-11900	318	54	combined	combine	VERB
cblr-11900	318	55	with	with	ADP
cblr-11900	318	56	economic	economic	ADJ
cblr-11900	318	57	growth	growth	NOUN
cblr-11900	318	58	,	,	PUNCT
cblr-11900	318	59	the	the	DET
cblr-11900	318	60	net	net	ADJ
cblr-11900	318	61	result	result	NOUN
cblr-11900	318	62	was	be	AUX
cblr-11900	318	63	a	a	DET
cblr-11900	318	64	steady	steady	ADJ
cblr-11900	318	65	decline	decline	NOUN
cblr-11900	318	66	in	in	ADP
cblr-11900	318	67	the	the	DET
cblr-11900	318	68	stock	stock	NOUN
cblr-11900	318	69	of	of	ADP
cblr-11900	318	70	public	public	ADJ
cblr-11900	318	71	debt	debt	NOUN
cblr-11900	318	72	relative	relative	ADJ
cblr-11900	318	73	to	to	ADP
cblr-11900	318	74	the	the	DET
cblr-11900	318	75	productive	productive	ADJ
cblr-11900	318	76	capacity	capacity	NOUN
cblr-11900	318	77	of	of	ADP
cblr-11900	318	78	the	the	DET
cblr-11900	318	79	u.s	u.s	PROPN
cblr-11900	318	80	.	.	PROPN
cblr-11900	318	81	,	,	PUNCT
cblr-11900	318	82	from	from	ADP
cblr-11900	318	83	roughly	roughly	ADV
cblr-11900	318	84	15	15	NUM
cblr-11900	318	85	%	%	NOUN
cblr-11900	318	86	of	of	ADP
cblr-11900	318	87	gdp	gdp	NOUN
cblr-11900	318	88	at	at	ADP
cblr-11900	318	89	the	the	DET
cblr-11900	318	90	turn	turn	NOUN
cblr-11900	318	91	of	of	ADP
cblr-11900	318	92	the	the	DET
cblr-11900	318	93	nineteenth	nineteenth	ADJ
cblr-11900	318	94	century	century	NOUN
cblr-11900	318	95	to	to	ADP
cblr-11900	318	96	less	less	ADJ
cblr-11900	318	97	than	than	ADP
cblr-11900	318	98	2	2	NUM
cblr-11900	318	99	%	%	NOUN
cblr-11900	318	100	in	in	ADP
cblr-11900	318	101	1860.50	1860.50	NUM
cblr-11900	318	102	finding	find	VERB
cblr-11900	318	103	buyers	buyer	NOUN
cblr-11900	318	104	for	for	ADP
cblr-11900	318	105	such	such	DET
cblr-11900	318	106	a	a	DET
cblr-11900	318	107	modest	modest	ADJ
cblr-11900	318	108	sum	sum	NOUN
cblr-11900	318	109	required	require	VERB
cblr-11900	318	110	minimal	minimal	ADJ
cblr-11900	318	111	monetary	monetary	ADJ
cblr-11900	318	112	engineering	engineering	NOUN
cblr-11900	318	113	.	.	PUNCT
cblr-11900	319	1	b.	b.	PROPN
cblr-11900	319	2	fiscal	fiscal	ADJ
cblr-11900	319	3	-	-	PUNCT
cblr-11900	319	4	monetary	monetary	ADJ
cblr-11900	319	5	entanglement	entanglement	NOUN
cblr-11900	319	6	:	:	PUNCT
cblr-11900	319	7	the	the	DET
cblr-11900	319	8	national	national	ADJ
cblr-11900	319	9	banking	banking	NOUN
cblr-11900	319	10	system	system	NOUN
cblr-11900	319	11	the	the	DET
cblr-11900	319	12	outbreak	outbreak	NOUN
cblr-11900	319	13	of	of	ADP
cblr-11900	319	14	the	the	DET
cblr-11900	319	15	civil	civil	ADJ
cblr-11900	319	16	war	war	NOUN
cblr-11900	319	17	changed	change	VERB
cblr-11900	319	18	everything	everything	PRON
cblr-11900	319	19	.	.	PUNCT
cblr-11900	320	1	just	just	ADV
cblr-11900	320	2	before	before	SCONJ
cblr-11900	320	3	hostilities	hostility	NOUN
cblr-11900	320	4	began	begin	VERB
cblr-11900	320	5	in	in	ADP
cblr-11900	320	6	1861	1861	NUM
cblr-11900	320	7	,	,	PUNCT
cblr-11900	320	8	the	the	DET
cblr-11900	320	9	public	public	NOUN
cblr-11900	320	10	held	hold	VERB
cblr-11900	320	11	less	less	ADJ
cblr-11900	320	12	than	than	ADP
cblr-11900	320	13	$	$	SYM
cblr-11900	320	14	80	80	NUM
cblr-11900	320	15	million	million	NUM
cblr-11900	320	16	of	of	ADP
cblr-11900	320	17	federal	federal	ADJ
cblr-11900	320	18	debt51	debt51	PROPN
cblr-11900	320	19	;	;	PUNCT
cblr-11900	320	20	within	within	ADP
cblr-11900	320	21	a	a	DET
cblr-11900	320	22	year	year	NOUN
cblr-11900	320	23	,	,	PUNCT
cblr-11900	320	24	that	that	DET
cblr-11900	320	25	amount	amount	NOUN
cblr-11900	320	26	almost	almost	ADV
cblr-11900	320	27	quadrupled	quadruple	VERB
cblr-11900	320	28	to	to	ADP
cblr-11900	320	29	more	more	ADJ
cblr-11900	320	30	than	than	ADP
cblr-11900	320	31	$	$	SYM
cblr-11900	320	32	300	300	NUM
cblr-11900	320	33	million	million	NUM
cblr-11900	320	34	,	,	PUNCT
cblr-11900	320	35	before	before	ADP
cblr-11900	320	36	hitting	hit	VERB
cblr-11900	320	37	$	$	SYM
cblr-11900	320	38	1.5	1.5	NUM
cblr-11900	320	39	billion	billion	NUM
cblr-11900	320	40	in	in	ADP
cblr-11900	320	41	1863	1863	NUM
cblr-11900	320	42	and	and	CCONJ
cblr-11900	320	43	reaching	reach	VERB
cblr-11900	320	44	$	$	SYM
cblr-11900	320	45	2.7	2.7	NUM
cblr-11900	320	46	billion	billion	NUM
cblr-11900	320	47	at	at	ADP
cblr-11900	320	48	war	war	NOUN
cblr-11900	320	49	-	-	PUNCT
cblr-11900	320	50	end	end	NOUN
cblr-11900	320	51	(	(	PUNCT
cblr-11900	320	52	more	more	ADJ
cblr-11900	320	53	than	than	ADP
cblr-11900	320	54	30	30	NUM
cblr-11900	320	55	%	%	NOUN
cblr-11900	320	56	of	of	ADP
cblr-11900	320	57	gdp	gdp	NOUN
cblr-11900	320	58	and	and	CCONJ
cblr-11900	320	59	an	an	DET
cblr-11900	320	60	increase	increase	NOUN
cblr-11900	320	61	of	of	ADP
cblr-11900	320	62	thirty	thirty	NUM
cblr-11900	320	63	-	-	PUNCT
cblr-11900	320	64	five	five	NUM
cblr-11900	320	65	-	-	NOUN
cblr-11900	320	66	fold	fold	NOUN
cblr-11900	320	67	in	in	ADV
cblr-11900	320	68	just	just	ADV
cblr-11900	320	69	five	five	NUM
cblr-11900	320	70	years).52	years).52	PROPN
cblr-11900	320	71	placing	place	VERB
cblr-11900	320	72	all	all	DET
cblr-11900	320	73	this	this	DET
cblr-11900	320	74	debt	debt	NOUN
cblr-11900	320	75	proved	prove	VERB
cblr-11900	320	76	an	an	DET
cblr-11900	320	77	extraordinary	extraordinary	ADJ
cblr-11900	320	78	challenge	challenge	NOUN
cblr-11900	320	79	that	that	PRON
cblr-11900	320	80	strained	strain	VERB
cblr-11900	320	81	the	the	DET
cblr-11900	320	82	country	country	NOUN
cblr-11900	320	83	’s	’s	PART
cblr-11900	320	84	fragmented	fragmented	ADJ
cblr-11900	320	85	financial	financial	ADJ
cblr-11900	320	86	system	system	NOUN
cblr-11900	320	87	.	.	PUNCT
cblr-11900	321	1	salmon	salmon	NOUN
cblr-11900	321	2	chase	chase	PROPN
cblr-11900	321	3	,	,	PUNCT
cblr-11900	321	4	secretary	secretary	NOUN
cblr-11900	321	5	of	of	ADP
cblr-11900	321	6	the	the	DET
cblr-11900	321	7	treasury	treasury	NOUN
cblr-11900	321	8	throughout	throughout	ADP
cblr-11900	321	9	47	47	NUM
cblr-11900	321	10	u.s	u.s	PROPN
cblr-11900	321	11	.	.	PROPN
cblr-11900	321	12	bureau	bureau	PROPN
cblr-11900	321	13	of	of	ADP
cblr-11900	321	14	the	the	DET
cblr-11900	321	15	census	census	NOUN
cblr-11900	321	16	,	,	PUNCT
cblr-11900	321	17	historical	historical	ADJ
cblr-11900	321	18	statistics	statistic	NOUN
cblr-11900	321	19	of	of	ADP
cblr-11900	321	20	the	the	DET
cblr-11900	321	21	united	united	PROPN
cblr-11900	321	22	states	states	PROPN
cblr-11900	321	23	1789–1945	1789–1945	NUM
cblr-11900	321	24	(	(	PUNCT
cblr-11900	321	25	1949	1949	NUM
cblr-11900	321	26	)	)	PUNCT
cblr-11900	321	27	.	.	PUNCT
cblr-11900	322	1	there	there	PRON
cblr-11900	322	2	was	be	VERB
cblr-11900	322	3	a	a	DET
cblr-11900	322	4	brief	brief	ADJ
cblr-11900	322	5	increase	increase	NOUN
cblr-11900	322	6	around	around	ADP
cblr-11900	322	7	the	the	DET
cblr-11900	322	8	war	war	NOUN
cblr-11900	322	9	of	of	ADP
cblr-11900	322	10	1812	1812	NUM
cblr-11900	322	11	,	,	PUNCT
cblr-11900	322	12	but	but	CCONJ
cblr-11900	322	13	even	even	ADV
cblr-11900	322	14	then	then	ADV
cblr-11900	322	15	only	only	ADV
cblr-11900	322	16	to	to	ADP
cblr-11900	322	17	around	around	ADP
cblr-11900	322	18	3	3	NUM
cblr-11900	322	19	%	%	NOUN
cblr-11900	322	20	of	of	ADP
cblr-11900	322	21	gdp	gdp	PROPN
cblr-11900	322	22	.	.	PUNCT
cblr-11900	322	23	cong	cong	PROPN
cblr-11900	322	24	.	.	PUNCT
cblr-11900	323	1	budget	budget	NOUN
cblr-11900	323	2	off	off	ADP
cblr-11900	323	3	.	.	PUNCT
cblr-11900	324	1	,	,	PUNCT
cblr-11900	324	2	historical	historical	ADJ
cblr-11900	324	3	data	datum	NOUN
cblr-11900	324	4	on	on	ADP
cblr-11900	324	5	federal	federal	ADJ
cblr-11900	324	6	debt	debt	NOUN
cblr-11900	324	7	held	hold	VERB
cblr-11900	324	8	by	by	ADP
cblr-11900	324	9	public	public	NOUN
cblr-11900	324	10	(	(	PUNCT
cblr-11900	324	11	2010	2010	NUM
cblr-11900	324	12	)	)	PUNCT
cblr-11900	324	13	,	,	PUNCT
cblr-11900	324	14	https://www.cbo.gov/publication/21728	https://www.cbo.gov/publication/21728	NOUN
cblr-11900	324	15	[	[	X
cblr-11900	324	16	https://perma.cc/r89h-2b9h	https://perma.cc/r89h-2b9h	X
cblr-11900	324	17	]	]	X
cblr-11900	324	18	.	.	PUNCT
cblr-11900	325	1	48	48	NUM
cblr-11900	325	2	a	a	DET
cblr-11900	325	3	millennium	millennium	NOUN
cblr-11900	325	4	of	of	ADP
cblr-11900	325	5	macroeconomic	macroeconomic	ADJ
cblr-11900	325	6	data	datum	NOUN
cblr-11900	325	7	,	,	PUNCT
cblr-11900	325	8	bank	bank	PROPN
cblr-11900	325	9	of	of	ADP
cblr-11900	325	10	england	england	PROPN
cblr-11900	325	11	research	research	PROPN
cblr-11900	325	12	datasets	dataset	NOUN
cblr-11900	325	13	,	,	PUNCT
cblr-11900	325	14	https://www.bankofengland.co.uk/statistics/research-datasets	https://www.bankofengland.co.uk/statistics/research-dataset	NOUN
cblr-11900	326	1	[	[	X
cblr-11900	326	2	https://perma.cc/5yy9-66rw	https://perma.cc/5yy9-66rw	NOUN
cblr-11900	326	3	]	]	X
cblr-11900	326	4	.	.	PUNCT
cblr-11900	327	1	49	49	NUM
cblr-11900	327	2	thomas	thomas	PROPN
cblr-11900	327	3	l.	l.	PROPN
cblr-11900	327	4	hungerford	hungerford	PROPN
cblr-11900	327	5	,	,	PUNCT
cblr-11900	327	6	cong	cong	PROPN
cblr-11900	327	7	.	.	PUNCT
cblr-11900	328	1	rsch	rsch	PROPN
cblr-11900	328	2	.	.	PUNCT
cblr-11900	329	1	serv	serv	PROPN
cblr-11900	329	2	.	.	PROPN
cblr-11900	329	3	,	,	PUNCT
cblr-11900	329	4	rl33665	rl33665	PROPN
cblr-11900	329	5	,	,	PUNCT
cblr-11900	329	6	u.s	u.s	PROPN
cblr-11900	329	7	.	.	PROPN
cblr-11900	329	8	federal	federal	ADJ
cblr-11900	329	9	government	government	NOUN
cblr-11900	329	10	revenues	revenue	NOUN
cblr-11900	329	11	:	:	PUNCT
cblr-11900	329	12	1790	1790	NUM
cblr-11900	329	13	to	to	ADP
cblr-11900	329	14	the	the	DET
cblr-11900	329	15	present	present	ADJ
cblr-11900	329	16	3	3	NUM
cblr-11900	329	17	(	(	PUNCT
cblr-11900	329	18	2006	2006	NUM
cblr-11900	329	19	)	)	PUNCT
cblr-11900	329	20	;	;	PUNCT
cblr-11900	329	21	cong	cong	NOUN
cblr-11900	329	22	.	.	PUNCT
cblr-11900	330	1	budget	budget	NOUN
cblr-11900	330	2	off	off	ADP
cblr-11900	330	3	.	.	PUNCT
cblr-11900	331	1	,	,	PUNCT
cblr-11900	331	2	historical	historical	ADJ
cblr-11900	331	3	data	datum	NOUN
cblr-11900	331	4	on	on	ADP
cblr-11900	331	5	federal	federal	ADJ
cblr-11900	331	6	debt	debt	NOUN
cblr-11900	331	7	held	hold	VERB
cblr-11900	331	8	by	by	ADP
cblr-11900	331	9	public	public	NOUN
cblr-11900	331	10	(	(	PUNCT
cblr-11900	331	11	2010	2010	NUM
cblr-11900	331	12	)	)	PUNCT
cblr-11900	331	13	,	,	PUNCT
cblr-11900	331	14	https://www.cbo.gov/publication/21728	https://www.cbo.gov/publication/21728	NOUN
cblr-11900	331	15	[	[	X
cblr-11900	331	16	https://perma.cc/r89h-2b9h	https://perma.cc/r89h-2b9h	X
cblr-11900	331	17	]	]	X
cblr-11900	331	18	.	.	PUNCT
cblr-11900	332	1	50	50	NUM
cblr-11900	332	2	cong	cong	NOUN
cblr-11900	332	3	.	.	PUNCT
cblr-11900	333	1	budget	budget	NOUN
cblr-11900	333	2	off	off	ADP
cblr-11900	333	3	.	.	PUNCT
cblr-11900	334	1	,	,	PUNCT
cblr-11900	334	2	historical	historical	ADJ
cblr-11900	334	3	data	datum	NOUN
cblr-11900	334	4	on	on	ADP
cblr-11900	334	5	federal	federal	ADJ
cblr-11900	334	6	debt	debt	NOUN
cblr-11900	334	7	held	hold	VERB
cblr-11900	334	8	by	by	ADP
cblr-11900	334	9	public	public	NOUN
cblr-11900	334	10	(	(	PUNCT
cblr-11900	334	11	2010	2010	NUM
cblr-11900	334	12	)	)	PUNCT
cblr-11900	334	13	,	,	PUNCT
cblr-11900	334	14	supra	supra	PROPN
cblr-11900	334	15	note	note	NOUN
cblr-11900	334	16	49	49	NUM
cblr-11900	334	17	.	.	PUNCT
cblr-11900	335	1	51	51	NUM
cblr-11900	335	2	unless	unless	SCONJ
cblr-11900	335	3	otherwise	otherwise	ADV
cblr-11900	335	4	specified	specify	VERB
cblr-11900	335	5	,	,	PUNCT
cblr-11900	335	6	dollar	dollar	NOUN
cblr-11900	335	7	values	value	NOUN
cblr-11900	335	8	are	be	AUX
cblr-11900	335	9	in	in	ADP
cblr-11900	335	10	nominal	nominal	ADJ
cblr-11900	335	11	rather	rather	ADV
cblr-11900	335	12	than	than	ADP
cblr-11900	335	13	real	real	ADJ
cblr-11900	335	14	or	or	CCONJ
cblr-11900	335	15	otherwise	otherwise	ADV
cblr-11900	335	16	inflation	inflation	NOUN
cblr-11900	335	17	-	-	PUNCT
cblr-11900	335	18	adjusted	adjust	VERB
cblr-11900	335	19	terms	term	NOUN
cblr-11900	335	20	.	.	PUNCT
cblr-11900	336	1	52	52	NUM
cblr-11900	336	2	cong	cong	NOUN
cblr-11900	336	3	.	.	PUNCT
cblr-11900	337	1	budget	budget	NOUN
cblr-11900	337	2	off	off	ADP
cblr-11900	337	3	.	.	PUNCT
cblr-11900	338	1	,	,	PUNCT
cblr-11900	338	2	historical	historical	ADJ
cblr-11900	338	3	data	datum	NOUN
cblr-11900	338	4	on	on	ADP
cblr-11900	338	5	federal	federal	ADJ
cblr-11900	338	6	debt	debt	NOUN
cblr-11900	338	7	held	hold	VERB
cblr-11900	338	8	by	by	ADP
cblr-11900	338	9	public	public	NOUN
cblr-11900	338	10	(	(	PUNCT
cblr-11900	338	11	2010	2010	NUM
cblr-11900	338	12	)	)	PUNCT
cblr-11900	338	13	,	,	PUNCT
cblr-11900	338	14	supra	supra	PROPN
cblr-11900	338	15	note	note	NOUN
cblr-11900	338	16	49	49	NUM
cblr-11900	338	17	.	.	PUNCT
cblr-11900	339	1	244	244	NUM
cblr-11900	339	2	columbia	columbia	PROPN
cblr-11900	339	3	business	business	NOUN
cblr-11900	339	4	law	law	PROPN
cblr-11900	339	5	review	review	NOUN
cblr-11900	339	6	[	[	X
cblr-11900	339	7	vol	vol	NOUN
cblr-11900	339	8	.	.	PUNCT
cblr-11900	339	9	2023	2023	NUM
cblr-11900	339	10	most	most	ADJ
cblr-11900	339	11	of	of	ADP
cblr-11900	339	12	the	the	DET
cblr-11900	339	13	war	war	NOUN
cblr-11900	339	14	,	,	PUNCT
cblr-11900	339	15	tried	try	VERB
cblr-11900	339	16	a	a	DET
cblr-11900	339	17	variety	variety	NOUN
cblr-11900	339	18	of	of	ADP
cblr-11900	339	19	schemes	scheme	NOUN
cblr-11900	339	20	to	to	PART
cblr-11900	339	21	channel	channel	VERB
cblr-11900	339	22	the	the	DET
cblr-11900	339	23	nation	nation	NOUN
cblr-11900	339	24	’s	’s	PART
cblr-11900	339	25	savings	saving	NOUN
cblr-11900	339	26	toward	toward	ADP
cblr-11900	339	27	the	the	DET
cblr-11900	339	28	war	war	NOUN
cblr-11900	339	29	effort	effort	NOUN
cblr-11900	339	30	.	.	PUNCT
cblr-11900	340	1	at	at	ADP
cblr-11900	340	2	first	first	ADV
cblr-11900	340	3	,	,	PUNCT
cblr-11900	340	4	chase	chase	PROPN
cblr-11900	340	5	borrowed	borrow	VERB
cblr-11900	340	6	from	from	ADP
cblr-11900	340	7	state	state	NOUN
cblr-11900	340	8	-	-	PUNCT
cblr-11900	340	9	chartered	charter	VERB
cblr-11900	340	10	banks.53	banks.53	PROPN
cblr-11900	340	11	the	the	DET
cblr-11900	340	12	bank	bank	PROPN
cblr-11900	340	13	of	of	ADP
cblr-11900	340	14	the	the	DET
cblr-11900	340	15	united	united	PROPN
cblr-11900	340	16	states	states	PROPN
cblr-11900	340	17	was	be	AUX
cblr-11900	340	18	long	long	ADV
cblr-11900	340	19	gone	go	VERB
cblr-11900	340	20	(	(	PUNCT
cblr-11900	340	21	it	it	PRON
cblr-11900	340	22	had	have	AUX
cblr-11900	340	23	closed	close	VERB
cblr-11900	340	24	in	in	ADP
cblr-11900	340	25	1811	1811	NUM
cblr-11900	340	26	)	)	PUNCT
cblr-11900	340	27	;	;	PUNCT
cblr-11900	340	28	and	and	CCONJ
cblr-11900	340	29	a	a	DET
cblr-11900	340	30	second	second	ADJ
cblr-11900	340	31	incarnation	incarnation	NOUN
cblr-11900	340	32	,	,	PUNCT
cblr-11900	340	33	started	start	VERB
cblr-11900	340	34	in	in	ADP
cblr-11900	340	35	1816	1816	NUM
cblr-11900	340	36	,	,	PUNCT
cblr-11900	340	37	lost	lose	VERB
cblr-11900	340	38	its	its	PRON
cblr-11900	340	39	charter	charter	NOUN
cblr-11900	340	40	in	in	ADP
cblr-11900	340	41	1836.54	1836.54	NUM
cblr-11900	340	42	thereafter	thereafter	ADV
cblr-11900	340	43	,	,	PUNCT
cblr-11900	340	44	the	the	DET
cblr-11900	340	45	country	country	NOUN
cblr-11900	340	46	depended	depend	VERB
cblr-11900	340	47	on	on	ADP
cblr-11900	340	48	a	a	DET
cblr-11900	340	49	diffuse	diffuse	NOUN
cblr-11900	340	50	and	and	CCONJ
cblr-11900	340	51	uncoordinated	uncoordinated	ADJ
cblr-11900	340	52	mass	mass	NOUN
cblr-11900	340	53	of	of	ADP
cblr-11900	340	54	much	much	ADV
cblr-11900	340	55	smaller	small	ADJ
cblr-11900	340	56	institutions	institution	NOUN
cblr-11900	340	57	created	create	VERB
cblr-11900	340	58	by	by	ADP
cblr-11900	340	59	the	the	DET
cblr-11900	340	60	states	state	NOUN
cblr-11900	340	61	to	to	PART
cblr-11900	340	62	augment	augment	VERB
cblr-11900	340	63	the	the	DET
cblr-11900	340	64	limited	limited	ADJ
cblr-11900	340	65	supply	supply	NOUN
cblr-11900	340	66	of	of	ADP
cblr-11900	340	67	gold	gold	NOUN
cblr-11900	340	68	and	and	CCONJ
cblr-11900	340	69	silver	silver	ADJ
cblr-11900	340	70	coin	coin	NOUN
cblr-11900	340	71	issued	issue	VERB
cblr-11900	340	72	by	by	ADP
cblr-11900	340	73	the	the	DET
cblr-11900	340	74	federal	federal	ADJ
cblr-11900	340	75	government	government	NOUN
cblr-11900	340	76	.	.	PUNCT
cblr-11900	341	1	although	although	SCONJ
cblr-11900	341	2	state	state	NOUN
cblr-11900	341	3	banks	bank	NOUN
cblr-11900	341	4	often	often	ADV
cblr-11900	341	5	supported	support	VERB
cblr-11900	341	6	the	the	DET
cblr-11900	341	7	budgets	budget	NOUN
cblr-11900	341	8	of	of	ADP
cblr-11900	341	9	their	their	PRON
cblr-11900	341	10	chartering	charter	VERB
cblr-11900	341	11	sovereigns	sovereign	NOUN
cblr-11900	341	12	,	,	PUNCT
cblr-11900	341	13	they	they	PRON
cblr-11900	341	14	were	be	AUX
cblr-11900	341	15	under	under	ADP
cblr-11900	341	16	no	no	DET
cblr-11900	341	17	legal	legal	ADJ
cblr-11900	341	18	obligation	obligation	NOUN
cblr-11900	341	19	to	to	PART
cblr-11900	341	20	buy	buy	VERB
cblr-11900	341	21	federal	federal	ADJ
cblr-11900	341	22	debt	debt	NOUN
cblr-11900	341	23	.	.	PUNCT
cblr-11900	342	1	the	the	DET
cblr-11900	342	2	treasury	treasury	PROPN
cblr-11900	342	3	paid	pay	VERB
cblr-11900	342	4	market	market	NOUN
cblr-11900	342	5	rates.55	rates.55	NOUN
cblr-11900	342	6	in	in	ADP
cblr-11900	342	7	1861	1861	NUM
cblr-11900	342	8	,	,	PUNCT
cblr-11900	342	9	the	the	DET
cblr-11900	342	10	government	government	NOUN
cblr-11900	342	11	’s	’s	PART
cblr-11900	342	12	borrowing	borrowing	NOUN
cblr-11900	342	13	needs	need	NOUN
cblr-11900	342	14	proved	prove	VERB
cblr-11900	342	15	too	too	ADV
cblr-11900	342	16	much	much	ADJ
cblr-11900	342	17	for	for	SCONJ
cblr-11900	342	18	the	the	DET
cblr-11900	342	19	state	state	NOUN
cblr-11900	342	20	banks	bank	NOUN
cblr-11900	342	21	to	to	PART
cblr-11900	342	22	handle	handle	VERB
cblr-11900	342	23	.	.	PUNCT
cblr-11900	343	1	rumors	rumor	NOUN
cblr-11900	343	2	that	that	SCONJ
cblr-11900	343	3	britain	britain	PROPN
cblr-11900	343	4	might	might	AUX
cblr-11900	343	5	enter	enter	VERB
cblr-11900	343	6	the	the	DET
cblr-11900	343	7	war	war	NOUN
cblr-11900	343	8	on	on	ADP
cblr-11900	343	9	the	the	DET
cblr-11900	343	10	side	side	NOUN
cblr-11900	343	11	of	of	ADP
cblr-11900	343	12	the	the	DET
cblr-11900	343	13	south	south	NOUN
cblr-11900	343	14	sparked	spark	VERB
cblr-11900	343	15	a	a	DET
cblr-11900	343	16	run	run	NOUN
cblr-11900	343	17	on	on	ADP
cblr-11900	343	18	the	the	DET
cblr-11900	343	19	banks	bank	NOUN
cblr-11900	343	20	.	.	PUNCT
cblr-11900	344	1	having	having	AUX
cblr-11900	344	2	lent	lend	VERB
cblr-11900	344	3	most	most	ADJ
cblr-11900	344	4	of	of	ADP
cblr-11900	344	5	their	their	PRON
cblr-11900	344	6	gold	gold	NOUN
cblr-11900	344	7	and	and	CCONJ
cblr-11900	344	8	silver	silver	NOUN
cblr-11900	344	9	to	to	ADP
cblr-11900	344	10	the	the	DET
cblr-11900	344	11	government	government	NOUN
cblr-11900	344	12	,	,	PUNCT
cblr-11900	344	13	the	the	DET
cblr-11900	344	14	banks	bank	NOUN
cblr-11900	344	15	(	(	PUNCT
cblr-11900	344	16	in	in	ADP
cblr-11900	344	17	nearly	nearly	ADV
cblr-11900	344	18	every	every	PRON
cblr-11900	344	19	state	state	NOUN
cblr-11900	344	20	)	)	PUNCT
cblr-11900	344	21	suspended	suspend	VERB
cblr-11900	344	22	specie	specie	NOUN
cblr-11900	344	23	payments	payment	NOUN
cblr-11900	344	24	to	to	ADP
cblr-11900	344	25	their	their	PRON
cblr-11900	344	26	noteholders	noteholder	NOUN
cblr-11900	344	27	and	and	CCONJ
cblr-11900	344	28	depositors.56	depositors.56	NOUN
cblr-11900	344	29	congress	congress	PROPN
cblr-11900	344	30	responded	respond	VERB
cblr-11900	344	31	to	to	ADP
cblr-11900	344	32	the	the	DET
cblr-11900	344	33	crisis	crisis	NOUN
cblr-11900	344	34	in	in	ADP
cblr-11900	344	35	1862	1862	NUM
cblr-11900	344	36	by	by	ADP
cblr-11900	344	37	passing	pass	VERB
cblr-11900	344	38	the	the	DET
cblr-11900	344	39	legal	legal	ADJ
cblr-11900	344	40	tender	tender	NOUN
cblr-11900	344	41	act	act	NOUN
cblr-11900	344	42	,	,	PUNCT
cblr-11900	344	43	which	which	PRON
cblr-11900	344	44	authorized	authorize	VERB
cblr-11900	344	45	the	the	DET
cblr-11900	344	46	treasury	treasury	NOUN
cblr-11900	344	47	to	to	PART
cblr-11900	344	48	finance	finance	VERB
cblr-11900	344	49	revenue	revenue	NOUN
cblr-11900	344	50	shortfalls	shortfall	NOUN
cblr-11900	344	51	by	by	ADP
cblr-11900	344	52	issuing	issue	VERB
cblr-11900	344	53	“	"	PUNCT
cblr-11900	344	54	united	united	PROPN
cblr-11900	344	55	states	states	PROPN
cblr-11900	344	56	notes	note	VERB
cblr-11900	344	57	”	"	PUNCT
cblr-11900	344	58	(	(	PUNCT
cblr-11900	344	59	a	a	DET
cblr-11900	344	60	new	new	ADJ
cblr-11900	344	61	form	form	NOUN
cblr-11900	344	62	of	of	ADP
cblr-11900	344	63	paper	paper	NOUN
cblr-11900	344	64	money).57	money).57	PROPN
cblr-11900	345	1	these	these	DET
cblr-11900	345	2	notes	note	NOUN
cblr-11900	345	3	,	,	PUNCT
cblr-11900	345	4	colloquially	colloquially	ADV
cblr-11900	345	5	known	know	VERB
cblr-11900	345	6	as	as	ADP
cblr-11900	345	7	“	"	PUNCT
cblr-11900	345	8	greenbacks	greenback	NOUN
cblr-11900	345	9	”	"	PUNCT
cblr-11900	345	10	due	due	ADP
cblr-11900	345	11	to	to	ADP
cblr-11900	345	12	their	their	PRON
cblr-11900	345	13	green	green	ADJ
cblr-11900	345	14	color	color	NOUN
cblr-11900	345	15	,	,	PUNCT
cblr-11900	345	16	solved	solve	VERB
cblr-11900	345	17	the	the	DET
cblr-11900	345	18	problem	problem	NOUN
cblr-11900	345	19	of	of	ADP
cblr-11900	345	20	funding	fund	VERB
cblr-11900	345	21	the	the	DET
cblr-11900	345	22	war	war	NOUN
cblr-11900	345	23	effort.58	effort.58	PROPN
cblr-11900	345	24	but	but	CCONJ
cblr-11900	345	25	they	they	PRON
cblr-11900	345	26	created	create	VERB
cblr-11900	345	27	a	a	DET
cblr-11900	345	28	new	new	ADJ
cblr-11900	345	29	problem	problem	NOUN
cblr-11900	345	30	:	:	PUNCT
cblr-11900	345	31	by	by	ADP
cblr-11900	345	32	expanding	expand	VERB
cblr-11900	345	33	the	the	DET
cblr-11900	345	34	supply	supply	NOUN
cblr-11900	345	35	of	of	ADP
cblr-11900	345	36	legal	legal	ADJ
cblr-11900	345	37	reserves	reserve	NOUN
cblr-11900	345	38	,	,	PUNCT
cblr-11900	345	39	they	they	PRON
cblr-11900	345	40	enabled	enable	VERB
cblr-11900	345	41	state	state	NOUN
cblr-11900	345	42	banks	bank	NOUN
cblr-11900	345	43	to	to	PART
cblr-11900	345	44	issue	issue	VERB
cblr-11900	345	45	more	more	ADJ
cblr-11900	345	46	paper	paper	NOUN
cblr-11900	345	47	money	money	NOUN
cblr-11900	345	48	of	of	ADP
cblr-11900	345	49	their	their	PRON
cblr-11900	345	50	own	own	ADJ
cblr-11900	345	51	.	.	PUNCT
cblr-11900	346	1	the	the	DET
cblr-11900	346	2	53	53	NUM
cblr-11900	346	3	hammond	hammond	NOUN
cblr-11900	346	4	,	,	PUNCT
cblr-11900	346	5	supra	supra	PROPN
cblr-11900	346	6	note	note	NOUN
cblr-11900	346	7	34	34	NUM
cblr-11900	346	8	,	,	PUNCT
cblr-11900	346	9	at	at	ADP
cblr-11900	346	10	720–21	720–21	NUM
cblr-11900	346	11	.	.	PUNCT
cblr-11900	347	1	54	54	NUM
cblr-11900	347	2	morgan	morgan	PROPN
cblr-11900	347	3	ricks	ricks	PROPN
cblr-11900	347	4	,	,	PUNCT
cblr-11900	347	5	ganesh	ganesh	PROPN
cblr-11900	347	6	sitaraman	sitaraman	NOUN
cblr-11900	347	7	,	,	PUNCT
cblr-11900	347	8	shelley	shelley	PROPN
cblr-11900	347	9	welton	welton	PROPN
cblr-11900	347	10	&	&	CCONJ
cblr-11900	347	11	lev	lev	PROPN
cblr-11900	347	12	menand	menand	PROPN
cblr-11900	347	13	,	,	PUNCT
cblr-11900	347	14	networks	network	NOUN
cblr-11900	347	15	,	,	PUNCT
cblr-11900	347	16	platforms	platform	NOUN
cblr-11900	347	17	,	,	PUNCT
cblr-11900	347	18	and	and	CCONJ
cblr-11900	347	19	utilities	utility	NOUN
cblr-11900	347	20	:	:	PUNCT
cblr-11900	347	21	law	law	NOUN
cblr-11900	347	22	and	and	CCONJ
cblr-11900	347	23	policy	policy	NOUN
cblr-11900	347	24	828	828	NUM
cblr-11900	347	25	,	,	PUNCT
cblr-11900	347	26	833	833	NUM
cblr-11900	347	27	–	–	PUNCT
cblr-11900	347	28	35	35	NUM
cblr-11900	347	29	(	(	PUNCT
cblr-11900	347	30	2022	2022	NUM
cblr-11900	347	31	)	)	PUNCT
cblr-11900	347	32	.	.	PUNCT
cblr-11900	348	1	55	55	NUM
cblr-11900	348	2	bray	bray	PROPN
cblr-11900	348	3	hammond	hammond	PROPN
cblr-11900	348	4	,	,	PUNCT
cblr-11900	348	5	banks	bank	NOUN
cblr-11900	348	6	and	and	CCONJ
cblr-11900	348	7	politics	politic	NOUN
cblr-11900	348	8	in	in	ADP
cblr-11900	348	9	america	america	PROPN
cblr-11900	348	10	:	:	PUNCT
cblr-11900	348	11	from	from	ADP
cblr-11900	348	12	the	the	DET
cblr-11900	348	13	revolution	revolution	NOUN
cblr-11900	348	14	to	to	ADP
cblr-11900	348	15	the	the	DET
cblr-11900	348	16	civil	civil	ADJ
cblr-11900	348	17	war	war	NOUN
cblr-11900	348	18	723–24	723–24	NUM
cblr-11900	348	19	(	(	PUNCT
cblr-11900	348	20	1957	1957	NUM
cblr-11900	348	21	)	)	PUNCT
cblr-11900	348	22	.	.	PUNCT
cblr-11900	349	1	56	56	NUM
cblr-11900	349	2	bray	bray	PROPN
cblr-11900	349	3	hammond	hammond	PROPN
cblr-11900	349	4	,	,	PUNCT
cblr-11900	349	5	sovereignty	sovereignty	NOUN
cblr-11900	349	6	and	and	CCONJ
cblr-11900	349	7	an	an	DET
cblr-11900	349	8	empty	empty	ADJ
cblr-11900	349	9	purse	purse	NOUN
cblr-11900	349	10	:	:	PUNCT
cblr-11900	349	11	banks	bank	NOUN
cblr-11900	349	12	and	and	CCONJ
cblr-11900	349	13	politics	politic	NOUN
cblr-11900	349	14	in	in	ADP
cblr-11900	349	15	the	the	DET
cblr-11900	349	16	civil	civil	ADJ
cblr-11900	349	17	war	war	NOUN
cblr-11900	349	18	150–59	150–59	PROPN
cblr-11900	349	19	(	(	PUNCT
cblr-11900	349	20	1970	1970	NUM
cblr-11900	349	21	)	)	PUNCT
cblr-11900	349	22	.	.	PUNCT
cblr-11900	350	1	57	57	NUM
cblr-11900	350	2	legal	legal	ADJ
cblr-11900	350	3	tender	tender	NOUN
cblr-11900	350	4	act	act	NOUN
cblr-11900	350	5	,	,	PUNCT
cblr-11900	350	6	ch	ch	NOUN
cblr-11900	350	7	.	.	PROPN
cblr-11900	350	8	33	33	NUM
cblr-11900	350	9	,	,	PUNCT
cblr-11900	350	10	12	12	NUM
cblr-11900	350	11	stat	stat	NOUN
cblr-11900	350	12	.	.	PUNCT
cblr-11900	351	1	345	345	NUM
cblr-11900	351	2	(	(	PUNCT
cblr-11900	351	3	1862	1862	NUM
cblr-11900	351	4	)	)	PUNCT
cblr-11900	351	5	.	.	PUNCT
cblr-11900	352	1	58	58	NUM
cblr-11900	352	2	greenback	greenback	NOUN
cblr-11900	352	3	,	,	PUNCT
cblr-11900	352	4	museum	museum	NOUN
cblr-11900	352	5	of	of	ADP
cblr-11900	352	6	am	am	PROPN
cblr-11900	352	7	.	.	PUNCT
cblr-11900	353	1	fin	fin	NOUN
cblr-11900	353	2	.	.	PUNCT
cblr-11900	353	3	,	,	PUNCT
cblr-11900	353	4	https://www.moaf.org/exhibits/checks_balances/abraham-lincoln/greenback	https://www.moaf.org/exhibits/checks_balances/abraham-lincoln/greenback	VERB
cblr-11900	354	1	[	[	X
cblr-11900	354	2	https://perma.cc/r9sp-khla	https://perma.cc/r9sp-khla	NOUN
cblr-11900	354	3	]	]	X
cblr-11900	354	4	.	.	PUNCT
cblr-11900	355	1	no	no	INTJ
cblr-11900	355	2	.	.	NOUN
cblr-11900	355	3	1	1	NUM
cblr-11900	355	4	]	]	ADJ
cblr-11900	355	5	money	money	NOUN
cblr-11900	355	6	and	and	CCONJ
cblr-11900	355	7	the	the	DET
cblr-11900	355	8	public	public	ADJ
cblr-11900	355	9	debt	debt	NOUN
cblr-11900	355	10	245	245	NUM
cblr-11900	355	11	combination	combination	NOUN
cblr-11900	355	12	generated	generate	VERB
cblr-11900	355	13	inflation	inflation	NOUN
cblr-11900	355	14	as	as	ADV
cblr-11900	355	15	well	well	ADV
cblr-11900	355	16	as	as	ADP
cblr-11900	355	17	windfall	windfall	NOUN
cblr-11900	355	18	bank	bank	NOUN
cblr-11900	355	19	profits.59	profits.59	NOUN
cblr-11900	355	20	policymakers	policymaker	NOUN
cblr-11900	355	21	changed	change	VERB
cblr-11900	355	22	course	course	NOUN
cblr-11900	355	23	.	.	PUNCT
cblr-11900	356	1	they	they	PRON
cblr-11900	356	2	decided	decide	VERB
cblr-11900	356	3	to	to	PART
cblr-11900	356	4	phase	phase	VERB
cblr-11900	356	5	out	out	ADP
cblr-11900	356	6	direct	direct	ADJ
cblr-11900	356	7	money	money	NOUN
cblr-11900	356	8	printing	print	VERB
cblr-11900	356	9	by	by	ADP
cblr-11900	356	10	creating	create	VERB
cblr-11900	356	11	a	a	DET
cblr-11900	356	12	new	new	ADJ
cblr-11900	356	13	monetary	monetary	ADJ
cblr-11900	356	14	outsourcing	outsourcing	NOUN
cblr-11900	356	15	scheme	scheme	NOUN
cblr-11900	356	16	.	.	PUNCT
cblr-11900	357	1	their	their	PRON
cblr-11900	357	2	goal	goal	NOUN
cblr-11900	357	3	was	be	AUX
cblr-11900	357	4	to	to	PART
cblr-11900	357	5	replace	replace	VERB
cblr-11900	357	6	the	the	DET
cblr-11900	357	7	fragmented	fragmented	ADJ
cblr-11900	357	8	state	state	NOUN
cblr-11900	357	9	-	-	PUNCT
cblr-11900	357	10	based	base	VERB
cblr-11900	357	11	monetary	monetary	ADJ
cblr-11900	357	12	arrangement	arrangement	NOUN
cblr-11900	357	13	with	with	ADP
cblr-11900	357	14	a	a	DET
cblr-11900	357	15	unified	unified	ADJ
cblr-11900	357	16	federal	federal	ADJ
cblr-11900	357	17	system	system	NOUN
cblr-11900	357	18	centered	center	VERB
cblr-11900	357	19	around	around	ADP
cblr-11900	357	20	a	a	DET
cblr-11900	357	21	network	network	NOUN
cblr-11900	357	22	of	of	ADP
cblr-11900	357	23	“	"	PUNCT
cblr-11900	357	24	national	national	ADJ
cblr-11900	357	25	banks	bank	NOUN
cblr-11900	357	26	.	.	PUNCT
cblr-11900	358	1	”60	”60	PROPN
cblr-11900	358	2	policymakers	policymaker	NOUN
cblr-11900	358	3	expected	expect	VERB
cblr-11900	358	4	that	that	SCONJ
cblr-11900	358	5	state	state	NOUN
cblr-11900	358	6	banks	bank	NOUN
cblr-11900	358	7	would	would	AUX
cblr-11900	358	8	convert	convert	VERB
cblr-11900	358	9	to	to	ADP
cblr-11900	358	10	federal	federal	ADJ
cblr-11900	358	11	charters	charter	NOUN
cblr-11900	358	12	—	—	PUNCT
cblr-11900	358	13	and	and	CCONJ
cblr-11900	358	14	,	,	PUNCT
cblr-11900	358	15	when	when	SCONJ
cblr-11900	358	16	many	many	ADJ
cblr-11900	358	17	demurred	demur	VERB
cblr-11900	358	18	,	,	PUNCT
cblr-11900	358	19	congress	congress	PROPN
cblr-11900	358	20	imposed	impose	VERB
cblr-11900	358	21	a	a	DET
cblr-11900	358	22	tax	tax	NOUN
cblr-11900	358	23	on	on	ADP
cblr-11900	358	24	state	state	NOUN
cblr-11900	358	25	bank	bank	NOUN
cblr-11900	358	26	notes	note	NOUN
cblr-11900	358	27	so	so	ADV
cblr-11900	358	28	large	large	ADJ
cblr-11900	358	29	as	as	SCONJ
cblr-11900	358	30	to	to	PART
cblr-11900	358	31	render	render	VERB
cblr-11900	358	32	their	their	PRON
cblr-11900	358	33	note	note	NOUN
cblr-11900	358	34	issue	issue	NOUN
cblr-11900	358	35	uneconomic.61	uneconomic.61	NOUN
cblr-11900	358	36	in	in	ADP
cblr-11900	358	37	place	place	NOUN
cblr-11900	358	38	of	of	ADP
cblr-11900	358	39	thousands	thousand	NOUN
cblr-11900	358	40	of	of	ADP
cblr-11900	358	41	different	different	ADJ
cblr-11900	358	42	state	state	NOUN
cblr-11900	358	43	bank	bank	NOUN
cblr-11900	358	44	notes	note	NOUN
cblr-11900	358	45	of	of	ADP
cblr-11900	358	46	varying	vary	VERB
cblr-11900	358	47	value	value	NOUN
cblr-11900	358	48	,	,	PUNCT
cblr-11900	358	49	the	the	DET
cblr-11900	358	50	“	"	PUNCT
cblr-11900	358	51	national	national	ADJ
cblr-11900	358	52	banking	banking	NOUN
cblr-11900	358	53	system	system	NOUN
cblr-11900	358	54	”	"	PUNCT
cblr-11900	358	55	would	would	AUX
cblr-11900	358	56	offer	offer	VERB
cblr-11900	358	57	a	a	DET
cblr-11900	358	58	uniform	uniform	ADJ
cblr-11900	358	59	currency	currency	NOUN
cblr-11900	358	60	of	of	ADP
cblr-11900	358	61	“	"	PUNCT
cblr-11900	358	62	national	national	ADJ
cblr-11900	358	63	bank	bank	NOUN
cblr-11900	358	64	notes	note	NOUN
cblr-11900	358	65	,	,	PUNCT
cblr-11900	358	66	”	"	PUNCT
cblr-11900	358	67	which	which	PRON
cblr-11900	358	68	would	would	AUX
cblr-11900	358	69	be	be	AUX
cblr-11900	358	70	receivable	receivable	ADJ
cblr-11900	358	71	in	in	ADP
cblr-11900	358	72	payment	payment	NOUN
cblr-11900	358	73	of	of	ADP
cblr-11900	358	74	taxes	taxis	NOUN
cblr-11900	358	75	and	and	CCONJ
cblr-11900	358	76	other	other	ADJ
cblr-11900	358	77	federal	federal	ADJ
cblr-11900	358	78	obligations,62	obligations,62	NOUN
cblr-11900	358	79	just	just	ADV
cblr-11900	358	80	like	like	ADP
cblr-11900	358	81	the	the	DET
cblr-11900	358	82	notes	note	NOUN
cblr-11900	358	83	of	of	ADP
cblr-11900	358	84	the	the	DET
cblr-11900	358	85	bank	bank	NOUN
cblr-11900	358	86	of	of	ADP
cblr-11900	358	87	the	the	DET
cblr-11900	358	88	united	united	PROPN
cblr-11900	358	89	states	states	PROPN
cblr-11900	358	90	.	.	PUNCT
cblr-11900	359	1	but	but	CCONJ
cblr-11900	359	2	unlike	unlike	ADP
cblr-11900	359	3	that	that	DET
cblr-11900	359	4	earlier	early	ADJ
cblr-11900	359	5	federal	federal	ADJ
cblr-11900	359	6	instrumentality	instrumentality	NOUN
cblr-11900	359	7	,	,	PUNCT
cblr-11900	359	8	national	national	ADJ
cblr-11900	359	9	banks	bank	NOUN
cblr-11900	359	10	would	would	AUX
cblr-11900	359	11	not	not	PART
cblr-11900	359	12	be	be	AUX
cblr-11900	359	13	prohibited	prohibit	VERB
cblr-11900	359	14	from	from	ADP
cblr-11900	359	15	buying	buy	VERB
cblr-11900	359	16	public	public	ADJ
cblr-11900	359	17	debt	debt	NOUN
cblr-11900	359	18	.	.	PUNCT
cblr-11900	360	1	to	to	ADP
cblr-11900	360	2	the	the	DET
cblr-11900	360	3	contrary	contrary	NOUN
cblr-11900	360	4	,	,	PUNCT
cblr-11900	360	5	national	national	ADJ
cblr-11900	360	6	banks	bank	NOUN
cblr-11900	360	7	would	would	AUX
cblr-11900	360	8	be	be	AUX
cblr-11900	360	9	required	require	VERB
cblr-11900	360	10	to	to	PART
cblr-11900	360	11	support	support	VERB
cblr-11900	360	12	federal	federal	ADJ
cblr-11900	360	13	finance	finance	NOUN
cblr-11900	360	14	:	:	PUNCT
cblr-11900	360	15	all	all	DET
cblr-11900	360	16	“	"	PUNCT
cblr-11900	360	17	national	national	ADJ
cblr-11900	360	18	bank	bank	PROPN
cblr-11900	360	19	notes	note	NOUN
cblr-11900	360	20	”	"	PUNCT
cblr-11900	360	21	would	would	AUX
cblr-11900	360	22	be	be	AUX
cblr-11900	360	23	backed	back	VERB
cblr-11900	360	24	by	by	ADP
cblr-11900	360	25	treasury	treasury	PROPN
cblr-11900	360	26	securities.63	securities.63	PROPN
cblr-11900	360	27	formally	formally	ADV
cblr-11900	360	28	,	,	PUNCT
cblr-11900	360	29	under	under	ADP
cblr-11900	360	30	the	the	DET
cblr-11900	360	31	national	national	ADJ
cblr-11900	360	32	banking	banking	NOUN
cblr-11900	360	33	system	system	NOUN
cblr-11900	360	34	the	the	DET
cblr-11900	360	35	federal	federal	ADJ
cblr-11900	360	36	government	government	NOUN
cblr-11900	360	37	was	be	AUX
cblr-11900	360	38	not	not	PART
cblr-11900	360	39	money	money	NOUN
cblr-11900	360	40	-	-	PUNCT
cblr-11900	360	41	financed	finance	VERB
cblr-11900	360	42	.	.	PUNCT
cblr-11900	361	1	it	it	PRON
cblr-11900	361	2	sold	sell	VERB
cblr-11900	361	3	securities	security	NOUN
cblr-11900	361	4	to	to	PART
cblr-11900	361	5	cover	cover	VERB
cblr-11900	361	6	its	its	PRON
cblr-11900	361	7	deficits	deficit	NOUN
cblr-11900	361	8	.	.	PUNCT
cblr-11900	362	1	but	but	CCONJ
cblr-11900	362	2	functionally	functionally	ADV
cblr-11900	362	3	,	,	PUNCT
cblr-11900	362	4	it	it	PRON
cblr-11900	362	5	created	create	VERB
cblr-11900	362	6	a	a	DET
cblr-11900	362	7	network	network	NOUN
cblr-11900	362	8	of	of	ADP
cblr-11900	362	9	investor	investor	NOUN
cblr-11900	362	10	-	-	PUNCT
cblr-11900	362	11	owned	own	VERB
cblr-11900	362	12	instrumentalities	instrumentality	NOUN
cblr-11900	362	13	to	to	PART
cblr-11900	362	14	augment	augment	VERB
cblr-11900	362	15	the	the	DET
cblr-11900	362	16	money	money	NOUN
cblr-11900	362	17	supply	supply	NOUN
cblr-11900	362	18	which	which	PRON
cblr-11900	362	19	it	it	PRON
cblr-11900	362	20	used	use	VERB
cblr-11900	362	21	to	to	PART
cblr-11900	362	22	support	support	VERB
cblr-11900	362	23	its	its	PRON
cblr-11900	362	24	fiscal	fiscal	ADJ
cblr-11900	362	25	policy	policy	NOUN
cblr-11900	362	26	:	:	PUNCT
cblr-11900	362	27	its	its	PRON
cblr-11900	362	28	moneyissuing	moneyissue	VERB
cblr-11900	362	29	instrumentalities	instrumentality	NOUN
cblr-11900	362	30	were	be	AUX
cblr-11900	362	31	chartered	charter	VERB
cblr-11900	362	32	on	on	ADP
cblr-11900	362	33	the	the	DET
cblr-11900	362	34	condition	condition	NOUN
cblr-11900	362	35	that	that	SCONJ
cblr-11900	362	36	they	they	PRON
cblr-11900	362	37	monetize	monetize	VERB
cblr-11900	362	38	the	the	DET
cblr-11900	362	39	federal	federal	ADJ
cblr-11900	362	40	debt	debt	NOUN
cblr-11900	362	41	.	.	PUNCT
cblr-11900	363	1	by	by	ADP
cblr-11900	363	2	the	the	DET
cblr-11900	363	3	first	first	ADJ
cblr-11900	363	4	decade	decade	NOUN
cblr-11900	363	5	of	of	ADP
cblr-11900	363	6	the	the	DET
cblr-11900	363	7	twentieth	twentieth	ADJ
cblr-11900	363	8	century	century	NOUN
cblr-11900	363	9	,	,	PUNCT
cblr-11900	363	10	there	there	PRON
cblr-11900	363	11	was	be	VERB
cblr-11900	363	12	about	about	ADV
cblr-11900	363	13	$	$	SYM
cblr-11900	363	14	1	1	NUM
cblr-11900	363	15	billion	billion	NUM
cblr-11900	363	16	of	of	ADP
cblr-11900	363	17	interest	interest	NOUN
cblr-11900	363	18	59	59	NUM
cblr-11900	363	19	lev	lev	PROPN
cblr-11900	363	20	menand	menand	PROPN
cblr-11900	363	21	&	&	CCONJ
cblr-11900	363	22	morgan	morgan	PROPN
cblr-11900	363	23	ricks	ricks	PROPN
cblr-11900	363	24	,	,	PUNCT
cblr-11900	363	25	federal	federal	ADJ
cblr-11900	363	26	corporate	corporate	ADJ
cblr-11900	363	27	law	law	NOUN
cblr-11900	363	28	and	and	CCONJ
cblr-11900	363	29	the	the	DET
cblr-11900	363	30	business	business	NOUN
cblr-11900	363	31	of	of	ADP
cblr-11900	363	32	banking	banking	NOUN
cblr-11900	363	33	,	,	PUNCT
cblr-11900	363	34	88	88	NUM
cblr-11900	363	35	u.	u.	NOUN
cblr-11900	363	36	chi	chi	PROPN
cblr-11900	363	37	.	.	PUNCT
cblr-11900	364	1	l.	l.	PROPN
cblr-11900	364	2	rev	rev	PROPN
cblr-11900	364	3	.	.	PROPN
cblr-11900	364	4	1361	1361	NUM
cblr-11900	364	5	,	,	PUNCT
cblr-11900	364	6	1385	1385	NUM
cblr-11900	364	7	(	(	PUNCT
cblr-11900	364	8	2021	2021	NUM
cblr-11900	364	9	)	)	PUNCT
cblr-11900	364	10	.	.	PUNCT
cblr-11900	365	1	60	60	NUM
cblr-11900	365	2	roger	roger	PROPN
cblr-11900	365	3	lowenstein	lowenstein	PROPN
cblr-11900	365	4	,	,	PUNCT
cblr-11900	365	5	ways	way	NOUN
cblr-11900	365	6	and	and	CCONJ
cblr-11900	365	7	means	mean	VERB
cblr-11900	365	8	:	:	PUNCT
cblr-11900	365	9	lincoln	lincoln	PROPN
cblr-11900	365	10	and	and	CCONJ
cblr-11900	365	11	his	his	PRON
cblr-11900	365	12	cabinet	cabinet	NOUN
cblr-11900	365	13	and	and	CCONJ
cblr-11900	365	14	the	the	DET
cblr-11900	365	15	financing	financing	NOUN
cblr-11900	365	16	of	of	ADP
cblr-11900	365	17	the	the	DET
cblr-11900	365	18	civil	civil	ADJ
cblr-11900	365	19	war	war	NOUN
cblr-11900	365	20	166–69	166–69	X
cblr-11900	365	21	(	(	PUNCT
cblr-11900	365	22	2022	2022	NUM
cblr-11900	365	23	)	)	PUNCT
cblr-11900	365	24	.	.	PUNCT
cblr-11900	366	1	61	61	NUM
cblr-11900	366	2	act	act	NOUN
cblr-11900	366	3	of	of	ADP
cblr-11900	366	4	1865	1865	NUM
cblr-11900	366	5	,	,	PUNCT
cblr-11900	366	6	§	§	PROPN
cblr-11900	366	7	6	6	NUM
cblr-11900	366	8	,	,	PUNCT
cblr-11900	366	9	13	13	NUM
cblr-11900	366	10	stat	stat	NOUN
cblr-11900	366	11	.	.	PUNCT
cblr-11900	367	1	469	469	NUM
cblr-11900	367	2	,	,	PUNCT
cblr-11900	367	3	484	484	NUM
cblr-11900	367	4	(	(	PUNCT
cblr-11900	367	5	1865	1865	NUM
cblr-11900	367	6	)	)	PUNCT
cblr-11900	367	7	(	(	PUNCT
cblr-11900	367	8	to	to	PART
cblr-11900	367	9	provide	provide	VERB
cblr-11900	367	10	internal	internal	ADJ
cblr-11900	367	11	revenue	revenue	NOUN
cblr-11900	367	12	to	to	PART
cblr-11900	367	13	support	support	VERB
cblr-11900	367	14	the	the	DET
cblr-11900	367	15	government	government	NOUN
cblr-11900	367	16	)	)	PUNCT
cblr-11900	367	17	.	.	PUNCT
cblr-11900	368	1	see	see	VERB
cblr-11900	368	2	also	also	ADV
cblr-11900	368	3	veazie	veazie	PROPN
cblr-11900	368	4	bank	bank	PROPN
cblr-11900	369	1	v.	v.	ADP
cblr-11900	369	2	fenno	fenno	VERB
cblr-11900	369	3	,	,	PUNCT
cblr-11900	369	4	75	75	NUM
cblr-11900	369	5	u.s	u.s	PROPN
cblr-11900	369	6	.	.	PROPN
cblr-11900	369	7	533	533	NUM
cblr-11900	369	8	,	,	PUNCT
cblr-11900	369	9	549	549	NUM
cblr-11900	369	10	(	(	PUNCT
cblr-11900	369	11	1869	1869	NUM
cblr-11900	369	12	)	)	PUNCT
cblr-11900	369	13	.	.	PUNCT
cblr-11900	370	1	62	62	NUM
cblr-11900	370	2	national	national	PROPN
cblr-11900	370	3	bank	bank	PROPN
cblr-11900	370	4	act	act	PROPN
cblr-11900	370	5	,	,	PUNCT
cblr-11900	370	6	ch	ch	NOUN
cblr-11900	370	7	.	.	PROPN
cblr-11900	370	8	106	106	NUM
cblr-11900	370	9	,	,	PUNCT
cblr-11900	370	10	§	§	PROPN
cblr-11900	370	11	32	32	NUM
cblr-11900	370	12	,	,	PUNCT
cblr-11900	370	13	13	13	NUM
cblr-11900	370	14	stat	stat	NOUN
cblr-11900	370	15	.	.	PUNCT
cblr-11900	371	1	99	99	NUM
cblr-11900	371	2	,	,	PUNCT
cblr-11900	371	3	109	109	NUM
cblr-11900	371	4	(	(	PUNCT
cblr-11900	371	5	1864	1864	NUM
cblr-11900	371	6	)	)	PUNCT
cblr-11900	371	7	.	.	PUNCT
cblr-11900	372	1	63	63	NUM
cblr-11900	373	1	i	i	PRON
cblr-11900	373	2	d.	d.	PROPN
cblr-11900	373	3	§	§	PROPN
cblr-11900	373	4	21	21	NUM
cblr-11900	373	5	.	.	PUNCT
cblr-11900	374	1	246	246	NUM
cblr-11900	374	2	columbia	columbia	PROPN
cblr-11900	374	3	business	business	NOUN
cblr-11900	374	4	law	law	PROPN
cblr-11900	374	5	review	review	NOUN
cblr-11900	374	6	[	[	X
cblr-11900	374	7	vol	vol	NOUN
cblr-11900	374	8	.	.	PUNCT
cblr-11900	374	9	2023	2023	NUM
cblr-11900	374	10	bearing	bear	VERB
cblr-11900	374	11	treasury	treasury	NOUN
cblr-11900	374	12	debt	debt	NOUN
cblr-11900	374	13	outstanding	outstanding	ADJ
cblr-11900	374	14	,	,	PUNCT
cblr-11900	374	15	and	and	CCONJ
cblr-11900	374	16	fully	fully	ADV
cblr-11900	374	17	80	80	NUM
cblr-11900	374	18	%	%	NOUN
cblr-11900	374	19	of	of	ADP
cblr-11900	374	20	it	it	PRON
cblr-11900	374	21	was	be	AUX
cblr-11900	374	22	owned	own	VERB
cblr-11900	374	23	by	by	ADP
cblr-11900	374	24	national	national	ADJ
cblr-11900	374	25	banks.64	banks.64	PROPN
cblr-11900	374	26	c.	c.	PROPN
cblr-11900	374	27	fiscal	fiscal	ADJ
cblr-11900	374	28	-	-	PUNCT
cblr-11900	374	29	monetary	monetary	ADJ
cblr-11900	374	30	entanglement	entanglement	NOUN
cblr-11900	374	31	:	:	PUNCT
cblr-11900	374	32	the	the	DET
cblr-11900	374	33	federal	federal	PROPN
cblr-11900	374	34	reserve	reserve	NOUN
cblr-11900	374	35	system	system	NOUN
cblr-11900	374	36	in	in	ADP
cblr-11900	374	37	1913	1913	NUM
cblr-11900	374	38	,	,	PUNCT
cblr-11900	374	39	congress	congress	PROPN
cblr-11900	374	40	modified	modify	VERB
cblr-11900	374	41	the	the	DET
cblr-11900	374	42	basic	basic	ADJ
cblr-11900	374	43	legal	legal	ADJ
cblr-11900	374	44	framework	framework	NOUN
cblr-11900	374	45	for	for	ADP
cblr-11900	374	46	banking	banking	NOUN
cblr-11900	374	47	by	by	ADP
cblr-11900	374	48	passing	pass	VERB
cblr-11900	374	49	the	the	DET
cblr-11900	374	50	federal	federal	PROPN
cblr-11900	374	51	reserve	reserve	PROPN
cblr-11900	374	52	act.65	act.65	PROPN
cblr-11900	374	53	by	by	ADP
cblr-11900	374	54	this	this	DET
cblr-11900	374	55	point	point	NOUN
cblr-11900	374	56	,	,	PUNCT
cblr-11900	374	57	hopes	hope	NOUN
cblr-11900	374	58	of	of	ADP
cblr-11900	374	59	a	a	DET
cblr-11900	374	60	single	single	ADJ
cblr-11900	374	61	federal	federal	ADJ
cblr-11900	374	62	system	system	NOUN
cblr-11900	374	63	had	have	AUX
cblr-11900	374	64	been	be	AUX
cblr-11900	374	65	dashed	dash	VERB
cblr-11900	374	66	.	.	PUNCT
cblr-11900	375	1	the	the	DET
cblr-11900	375	2	bank	bank	NOUN
cblr-11900	375	3	note	note	PROPN
cblr-11900	375	4	tax	tax	NOUN
cblr-11900	375	5	was	be	AUX
cblr-11900	375	6	a	a	DET
cblr-11900	375	7	pyrrhic	pyrrhic	ADJ
cblr-11900	375	8	victory	victory	NOUN
cblr-11900	375	9	.	.	PUNCT
cblr-11900	376	1	state	state	NOUN
cblr-11900	376	2	bank	bank	PROPN
cblr-11900	376	3	notes	note	NOUN
cblr-11900	376	4	vanished	vanish	VERB
cblr-11900	376	5	and	and	CCONJ
cblr-11900	376	6	with	with	ADP
cblr-11900	376	7	them	they	PRON
cblr-11900	376	8	,	,	PUNCT
cblr-11900	376	9	at	at	ADP
cblr-11900	376	10	first	first	ADV
cblr-11900	376	11	,	,	PUNCT
cblr-11900	376	12	most	most	ADJ
cblr-11900	376	13	state	state	NOUN
cblr-11900	376	14	banks.66	banks.66	NOUN
cblr-11900	376	15	but	but	CCONJ
cblr-11900	376	16	bankers	banker	NOUN
cblr-11900	376	17	discovered	discover	VERB
cblr-11900	376	18	that	that	SCONJ
cblr-11900	376	19	checks	check	NOUN
cblr-11900	376	20	on	on	ADP
cblr-11900	376	21	deposit	deposit	NOUN
cblr-11900	376	22	accounts	account	NOUN
cblr-11900	376	23	,	,	PUNCT
cblr-11900	376	24	when	when	SCONJ
cblr-11900	376	25	supplemented	supplement	VERB
cblr-11900	376	26	with	with	ADP
cblr-11900	376	27	clearinghouses	clearinghouse	NOUN
cblr-11900	376	28	for	for	ADP
cblr-11900	376	29	facilitating	facilitate	VERB
cblr-11900	376	30	interbank	interbank	NOUN
cblr-11900	376	31	payments	payment	NOUN
cblr-11900	376	32	,	,	PUNCT
cblr-11900	376	33	offered	offer	VERB
cblr-11900	376	34	a	a	DET
cblr-11900	376	35	superior	superior	ADJ
cblr-11900	376	36	monetary	monetary	ADJ
cblr-11900	376	37	instrument	instrument	NOUN
cblr-11900	376	38	to	to	ADP
cblr-11900	376	39	notes	note	NOUN
cblr-11900	376	40	for	for	ADP
cblr-11900	376	41	many	many	ADJ
cblr-11900	376	42	purposes.67	purposes.67	NOUN
cblr-11900	376	43	in	in	ADP
cblr-11900	376	44	the	the	DET
cblr-11900	376	45	1880s	1880	NOUN
cblr-11900	376	46	and	and	CCONJ
cblr-11900	376	47	‘	'	PUNCT
cblr-11900	376	48	90s	90	NOUN
cblr-11900	376	49	,	,	PUNCT
cblr-11900	376	50	the	the	DET
cblr-11900	376	51	states	state	NOUN
cblr-11900	376	52	chartered	charter	VERB
cblr-11900	376	53	thousands	thousand	NOUN
cblr-11900	376	54	of	of	ADP
cblr-11900	376	55	new	new	ADJ
cblr-11900	376	56	banks,68	banks,68	NOUN
cblr-11900	376	57	and	and	CCONJ
cblr-11900	376	58	the	the	DET
cblr-11900	376	59	dominant	dominant	ADJ
cblr-11900	376	60	form	form	NOUN
cblr-11900	376	61	of	of	ADP
cblr-11900	376	62	money	money	NOUN
cblr-11900	376	63	shifted	shift	VERB
cblr-11900	376	64	from	from	ADP
cblr-11900	376	65	notes	note	NOUN
cblr-11900	376	66	(	(	PUNCT
cblr-11900	376	67	over	over	ADP
cblr-11900	376	68	which	which	PRON
cblr-11900	376	69	congress	congress	PROPN
cblr-11900	376	70	had	have	AUX
cblr-11900	376	71	given	give	VERB
cblr-11900	376	72	national	national	ADJ
cblr-11900	376	73	banks	bank	NOUN
cblr-11900	376	74	an	an	DET
cblr-11900	376	75	effective	effective	ADJ
cblr-11900	376	76	monopoly	monopoly	NOUN
cblr-11900	376	77	)	)	PUNCT
cblr-11900	376	78	to	to	PART
cblr-11900	376	79	deposit	deposit	VERB
cblr-11900	376	80	account	account	NOUN
cblr-11900	376	81	balances	balance	NOUN
cblr-11900	376	82	transferrable	transferrable	ADJ
cblr-11900	376	83	by	by	ADP
cblr-11900	376	84	check	check	NOUN
cblr-11900	376	85	(	(	PUNCT
cblr-11900	376	86	which	which	DET
cblr-11900	376	87	federal	federal	ADJ
cblr-11900	376	88	law	law	NOUN
cblr-11900	376	89	did	do	AUX
cblr-11900	376	90	nothing	nothing	PRON
cblr-11900	376	91	to	to	PART
cblr-11900	376	92	prevent	prevent	VERB
cblr-11900	376	93	state	state	NOUN
cblr-11900	376	94	banks	bank	NOUN
cblr-11900	376	95	from	from	ADP
cblr-11900	376	96	issuing).69	issuing).69	NOUN
cblr-11900	376	97	legislators	legislator	NOUN
cblr-11900	376	98	designed	design	VERB
cblr-11900	376	99	the	the	DET
cblr-11900	376	100	fed	fed	PROPN
cblr-11900	376	101	to	to	PART
cblr-11900	376	102	stabilize	stabilize	VERB
cblr-11900	376	103	this	this	DET
cblr-11900	376	104	deposit	deposit	NOUN
cblr-11900	376	105	currency	currency	NOUN
cblr-11900	376	106	,	,	PUNCT
cblr-11900	376	107	issued	issue	VERB
cblr-11900	376	108	by	by	ADP
cblr-11900	376	109	both	both	CCONJ
cblr-11900	376	110	national	national	ADJ
cblr-11900	376	111	and	and	CCONJ
cblr-11900	376	112	state	state	NOUN
cblr-11900	376	113	banks	bank	NOUN
cblr-11900	376	114	,	,	PUNCT
cblr-11900	376	115	and	and	CCONJ
cblr-11900	376	116	to	to	PART
cblr-11900	376	117	manage	manage	VERB
cblr-11900	376	118	its	its	PRON
cblr-11900	376	119	expansion	expansion	NOUN
cblr-11900	376	120	and	and	CCONJ
cblr-11900	376	121	circulation	circulation	NOUN
cblr-11900	376	122	.	.	PUNCT
cblr-11900	377	1	the	the	DET
cblr-11900	377	2	initial	initial	ADJ
cblr-11900	377	3	federal	federal	PROPN
cblr-11900	377	4	reserve	reserve	PROPN
cblr-11900	377	5	act	act	PROPN
cblr-11900	377	6	gave	give	VERB
cblr-11900	377	7	rise	rise	NOUN
cblr-11900	377	8	to	to	ADP
cblr-11900	377	9	twelve	twelve	NUM
cblr-11900	377	10	corporations	corporation	NOUN
cblr-11900	377	11	known	know	VERB
cblr-11900	377	12	as	as	ADP
cblr-11900	377	13	federal	federal	PROPN
cblr-11900	377	14	reserve	reserve	NOUN
cblr-11900	377	15	banks	bank	NOUN
cblr-11900	377	16	(	(	PUNCT
cblr-11900	377	17	frbs	frbs	PROPN
cblr-11900	377	18	)	)	PUNCT
cblr-11900	377	19	and	and	CCONJ
cblr-11900	377	20	an	an	DET
cblr-11900	377	21	independent	independent	ADJ
cblr-11900	377	22	“	"	PUNCT
cblr-11900	377	23	board	board	NOUN
cblr-11900	377	24	of	of	ADP
cblr-11900	377	25	control,”70	control,”70	PROPN
cblr-11900	377	26	the	the	DET
cblr-11900	377	27	federal	federal	PROPN
cblr-11900	377	28	reserve	reserve	PROPN
cblr-11900	377	29	board	board	PROPN
cblr-11900	377	30	(	(	PUNCT
cblr-11900	377	31	renamed	rename	VERB
cblr-11900	377	32	the	the	DET
cblr-11900	377	33	board	board	NOUN
cblr-11900	377	34	of	of	ADP
cblr-11900	377	35	governors	governor	NOUN
cblr-11900	377	36	of	of	ADP
cblr-11900	377	37	the	the	DET
cblr-11900	377	38	federal	federal	PROPN
cblr-11900	377	39	reserve	reserve	NOUN
cblr-11900	377	40	system	system	NOUN
cblr-11900	377	41	in	in	ADP
cblr-11900	377	42	1935).71	1935).71	PROPN
cblr-11900	377	43	congress	congress	PROPN
cblr-11900	377	44	64	64	NUM
cblr-11900	377	45	kenneth	kenneth	PROPN
cblr-11900	377	46	garbade	garbade	PROPN
cblr-11900	377	47	,	,	PUNCT
cblr-11900	377	48	the	the	DET
cblr-11900	377	49	birth	birth	NOUN
cblr-11900	377	50	of	of	ADP
cblr-11900	377	51	a	a	DET
cblr-11900	377	52	market	market	NOUN
cblr-11900	377	53	:	:	PUNCT
cblr-11900	377	54	the	the	DET
cblr-11900	377	55	u.s	u.s	PROPN
cblr-11900	377	56	.	.	PROPN
cblr-11900	377	57	treasury	treasury	PROPN
cblr-11900	377	58	securities	security	NOUN
cblr-11900	377	59	market	market	NOUN
cblr-11900	377	60	from	from	ADP
cblr-11900	377	61	the	the	DET
cblr-11900	377	62	great	great	ADJ
cblr-11900	377	63	war	war	NOUN
cblr-11900	377	64	to	to	ADP
cblr-11900	377	65	the	the	DET
cblr-11900	377	66	great	great	ADJ
cblr-11900	377	67	depression	depression	NOUN
cblr-11900	377	68	1	1	NUM
cblr-11900	377	69	(	(	PUNCT
cblr-11900	377	70	2012	2012	NUM
cblr-11900	377	71	)	)	PUNCT
cblr-11900	377	72	.	.	PUNCT
cblr-11900	378	1	65	65	NUM
cblr-11900	378	2	federal	federal	PROPN
cblr-11900	378	3	reserve	reserve	PROPN
cblr-11900	378	4	act	act	PROPN
cblr-11900	378	5	,	,	PUNCT
cblr-11900	378	6	pub	pub	NOUN
cblr-11900	378	7	.	.	PUNCT
cblr-11900	379	1	l.	l.	PROPN
cblr-11900	379	2	no	no	INTJ
cblr-11900	379	3	.	.	PUNCT
cblr-11900	380	1	63–43	63–43	NUM
cblr-11900	380	2	,	,	PUNCT
cblr-11900	380	3	38	38	NUM
cblr-11900	380	4	stat	stat	NOUN
cblr-11900	380	5	.	.	PUNCT
cblr-11900	381	1	251	251	NUM
cblr-11900	381	2	(	(	PUNCT
cblr-11900	381	3	1913	1913	NUM
cblr-11900	381	4	)	)	PUNCT
cblr-11900	381	5	(	(	PUNCT
cblr-11900	381	6	codified	codify	VERB
cblr-11900	381	7	as	as	SCONJ
cblr-11900	381	8	amended	amend	VERB
cblr-11900	381	9	at	at	ADP
cblr-11900	381	10	12	12	NUM
cblr-11900	381	11	u.s.c	u.s.c	NOUN
cblr-11900	381	12	.	.	PUNCT
cblr-11900	382	1	§	§	PROPN
cblr-11900	382	2	§	§	PROPN
cblr-11900	382	3	221–226	221–226	NUM
cblr-11900	382	4	(	(	PUNCT
cblr-11900	382	5	2022	2022	NUM
cblr-11900	382	6	)	)	PUNCT
cblr-11900	382	7	)	)	PUNCT
cblr-11900	382	8	.	.	PUNCT
cblr-11900	383	1	66	66	NUM
cblr-11900	383	2	ricks	rick	NOUN
cblr-11900	383	3	,	,	PUNCT
cblr-11900	383	4	sitaraman	sitaraman	NOUN
cblr-11900	383	5	,	,	PUNCT
cblr-11900	383	6	welton	welton	PROPN
cblr-11900	383	7	&	&	CCONJ
cblr-11900	383	8	menand	menand	PROPN
cblr-11900	383	9	,	,	PUNCT
cblr-11900	383	10	supra	supra	PROPN
cblr-11900	383	11	note	note	PROPN
cblr-11900	383	12	53	53	NUM
cblr-11900	383	13	,	,	PUNCT
cblr-11900	383	14	at	at	ADP
cblr-11900	383	15	839	839	NUM
cblr-11900	383	16	.	.	PUNCT
cblr-11900	384	1	67	67	NUM
cblr-11900	384	2	for	for	ADP
cblr-11900	384	3	example	example	NOUN
cblr-11900	384	4	,	,	PUNCT
cblr-11900	384	5	checks	check	NOUN
cblr-11900	384	6	could	could	AUX
cblr-11900	384	7	be	be	AUX
cblr-11900	384	8	written	write	VERB
cblr-11900	384	9	in	in	ADP
cblr-11900	384	10	any	any	DET
cblr-11900	384	11	denomination	denomination	NOUN
cblr-11900	384	12	.	.	PUNCT
cblr-11900	385	1	68	68	NUM
cblr-11900	385	2	matthew	matthew	PROPN
cblr-11900	385	3	jaremski	jaremski	PROPN
cblr-11900	385	4	&	&	CCONJ
cblr-11900	385	5	peter	peter	PROPN
cblr-11900	385	6	l.	l.	PROPN
cblr-11900	385	7	rousseau	rousseau	PROPN
cblr-11900	385	8	,	,	PUNCT
cblr-11900	385	9	the	the	DET
cblr-11900	385	10	dawn	dawn	NOUN
cblr-11900	385	11	of	of	ADP
cblr-11900	385	12	‘	'	PUNCT
cblr-11900	385	13	an	an	DET
cblr-11900	385	14	age	age	NOUN
cblr-11900	385	15	of	of	ADP
cblr-11900	385	16	deposits	deposit	NOUN
cblr-11900	385	17	’	'	PUNCT
cblr-11900	385	18	in	in	ADP
cblr-11900	385	19	the	the	DET
cblr-11900	385	20	united	united	PROPN
cblr-11900	385	21	states	states	PROPN
cblr-11900	385	22	,	,	PUNCT
cblr-11900	385	23	87	87	NUM
cblr-11900	385	24	j.	j.	PROPN
cblr-11900	385	25	banking	banking	PROPN
cblr-11900	385	26	&	&	CCONJ
cblr-11900	385	27	fin	fin	PROPN
cblr-11900	385	28	.	.	PUNCT
cblr-11900	385	29	264	264	NUM
cblr-11900	385	30	,	,	PUNCT
cblr-11900	385	31	266	266	NUM
cblr-11900	385	32	,	,	PUNCT
cblr-11900	385	33	fig	fig	NOUN
cblr-11900	385	34	.	.	NOUN
cblr-11900	385	35	1	1	NUM
cblr-11900	385	36	(	(	PUNCT
cblr-11900	385	37	2018	2018	NUM
cblr-11900	385	38	)	)	PUNCT
cblr-11900	385	39	.	.	PUNCT
cblr-11900	386	1	69	69	NUM
cblr-11900	387	1	i	i	PRON
cblr-11900	387	2	d.	d.	PROPN
cblr-11900	387	3	at	at	ADP
cblr-11900	387	4	265	265	NUM
cblr-11900	387	5	.	.	PUNCT
cblr-11900	388	1	70	70	NUM
cblr-11900	388	2	carter	carter	NOUN
cblr-11900	388	3	glass	glass	NOUN
cblr-11900	388	4	,	,	PUNCT
cblr-11900	388	5	adventures	adventure	NOUN
cblr-11900	388	6	in	in	ADP
cblr-11900	388	7	constructure	constructure	NOUN
cblr-11900	388	8	finance	finance	NOUN
cblr-11900	388	9	116	116	NUM
cblr-11900	388	10	(	(	PUNCT
cblr-11900	388	11	1927	1927	NUM
cblr-11900	388	12	)	)	PUNCT
cblr-11900	388	13	.	.	PUNCT
cblr-11900	389	1	71	71	NUM
cblr-11900	389	2	fed	fed	PROPN
cblr-11900	389	3	facts	fact	NOUN
cblr-11900	389	4	:	:	PUNCT
cblr-11900	389	5	meet	meet	VERB
cblr-11900	389	6	the	the	DET
cblr-11900	389	7	board	board	NOUN
cblr-11900	389	8	of	of	ADP
cblr-11900	389	9	governors	governor	NOUN
cblr-11900	389	10	,	,	PUNCT
cblr-11900	389	11	frbservices.org	frbservices.org	X
cblr-11900	389	12	(	(	PUNCT
cblr-11900	389	13	june	june	PROPN
cblr-11900	389	14	15	15	NUM
cblr-11900	389	15	,	,	PUNCT
cblr-11900	389	16	2020	2020	NUM
cblr-11900	389	17	)	)	PUNCT
cblr-11900	389	18	,	,	PUNCT
cblr-11900	389	19	https://www.frbservices.org/news/fed360/issues/061520/fed-facts	https://www.frbservices.org/news/fed360/issues/061520/fed-fact	VERB
cblr-11900	389	20	no	no	NOUN
cblr-11900	389	21	.	.	NOUN
cblr-11900	389	22	1	1	NUM
cblr-11900	389	23	]	]	ADJ
cblr-11900	389	24	money	money	NOUN
cblr-11900	389	25	and	and	CCONJ
cblr-11900	389	26	the	the	DET
cblr-11900	389	27	public	public	ADJ
cblr-11900	389	28	debt	debt	NOUN
cblr-11900	389	29	247	247	NUM
cblr-11900	389	30	authorized	authorize	VERB
cblr-11900	389	31	the	the	DET
cblr-11900	389	32	frbs	frb	NOUN
cblr-11900	389	33	to	to	PART
cblr-11900	389	34	issue	issue	VERB
cblr-11900	389	35	a	a	DET
cblr-11900	389	36	new	new	ADJ
cblr-11900	389	37	currency	currency	NOUN
cblr-11900	389	38	called	call	VERB
cblr-11900	389	39	federal	federal	PROPN
cblr-11900	389	40	reserve	reserve	PROPN
cblr-11900	389	41	notes	note	NOUN
cblr-11900	389	42	and	and	CCONJ
cblr-11900	389	43	to	to	PART
cblr-11900	389	44	lend	lend	VERB
cblr-11900	389	45	these	these	DET
cblr-11900	389	46	notes	note	NOUN
cblr-11900	389	47	to	to	ADP
cblr-11900	389	48	investor	investor	NOUN
cblr-11900	389	49	-	-	PUNCT
cblr-11900	389	50	owned	own	VERB
cblr-11900	389	51	banks	bank	NOUN
cblr-11900	389	52	to	to	PART
cblr-11900	389	53	support	support	VERB
cblr-11900	389	54	their	their	PRON
cblr-11900	389	55	balance	balance	NOUN
cblr-11900	389	56	sheets.72	sheets.72	NOUN
cblr-11900	389	57	but	but	CCONJ
cblr-11900	389	58	this	this	DET
cblr-11900	389	59	lending	lending	NOUN
cblr-11900	389	60	was	be	AUX
cblr-11900	389	61	strictly	strictly	ADV
cblr-11900	389	62	limited	limited	ADJ
cblr-11900	389	63	:	:	PUNCT
cblr-11900	389	64	borrowing	borrow	VERB
cblr-11900	389	65	banks	bank	NOUN
cblr-11900	389	66	would	would	AUX
cblr-11900	389	67	have	have	VERB
cblr-11900	389	68	to	to	PART
cblr-11900	389	69	use	use	VERB
cblr-11900	389	70	commercial	commercial	ADJ
cblr-11900	389	71	loans	loan	NOUN
cblr-11900	389	72	as	as	ADP
cblr-11900	389	73	collateral	collateral	NOUN
cblr-11900	389	74	.	.	PUNCT
cblr-11900	390	1	treasuries	treasury	NOUN
cblr-11900	390	2	were	be	AUX
cblr-11900	390	3	not	not	PART
cblr-11900	390	4	eligible	eligible	ADJ
cblr-11900	390	5	.	.	PUNCT
cblr-11900	391	1	congress	congress	PROPN
cblr-11900	391	2	also	also	ADV
cblr-11900	391	3	authorized	authorize	VERB
cblr-11900	391	4	the	the	DET
cblr-11900	391	5	frbs	frb	NOUN
cblr-11900	391	6	to	to	PART
cblr-11900	391	7	purchase	purchase	VERB
cblr-11900	391	8	assets	asset	NOUN
cblr-11900	391	9	on	on	ADP
cblr-11900	391	10	the	the	DET
cblr-11900	391	11	“	"	PUNCT
cblr-11900	391	12	open	open	ADJ
cblr-11900	391	13	market	market	NOUN
cblr-11900	391	14	,	,	PUNCT
cblr-11900	391	15	”	"	PUNCT
cblr-11900	391	16	including	include	VERB
cblr-11900	391	17	treasuries	treasury	NOUN
cblr-11900	391	18	,	,	PUNCT
cblr-11900	391	19	but	but	CCONJ
cblr-11900	391	20	legislators	legislator	NOUN
cblr-11900	391	21	did	do	AUX
cblr-11900	391	22	not	not	PART
cblr-11900	391	23	,	,	PUNCT
cblr-11900	391	24	at	at	ADP
cblr-11900	391	25	least	least	ADJ
cblr-11900	391	26	initially	initially	ADV
cblr-11900	391	27	,	,	PUNCT
cblr-11900	391	28	expect	expect	VERB
cblr-11900	391	29	that	that	SCONJ
cblr-11900	391	30	the	the	DET
cblr-11900	391	31	frbs	frb	NOUN
cblr-11900	391	32	would	would	AUX
cblr-11900	391	33	use	use	VERB
cblr-11900	391	34	this	this	DET
cblr-11900	391	35	authority	authority	NOUN
cblr-11900	391	36	to	to	PART
cblr-11900	391	37	buy	buy	VERB
cblr-11900	391	38	large	large	ADJ
cblr-11900	391	39	quantities	quantity	NOUN
cblr-11900	391	40	for	for	ADP
cblr-11900	391	41	their	their	PRON
cblr-11900	391	42	own	own	ADJ
cblr-11900	391	43	account.73	account.73	NOUN
cblr-11900	391	44	they	they	PRON
cblr-11900	391	45	did	do	VERB
cblr-11900	391	46	,	,	PUNCT
cblr-11900	391	47	however	however	ADV
cblr-11900	391	48	,	,	PUNCT
cblr-11900	391	49	expect	expect	VERB
cblr-11900	391	50	the	the	DET
cblr-11900	391	51	steady	steady	ADJ
cblr-11900	391	52	retirement	retirement	NOUN
cblr-11900	391	53	of	of	ADP
cblr-11900	391	54	national	national	PROPN
cblr-11900	391	55	bank	bank	PROPN
cblr-11900	391	56	notes	note	NOUN
cblr-11900	391	57	,	,	PUNCT
cblr-11900	391	58	and	and	CCONJ
cblr-11900	391	59	authorized	authorize	VERB
cblr-11900	391	60	the	the	DET
cblr-11900	391	61	fed	fed	PROPN
cblr-11900	391	62	to	to	PART
cblr-11900	391	63	absorb	absorb	VERB
cblr-11900	391	64	the	the	DET
cblr-11900	391	65	treasuries	treasury	NOUN
cblr-11900	391	66	sold	sell	VERB
cblr-11900	391	67	off	off	ADP
cblr-11900	391	68	by	by	ADP
cblr-11900	391	69	the	the	DET
cblr-11900	391	70	national	national	ADJ
cblr-11900	391	71	banking	banking	NOUN
cblr-11900	391	72	system.74	system.74	VERB
cblr-11900	391	73	the	the	DET
cblr-11900	391	74	first	first	ADJ
cblr-11900	391	75	world	world	NOUN
cblr-11900	391	76	war	war	NOUN
cblr-11900	391	77	months	month	NOUN
cblr-11900	391	78	later	later	ADV
cblr-11900	391	79	,	,	PUNCT
cblr-11900	391	80	war	war	NOUN
cblr-11900	391	81	struck	strike	VERB
cblr-11900	391	82	again	again	ADV
cblr-11900	391	83	.	.	PUNCT
cblr-11900	392	1	the	the	DET
cblr-11900	392	2	new	new	ADJ
cblr-11900	392	3	conflict	conflict	NOUN
cblr-11900	392	4	required	require	VERB
cblr-11900	392	5	a	a	DET
cblr-11900	392	6	commitment	commitment	NOUN
cblr-11900	392	7	of	of	ADP
cblr-11900	392	8	resources	resource	NOUN
cblr-11900	392	9	by	by	ADP
cblr-11900	392	10	american	american	ADJ
cblr-11900	392	11	society	society	NOUN
cblr-11900	392	12	not	not	PART
cblr-11900	392	13	attempted	attempt	VERB
cblr-11900	392	14	since	since	SCONJ
cblr-11900	392	15	the	the	DET
cblr-11900	392	16	civil	civil	ADJ
cblr-11900	392	17	war	war	NOUN
cblr-11900	392	18	.	.	PUNCT
cblr-11900	393	1	woodrow	woodrow	PROPN
cblr-11900	393	2	wilson	wilson	PROPN
cblr-11900	393	3	’s	’s	PART
cblr-11900	393	4	secretary	secretary	PROPN
cblr-11900	393	5	of	of	ADP
cblr-11900	393	6	the	the	DET
cblr-11900	393	7	treasury	treasury	PROPN
cblr-11900	393	8	,	,	PUNCT
cblr-11900	393	9	w.	w.	PROPN
cblr-11900	393	10	g.	g.	PROPN
cblr-11900	393	11	mcadoo	mcadoo	PROPN
cblr-11900	393	12	,	,	PUNCT
cblr-11900	393	13	fancied	fancy	VERB
cblr-11900	393	14	himself	himself	PRON
cblr-11900	393	15	a	a	DET
cblr-11900	393	16	scholar	scholar	NOUN
cblr-11900	393	17	of	of	ADP
cblr-11900	393	18	that	that	DET
cblr-11900	393	19	period.75	period.75	NOUN
cblr-11900	394	1	but	but	CCONJ
cblr-11900	394	2	he	he	PRON
cblr-11900	394	3	saw	see	VERB
cblr-11900	394	4	little	little	ADJ
cblr-11900	394	5	to	to	PART
cblr-11900	394	6	emulate	emulate	VERB
cblr-11900	394	7	in	in	ADP
cblr-11900	394	8	tackling	tackle	VERB
cblr-11900	394	9	the	the	DET
cblr-11900	394	10	“	"	PUNCT
cblr-11900	394	11	prodigious	prodigious	ADJ
cblr-11900	394	12	problem”76	problem”76	NOUN
cblr-11900	394	13	of	of	ADP
cblr-11900	394	14	financing	financing	NOUN
cblr-11900	394	15	what	what	PRON
cblr-11900	394	16	came	come	VERB
cblr-11900	394	17	to	to	PART
cblr-11900	394	18	be	be	AUX
cblr-11900	394	19	known	know	VERB
cblr-11900	394	20	as	as	ADP
cblr-11900	394	21	world	world	PROPN
cblr-11900	394	22	war	war	PROPN
cblr-11900	394	23	i.	i.	PROPN
cblr-11900	395	1	“	"	PUNCT
cblr-11900	395	2	i	i	PRON
cblr-11900	395	3	did	do	AUX
cblr-11900	395	4	not	not	PART
cblr-11900	395	5	get	get	VERB
cblr-11900	395	6	much	much	ADJ
cblr-11900	395	7	in	in	ADP
cblr-11900	395	8	the	the	DET
cblr-11900	395	9	way	way	NOUN
cblr-11900	395	10	of	of	ADP
cblr-11900	395	11	inspiration	inspiration	NOUN
cblr-11900	395	12	or	or	CCONJ
cblr-11900	395	13	suggestion	suggestion	NOUN
cblr-11900	395	14	from	from	ADP
cblr-11900	395	15	a	a	DET
cblr-11900	395	16	study	study	NOUN
cblr-11900	395	17	of	of	ADP
cblr-11900	395	18	the	the	DET
cblr-11900	395	19	civil	civil	ADJ
cblr-11900	395	20	war	war	NOUN
cblr-11900	395	21	,	,	PUNCT
cblr-11900	395	22	”	"	PUNCT
cblr-11900	395	23	he	he	PRON
cblr-11900	395	24	later	later	ADV
cblr-11900	395	25	recalled	recall	VERB
cblr-11900	395	26	,	,	PUNCT
cblr-11900	395	27	“	"	PUNCT
cblr-11900	395	28	except	except	SCONJ
cblr-11900	395	29	a	a	DET
cblr-11900	395	30	pretty	pretty	ADV
cblr-11900	395	31	good	good	ADJ
cblr-11900	395	32	idea	idea	NOUN
cblr-11900	395	33	of	of	ADP
cblr-11900	395	34	what	what	PRON
cblr-11900	395	35	not	not	PART
cblr-11900	395	36	to	to	PART
cblr-11900	395	37	do	do	AUX
cblr-11900	395	38	.	.	PUNCT
cblr-11900	396	1	”77	”77	PROPN
cblr-11900	397	1	in	in	ADP
cblr-11900	397	2	mcadoo	mcadoo	PROPN
cblr-11900	397	3	’s	’s	PART
cblr-11900	397	4	estimation	estimation	NOUN
cblr-11900	397	5	,	,	PUNCT
cblr-11900	397	6	his	his	PRON
cblr-11900	397	7	predecessor	predecessor	NOUN
cblr-11900	397	8	,	,	PUNCT
cblr-11900	397	9	salmon	salmon	NOUN
cblr-11900	397	10	chase	chase	NOUN
cblr-11900	397	11	,	,	PUNCT
cblr-11900	397	12	had	have	AUX
cblr-11900	397	13	made	make	VERB
cblr-11900	397	14	a	a	DET
cblr-11900	397	15	board#:~:text	board#:~:text	NOUN
cblr-11900	397	16	=	=	NUM
cblr-11900	397	17	the%20banking%20act%20of%201935,the%20president%2	the%20banking%20act%20of%201935,the%20president%2	NOUN
cblr-11900	397	18	0to%20seven%20and	0to%20seven%20and	PUNCT
cblr-11900	398	1	[	[	X
cblr-11900	398	2	https://perma.cc/82k6-ptv2	https://perma.cc/82k6-ptv2	NOUN
cblr-11900	398	3	]	]	X
cblr-11900	398	4	.	.	PUNCT
cblr-11900	399	1	72	72	NUM
cblr-11900	399	2	these	these	DET
cblr-11900	399	3	notes	note	NOUN
cblr-11900	399	4	were	be	AUX
cblr-11900	399	5	not	not	PART
cblr-11900	399	6	initially	initially	ADV
cblr-11900	399	7	legal	legal	ADJ
cblr-11900	399	8	tender	tender	NOUN
cblr-11900	399	9	,	,	PUNCT
cblr-11900	399	10	but	but	CCONJ
cblr-11900	399	11	they	they	PRON
cblr-11900	399	12	were	be	AUX
cblr-11900	399	13	receivable	receivable	ADJ
cblr-11900	399	14	in	in	ADP
cblr-11900	399	15	payment	payment	NOUN
cblr-11900	399	16	of	of	ADP
cblr-11900	399	17	taxes	taxis	NOUN
cblr-11900	399	18	,	,	PUNCT
cblr-11900	399	19	customs	custom	NOUN
cblr-11900	399	20	,	,	PUNCT
cblr-11900	399	21	and	and	CCONJ
cblr-11900	399	22	other	other	ADJ
cblr-11900	399	23	public	public	ADJ
cblr-11900	399	24	dues	due	NOUN
cblr-11900	399	25	.	.	PUNCT
cblr-11900	400	1	they	they	PRON
cblr-11900	400	2	were	be	AUX
cblr-11900	400	3	also	also	ADV
cblr-11900	400	4	payable	payable	ADJ
cblr-11900	400	5	in	in	ADP
cblr-11900	400	6	gold	gold	NOUN
cblr-11900	400	7	at	at	ADP
cblr-11900	400	8	the	the	DET
cblr-11900	400	9	treasury	treasury	PROPN
cblr-11900	400	10	in	in	ADP
cblr-11900	400	11	washington	washington	PROPN
cblr-11900	400	12	.	.	PUNCT
cblr-11900	401	1	federal	federal	PROPN
cblr-11900	401	2	reserve	reserve	PROPN
cblr-11900	401	3	act	act	PROPN
cblr-11900	401	4	,	,	PUNCT
cblr-11900	401	5	pub	pub	NOUN
cblr-11900	401	6	.	.	PUNCT
cblr-11900	402	1	l.	l.	PROPN
cblr-11900	402	2	no	no	INTJ
cblr-11900	402	3	.	.	PROPN
cblr-11900	403	1	63	63	NUM
cblr-11900	403	2	–	–	PUNCT
cblr-11900	403	3	43	43	NUM
cblr-11900	403	4	,	,	PUNCT
cblr-11900	403	5	§	§	PROPN
cblr-11900	403	6	16	16	NUM
cblr-11900	403	7	,	,	PUNCT
cblr-11900	403	8	38	38	NUM
cblr-11900	403	9	stat	stat	NOUN
cblr-11900	403	10	.	.	PUNCT
cblr-11900	404	1	251	251	NUM
cblr-11900	404	2	,	,	PUNCT
cblr-11900	404	3	269	269	NUM
cblr-11900	404	4	(	(	PUNCT
cblr-11900	404	5	1913	1913	NUM
cblr-11900	404	6	)	)	PUNCT
cblr-11900	404	7	(	(	PUNCT
cblr-11900	404	8	codified	codify	VERB
cblr-11900	404	9	as	as	SCONJ
cblr-11900	404	10	amended	amend	VERB
cblr-11900	404	11	at	at	ADP
cblr-11900	404	12	12	12	NUM
cblr-11900	404	13	u.s.c	u.s.c	NOUN
cblr-11900	404	14	.	.	PUNCT
cblr-11900	405	1	§	§	PROPN
cblr-11900	405	2	§	§	PROPN
cblr-11900	405	3	221	221	NUM
cblr-11900	405	4	–	–	PUNCT
cblr-11900	405	5	226	226	NUM
cblr-11900	405	6	(	(	PUNCT
cblr-11900	405	7	2022	2022	NUM
cblr-11900	405	8	)	)	PUNCT
cblr-11900	405	9	)	)	PUNCT
cblr-11900	405	10	.	.	PUNCT
cblr-11900	406	1	73	73	NUM
cblr-11900	407	1	the	the	DET
cblr-11900	407	2	idea	idea	NOUN
cblr-11900	407	3	was	be	AUX
cblr-11900	407	4	to	to	PART
cblr-11900	407	5	provide	provide	VERB
cblr-11900	407	6	a	a	DET
cblr-11900	407	7	way	way	NOUN
cblr-11900	407	8	for	for	SCONJ
cblr-11900	407	9	the	the	DET
cblr-11900	407	10	frbs	frb	NOUN
cblr-11900	407	11	to	to	PART
cblr-11900	407	12	generate	generate	VERB
cblr-11900	407	13	a	a	DET
cblr-11900	407	14	steady	steady	ADJ
cblr-11900	407	15	stream	stream	NOUN
cblr-11900	407	16	of	of	ADP
cblr-11900	407	17	interest	interest	NOUN
cblr-11900	407	18	income	income	NOUN
cblr-11900	407	19	to	to	PART
cblr-11900	407	20	cover	cover	VERB
cblr-11900	407	21	their	their	PRON
cblr-11900	407	22	expenses	expense	NOUN
cblr-11900	407	23	.	.	PUNCT
cblr-11900	408	1	i	i	PRON
cblr-11900	408	2	d.	d.	PROPN
cblr-11900	408	3	§	§	PROPN
cblr-11900	408	4	14	14	NUM
cblr-11900	408	5	.	.	PUNCT
cblr-11900	408	6	74	74	NUM
cblr-11900	408	7	garbade	garbade	NOUN
cblr-11900	408	8	,	,	PUNCT
cblr-11900	408	9	supra	supra	PROPN
cblr-11900	408	10	note	note	PROPN
cblr-11900	408	11	64	64	NUM
cblr-11900	408	12	,	,	PUNCT
cblr-11900	408	13	at	at	ADP
cblr-11900	408	14	28	28	NUM
cblr-11900	408	15	.	.	PUNCT
cblr-11900	409	1	75	75	NUM
cblr-11900	409	2	william	william	PROPN
cblr-11900	409	3	g.	g.	PROPN
cblr-11900	409	4	mcadoo	mcadoo	PROPN
cblr-11900	409	5	,	,	PUNCT
cblr-11900	409	6	crowded	crowded	ADJ
cblr-11900	409	7	years	year	NOUN
cblr-11900	409	8	:	:	PUNCT
cblr-11900	409	9	the	the	DET
cblr-11900	409	10	reminiscences	reminiscence	NOUN
cblr-11900	409	11	of	of	ADP
cblr-11900	409	12	william	william	PROPN
cblr-11900	409	13	g.	g.	PROPN
cblr-11900	409	14	mcadoo	mcadoo	PROPN
cblr-11900	409	15	372–73	372–73	PROPN
cblr-11900	409	16	(	(	PUNCT
cblr-11900	409	17	1931	1931	NUM
cblr-11900	409	18	)	)	PUNCT
cblr-11900	409	19	.	.	PUNCT
cblr-11900	410	1	76	76	NUM
cblr-11900	411	1	i	i	NOUN
cblr-11900	411	2	d	d	PROPN
cblr-11900	411	3	at	at	ADP
cblr-11900	411	4	372	372	NUM
cblr-11900	411	5	.	.	PUNCT
cblr-11900	411	6	77	77	NUM
cblr-11900	412	1	i	i	PRON
cblr-11900	412	2	d.	d.	NOUN
cblr-11900	412	3	at	at	ADP
cblr-11900	412	4	373	373	NUM
cblr-11900	412	5	.	.	PUNCT
cblr-11900	413	1	248	248	NUM
cblr-11900	413	2	columbia	columbia	PROPN
cblr-11900	413	3	business	business	NOUN
cblr-11900	413	4	law	law	PROPN
cblr-11900	413	5	review	review	NOUN
cblr-11900	413	6	[	[	X
cblr-11900	413	7	vol	vol	NOUN
cblr-11900	413	8	.	.	PUNCT
cblr-11900	414	1	2023	2023	NUM
cblr-11900	414	2	“	"	PUNCT
cblr-11900	414	3	fundamental	fundamental	ADJ
cblr-11900	414	4	error”78	error”78	PROPN
cblr-11900	414	5	by	by	ADP
cblr-11900	414	6	not	not	PART
cblr-11900	414	7	tapping	tap	VERB
cblr-11900	414	8	into	into	ADP
cblr-11900	414	9	popular	popular	ADJ
cblr-11900	414	10	passions	passion	NOUN
cblr-11900	414	11	to	to	PART
cblr-11900	414	12	funnel	funnel	VERB
cblr-11900	414	13	the	the	DET
cblr-11900	414	14	nation	nation	NOUN
cblr-11900	414	15	’s	’s	PART
cblr-11900	414	16	savings	saving	NOUN
cblr-11900	414	17	into	into	ADP
cblr-11900	414	18	the	the	DET
cblr-11900	414	19	war	war	NOUN
cblr-11900	414	20	effort	effort	NOUN
cblr-11900	414	21	.	.	PUNCT
cblr-11900	415	1	“	"	PUNCT
cblr-11900	415	2	any	any	DET
cblr-11900	415	3	great	great	ADJ
cblr-11900	415	4	war	war	NOUN
cblr-11900	415	5	must	must	AUX
cblr-11900	415	6	necessarily	necessarily	ADV
cblr-11900	415	7	be	be	AUX
cblr-11900	415	8	a	a	DET
cblr-11900	415	9	popular	popular	ADJ
cblr-11900	415	10	movement	movement	NOUN
cblr-11900	415	11	,	,	PUNCT
cblr-11900	415	12	”	"	PUNCT
cblr-11900	415	13	he	he	PRON
cblr-11900	415	14	wrote	write	VERB
cblr-11900	415	15	,	,	PUNCT
cblr-11900	415	16	“	"	PUNCT
cblr-11900	415	17	it	it	PRON
cblr-11900	415	18	is	be	AUX
cblr-11900	415	19	a	a	DET
cblr-11900	415	20	kind	kind	NOUN
cblr-11900	415	21	of	of	ADP
cblr-11900	415	22	crusade	crusade	NOUN
cblr-11900	415	23	;	;	PUNCT
cblr-11900	415	24	and	and	CCONJ
cblr-11900	415	25	like	like	ADP
cblr-11900	415	26	all	all	DET
cblr-11900	415	27	crusades	crusade	NOUN
cblr-11900	415	28	it	it	PRON
cblr-11900	415	29	sweeps	sweep	VERB
cblr-11900	415	30	along	along	ADP
cblr-11900	415	31	on	on	ADP
cblr-11900	415	32	a	a	DET
cblr-11900	415	33	powerful	powerful	ADJ
cblr-11900	415	34	stream	stream	NOUN
cblr-11900	415	35	of	of	ADP
cblr-11900	415	36	romanticism	romanticism	NOUN
cblr-11900	415	37	.	.	PUNCT
cblr-11900	416	1	”79	”79	NOUN
cblr-11900	416	2	whether	whether	SCONJ
cblr-11900	416	3	out	out	ADP
cblr-11900	416	4	of	of	ADP
cblr-11900	416	5	fear	fear	NOUN
cblr-11900	416	6	or	or	CCONJ
cblr-11900	416	7	lack	lack	NOUN
cblr-11900	416	8	of	of	ADP
cblr-11900	416	9	imagination,80	imagination,80	NOUN
cblr-11900	416	10	mcadoo	mcadoo	PROPN
cblr-11900	416	11	believed	believe	VERB
cblr-11900	416	12	that	that	SCONJ
cblr-11900	416	13	chase	chase	NOUN
cblr-11900	416	14	’s	’s	PART
cblr-11900	416	15	reluctance	reluctance	NOUN
cblr-11900	416	16	to	to	PART
cblr-11900	416	17	summon	summon	VERB
cblr-11900	416	18	the	the	DET
cblr-11900	416	19	masses	masse	NOUN
cblr-11900	416	20	pushed	push	VERB
cblr-11900	416	21	him	he	PRON
cblr-11900	416	22	to	to	PART
cblr-11900	416	23	rely	rely	VERB
cblr-11900	416	24	on	on	ADP
cblr-11900	416	25	“	"	PUNCT
cblr-11900	416	26	extraordinary	extraordinary	ADJ
cblr-11900	416	27	expedients,”81	expedients,”81	NOUN
cblr-11900	416	28	including	include	VERB
cblr-11900	416	29	money	money	NOUN
cblr-11900	416	30	printing	printing	NOUN
cblr-11900	416	31	.	.	PUNCT
cblr-11900	417	1	the	the	DET
cblr-11900	417	2	result	result	NOUN
cblr-11900	417	3	was	be	AUX
cblr-11900	417	4	excessive	excessive	ADJ
cblr-11900	417	5	inflation.82	inflation.82	PROPN
cblr-11900	417	6	mcadoo	mcadoo	PROPN
cblr-11900	417	7	’s	’s	PART
cblr-11900	417	8	solution	solution	NOUN
cblr-11900	417	9	was	be	AUX
cblr-11900	417	10	a	a	DET
cblr-11900	417	11	series	series	NOUN
cblr-11900	417	12	of	of	ADP
cblr-11900	417	13	nation	nation	NOUN
cblr-11900	417	14	-	-	PUNCT
cblr-11900	417	15	wide	wide	ADJ
cblr-11900	417	16	war	war	NOUN
cblr-11900	417	17	bond	bond	NOUN
cblr-11900	417	18	sales	sale	NOUN
cblr-11900	417	19	drives	drive	NOUN
cblr-11900	417	20	:	:	PUNCT
cblr-11900	417	21	the	the	DET
cblr-11900	417	22	liberty	liberty	NOUN
cblr-11900	417	23	loans	loan	NOUN
cblr-11900	417	24	.	.	PUNCT
cblr-11900	418	1	these	these	DET
cblr-11900	418	2	massive	massive	ADJ
cblr-11900	418	3	campaigns83	campaigns83	NOUN
cblr-11900	418	4	were	be	AUX
cblr-11900	418	5	aimed	aim	VERB
cblr-11900	418	6	at	at	ADP
cblr-11900	418	7	individual	individual	ADJ
cblr-11900	418	8	investors	investor	NOUN
cblr-11900	418	9	,	,	PUNCT
cblr-11900	418	10	seeking	seek	VERB
cblr-11900	418	11	to	to	PART
cblr-11900	418	12	tap	tap	VERB
cblr-11900	418	13	the	the	DET
cblr-11900	418	14	collective	collective	ADJ
cblr-11900	418	15	savings	saving	NOUN
cblr-11900	418	16	of	of	ADP
cblr-11900	418	17	the	the	DET
cblr-11900	418	18	american	american	ADJ
cblr-11900	418	19	people	people	NOUN
cblr-11900	418	20	.	.	PUNCT
cblr-11900	419	1	the	the	DET
cblr-11900	419	2	government	government	NOUN
cblr-11900	419	3	launched	launch	VERB
cblr-11900	419	4	an	an	DET
cblr-11900	419	5	aggressive	aggressive	ADJ
cblr-11900	419	6	marketing	marketing	NOUN
cblr-11900	419	7	effort	effort	NOUN
cblr-11900	419	8	involving	involve	VERB
cblr-11900	419	9	millions	million	NOUN
cblr-11900	419	10	of	of	ADP
cblr-11900	419	11	volunteers	volunteer	NOUN
cblr-11900	419	12	across	across	ADP
cblr-11900	419	13	the	the	DET
cblr-11900	419	14	country	country	NOUN
cblr-11900	419	15	as	as	ADV
cblr-11900	419	16	well	well	ADV
cblr-11900	419	17	as	as	ADP
cblr-11900	419	18	free	free	ADJ
cblr-11900	419	19	advice	advice	NOUN
cblr-11900	419	20	from	from	ADP
cblr-11900	419	21	large	large	ADJ
cblr-11900	419	22	advertising	advertising	NOUN
cblr-11900	419	23	agencies	agency	NOUN
cblr-11900	419	24	,	,	PUNCT
cblr-11900	419	25	space	space	NOUN
cblr-11900	419	26	in	in	ADP
cblr-11900	419	27	newspapers	newspaper	NOUN
cblr-11900	419	28	and	and	CCONJ
cblr-11900	419	29	periodicals	periodical	NOUN
cblr-11900	419	30	,	,	PUNCT
cblr-11900	419	31	free	free	ADJ
cblr-11900	419	32	money	money	NOUN
cblr-11900	419	33	order	order	NOUN
cblr-11900	419	34	services	service	NOUN
cblr-11900	419	35	for	for	ADP
cblr-11900	419	36	subscribers	subscriber	NOUN
cblr-11900	419	37	,	,	PUNCT
cblr-11900	419	38	and	and	CCONJ
cblr-11900	419	39	installment	installment	NOUN
cblr-11900	419	40	plans	plan	NOUN
cblr-11900	419	41	to	to	PART
cblr-11900	419	42	buy	buy	VERB
cblr-11900	419	43	bonds	bond	NOUN
cblr-11900	419	44	at	at	ADP
cblr-11900	419	45	department	department	NOUN
cblr-11900	419	46	stores	store	NOUN
cblr-11900	419	47	,	,	PUNCT
cblr-11900	419	48	and	and	CCONJ
cblr-11900	419	49	many	many	ADJ
cblr-11900	419	50	more	more	ADJ
cblr-11900	419	51	contributions	contribution	NOUN
cblr-11900	419	52	large	large	ADJ
cblr-11900	419	53	and	and	CCONJ
cblr-11900	419	54	small.84	small.84	NOUN
cblr-11900	419	55	as	as	ADP
cblr-11900	419	56	of	of	ADP
cblr-11900	419	57	1916	1916	NUM
cblr-11900	419	58	,	,	PUNCT
cblr-11900	419	59	the	the	DET
cblr-11900	419	60	treasury	treasury	NOUN
cblr-11900	419	61	counted	count	VERB
cblr-11900	419	62	roughly	roughly	ADV
cblr-11900	419	63	350,000	350,000	NUM
cblr-11900	419	64	holders	holder	NOUN
cblr-11900	419	65	of	of	ADP
cblr-11900	419	66	its	its	PRON
cblr-11900	419	67	debt;85	debt;85	NOUN
cblr-11900	419	68	by	by	ADP
cblr-11900	419	69	the	the	DET
cblr-11900	419	70	end	end	NOUN
cblr-11900	419	71	of	of	ADP
cblr-11900	419	72	the	the	DET
cblr-11900	419	73	78	78	NUM
cblr-11900	419	74	i	i	PRON
cblr-11900	419	75	d.	d.	NOUN
cblr-11900	419	76	at	at	ADP
cblr-11900	419	77	374	374	NUM
cblr-11900	419	78	.	.	PUNCT
cblr-11900	420	1	79	79	NUM
cblr-11900	421	1	i	i	PRON
cblr-11900	421	2	d.	d.	PROPN
cblr-11900	421	3	80	80	NUM
cblr-11900	422	1	i	i	PRON
cblr-11900	422	2	d.	d.	PROPN
cblr-11900	422	3	81	81	NUM
cblr-11900	423	1	i	i	PROPN
cblr-11900	423	2	d.	d.	PROPN
cblr-11900	423	3	82	82	NUM
cblr-11900	423	4	hugh	hugh	PROPN
cblr-11900	423	5	rockoff	rockoff	PROPN
cblr-11900	423	6	,	,	PUNCT
cblr-11900	423	7	war	war	NOUN
cblr-11900	423	8	and	and	CCONJ
cblr-11900	423	9	inflation	inflation	NOUN
cblr-11900	423	10	in	in	ADP
cblr-11900	423	11	the	the	DET
cblr-11900	423	12	united	united	PROPN
cblr-11900	423	13	states	states	PROPN
cblr-11900	423	14	from	from	ADP
cblr-11900	423	15	the	the	DET
cblr-11900	423	16	revolution	revolution	NOUN
cblr-11900	423	17	to	to	ADP
cblr-11900	423	18	the	the	DET
cblr-11900	423	19	first	first	ADJ
cblr-11900	423	20	iraq	iraq	PROPN
cblr-11900	423	21	war	war	PROPN
cblr-11900	423	22	23–29	23–29	NUM
cblr-11900	423	23	(	(	PUNCT
cblr-11900	423	24	nat’l	nat’l	NUM
cblr-11900	423	25	bureau	bureau	PROPN
cblr-11900	423	26	of	of	ADP
cblr-11900	423	27	econ	econ	PROPN
cblr-11900	423	28	.	.	PUNCT
cblr-11900	424	1	rsch	rsch	PROPN
cblr-11900	424	2	.	.	PUNCT
cblr-11900	424	3	,	,	PUNCT
cblr-11900	425	1	working	work	VERB
cblr-11900	425	2	paper	paper	NOUN
cblr-11900	425	3	no	no	INTJ
cblr-11900	425	4	.	.	PROPN
cblr-11900	425	5	21221	21221	NUM
cblr-11900	425	6	,	,	PUNCT
cblr-11900	425	7	2015	2015	NUM
cblr-11900	425	8	)	)	PUNCT
cblr-11900	425	9	.	.	PUNCT
cblr-11900	426	1	83	83	NUM
cblr-11900	426	2	for	for	ADP
cblr-11900	426	3	cotemporaneous	cotemporaneous	ADJ
cblr-11900	426	4	accounts	account	NOUN
cblr-11900	426	5	that	that	PRON
cblr-11900	426	6	both	both	PRON
cblr-11900	426	7	describe	describe	VERB
cblr-11900	426	8	the	the	DET
cblr-11900	426	9	various	various	ADJ
cblr-11900	426	10	means	mean	NOUN
cblr-11900	426	11	by	by	ADP
cblr-11900	426	12	which	which	PRON
cblr-11900	426	13	liberty	liberty	NOUN
cblr-11900	426	14	bonds	bond	NOUN
cblr-11900	426	15	were	be	AUX
cblr-11900	426	16	marketed	market	VERB
cblr-11900	426	17	and	and	CCONJ
cblr-11900	426	18	the	the	DET
cblr-11900	426	19	often	often	ADV
cblr-11900	426	20	flowery	flowery	ADJ
cblr-11900	426	21	language	language	NOUN
cblr-11900	426	22	used	use	VERB
cblr-11900	426	23	to	to	PART
cblr-11900	426	24	do	do	VERB
cblr-11900	426	25	so	so	ADV
cblr-11900	426	26	,	,	PUNCT
cblr-11900	426	27	see	see	VERB
cblr-11900	427	1	,	,	PUNCT
cblr-11900	427	2	for	for	ADP
cblr-11900	427	3	example	example	NOUN
cblr-11900	427	4	,	,	PUNCT
cblr-11900	427	5	edward	edward	PROPN
cblr-11900	427	6	clifford	clifford	PROPN
cblr-11900	427	7	,	,	PUNCT
cblr-11900	427	8	fed	fed	PROPN
cblr-11900	427	9	.	.	PUNCT
cblr-11900	427	10	rrsv	rrsv	PROPN
cblr-11900	427	11	.	.	PUNCT
cblr-11900	428	1	bank	bank	PROPN
cblr-11900	428	2	of	of	ADP
cblr-11900	428	3	chi	chi	PROPN
cblr-11900	428	4	.	.	PUNCT
cblr-11900	428	5	,	,	PUNCT
cblr-11900	428	6	selling	sell	VERB
cblr-11900	428	7	the	the	DET
cblr-11900	428	8	first	first	ADJ
cblr-11900	428	9	installment	installment	NOUN
cblr-11900	428	10	of	of	ADP
cblr-11900	428	11	the	the	DET
cblr-11900	428	12	liberty	liberty	NOUN
cblr-11900	428	13	loan	loan	NOUN
cblr-11900	428	14	:	:	PUNCT
cblr-11900	428	15	in	in	ADP
cblr-11900	428	16	the	the	DET
cblr-11900	428	17	seventh	seventh	ADJ
cblr-11900	428	18	federal	federal	PROPN
cblr-11900	428	19	reserve	reserve	PROPN
cblr-11900	428	20	district	district	NOUN
cblr-11900	428	21	may	may	AUX
cblr-11900	428	22	4th	4th	VERB
cblr-11900	428	23	to	to	ADP
cblr-11900	428	24	june	june	PROPN
cblr-11900	428	25	15th	15th	NOUN
cblr-11900	428	26	1917	1917	NUM
cblr-11900	428	27	(	(	PUNCT
cblr-11900	428	28	1917	1917	NUM
cblr-11900	428	29	)	)	PUNCT
cblr-11900	428	30	;	;	PUNCT
cblr-11900	428	31	labert	labert	PROPN
cblr-11900	428	32	st	st	PROPN
cblr-11900	428	33	.	.	PROPN
cblr-11900	428	34	claire	claire	PROPN
cblr-11900	428	35	,	,	PUNCT
cblr-11900	428	36	the	the	DET
cblr-11900	428	37	story	story	NOUN
cblr-11900	428	38	of	of	ADP
cblr-11900	428	39	the	the	DET
cblr-11900	428	40	liberty	liberty	NOUN
cblr-11900	428	41	loans	loan	NOUN
cblr-11900	428	42	:	:	PUNCT
cblr-11900	428	43	being	be	AUX
cblr-11900	428	44	a	a	DET
cblr-11900	428	45	record	record	NOUN
cblr-11900	428	46	of	of	ADP
cblr-11900	428	47	the	the	DET
cblr-11900	428	48	volunteer	volunteer	NOUN
cblr-11900	428	49	liberty	liberty	PROPN
cblr-11900	428	50	loan	loan	PROPN
cblr-11900	428	51	army	army	NOUN
cblr-11900	428	52	,	,	PUNCT
cblr-11900	428	53	its	its	PRON
cblr-11900	428	54	personnel	personnel	NOUN
cblr-11900	428	55	,	,	PUNCT
cblr-11900	428	56	mobilization	mobilization	NOUN
cblr-11900	428	57	and	and	CCONJ
cblr-11900	428	58	methods	method	NOUN
cblr-11900	428	59	.	.	PUNCT
cblr-11900	429	1	how	how	SCONJ
cblr-11900	429	2	america	america	PROPN
cblr-11900	429	3	at	at	ADP
cblr-11900	429	4	home	home	NOUN
cblr-11900	429	5	backed	back	VERB
cblr-11900	429	6	her	her	PRON
cblr-11900	429	7	armies	army	NOUN
cblr-11900	429	8	and	and	CCONJ
cblr-11900	429	9	allies	ally	NOUN
cblr-11900	429	10	in	in	ADP
cblr-11900	429	11	the	the	DET
cblr-11900	429	12	world	world	NOUN
cblr-11900	429	13	war	war	NOUN
cblr-11900	429	14	(	(	PUNCT
cblr-11900	429	15	1919	1919	NUM
cblr-11900	429	16	)	)	PUNCT
cblr-11900	429	17	.	.	PUNCT
cblr-11900	430	1	84	84	NUM
cblr-11900	430	2	plans	plan	NOUN
cblr-11900	430	3	wide	wide	ADJ
cblr-11900	430	4	appeal	appeal	NOUN
cblr-11900	430	5	to	to	PART
cblr-11900	430	6	sell	sell	VERB
cblr-11900	430	7	new	new	ADJ
cblr-11900	430	8	bonds	bond	NOUN
cblr-11900	430	9	,	,	PUNCT
cblr-11900	430	10	n.	n.	PROPN
cblr-11900	430	11	y.	y.	PROPN
cblr-11900	430	12	times	times	PROPN
cblr-11900	430	13	,	,	PUNCT
cblr-11900	430	14	apr	apr	PROPN
cblr-11900	430	15	.	.	PROPN
cblr-11900	430	16	23	23	NUM
cblr-11900	430	17	,	,	PUNCT
cblr-11900	430	18	1917	1917	NUM
cblr-11900	430	19	,	,	PUNCT
cblr-11900	430	20	at	at	ADP
cblr-11900	430	21	4	4	NUM
cblr-11900	430	22	.	.	NOUN
cblr-11900	430	23	85	85	NUM
cblr-11900	430	24	in	in	ADP
cblr-11900	430	25	his	his	PRON
cblr-11900	430	26	1917	1917	NUM
cblr-11900	430	27	annual	annual	ADJ
cblr-11900	430	28	report	report	NOUN
cblr-11900	430	29	,	,	PUNCT
cblr-11900	430	30	mcadoo	mcadoo	PROPN
cblr-11900	430	31	noted	note	VERB
cblr-11900	430	32	that	that	SCONJ
cblr-11900	430	33	,	,	PUNCT
cblr-11900	430	34	prior	prior	ADV
cblr-11900	430	35	to	to	ADP
cblr-11900	430	36	the	the	DET
cblr-11900	430	37	start	start	NOUN
cblr-11900	430	38	of	of	ADP
cblr-11900	430	39	the	the	DET
cblr-11900	430	40	first	first	ADJ
cblr-11900	430	41	liberty	liberty	NOUN
cblr-11900	430	42	loan	loan	NOUN
cblr-11900	430	43	drive	drive	NOUN
cblr-11900	430	44	,	,	PUNCT
cblr-11900	430	45	“	"	PUNCT
cblr-11900	430	46	it	it	PRON
cblr-11900	430	47	was	be	AUX
cblr-11900	430	48	estimated	estimate	VERB
cblr-11900	430	49	by	by	ADP
cblr-11900	430	50	bankers	banker	NOUN
cblr-11900	430	51	that	that	SCONJ
cblr-11900	430	52	there	there	PRON
cblr-11900	430	53	were	be	VERB
cblr-11900	430	54	only	only	ADV
cblr-11900	430	55	about	about	ADV
cblr-11900	430	56	350,000	350,000	NUM
cblr-11900	430	57	bond	bond	NOUN
cblr-11900	430	58	investors	investor	NOUN
cblr-11900	430	59	in	in	ADP
cblr-11900	430	60	the	the	DET
cblr-11900	430	61	united	united	PROPN
cblr-11900	430	62	states	states	PROPN
cblr-11900	430	63	;	;	PUNCT
cblr-11900	430	64	the	the	DET
cblr-11900	430	65	people	people	NOUN
cblr-11900	430	66	generally	generally	ADV
cblr-11900	430	67	no	no	INTJ
cblr-11900	430	68	.	.	NOUN
cblr-11900	430	69	1	1	NUM
cblr-11900	430	70	]	]	ADJ
cblr-11900	430	71	money	money	NOUN
cblr-11900	430	72	and	and	CCONJ
cblr-11900	430	73	the	the	DET
cblr-11900	430	74	public	public	ADJ
cblr-11900	430	75	debt	debt	NOUN
cblr-11900	430	76	249	249	NUM
cblr-11900	430	77	war	war	NOUN
cblr-11900	430	78	,	,	PUNCT
cblr-11900	430	79	tens	ten	NOUN
cblr-11900	430	80	of	of	ADP
cblr-11900	430	81	millions	million	NOUN
cblr-11900	430	82	had	have	AUX
cblr-11900	430	83	participated	participate	VERB
cblr-11900	430	84	in	in	ADP
cblr-11900	430	85	at	at	ADV
cblr-11900	430	86	least	least	ADV
cblr-11900	430	87	one	one	NUM
cblr-11900	430	88	of	of	ADP
cblr-11900	430	89	four	four	NUM
cblr-11900	430	90	liberty	liberty	NOUN
cblr-11900	430	91	loan	loan	NOUN
cblr-11900	430	92	and	and	CCONJ
cblr-11900	430	93	two	two	NUM
cblr-11900	430	94	victory	victory	NOUN
cblr-11900	430	95	loan	loan	NOUN
cblr-11900	430	96	drives86	drives86	PROPN
cblr-11900	430	97	—	—	PUNCT
cblr-11900	430	98	often	often	ADV
cblr-11900	430	99	purchasing	purchase	VERB
cblr-11900	430	100	bonds	bond	NOUN
cblr-11900	430	101	in	in	ADP
cblr-11900	430	102	relatively	relatively	ADV
cblr-11900	430	103	small	small	ADJ
cblr-11900	430	104	denominations.87	denominations.87	NOUN
cblr-11900	430	105	in	in	ADP
cblr-11900	430	106	all	all	PRON
cblr-11900	430	107	,	,	PUNCT
cblr-11900	430	108	the	the	DET
cblr-11900	430	109	federal	federal	ADJ
cblr-11900	430	110	government	government	NOUN
cblr-11900	430	111	raised	raise	VERB
cblr-11900	430	112	$	$	SYM
cblr-11900	430	113	18.5	18.5	NUM
cblr-11900	430	114	billion	billion	NUM
cblr-11900	430	115	,	,	PUNCT
cblr-11900	430	116	or	or	CCONJ
cblr-11900	430	117	nearly	nearly	ADV
cblr-11900	430	118	fifteen	fifteen	NUM
cblr-11900	430	119	times	time	NOUN
cblr-11900	430	120	the	the	DET
cblr-11900	430	121	total	total	ADJ
cblr-11900	430	122	pre	pre	ADJ
cblr-11900	430	123	-	-	ADJ
cblr-11900	430	124	war	war	ADJ
cblr-11900	430	125	debt	debt	NOUN
cblr-11900	430	126	stock	stock	NOUN
cblr-11900	430	127	.	.	PUNCT
cblr-11900	431	1	perhaps	perhaps	ADV
cblr-11900	431	2	even	even	ADV
cblr-11900	431	3	more	more	ADV
cblr-11900	431	4	impressively	impressively	ADV
cblr-11900	431	5	,	,	PUNCT
cblr-11900	431	6	all	all	DET
cblr-11900	431	7	six	six	NUM
cblr-11900	431	8	campaigns	campaign	NOUN
cblr-11900	431	9	were	be	AUX
cblr-11900	431	10	heavily	heavily	ADV
cblr-11900	431	11	oversubscribed	oversubscribed	ADJ
cblr-11900	431	12	,	,	PUNCT
cblr-11900	431	13	with	with	SCONJ
cblr-11900	431	14	total	total	ADJ
cblr-11900	431	15	orders	order	NOUN
cblr-11900	431	16	for	for	ADP
cblr-11900	431	17	30	30	NUM
cblr-11900	431	18	%	%	NOUN
cblr-11900	431	19	more	more	ADJ
cblr-11900	431	20	than	than	SCONJ
cblr-11900	431	21	was	be	AUX
cblr-11900	431	22	offered.88	offered.88	VERB
cblr-11900	431	23	although	although	SCONJ
cblr-11900	431	24	mcadoo	mcadoo	PROPN
cblr-11900	431	25	sought	seek	VERB
cblr-11900	431	26	to	to	PART
cblr-11900	431	27	rely	rely	VERB
cblr-11900	431	28	on	on	ADP
cblr-11900	431	29	patriotic	patriotic	ADJ
cblr-11900	431	30	individuals	individual	NOUN
cblr-11900	431	31	to	to	PART
cblr-11900	431	32	fund	fund	VERB
cblr-11900	431	33	the	the	DET
cblr-11900	431	34	war	war	NOUN
cblr-11900	431	35	effort	effort	NOUN
cblr-11900	431	36	,	,	PUNCT
cblr-11900	431	37	for	for	ADP
cblr-11900	431	38	all	all	DET
cblr-11900	431	39	their	their	PRON
cblr-11900	431	40	success	success	NOUN
cblr-11900	431	41	,	,	PUNCT
cblr-11900	431	42	the	the	DET
cblr-11900	431	43	liberty	liberty	NOUN
cblr-11900	431	44	loans	loan	NOUN
cblr-11900	431	45	were	be	AUX
cblr-11900	431	46	not	not	PART
cblr-11900	431	47	,	,	PUNCT
cblr-11900	431	48	on	on	ADP
cblr-11900	431	49	their	their	PRON
cblr-11900	431	50	own	own	ADJ
cblr-11900	431	51	,	,	PUNCT
cblr-11900	431	52	enough	enough	ADJ
cblr-11900	431	53	to	to	PART
cblr-11900	431	54	meet	meet	VERB
cblr-11900	431	55	the	the	DET
cblr-11900	431	56	moment.89	moment.89	NOUN
cblr-11900	431	57	ultimately	ultimately	ADV
cblr-11900	431	58	,	,	PUNCT
cblr-11900	431	59	he	he	PRON
cblr-11900	431	60	decided	decide	VERB
cblr-11900	431	61	to	to	PART
cblr-11900	431	62	conscript	conscript	VERB
cblr-11900	431	63	the	the	DET
cblr-11900	431	64	banking	banking	NOUN
cblr-11900	431	65	system	system	NOUN
cblr-11900	431	66	to	to	PART
cblr-11900	431	67	keep	keep	VERB
cblr-11900	431	68	the	the	DET
cblr-11900	431	69	financial	financial	ADJ
cblr-11900	431	70	war	war	NOUN
cblr-11900	431	71	machine	machine	NOUN
cblr-11900	431	72	running	run	VERB
cblr-11900	431	73	.	.	PUNCT
cblr-11900	432	1	the	the	DET
cblr-11900	432	2	new	new	ADJ
cblr-11900	432	3	federal	federal	PROPN
cblr-11900	432	4	reserve	reserve	PROPN
cblr-11900	432	5	,	,	PUNCT
cblr-11900	432	6	by	by	ADP
cblr-11900	432	7	extending	extend	VERB
cblr-11900	432	8	its	its	PRON
cblr-11900	432	9	balance	balance	NOUN
cblr-11900	432	10	sheet	sheet	NOUN
cblr-11900	432	11	and	and	CCONJ
cblr-11900	432	12	exerting	exert	VERB
cblr-11900	432	13	influence	influence	NOUN
cblr-11900	432	14	over	over	ADP
cblr-11900	432	15	bank	bank	NOUN
cblr-11900	432	16	activities	activity	NOUN
cblr-11900	432	17	,	,	PUNCT
cblr-11900	432	18	was	be	AUX
cblr-11900	432	19	at	at	ADP
cblr-11900	432	20	the	the	DET
cblr-11900	432	21	center	center	NOUN
cblr-11900	432	22	of	of	ADP
cblr-11900	432	23	that	that	DET
cblr-11900	432	24	effort	effort	NOUN
cblr-11900	432	25	.	.	PUNCT
cblr-11900	433	1	as	as	SCONJ
cblr-11900	433	2	the	the	DET
cblr-11900	433	3	new	new	PROPN
cblr-11900	433	4	york	york	PROPN
cblr-11900	433	5	times	times	PROPN
cblr-11900	433	6	declared	declare	VERB
cblr-11900	433	7	,	,	PUNCT
cblr-11900	433	8	on	on	ADP
cblr-11900	433	9	the	the	DET
cblr-11900	433	10	eve	eve	NOUN
cblr-11900	433	11	of	of	ADP
cblr-11900	433	12	the	the	DET
cblr-11900	433	13	armistice	armistice	NOUN
cblr-11900	433	14	,	,	PUNCT
cblr-11900	433	15	the	the	DET
cblr-11900	433	16	fed	fed	PROPN
cblr-11900	433	17	“	"	PUNCT
cblr-11900	433	18	ranks	rank	VERB
cblr-11900	433	19	with	with	ADP
cblr-11900	433	20	our	our	PRON
cblr-11900	433	21	man	man	NOUN
cblr-11900	433	22	power	power	NOUN
cblr-11900	433	23	and	and	CCONJ
cblr-11900	433	24	our	our	PRON
cblr-11900	433	25	industries	industry	NOUN
cblr-11900	433	26	among	among	ADP
cblr-11900	433	27	the	the	DET
cblr-11900	433	28	were	be	AUX
cblr-11900	433	29	,	,	PUNCT
cblr-11900	433	30	therefore	therefore	ADV
cblr-11900	433	31	,	,	PUNCT
cblr-11900	433	32	unacquainted	unacquainted	ADJ
cblr-11900	433	33	with	with	ADP
cblr-11900	433	34	government	government	NOUN
cblr-11900	433	35	bonds	bond	NOUN
cblr-11900	433	36	.	.	PUNCT
cblr-11900	433	37	”	"	PUNCT
cblr-11900	434	1	off	off	ADP
cblr-11900	434	2	.	.	PUNCT
cblr-11900	435	1	of	of	ADP
cblr-11900	435	2	the	the	DET
cblr-11900	435	3	sec’y	sec’y	NOUN
cblr-11900	435	4	,	,	PUNCT
cblr-11900	435	5	treasury	treasury	NOUN
cblr-11900	435	6	dep’t	dep’t	NOUN
cblr-11900	435	7	,	,	PUNCT
cblr-11900	435	8	annual	annual	ADJ
cblr-11900	435	9	report	report	NOUN
cblr-11900	435	10	of	of	ADP
cblr-11900	435	11	the	the	DET
cblr-11900	435	12	secretary	secretary	NOUN
cblr-11900	435	13	of	of	ADP
cblr-11900	435	14	the	the	DET
cblr-11900	435	15	treasury	treasury	NOUN
cblr-11900	435	16	on	on	ADP
cblr-11900	435	17	the	the	DET
cblr-11900	435	18	state	state	NOUN
cblr-11900	435	19	of	of	ADP
cblr-11900	435	20	the	the	DET
cblr-11900	435	21	finances	finance	NOUN
cblr-11900	435	22	for	for	ADP
cblr-11900	435	23	the	the	DET
cblr-11900	435	24	fiscal	fiscal	ADJ
cblr-11900	435	25	year	year	NOUN
cblr-11900	435	26	ended	end	VERB
cblr-11900	435	27	june	june	PROPN
cblr-11900	435	28	30	30	NUM
cblr-11900	435	29	1917	1917	NUM
cblr-11900	435	30	,	,	PUNCT
cblr-11900	435	31	at	at	ADP
cblr-11900	435	32	6	6	NUM
cblr-11900	435	33	(	(	PUNCT
cblr-11900	435	34	1918	1918	NUM
cblr-11900	435	35	)	)	PUNCT
cblr-11900	435	36	.	.	PUNCT
cblr-11900	436	1	86	86	NUM
cblr-11900	436	2	hugh	hugh	PROPN
cblr-11900	436	3	rockoff	rockoff	PROPN
cblr-11900	436	4	,	,	PUNCT
cblr-11900	436	5	until	until	SCONJ
cblr-11900	436	6	it	it	PRON
cblr-11900	436	7	’s	’	VERB
cblr-11900	436	8	over	over	ADV
cblr-11900	436	9	,	,	PUNCT
cblr-11900	436	10	over	over	ADV
cblr-11900	436	11	there	there	ADV
cblr-11900	436	12	:	:	PUNCT
cblr-11900	436	13	the	the	DET
cblr-11900	436	14	u.s	u.s	PROPN
cblr-11900	436	15	.	.	PROPN
cblr-11900	436	16	economy	economy	NOUN
cblr-11900	436	17	in	in	ADP
cblr-11900	436	18	world	world	NOUN
cblr-11900	436	19	war	war	NOUN
cblr-11900	436	20	i	i	PRON
cblr-11900	436	21	,	,	PUNCT
cblr-11900	436	22	at	at	ADP
cblr-11900	436	23	34	34	NUM
cblr-11900	436	24	tbl.6	tbl.6	PROPN
cblr-11900	436	25	(	(	PUNCT
cblr-11900	436	26	nat’l	nat’l	NUM
cblr-11900	436	27	bureau	bureau	PROPN
cblr-11900	436	28	of	of	ADP
cblr-11900	436	29	econ	econ	PROPN
cblr-11900	436	30	.	.	PUNCT
cblr-11900	437	1	rsch	rsch	PROPN
cblr-11900	437	2	.	.	PUNCT
cblr-11900	437	3	,	,	PUNCT
cblr-11900	437	4	working	work	VERB
cblr-11900	437	5	paper	paper	NOUN
cblr-11900	437	6	no	no	NOUN
cblr-11900	437	7	.	.	PROPN
cblr-11900	437	8	10580	10580	NUM
cblr-11900	437	9	,	,	PUNCT
cblr-11900	437	10	2004	2004	NUM
cblr-11900	437	11	)	)	PUNCT
cblr-11900	437	12	.	.	PUNCT
cblr-11900	438	1	87	87	NUM
cblr-11900	438	2	off	off	ADP
cblr-11900	438	3	.	.	PUNCT
cblr-11900	439	1	of	of	ADP
cblr-11900	439	2	the	the	DET
cblr-11900	439	3	sec’y	sec’y	NOUN
cblr-11900	439	4	,	,	PUNCT
cblr-11900	439	5	treasury	treasury	NOUN
cblr-11900	439	6	dep’t	dep’t	NOUN
cblr-11900	439	7	,	,	PUNCT
cblr-11900	439	8	annual	annual	ADJ
cblr-11900	439	9	report	report	NOUN
cblr-11900	439	10	of	of	ADP
cblr-11900	439	11	the	the	DET
cblr-11900	439	12	secretary	secretary	NOUN
cblr-11900	439	13	of	of	ADP
cblr-11900	439	14	the	the	DET
cblr-11900	439	15	treasury	treasury	NOUN
cblr-11900	439	16	on	on	ADP
cblr-11900	439	17	the	the	DET
cblr-11900	439	18	state	state	NOUN
cblr-11900	439	19	of	of	ADP
cblr-11900	439	20	the	the	DET
cblr-11900	439	21	finances	finance	NOUN
cblr-11900	439	22	for	for	ADP
cblr-11900	439	23	the	the	DET
cblr-11900	439	24	fiscal	fiscal	ADJ
cblr-11900	439	25	year	year	NOUN
cblr-11900	439	26	ended	end	VERB
cblr-11900	439	27	june	june	PROPN
cblr-11900	439	28	30	30	NUM
cblr-11900	439	29	1917	1917	NUM
cblr-11900	439	30	,	,	PUNCT
cblr-11900	439	31	at	at	ADP
cblr-11900	439	32	7–8	7–8	NOUN
cblr-11900	439	33	,	,	PUNCT
cblr-11900	439	34	11	11	NUM
cblr-11900	439	35	(	(	PUNCT
cblr-11900	439	36	1918	1918	NUM
cblr-11900	439	37	)	)	PUNCT
cblr-11900	439	38	;	;	PUNCT
cblr-11900	439	39	off	off	ADP
cblr-11900	439	40	.	.	PUNCT
cblr-11900	440	1	of	of	ADP
cblr-11900	440	2	the	the	DET
cblr-11900	440	3	sec’y	sec’y	NOUN
cblr-11900	440	4	,	,	PUNCT
cblr-11900	440	5	treasury	treasury	NOUN
cblr-11900	440	6	dep’t	dep’t	NOUN
cblr-11900	440	7	,	,	PUNCT
cblr-11900	440	8	annual	annual	ADJ
cblr-11900	440	9	report	report	NOUN
cblr-11900	440	10	of	of	ADP
cblr-11900	440	11	the	the	DET
cblr-11900	440	12	secretary	secretary	NOUN
cblr-11900	440	13	of	of	ADP
cblr-11900	440	14	the	the	DET
cblr-11900	440	15	treasury	treasury	NOUN
cblr-11900	440	16	on	on	ADP
cblr-11900	440	17	the	the	DET
cblr-11900	440	18	state	state	NOUN
cblr-11900	440	19	of	of	ADP
cblr-11900	440	20	the	the	DET
cblr-11900	440	21	finances	finance	NOUN
cblr-11900	440	22	for	for	ADP
cblr-11900	440	23	the	the	DET
cblr-11900	440	24	fiscal	fiscal	ADJ
cblr-11900	440	25	year	year	NOUN
cblr-11900	440	26	ended	end	VERB
cblr-11900	440	27	june	june	PROPN
cblr-11900	440	28	30	30	NUM
cblr-11900	440	29	1918	1918	NUM
cblr-11900	440	30	,	,	PUNCT
cblr-11900	440	31	at	at	ADP
cblr-11900	440	32	9–12	9–12	PROPN
cblr-11900	440	33	(	(	PUNCT
cblr-11900	440	34	1919	1919	NUM
cblr-11900	440	35	)	)	PUNCT
cblr-11900	440	36	;	;	PUNCT
cblr-11900	440	37	off	off	ADP
cblr-11900	440	38	.	.	PUNCT
cblr-11900	441	1	of	of	ADP
cblr-11900	441	2	the	the	DET
cblr-11900	441	3	sec’y	sec’y	NOUN
cblr-11900	441	4	,	,	PUNCT
cblr-11900	441	5	treasury	treasury	NOUN
cblr-11900	441	6	dep’t	dep’t	NOUN
cblr-11900	441	7	,	,	PUNCT
cblr-11900	441	8	,	,	PUNCT
cblr-11900	441	9	annual	annual	ADJ
cblr-11900	441	10	report	report	NOUN
cblr-11900	441	11	of	of	ADP
cblr-11900	441	12	the	the	DET
cblr-11900	441	13	secretary	secretary	NOUN
cblr-11900	441	14	of	of	ADP
cblr-11900	441	15	the	the	DET
cblr-11900	441	16	treasury	treasury	NOUN
cblr-11900	441	17	on	on	ADP
cblr-11900	441	18	the	the	DET
cblr-11900	441	19	state	state	NOUN
cblr-11900	441	20	of	of	ADP
cblr-11900	441	21	the	the	DET
cblr-11900	441	22	finances	finance	NOUN
cblr-11900	441	23	for	for	ADP
cblr-11900	441	24	the	the	DET
cblr-11900	441	25	fiscal	fiscal	ADJ
cblr-11900	441	26	year	year	NOUN
cblr-11900	441	27	ended	end	VERB
cblr-11900	441	28	june	june	PROPN
cblr-11900	441	29	30	30	NUM
cblr-11900	441	30	1919	1919	NUM
cblr-11900	441	31	,	,	PUNCT
cblr-11900	441	32	at	at	ADP
cblr-11900	441	33	75–76	75–76	NUM
cblr-11900	441	34	(	(	PUNCT
cblr-11900	441	35	1920	1920	NUM
cblr-11900	441	36	)	)	PUNCT
cblr-11900	441	37	.	.	PUNCT
cblr-11900	442	1	88	88	NUM
cblr-11900	442	2	hugh	hugh	PROPN
cblr-11900	442	3	rockoff	rockoff	PROPN
cblr-11900	442	4	,	,	PUNCT
cblr-11900	442	5	until	until	SCONJ
cblr-11900	442	6	it	it	PRON
cblr-11900	442	7	’s	’	VERB
cblr-11900	442	8	over	over	ADV
cblr-11900	442	9	,	,	PUNCT
cblr-11900	442	10	over	over	ADV
cblr-11900	442	11	there	there	ADV
cblr-11900	442	12	:	:	PUNCT
cblr-11900	442	13	the	the	DET
cblr-11900	442	14	u.s	u.s	PROPN
cblr-11900	442	15	.	.	PROPN
cblr-11900	442	16	economy	economy	NOUN
cblr-11900	442	17	in	in	ADP
cblr-11900	442	18	world	world	NOUN
cblr-11900	442	19	war	war	NOUN
cblr-11900	442	20	i	i	PRON
cblr-11900	442	21	34	34	NUM
cblr-11900	442	22	tbl.6	tbl.6	PROPN
cblr-11900	442	23	(	(	PUNCT
cblr-11900	442	24	nat’l	nat’l	NUM
cblr-11900	442	25	bureau	bureau	PROPN
cblr-11900	442	26	of	of	ADP
cblr-11900	442	27	econ	econ	PROPN
cblr-11900	442	28	.	.	PUNCT
cblr-11900	443	1	rsch	rsch	PROPN
cblr-11900	443	2	.	.	PUNCT
cblr-11900	443	3	,	,	PUNCT
cblr-11900	443	4	working	work	VERB
cblr-11900	443	5	paper	paper	NOUN
cblr-11900	443	6	no	no	NOUN
cblr-11900	443	7	.	.	PROPN
cblr-11900	443	8	10580	10580	NUM
cblr-11900	443	9	,	,	PUNCT
cblr-11900	443	10	2004	2004	NUM
cblr-11900	443	11	)	)	PUNCT
cblr-11900	443	12	.	.	PUNCT
cblr-11900	444	1	89	89	NUM
cblr-11900	444	2	this	this	PRON
cblr-11900	444	3	was	be	AUX
cblr-11900	444	4	recognized	recognize	VERB
cblr-11900	444	5	early	early	ADV
cblr-11900	444	6	on	on	ADV
cblr-11900	444	7	by	by	ADP
cblr-11900	444	8	academics	academic	NOUN
cblr-11900	444	9	.	.	PUNCT
cblr-11900	445	1	for	for	ADP
cblr-11900	445	2	example	example	NOUN
cblr-11900	445	3	,	,	PUNCT
cblr-11900	445	4	as	as	ADP
cblr-11900	445	5	o.	o.	PROPN
cblr-11900	445	6	m.	m.	PROPN
cblr-11900	445	7	w.	w.	PROPN
cblr-11900	445	8	sprague	sprague	PROPN
cblr-11900	445	9	of	of	ADP
cblr-11900	445	10	harvard	harvard	PROPN
cblr-11900	445	11	,	,	PUNCT
cblr-11900	445	12	writing	write	VERB
cblr-11900	445	13	in	in	ADP
cblr-11900	445	14	march	march	PROPN
cblr-11900	445	15	1917	1917	NUM
cblr-11900	445	16	,	,	PUNCT
cblr-11900	445	17	observed	observe	VERB
cblr-11900	445	18	:	:	PUNCT
cblr-11900	445	19	“	"	PUNCT
cblr-11900	445	20	many	many	ADJ
cblr-11900	445	21	subscribers	subscriber	NOUN
cblr-11900	445	22	borrow	borrow	VERB
cblr-11900	445	23	from	from	ADP
cblr-11900	445	24	banks	bank	NOUN
cblr-11900	445	25	the	the	DET
cblr-11900	445	26	funds	fund	NOUN
cblr-11900	445	27	required	require	VERB
cblr-11900	445	28	to	to	PART
cblr-11900	445	29	meet	meet	VERB
cblr-11900	445	30	their	their	PRON
cblr-11900	445	31	commitments	commitment	NOUN
cblr-11900	445	32	,	,	PUNCT
cblr-11900	445	33	pledging	pledge	VERB
cblr-11900	445	34	other	other	ADJ
cblr-11900	445	35	property	property	NOUN
cblr-11900	445	36	and	and	CCONJ
cblr-11900	445	37	even	even	ADV
cblr-11900	445	38	the	the	DET
cblr-11900	445	39	war	war	NOUN
cblr-11900	445	40	loan	loan	NOUN
cblr-11900	445	41	itself	itself	PRON
cblr-11900	445	42	.	.	PUNCT
cblr-11900	446	1	the	the	DET
cblr-11900	446	2	banks	bank	NOUN
cblr-11900	446	3	adopt	adopt	VERB
cblr-11900	446	4	a	a	DET
cblr-11900	446	5	liberal	liberal	ADJ
cblr-11900	446	6	patriotic	patriotic	ADJ
cblr-11900	446	7	loan	loan	NOUN
cblr-11900	446	8	policy	policy	NOUN
cblr-11900	446	9	and	and	CCONJ
cblr-11900	446	10	also	also	ADV
cblr-11900	446	11	subscribe	subscribe	VERB
cblr-11900	446	12	largely	largely	ADV
cblr-11900	446	13	on	on	ADP
cblr-11900	446	14	their	their	PRON
cblr-11900	446	15	own	own	ADJ
cblr-11900	446	16	account	account	NOUN
cblr-11900	446	17	.	.	PUNCT
cblr-11900	446	18	”	"	PUNCT
cblr-11900	447	1	o.	o.	PROPN
cblr-11900	447	2	m.	m.	PROPN
cblr-11900	447	3	w.	w.	PROPN
cblr-11900	447	4	sprague	sprague	PROPN
cblr-11900	447	5	,	,	PUNCT
cblr-11900	447	6	loans	loan	NOUN
cblr-11900	447	7	and	and	CCONJ
cblr-11900	447	8	taxes	taxis	NOUN
cblr-11900	447	9	in	in	ADP
cblr-11900	447	10	war	war	NOUN
cblr-11900	447	11	finance	finance	NOUN
cblr-11900	447	12	,	,	PUNCT
cblr-11900	447	13	7	7	NUM
cblr-11900	447	14	am	am	NOUN
cblr-11900	447	15	.	.	PUNCT
cblr-11900	448	1	econ	econ	PROPN
cblr-11900	448	2	.	.	PUNCT
cblr-11900	449	1	rev	rev	PROPN
cblr-11900	449	2	.	.	PROPN
cblr-11900	449	3	199	199	NUM
cblr-11900	449	4	,	,	PUNCT
cblr-11900	449	5	200	200	NUM
cblr-11900	449	6	(	(	PUNCT
cblr-11900	449	7	1917	1917	NUM
cblr-11900	449	8	)	)	PUNCT
cblr-11900	449	9	.	.	PUNCT
cblr-11900	450	1	250	250	NUM
cblr-11900	450	2	columbia	columbia	PROPN
cblr-11900	450	3	business	business	NOUN
cblr-11900	450	4	law	law	NOUN
cblr-11900	450	5	review	review	NOUN
cblr-11900	451	1	[	[	X
cblr-11900	451	2	vol	vol	NOUN
cblr-11900	451	3	.	.	PUNCT
cblr-11900	451	4	2023	2023	NUM
cblr-11900	451	5	forces	force	NOUN
cblr-11900	451	6	that	that	PRON
cblr-11900	451	7	enabled	enable	VERB
cblr-11900	451	8	us	we	PRON
cblr-11900	451	9	to	to	PART
cblr-11900	451	10	bear	bear	VERB
cblr-11900	451	11	our	our	PRON
cblr-11900	451	12	part	part	NOUN
cblr-11900	451	13	in	in	ADP
cblr-11900	451	14	the	the	DET
cblr-11900	451	15	war	war	NOUN
cblr-11900	451	16	.	.	PUNCT
cblr-11900	452	1	”90	”90	PUNCT
cblr-11900	452	2	this	this	DET
cblr-11900	452	3	“	"	PUNCT
cblr-11900	452	4	tower	tower	NOUN
cblr-11900	452	5	of	of	ADP
cblr-11900	452	6	strength”91	strength”91	PROPN
cblr-11900	452	7	was	be	AUX
cblr-11900	452	8	deployed	deploy	VERB
cblr-11900	452	9	in	in	ADP
cblr-11900	452	10	several	several	ADJ
cblr-11900	452	11	distinct	distinct	ADJ
cblr-11900	452	12	but	but	CCONJ
cblr-11900	452	13	related	related	ADJ
cblr-11900	452	14	ways	way	NOUN
cblr-11900	452	15	.	.	PUNCT
cblr-11900	453	1	first	first	ADV
cblr-11900	453	2	,	,	PUNCT
cblr-11900	453	3	individual	individual	ADJ
cblr-11900	453	4	investors	investor	NOUN
cblr-11900	453	5	were	be	AUX
cblr-11900	453	6	encouraged	encourage	VERB
cblr-11900	453	7	to	to	PART
cblr-11900	453	8	purchase	purchase	VERB
cblr-11900	453	9	liberty	liberty	NOUN
cblr-11900	453	10	bonds	bond	NOUN
cblr-11900	453	11	on	on	ADP
cblr-11900	453	12	credit	credit	NOUN
cblr-11900	453	13	—	—	PUNCT
cblr-11900	453	14	essentially	essentially	ADV
cblr-11900	453	15	leveraging	leverage	VERB
cblr-11900	453	16	their	their	PRON
cblr-11900	453	17	personal	personal	ADJ
cblr-11900	453	18	equity	equity	NOUN
cblr-11900	453	19	to	to	PART
cblr-11900	453	20	supplement	supplement	VERB
cblr-11900	453	21	demand	demand	NOUN
cblr-11900	453	22	.	.	PUNCT
cblr-11900	454	1	“	"	PUNCT
cblr-11900	454	2	[	[	X
cblr-11900	454	3	e]very	e]very	ADP
cblr-11900	454	4	man	man	NOUN
cblr-11900	454	5	of	of	ADP
cblr-11900	454	6	means	mean	NOUN
cblr-11900	454	7	can	can	AUX
cblr-11900	454	8	and	and	CCONJ
cblr-11900	454	9	must	must	AUX
cblr-11900	454	10	constitute	constitute	VERB
cblr-11900	454	11	himself	himself	PRON
cblr-11900	454	12	a	a	DET
cblr-11900	454	13	banker	banker	NOUN
cblr-11900	454	14	to	to	ADP
cblr-11900	454	15	the	the	DET
cblr-11900	454	16	government	government	NOUN
cblr-11900	454	17	,	,	PUNCT
cblr-11900	454	18	”	"	PUNCT
cblr-11900	454	19	one	one	NUM
cblr-11900	454	20	commenter	commenter	NOUN
cblr-11900	454	21	later	later	ADV
cblr-11900	454	22	argued	argue	VERB
cblr-11900	454	23	.	.	PUNCT
cblr-11900	455	1	“	"	PUNCT
cblr-11900	455	2	he	he	PRON
cblr-11900	455	3	should	should	AUX
cblr-11900	455	4	,	,	PUNCT
cblr-11900	455	5	from	from	ADP
cblr-11900	455	6	a	a	DET
cblr-11900	455	7	proper	proper	ADJ
cblr-11900	455	8	sense	sense	NOUN
cblr-11900	455	9	of	of	ADP
cblr-11900	455	10	duty	duty	NOUN
cblr-11900	455	11	…	…	PUNCT
cblr-11900	455	12	he	he	PRON
cblr-11900	455	13	must	must	AUX
cblr-11900	455	14	,	,	PUNCT
cblr-11900	455	15	to	to	PART
cblr-11900	455	16	protect	protect	VERB
cblr-11900	455	17	his	his	PRON
cblr-11900	455	18	equity	equity	NOUN
cblr-11900	455	19	in	in	ADP
cblr-11900	455	20	and	and	CCONJ
cblr-11900	455	21	holding	hold	VERB
cblr-11900	455	22	of	of	ADP
cblr-11900	455	23	material	material	NOUN
cblr-11900	455	24	possessions	possession	NOUN
cblr-11900	455	25	.	.	PUNCT
cblr-11900	456	1	”92	”92	ADJ
cblr-11900	456	2	or	or	CCONJ
cblr-11900	456	3	,	,	PUNCT
cblr-11900	456	4	perhaps	perhaps	ADV
cblr-11900	456	5	more	more	ADV
cblr-11900	456	6	evocatively	evocatively	ADV
cblr-11900	456	7	,	,	PUNCT
cblr-11900	456	8	the	the	DET
cblr-11900	456	9	charge	charge	NOUN
cblr-11900	456	10	was	be	AUX
cblr-11900	456	11	issued	issue	VERB
cblr-11900	456	12	:	:	PUNCT
cblr-11900	456	13	“	"	PUNCT
cblr-11900	456	14	[	[	X
cblr-11900	456	15	b]orrow	b]orrow	X
cblr-11900	456	16	and	and	CCONJ
cblr-11900	456	17	buy	buy	VERB
cblr-11900	456	18	until	until	SCONJ
cblr-11900	456	19	it	it	PRON
cblr-11900	456	20	hurts	hurt	VERB
cblr-11900	456	21	.	.	PUNCT
cblr-11900	457	1	”93	”93	ADV
cblr-11900	457	2	the	the	DET
cblr-11900	457	3	fed	fed	PROPN
cblr-11900	457	4	facilitated	facilitate	VERB
cblr-11900	457	5	this	this	DET
cblr-11900	457	6	masochism	masochism	NOUN
cblr-11900	457	7	by	by	ADP
cblr-11900	457	8	offering	offer	VERB
cblr-11900	457	9	lower	low	ADJ
cblr-11900	457	10	rates	rate	NOUN
cblr-11900	457	11	for	for	ADP
cblr-11900	457	12	loans	loan	NOUN
cblr-11900	457	13	to	to	ADP
cblr-11900	457	14	the	the	DET
cblr-11900	457	15	banks	bank	NOUN
cblr-11900	457	16	themselves	themselves	PRON
cblr-11900	457	17	secured	secure	VERB
cblr-11900	457	18	by	by	ADP
cblr-11900	457	19	government	government	NOUN
cblr-11900	457	20	securities.94	securities.94	NOUN
cblr-11900	457	21	thus	thus	ADV
cblr-11900	457	22	,	,	PUNCT
cblr-11900	457	23	rather	rather	ADV
cblr-11900	457	24	than	than	ADP
cblr-11900	457	25	competing	compete	VERB
cblr-11900	457	26	with	with	ADP
cblr-11900	457	27	each	each	DET
cblr-11900	457	28	other	other	ADJ
cblr-11900	457	29	in	in	ADP
cblr-11900	457	30	the	the	DET
cblr-11900	457	31	private	private	ADJ
cblr-11900	457	32	market	market	NOUN
cblr-11900	457	33	,	,	PUNCT
cblr-11900	457	34	banks	bank	NOUN
cblr-11900	457	35	looking	look	VERB
cblr-11900	457	36	to	to	PART
cblr-11900	457	37	facilitate	facilitate	VERB
cblr-11900	457	38	“	"	PUNCT
cblr-11900	457	39	borrow	borrow	VERB
cblr-11900	457	40	and	and	CCONJ
cblr-11900	457	41	buy	buy	VERB
cblr-11900	457	42	”	"	PUNCT
cblr-11900	457	43	loans	loan	NOUN
cblr-11900	457	44	could	could	AUX
cblr-11900	457	45	obtain	obtain	VERB
cblr-11900	457	46	cheap	cheap	ADJ
cblr-11900	457	47	funding	funding	NOUN
cblr-11900	457	48	from	from	ADP
cblr-11900	457	49	the	the	DET
cblr-11900	457	50	fed	fed	PROPN
cblr-11900	457	51	.	.	PUNCT
cblr-11900	458	1	second	second	ADJ
cblr-11900	458	2	,	,	PUNCT
cblr-11900	458	3	as	as	SCONJ
cblr-11900	458	4	the	the	DET
cblr-11900	458	5	war	war	NOUN
cblr-11900	458	6	dragged	drag	VERB
cblr-11900	458	7	on	on	ADP
cblr-11900	458	8	,	,	PUNCT
cblr-11900	458	9	banks	bank	NOUN
cblr-11900	458	10	provided	provide	VERB
cblr-11900	458	11	essential	essential	ADJ
cblr-11900	458	12	bridge	bridge	NOUN
cblr-11900	458	13	financing	financing	NOUN
cblr-11900	458	14	between	between	ADP
cblr-11900	458	15	liberty	liberty	NOUN
cblr-11900	458	16	loan	loan	NOUN
cblr-11900	458	17	campaigns	campaign	NOUN
cblr-11900	458	18	.	.	PUNCT
cblr-11900	459	1	this	this	PRON
cblr-11900	459	2	was	be	AUX
cblr-11900	459	3	done	do	VERB
cblr-11900	459	4	principally	principally	ADV
cblr-11900	459	5	through	through	ADP
cblr-11900	459	6	short	short	ADJ
cblr-11900	459	7	-	-	PUNCT
cblr-11900	459	8	term	term	NOUN
cblr-11900	459	9	certificates	certificate	NOUN
cblr-11900	459	10	of	of	ADP
cblr-11900	459	11	indebtedness	indebtedness	NOUN
cblr-11900	459	12	,	,	PUNCT
cblr-11900	459	13	which	which	PRON
cblr-11900	459	14	were	be	AUX
cblr-11900	459	15	issued	issue	VERB
cblr-11900	459	16	in	in	ADP
cblr-11900	459	17	anticipation	anticipation	NOUN
cblr-11900	459	18	of	of	ADP
cblr-11900	459	19	major	major	ADJ
cblr-11900	459	20	loan	loan	NOUN
cblr-11900	459	21	drives	drive	NOUN
cblr-11900	459	22	and	and	CCONJ
cblr-11900	459	23	tax	tax	NOUN
cblr-11900	459	24	collections.95	collections.95	NOUN
cblr-11900	459	25	banks	bank	NOUN
cblr-11900	459	26	were	be	AUX
cblr-11900	459	27	not	not	PART
cblr-11900	459	28	obligated	obligate	VERB
cblr-11900	459	29	to	to	PART
cblr-11900	459	30	participate	participate	VERB
cblr-11900	459	31	,	,	PUNCT
cblr-11900	459	32	but	but	CCONJ
cblr-11900	459	33	mcadoo	mcadoo	PROPN
cblr-11900	459	34	leaned	lean	VERB
cblr-11900	459	35	heavily	heavily	ADV
cblr-11900	459	36	on	on	ADP
cblr-11900	459	37	the	the	DET
cblr-11900	459	38	bully	bully	NOUN
cblr-11900	459	39	pulpit	pulpit	NOUN
cblr-11900	459	40	.	.	PUNCT
cblr-11900	460	1	“	"	PUNCT
cblr-11900	460	2	i	i	PRON
cblr-11900	460	3	must	must	AUX
cblr-11900	460	4	have	have	VERB
cblr-11900	460	5	the	the	DET
cblr-11900	460	6	whole	whole	ADV
cblr-11900	460	7	-	-	PUNCT
cblr-11900	460	8	hearted	hearted	ADJ
cblr-11900	460	9	cooperation	cooperation	NOUN
cblr-11900	460	10	of	of	ADP
cblr-11900	460	11	the	the	DET
cblr-11900	460	12	bankers	banker	NOUN
cblr-11900	460	13	of	of	ADP
cblr-11900	460	14	the	the	DET
cblr-11900	460	15	90	90	NUM
cblr-11900	460	16	mr	mr	PROPN
cblr-11900	460	17	.	.	PROPN
cblr-11900	460	18	m’adoo	m’adoo	PROPN
cblr-11900	460	19	resigns	resign	VERB
cblr-11900	460	20	,	,	PUNCT
cblr-11900	460	21	n.	n.	PROPN
cblr-11900	460	22	y.	y.	PROPN
cblr-11900	460	23	times	times	PROPN
cblr-11900	460	24	,	,	PUNCT
cblr-11900	460	25	nov	nov	PROPN
cblr-11900	460	26	.	.	PROPN
cblr-11900	460	27	23	23	NUM
cblr-11900	460	28	,	,	PUNCT
cblr-11900	460	29	1918	1918	NUM
cblr-11900	460	30	,	,	PUNCT
cblr-11900	460	31	at	at	ADP
cblr-11900	460	32	10	10	NUM
cblr-11900	460	33	.	.	PUNCT
cblr-11900	460	34	91	91	NUM
cblr-11900	461	1	i	i	PRON
cblr-11900	461	2	d.	d.	PROPN
cblr-11900	461	3	92	92	NUM
cblr-11900	461	4	theodore	theodore	NOUN
cblr-11900	461	5	prince	prince	NOUN
cblr-11900	461	6	,	,	PUNCT
cblr-11900	461	7	borrow	borrow	VERB
cblr-11900	461	8	to	to	PART
cblr-11900	461	9	buy	buy	VERB
cblr-11900	461	10	bonds	bond	NOUN
cblr-11900	461	11	,	,	PUNCT
cblr-11900	461	12	n.	n.	PROPN
cblr-11900	461	13	y.	y.	PROPN
cblr-11900	461	14	times	times	PROPN
cblr-11900	461	15	,	,	PUNCT
cblr-11900	461	16	oct	oct	PROPN
cblr-11900	461	17	.	.	PROPN
cblr-11900	461	18	17	17	NUM
cblr-11900	461	19	,	,	PUNCT
cblr-11900	461	20	1918	1918	NUM
cblr-11900	461	21	,	,	PUNCT
cblr-11900	461	22	at	at	ADP
cblr-11900	461	23	14	14	NUM
cblr-11900	461	24	.	.	PUNCT
cblr-11900	462	1	93	93	NUM
cblr-11900	462	2	“	"	PUNCT
cblr-11900	462	3	liberties	liberty	NOUN
cblr-11900	462	4	”	"	PUNCT
cblr-11900	462	5	as	as	ADP
cblr-11900	462	6	collateral	collateral	NOUN
cblr-11900	462	7	,	,	PUNCT
cblr-11900	462	8	n.	n.	PROPN
cblr-11900	462	9	y.	y.	PROPN
cblr-11900	462	10	times	times	PROPN
cblr-11900	462	11	,	,	PUNCT
cblr-11900	462	12	june	june	PROPN
cblr-11900	462	13	3	3	NUM
cblr-11900	462	14	,	,	PUNCT
cblr-11900	462	15	1921	1921	NUM
cblr-11900	462	16	,	,	PUNCT
cblr-11900	462	17	at	at	ADP
cblr-11900	462	18	11	11	NUM
cblr-11900	462	19	.	.	PUNCT
cblr-11900	463	1	as	as	ADP
cblr-11900	463	2	another	another	DET
cblr-11900	463	3	example	example	NOUN
cblr-11900	463	4	,	,	PUNCT
cblr-11900	463	5	an	an	DET
cblr-11900	463	6	advertisement	advertisement	NOUN
cblr-11900	463	7	placed	place	VERB
cblr-11900	463	8	in	in	ADP
cblr-11900	463	9	the	the	DET
cblr-11900	463	10	wall	wall	PROPN
cblr-11900	463	11	street	street	PROPN
cblr-11900	463	12	journal	journal	PROPN
cblr-11900	463	13	by	by	ADP
cblr-11900	463	14	a	a	DET
cblr-11900	463	15	number	number	NOUN
cblr-11900	463	16	of	of	ADP
cblr-11900	463	17	large	large	ADJ
cblr-11900	463	18	new	new	PROPN
cblr-11900	463	19	york	york	PROPN
cblr-11900	463	20	city	city	PROPN
cblr-11900	463	21	banks	bank	NOUN
cblr-11900	463	22	declared	declare	VERB
cblr-11900	463	23	“	"	PUNCT
cblr-11900	463	24	let	let	VERB
cblr-11900	463	25	us	we	PRON
cblr-11900	463	26	mobilize	mobilize	VERB
cblr-11900	463	27	the	the	DET
cblr-11900	463	28	magnificent	magnificent	ADJ
cblr-11900	463	29	machinery	machinery	NOUN
cblr-11900	463	30	of	of	ADP
cblr-11900	463	31	the	the	DET
cblr-11900	463	32	bank	bank	PROPN
cblr-11900	463	33	of	of	ADP
cblr-11900	463	34	america	america	PROPN
cblr-11900	463	35	into	into	ADP
cblr-11900	463	36	the	the	DET
cblr-11900	463	37	war	war	NOUN
cblr-11900	463	38	-	-	PUNCT
cblr-11900	463	39	service	service	NOUN
cblr-11900	463	40	of	of	ADP
cblr-11900	463	41	our	our	PRON
cblr-11900	463	42	government	government	NOUN
cblr-11900	463	43	in	in	ADP
cblr-11900	463	44	the	the	DET
cblr-11900	463	45	most	most	ADV
cblr-11900	463	46	tremendous	tremendous	ADJ
cblr-11900	463	47	crisis	crisis	NOUN
cblr-11900	463	48	in	in	ADP
cblr-11900	463	49	its	its	PRON
cblr-11900	463	50	history	history	NOUN
cblr-11900	463	51	.	.	PUNCT
cblr-11900	464	1	every	every	DET
cblr-11900	464	2	man	man	NOUN
cblr-11900	464	3	in	in	ADP
cblr-11900	464	4	the	the	DET
cblr-11900	464	5	united	united	PROPN
cblr-11900	464	6	states	states	PROPN
cblr-11900	464	7	with	with	ADP
cblr-11900	464	8	a	a	DET
cblr-11900	464	9	bank	bank	NOUN
cblr-11900	464	10	account	account	NOUN
cblr-11900	464	11	must	must	AUX
cblr-11900	464	12	go	go	VERB
cblr-11900	464	13	to	to	ADP
cblr-11900	464	14	his	his	PRON
cblr-11900	464	15	bank	bank	NOUN
cblr-11900	464	16	,	,	PUNCT
cblr-11900	464	17	borrow	borrow	VERB
cblr-11900	464	18	all	all	PRON
cblr-11900	464	19	he	he	PRON
cblr-11900	464	20	can	can	AUX
cblr-11900	464	21	,	,	PUNCT
cblr-11900	464	22	and	and	CCONJ
cblr-11900	464	23	buy	buy	VERB
cblr-11900	464	24	government	government	NOUN
cblr-11900	464	25	bonds	bond	NOUN
cblr-11900	464	26	.	.	PUNCT
cblr-11900	464	27	”	"	PUNCT
cblr-11900	465	1	borrow	borrow	VERB
cblr-11900	465	2	and	and	CCONJ
cblr-11900	465	3	buy	buy	VERB
cblr-11900	465	4	,	,	PUNCT
cblr-11900	465	5	wall	wall	PROPN
cblr-11900	465	6	st	st	PROPN
cblr-11900	465	7	.	.	PROPN
cblr-11900	465	8	j.	j.	PROPN
cblr-11900	465	9	,	,	PUNCT
cblr-11900	465	10	oct	oct	PROPN
cblr-11900	465	11	.	.	PROPN
cblr-11900	465	12	23	23	NUM
cblr-11900	465	13	,	,	PUNCT
cblr-11900	465	14	1917	1917	NUM
cblr-11900	465	15	,	,	PUNCT
cblr-11900	465	16	at	at	ADP
cblr-11900	465	17	7	7	NUM
cblr-11900	465	18	(	(	PUNCT
cblr-11900	465	19	emphasis	emphasis	NOUN
cblr-11900	465	20	in	in	ADP
cblr-11900	465	21	original	original	ADJ
cblr-11900	465	22	)	)	PUNCT
cblr-11900	465	23	.	.	PUNCT
cblr-11900	466	1	94	94	NUM
cblr-11900	466	2	garbade	garbade	NOUN
cblr-11900	466	3	,	,	PUNCT
cblr-11900	466	4	supra	supra	PROPN
cblr-11900	466	5	note	note	PROPN
cblr-11900	466	6	64	64	NUM
cblr-11900	466	7	,	,	PUNCT
cblr-11900	466	8	at	at	ADP
cblr-11900	466	9	132–42	132–42	NUM
cblr-11900	466	10	;	;	PUNCT
cblr-11900	466	11	federal	federal	ADJ
cblr-11900	466	12	rsrv	rsrv	NOUN
cblr-11900	466	13	.	.	PUNCT
cblr-11900	467	1	bank	bank	PROPN
cblr-11900	467	2	n.y	n.y	PROPN
cblr-11900	467	3	.	.	PROPN
cblr-11900	467	4	,	,	PUNCT
cblr-11900	467	5	circular	circular	ADJ
cblr-11900	467	6	no	no	NOUN
cblr-11900	467	7	.	.	PROPN
cblr-11900	467	8	64	64	NUM
cblr-11900	468	1	(	(	PUNCT
cblr-11900	468	2	may	may	PROPN
cblr-11900	468	3	22	22	NUM
cblr-11900	468	4	,	,	PUNCT
cblr-11900	468	5	1917	1917	NUM
cblr-11900	468	6	)	)	PUNCT
cblr-11900	468	7	;	;	PUNCT
cblr-11900	469	1	fed	fed	PROPN
cblr-11900	469	2	.	.	PUNCT
cblr-11900	470	1	rsrv	rsrv	PROPN
cblr-11900	470	2	.	.	PUNCT
cblr-11900	471	1	bank	bank	PROPN
cblr-11900	471	2	n.y	n.y	PROPN
cblr-11900	471	3	.	.	PROPN
cblr-11900	471	4	,	,	PUNCT
cblr-11900	471	5	circular	circular	ADJ
cblr-11900	471	6	no	no	NOUN
cblr-11900	471	7	.	.	PROPN
cblr-11900	471	8	72	72	NUM
cblr-11900	471	9	(	(	PUNCT
cblr-11900	471	10	june	june	PROPN
cblr-11900	471	11	13	13	NUM
cblr-11900	471	12	,	,	PUNCT
cblr-11900	471	13	1917	1917	NUM
cblr-11900	471	14	)	)	PUNCT
cblr-11900	471	15	.	.	PUNCT
cblr-11900	472	1	95	95	NUM
cblr-11900	472	2	for	for	ADP
cblr-11900	472	3	a	a	DET
cblr-11900	472	4	detailed	detailed	ADJ
cblr-11900	472	5	description	description	NOUN
cblr-11900	472	6	of	of	ADP
cblr-11900	472	7	the	the	DET
cblr-11900	472	8	use	use	NOUN
cblr-11900	472	9	of	of	ADP
cblr-11900	472	10	certificates	certificate	NOUN
cblr-11900	472	11	of	of	ADP
cblr-11900	472	12	indebtedness	indebtedness	NOUN
cblr-11900	472	13	during	during	ADP
cblr-11900	472	14	the	the	DET
cblr-11900	472	15	first	first	ADJ
cblr-11900	472	16	world	world	PROPN
cblr-11900	472	17	war	war	NOUN
cblr-11900	472	18	,	,	PUNCT
cblr-11900	472	19	see	see	VERB
cblr-11900	472	20	garbade	garbade	NOUN
cblr-11900	472	21	,	,	PUNCT
cblr-11900	472	22	supra	supra	PROPN
cblr-11900	472	23	note	note	PROPN
cblr-11900	472	24	64	64	NUM
cblr-11900	472	25	,	,	PUNCT
cblr-11900	472	26	at	at	ADP
cblr-11900	472	27	110–21	110–21	NUM
cblr-11900	472	28	.	.	PUNCT
cblr-11900	473	1	no	no	INTJ
cblr-11900	473	2	.	.	NOUN
cblr-11900	473	3	1	1	NUM
cblr-11900	473	4	]	]	ADJ
cblr-11900	473	5	money	money	NOUN
cblr-11900	473	6	and	and	CCONJ
cblr-11900	473	7	the	the	DET
cblr-11900	473	8	public	public	ADJ
cblr-11900	473	9	debt	debt	NOUN
cblr-11900	473	10	251	251	NUM
cblr-11900	473	11	united	united	ADJ
cblr-11900	473	12	states	state	NOUN
cblr-11900	474	1	,	,	PUNCT
cblr-11900	474	2	”	"	PUNCT
cblr-11900	474	3	he	he	PRON
cblr-11900	474	4	wrote	write	VERB
cblr-11900	474	5	in	in	ADP
cblr-11900	474	6	a	a	DET
cblr-11900	474	7	telegram	telegram	NOUN
cblr-11900	474	8	delivered	deliver	VERB
cblr-11900	474	9	to	to	ADP
cblr-11900	474	10	every	every	DET
cblr-11900	474	11	bank	bank	NOUN
cblr-11900	474	12	and	and	CCONJ
cblr-11900	474	13	trust	trust	NOUN
cblr-11900	474	14	in	in	ADP
cblr-11900	474	15	the	the	DET
cblr-11900	474	16	country	country	NOUN
cblr-11900	474	17	,	,	PUNCT
cblr-11900	474	18	“	"	PUNCT
cblr-11900	474	19	and	and	CCONJ
cblr-11900	474	20	to	to	ADP
cblr-11900	474	21	that	that	DET
cblr-11900	474	22	end	end	NOUN
cblr-11900	474	23	i	i	PRON
cblr-11900	474	24	request	request	VERB
cblr-11900	474	25	the	the	DET
cblr-11900	474	26	board	board	NOUN
cblr-11900	474	27	of	of	ADP
cblr-11900	474	28	directors	director	NOUN
cblr-11900	474	29	or	or	CCONJ
cblr-11900	474	30	trustees	trustee	NOUN
cblr-11900	474	31	of	of	ADP
cblr-11900	474	32	each	each	DET
cblr-11900	474	33	bank	bank	NOUN
cblr-11900	474	34	and	and	CCONJ
cblr-11900	474	35	trust	trust	PROPN
cblr-11900	474	36	company	company	NOUN
cblr-11900	474	37	to	to	PART
cblr-11900	474	38	reserve	reserve	VERB
cblr-11900	474	39	each	each	DET
cblr-11900	474	40	week	week	NOUN
cblr-11900	474	41	.	.	PUNCT
cblr-11900	474	42	.	.	PUNCT
cblr-11900	475	1	.	.	PUNCT
cblr-11900	476	1	1	1	NUM
cblr-11900	476	2	per	per	ADP
cblr-11900	476	3	cent	cent	NOUN
cblr-11900	476	4	of	of	ADP
cblr-11900	476	5	gross	gross	ADJ
cblr-11900	476	6	resources	resource	NOUN
cblr-11900	476	7	.	.	PUNCT
cblr-11900	476	8	.	.	PUNCT
cblr-11900	476	9	.	.	PUNCT
cblr-11900	477	1	not	not	PART
cblr-11900	477	2	to	to	PART
cblr-11900	477	3	exceed	exceed	VERB
cblr-11900	477	4	in	in	ADP
cblr-11900	477	5	the	the	DET
cblr-11900	477	6	aggregate	aggregate	ADJ
cblr-11900	477	7	10	10	NUM
cblr-11900	477	8	per	per	NOUN
cblr-11900	477	9	cent	cent	NOUN
cblr-11900	477	10	and	and	CCONJ
cblr-11900	477	11	to	to	PART
cblr-11900	477	12	invest	invest	VERB
cblr-11900	477	13	that	that	DET
cblr-11900	477	14	amount	amount	NOUN
cblr-11900	477	15	in	in	ADP
cblr-11900	477	16	treasury	treasury	PROPN
cblr-11900	477	17	certificates	certificate	NOUN
cblr-11900	477	18	of	of	ADP
cblr-11900	477	19	indebtedness	indebtedness	NOUN
cblr-11900	477	20	.	.	PUNCT
cblr-11900	478	1	”96	”96	ADV
cblr-11900	478	2	according	accord	VERB
cblr-11900	478	3	to	to	ADP
cblr-11900	478	4	the	the	DET
cblr-11900	478	5	wall	wall	PROPN
cblr-11900	478	6	street	street	PROPN
cblr-11900	478	7	journal	journal	PROPN
cblr-11900	478	8	,	,	PUNCT
cblr-11900	478	9	mcadoo	mcadoo	PROPN
cblr-11900	478	10	’s	’s	PART
cblr-11900	478	11	telegram	telegram	PROPN
cblr-11900	478	12	appeared	appear	VERB
cblr-11900	478	13	to	to	PART
cblr-11900	478	14	be	be	AUX
cblr-11900	478	15	“	"	PUNCT
cblr-11900	478	16	coercion	coercion	NOUN
cblr-11900	478	17	to	to	PART
cblr-11900	478	18	float	float	VERB
cblr-11900	478	19	government	government	NOUN
cblr-11900	478	20	loans	loan	NOUN
cblr-11900	478	21	.	.	PUNCT
cblr-11900	479	1	”97	”97	NOUN
cblr-11900	479	2	coercion	coercion	NOUN
cblr-11900	479	3	or	or	CCONJ
cblr-11900	479	4	not	not	PART
cblr-11900	479	5	,	,	PUNCT
cblr-11900	479	6	mcadoo	mcadoo	PROPN
cblr-11900	479	7	would	would	AUX
cblr-11900	479	8	repeat	repeat	VERB
cblr-11900	479	9	these	these	DET
cblr-11900	479	10	strongly	strongly	ADV
cblr-11900	479	11	worded	word	VERB
cblr-11900	479	12	“	"	PUNCT
cblr-11900	479	13	requests	request	NOUN
cblr-11900	479	14	”	"	PUNCT
cblr-11900	479	15	several	several	ADJ
cblr-11900	479	16	times	time	NOUN
cblr-11900	479	17	before	before	SCONJ
cblr-11900	479	18	the	the	DET
cblr-11900	479	19	war	war	NOUN
cblr-11900	479	20	was	be	AUX
cblr-11900	479	21	finished.98	finished.98	NOUN
cblr-11900	479	22	third	third	ADJ
cblr-11900	479	23	,	,	PUNCT
cblr-11900	479	24	the	the	DET
cblr-11900	479	25	fed	fed	PROPN
cblr-11900	479	26	and	and	CCONJ
cblr-11900	479	27	treasury	treasury	PROPN
cblr-11900	479	28	redirected	redirect	VERB
cblr-11900	479	29	the	the	DET
cblr-11900	479	30	money	money	NOUN
cblr-11900	479	31	supply	supply	NOUN
cblr-11900	479	32	towards	towards	ADP
cblr-11900	479	33	war	war	NOUN
cblr-11900	479	34	finance	finance	NOUN
cblr-11900	479	35	using	use	VERB
cblr-11900	479	36	voluntary	voluntary	ADJ
cblr-11900	479	37	credit	credit	NOUN
cblr-11900	479	38	controls	control	NOUN
cblr-11900	479	39	.	.	PUNCT
cblr-11900	480	1	bankers	banker	NOUN
cblr-11900	480	2	were	be	AUX
cblr-11900	480	3	concerned	concern	VERB
cblr-11900	480	4	that	that	SCONJ
cblr-11900	480	5	meeting	meet	VERB
cblr-11900	480	6	mcadoo	mcadoo	PROPN
cblr-11900	480	7	’s	’s	PART
cblr-11900	480	8	expectations	expectation	NOUN
cblr-11900	480	9	would	would	AUX
cblr-11900	480	10	harm	harm	VERB
cblr-11900	480	11	their	their	PRON
cblr-11900	480	12	“	"	PUNCT
cblr-11900	480	13	usual	usual	ADJ
cblr-11900	480	14	business	business	NOUN
cblr-11900	480	15	”	"	PUNCT
cblr-11900	480	16	of	of	ADP
cblr-11900	480	17	making	make	VERB
cblr-11900	480	18	loans	loan	NOUN
cblr-11900	480	19	to	to	ADP
cblr-11900	480	20	,	,	PUNCT
cblr-11900	480	21	and	and	CCONJ
cblr-11900	480	22	taking	take	VERB
cblr-11900	480	23	deposits	deposit	NOUN
cblr-11900	480	24	from	from	ADP
cblr-11900	480	25	,	,	PUNCT
cblr-11900	480	26	customers.99	customers.99	NOUN
cblr-11900	480	27	meeting	meet	VERB
cblr-11900	480	28	the	the	DET
cblr-11900	480	29	demands	demand	NOUN
cblr-11900	480	30	of	of	ADP
cblr-11900	480	31	those	those	DET
cblr-11900	480	32	customers	customer	NOUN
cblr-11900	480	33	as	as	ADV
cblr-11900	480	34	well	well	ADV
cblr-11900	480	35	as	as	ADP
cblr-11900	480	36	the	the	DET
cblr-11900	480	37	expectations	expectation	NOUN
cblr-11900	480	38	of	of	ADP
cblr-11900	480	39	the	the	DET
cblr-11900	480	40	treasury	treasury	NOUN
cblr-11900	480	41	risked	risk	VERB
cblr-11900	480	42	an	an	DET
cblr-11900	480	43	inflationary	inflationary	ADJ
cblr-11900	480	44	overexpansion	overexpansion	NOUN
cblr-11900	480	45	of	of	ADP
cblr-11900	480	46	the	the	DET
cblr-11900	480	47	money	money	NOUN
cblr-11900	480	48	supply	supply	NOUN
cblr-11900	480	49	.	.	PUNCT
cblr-11900	481	1	“	"	PUNCT
cblr-11900	481	2	it	it	PRON
cblr-11900	481	3	is	be	AUX
cblr-11900	481	4	clear	clear	ADJ
cblr-11900	481	5	,	,	PUNCT
cblr-11900	481	6	”	"	PUNCT
cblr-11900	481	7	the	the	DET
cblr-11900	481	8	board	board	NOUN
cblr-11900	481	9	wrote	write	VERB
cblr-11900	481	10	in	in	ADP
cblr-11900	481	11	a	a	DET
cblr-11900	481	12	public	public	ADJ
cblr-11900	481	13	statement	statement	NOUN
cblr-11900	481	14	,	,	PUNCT
cblr-11900	481	15	“	"	PUNCT
cblr-11900	481	16	that	that	SCONJ
cblr-11900	481	17	if	if	SCONJ
cblr-11900	481	18	the	the	DET
cblr-11900	481	19	war	war	NOUN
cblr-11900	481	20	96	96	NUM
cblr-11900	481	21	off	off	ADP
cblr-11900	481	22	.	.	PUNCT
cblr-11900	482	1	of	of	ADP
cblr-11900	482	2	the	the	DET
cblr-11900	482	3	sec’y	sec’y	NOUN
cblr-11900	482	4	,	,	PUNCT
cblr-11900	482	5	treasury	treasury	NOUN
cblr-11900	482	6	dep’t	dep’t	NOUN
cblr-11900	482	7	,	,	PUNCT
cblr-11900	482	8	annual	annual	ADJ
cblr-11900	482	9	report	report	NOUN
cblr-11900	482	10	of	of	ADP
cblr-11900	482	11	the	the	DET
cblr-11900	482	12	secretary	secretary	NOUN
cblr-11900	482	13	of	of	ADP
cblr-11900	482	14	the	the	DET
cblr-11900	482	15	treasury	treasury	NOUN
cblr-11900	482	16	on	on	ADP
cblr-11900	482	17	the	the	DET
cblr-11900	482	18	state	state	NOUN
cblr-11900	482	19	of	of	ADP
cblr-11900	482	20	the	the	DET
cblr-11900	482	21	finances	finance	NOUN
cblr-11900	482	22	for	for	ADP
cblr-11900	482	23	the	the	DET
cblr-11900	482	24	fiscal	fiscal	ADJ
cblr-11900	482	25	year	year	NOUN
cblr-11900	482	26	ended	end	VERB
cblr-11900	482	27	june	june	PROPN
cblr-11900	482	28	30	30	NUM
cblr-11900	482	29	1918	1918	NUM
cblr-11900	482	30	,	,	PUNCT
cblr-11900	482	31	at	at	ADP
cblr-11900	482	32	20	20	NUM
cblr-11900	482	33	(	(	PUNCT
cblr-11900	482	34	1919	1919	NUM
cblr-11900	482	35	)	)	PUNCT
cblr-11900	482	36	.	.	PUNCT
cblr-11900	483	1	97	97	NUM
cblr-11900	483	2	certificates	certificate	NOUN
cblr-11900	483	3	pave	pave	VERB
cblr-11900	483	4	way	way	NOUN
cblr-11900	483	5	for	for	ADP
cblr-11900	483	6	government	government	NOUN
cblr-11900	483	7	loan	loan	NOUN
cblr-11900	483	8	,	,	PUNCT
cblr-11900	483	9	wall	wall	PROPN
cblr-11900	483	10	st	st	PROPN
cblr-11900	483	11	.	.	PROPN
cblr-11900	483	12	j.	j.	PROPN
cblr-11900	483	13	,	,	PUNCT
cblr-11900	483	14	feb	feb	PROPN
cblr-11900	483	15	.	.	PROPN
cblr-11900	483	16	8	8	NUM
cblr-11900	483	17	,	,	PUNCT
cblr-11900	483	18	1918	1918	NUM
cblr-11900	483	19	,	,	PUNCT
cblr-11900	483	20	at	at	ADP
cblr-11900	483	21	10	10	NUM
cblr-11900	483	22	.	.	PUNCT
cblr-11900	483	23	98	98	NUM
cblr-11900	483	24	when	when	SCONJ
cblr-11900	483	25	the	the	DET
cblr-11900	483	26	results	result	NOUN
cblr-11900	483	27	of	of	ADP
cblr-11900	483	28	the	the	DET
cblr-11900	483	29	first	first	ADJ
cblr-11900	483	30	public	public	ADJ
cblr-11900	483	31	pressure	pressure	NOUN
cblr-11900	483	32	campaign	campaign	NOUN
cblr-11900	483	33	turned	turn	VERB
cblr-11900	483	34	out	out	ADP
cblr-11900	483	35	somewhat	somewhat	ADV
cblr-11900	483	36	lackluster	lackluster	ADJ
cblr-11900	483	37	,	,	PUNCT
cblr-11900	483	38	mcadoo	mcadoo	PROPN
cblr-11900	483	39	was	be	AUX
cblr-11900	483	40	public	public	ADJ
cblr-11900	483	41	with	with	ADP
cblr-11900	483	42	his	his	PRON
cblr-11900	483	43	“	"	PUNCT
cblr-11900	483	44	distinct	distinct	ADJ
cblr-11900	483	45	”	"	PUNCT
cblr-11900	483	46	disappointment	disappointment	NOUN
cblr-11900	483	47	,	,	PUNCT
cblr-11900	483	48	adding	add	VERB
cblr-11900	483	49	,	,	PUNCT
cblr-11900	483	50	almost	almost	ADV
cblr-11900	483	51	threateningly	threateningly	ADV
cblr-11900	483	52	,	,	PUNCT
cblr-11900	483	53	“	"	PUNCT
cblr-11900	483	54	no	no	ADV
cblr-11900	483	55	doubt	doubt	ADV
cblr-11900	483	56	this	this	DET
cblr-11900	483	57	error	error	NOUN
cblr-11900	483	58	will	will	AUX
cblr-11900	483	59	not	not	PART
cblr-11900	483	60	be	be	AUX
cblr-11900	483	61	repeated	repeat	VERB
cblr-11900	483	62	.	.	PUNCT
cblr-11900	483	63	”	"	PUNCT
cblr-11900	484	1	announcement	announcement	NOUN
cblr-11900	484	2	by	by	ADP
cblr-11900	484	3	william	william	PROPN
cblr-11900	484	4	g.	g.	PROPN
cblr-11900	484	5	mcadoo	mcadoo	PROPN
cblr-11900	484	6	(	(	PUNCT
cblr-11900	484	7	feb	feb	PROPN
cblr-11900	484	8	.	.	PROPN
cblr-11900	484	9	21	21	NUM
cblr-11900	484	10	,	,	PUNCT
cblr-11900	484	11	1918	1918	NUM
cblr-11900	484	12	)	)	PUNCT
cblr-11900	484	13	,	,	PUNCT
cblr-11900	484	14	in	in	ADP
cblr-11900	484	15	4	4	NUM
cblr-11900	484	16	fed	feed	VERB
cblr-11900	484	17	.	.	PUNCT
cblr-11900	485	1	rsrv	rsrv	PROPN
cblr-11900	485	2	.	.	PUNCT
cblr-11900	486	1	bull	bull	NOUN
cblr-11900	486	2	.	.	PUNCT
cblr-11900	487	1	153	153	NUM
cblr-11900	487	2	,	,	PUNCT
cblr-11900	487	3	162	162	NUM
cblr-11900	487	4	(	(	PUNCT
cblr-11900	487	5	march	march	PROPN
cblr-11900	487	6	1918	1918	NUM
cblr-11900	487	7	)	)	PUNCT
cblr-11900	487	8	.	.	PUNCT
cblr-11900	488	1	mcadoo	mcadoo	PROPN
cblr-11900	488	2	made	make	VERB
cblr-11900	488	3	further	further	ADJ
cblr-11900	488	4	appeals	appeal	NOUN
cblr-11900	488	5	the	the	DET
cblr-11900	488	6	banking	banking	NOUN
cblr-11900	488	7	system	system	NOUN
cblr-11900	488	8	in	in	ADP
cblr-11900	488	9	the	the	DET
cblr-11900	488	10	lead	lead	NOUN
cblr-11900	488	11	-	-	PUNCT
cblr-11900	488	12	up	up	NOUN
cblr-11900	488	13	to	to	ADP
cblr-11900	488	14	subsequent	subsequent	ADJ
cblr-11900	488	15	liberty	liberty	NOUN
cblr-11900	488	16	loan	loan	NOUN
cblr-11900	488	17	campaigns	campaign	NOUN
cblr-11900	488	18	.	.	PUNCT
cblr-11900	489	1	letter	letter	NOUN
cblr-11900	489	2	from	from	ADP
cblr-11900	489	3	secretary	secretary	PROPN
cblr-11900	489	4	mcadoo	mcadoo	PROPN
cblr-11900	489	5	to	to	ADP
cblr-11900	489	6	banks	banks	PROPN
cblr-11900	489	7	(	(	PUNCT
cblr-11900	489	8	june	june	PROPN
cblr-11900	489	9	12	12	NUM
cblr-11900	489	10	,	,	PUNCT
cblr-11900	489	11	1918	1918	NUM
cblr-11900	489	12	)	)	PUNCT
cblr-11900	489	13	,	,	PUNCT
cblr-11900	489	14	in	in	ADP
cblr-11900	489	15	off	off	ADP
cblr-11900	489	16	.	.	PUNCT
cblr-11900	490	1	of	of	ADP
cblr-11900	490	2	the	the	DET
cblr-11900	490	3	sec’y	sec’y	NOUN
cblr-11900	490	4	,	,	PUNCT
cblr-11900	490	5	treasury	treasury	NOUN
cblr-11900	490	6	dep’t	dep’t	NOUN
cblr-11900	490	7	,	,	PUNCT
cblr-11900	490	8	annual	annual	ADJ
cblr-11900	490	9	report	report	NOUN
cblr-11900	490	10	of	of	ADP
cblr-11900	490	11	the	the	DET
cblr-11900	490	12	secretary	secretary	NOUN
cblr-11900	490	13	of	of	ADP
cblr-11900	490	14	the	the	DET
cblr-11900	490	15	treasury	treasury	NOUN
cblr-11900	490	16	on	on	ADP
cblr-11900	490	17	the	the	DET
cblr-11900	490	18	state	state	NOUN
cblr-11900	490	19	of	of	ADP
cblr-11900	490	20	the	the	DET
cblr-11900	490	21	finances	finance	NOUN
cblr-11900	490	22	for	for	ADP
cblr-11900	490	23	the	the	DET
cblr-11900	490	24	fiscal	fiscal	ADJ
cblr-11900	490	25	year	year	NOUN
cblr-11900	490	26	ended	end	VERB
cblr-11900	490	27	june	june	PROPN
cblr-11900	490	28	30	30	NUM
cblr-11900	490	29	1918	1918	NUM
cblr-11900	490	30	,	,	PUNCT
cblr-11900	490	31	at	at	ADP
cblr-11900	490	32	22	22	NUM
cblr-11900	490	33	(	(	PUNCT
cblr-11900	490	34	1919	1919	NUM
cblr-11900	490	35	)	)	PUNCT
cblr-11900	490	36	;	;	PUNCT
cblr-11900	490	37	letter	letter	NOUN
cblr-11900	490	38	from	from	ADP
cblr-11900	490	39	secretary	secretary	PROPN
cblr-11900	490	40	mcadoo	mcadoo	PROPN
cblr-11900	490	41	to	to	ADP
cblr-11900	490	42	banks	bank	NOUN
cblr-11900	490	43	(	(	PUNCT
cblr-11900	490	44	nov	nov	PROPN
cblr-11900	490	45	.	.	PROPN
cblr-11900	490	46	17	17	NUM
cblr-11900	490	47	,	,	PUNCT
cblr-11900	490	48	1918	1918	NUM
cblr-11900	490	49	)	)	PUNCT
cblr-11900	490	50	,	,	PUNCT
cblr-11900	490	51	in	in	ADP
cblr-11900	490	52	off	off	ADP
cblr-11900	490	53	.	.	PUNCT
cblr-11900	491	1	of	of	ADP
cblr-11900	491	2	the	the	DET
cblr-11900	491	3	sec’y	sec’y	NOUN
cblr-11900	491	4	,	,	PUNCT
cblr-11900	491	5	treasury	treasury	NOUN
cblr-11900	491	6	dep’t	dep’t	NOUN
cblr-11900	491	7	,	,	PUNCT
cblr-11900	491	8	annual	annual	ADJ
cblr-11900	491	9	report	report	NOUN
cblr-11900	491	10	of	of	ADP
cblr-11900	491	11	the	the	DET
cblr-11900	491	12	secretary	secretary	NOUN
cblr-11900	491	13	of	of	ADP
cblr-11900	491	14	the	the	DET
cblr-11900	491	15	treasury	treasury	NOUN
cblr-11900	491	16	on	on	ADP
cblr-11900	491	17	the	the	DET
cblr-11900	491	18	state	state	NOUN
cblr-11900	491	19	of	of	ADP
cblr-11900	491	20	the	the	DET
cblr-11900	491	21	finances	finance	NOUN
cblr-11900	491	22	for	for	ADP
cblr-11900	491	23	the	the	DET
cblr-11900	491	24	fiscal	fiscal	ADJ
cblr-11900	491	25	year	year	NOUN
cblr-11900	491	26	ended	end	VERB
cblr-11900	491	27	june	june	PROPN
cblr-11900	491	28	30	30	NUM
cblr-11900	491	29	1919	1919	NUM
cblr-11900	491	30	,	,	PUNCT
cblr-11900	491	31	at	at	ADP
cblr-11900	491	32	56–67	56–67	NUM
cblr-11900	491	33	(	(	PUNCT
cblr-11900	491	34	1920	1920	NUM
cblr-11900	491	35	)	)	PUNCT
cblr-11900	491	36	.	.	PUNCT
cblr-11900	492	1	his	his	PRON
cblr-11900	492	2	successor	successor	NOUN
cblr-11900	492	3	,	,	PUNCT
cblr-11900	492	4	carter	carter	NOUN
cblr-11900	492	5	glass	glass	NOUN
cblr-11900	492	6	,	,	PUNCT
cblr-11900	492	7	did	do	VERB
cblr-11900	492	8	the	the	DET
cblr-11900	492	9	same	same	ADJ
cblr-11900	492	10	.	.	PUNCT
cblr-11900	493	1	letter	letter	NOUN
cblr-11900	493	2	from	from	ADP
cblr-11900	493	3	carter	carter	PROPN
cblr-11900	493	4	glass	glass	NOUN
cblr-11900	493	5	to	to	ADP
cblr-11900	493	6	hon	hon	PROPN
cblr-11900	493	7	.	.	PUNCT
cblr-11900	494	1	claude	claude	PROPN
cblr-11900	494	2	kitchin	kitchin	PROPN
cblr-11900	494	3	(	(	PUNCT
cblr-11900	494	4	jan	jan	PROPN
cblr-11900	494	5	.	.	PROPN
cblr-11900	494	6	15	15	NUM
cblr-11900	494	7	,	,	PUNCT
cblr-11900	494	8	1919	1919	NUM
cblr-11900	494	9	)	)	PUNCT
cblr-11900	494	10	,	,	PUNCT
cblr-11900	494	11	in	in	ADP
cblr-11900	494	12	off	off	ADP
cblr-11900	494	13	.	.	PUNCT
cblr-11900	495	1	of	of	ADP
cblr-11900	495	2	the	the	DET
cblr-11900	495	3	sec’y	sec’y	NOUN
cblr-11900	495	4	,	,	PUNCT
cblr-11900	495	5	treasury	treasury	NOUN
cblr-11900	495	6	dep’t	dep’t	NOUN
cblr-11900	495	7	,	,	PUNCT
cblr-11900	495	8	annual	annual	ADJ
cblr-11900	495	9	report	report	NOUN
cblr-11900	495	10	of	of	ADP
cblr-11900	495	11	the	the	DET
cblr-11900	495	12	secretary	secretary	NOUN
cblr-11900	495	13	of	of	ADP
cblr-11900	495	14	the	the	DET
cblr-11900	495	15	treasury	treasury	NOUN
cblr-11900	495	16	on	on	ADP
cblr-11900	495	17	the	the	DET
cblr-11900	495	18	state	state	NOUN
cblr-11900	495	19	of	of	ADP
cblr-11900	495	20	the	the	DET
cblr-11900	495	21	finances	finance	NOUN
cblr-11900	495	22	for	for	ADP
cblr-11900	495	23	the	the	DET
cblr-11900	495	24	fiscal	fiscal	ADJ
cblr-11900	495	25	year	year	NOUN
cblr-11900	495	26	ended	end	VERB
cblr-11900	495	27	june	june	PROPN
cblr-11900	495	28	30	30	NUM
cblr-11900	495	29	1919	1919	NUM
cblr-11900	495	30	,	,	PUNCT
cblr-11900	495	31	at	at	ADP
cblr-11900	495	32	41	41	NUM
cblr-11900	495	33	(	(	PUNCT
cblr-11900	495	34	1920	1920	NUM
cblr-11900	495	35	)	)	PUNCT
cblr-11900	495	36	.	.	PUNCT
cblr-11900	496	1	99	99	NUM
cblr-11900	496	2	review	review	NOUN
cblr-11900	496	3	of	of	ADP
cblr-11900	496	4	the	the	DET
cblr-11900	496	5	month	month	NOUN
cblr-11900	496	6	,	,	PUNCT
cblr-11900	496	7	4	4	NUM
cblr-11900	496	8	fed	feed	VERB
cblr-11900	496	9	.	.	PUNCT
cblr-11900	497	1	rsrv	rsrv	PROPN
cblr-11900	497	2	.	.	PUNCT
cblr-11900	498	1	bull	bull	NOUN
cblr-11900	498	2	.	.	PUNCT
cblr-11900	499	1	247	247	NUM
cblr-11900	499	2	,	,	PUNCT
cblr-11900	499	3	260	260	NUM
cblr-11900	499	4	(	(	PUNCT
cblr-11900	499	5	april	april	PROPN
cblr-11900	499	6	1918	1918	NUM
cblr-11900	499	7	)	)	PUNCT
cblr-11900	499	8	.	.	PUNCT
cblr-11900	500	1	252	252	NUM
cblr-11900	500	2	columbia	columbia	PROPN
cblr-11900	500	3	business	business	NOUN
cblr-11900	500	4	law	law	NOUN
cblr-11900	500	5	review	review	NOUN
cblr-11900	500	6	[	[	X
cblr-11900	500	7	vol	vol	NOUN
cblr-11900	500	8	.	.	PUNCT
cblr-11900	500	9	2023	2023	NUM
cblr-11900	500	10	requirements	requirement	NOUN
cblr-11900	500	11	of	of	ADP
cblr-11900	500	12	the	the	DET
cblr-11900	500	13	government	government	NOUN
cblr-11900	500	14	are	be	AUX
cblr-11900	500	15	to	to	PART
cblr-11900	500	16	be	be	AUX
cblr-11900	500	17	financed	finance	VERB
cblr-11900	500	18	without	without	ADP
cblr-11900	500	19	undue	undue	ADJ
cblr-11900	500	20	expansion	expansion	NOUN
cblr-11900	500	21	of	of	ADP
cblr-11900	500	22	banking	banking	NOUN
cblr-11900	500	23	credits	credit	NOUN
cblr-11900	500	24	,	,	PUNCT
cblr-11900	500	25	not	not	PART
cblr-11900	500	26	only	only	ADV
cblr-11900	500	27	must	must	AUX
cblr-11900	500	28	there	there	PRON
cblr-11900	500	29	be	be	AUX
cblr-11900	500	30	some	some	DET
cblr-11900	500	31	reduction	reduction	NOUN
cblr-11900	500	32	of	of	ADP
cblr-11900	500	33	existing	exist	VERB
cblr-11900	500	34	credits	credit	NOUN
cblr-11900	500	35	,	,	PUNCT
cblr-11900	500	36	but	but	CCONJ
cblr-11900	500	37	there	there	PRON
cblr-11900	500	38	will	will	AUX
cblr-11900	500	39	have	have	VERB
cblr-11900	500	40	to	to	PART
cblr-11900	500	41	be	be	AUX
cblr-11900	500	42	a	a	DET
cblr-11900	500	43	rigid	rigid	ADJ
cblr-11900	500	44	check	check	NOUN
cblr-11900	500	45	upon	upon	SCONJ
cblr-11900	500	46	the	the	DET
cblr-11900	500	47	further	further	ADJ
cblr-11900	500	48	expansion	expansion	NOUN
cblr-11900	500	49	of	of	ADP
cblr-11900	500	50	credit	credit	NOUN
cblr-11900	500	51	in	in	ADP
cblr-11900	500	52	directions	direction	NOUN
cblr-11900	500	53	not	not	PART
cblr-11900	500	54	clearly	clearly	ADV
cblr-11900	500	55	essential	essential	ADJ
cblr-11900	500	56	for	for	ADP
cblr-11900	500	57	the	the	DET
cblr-11900	500	58	prosecution	prosecution	NOUN
cblr-11900	500	59	of	of	ADP
cblr-11900	500	60	the	the	DET
cblr-11900	500	61	war	war	NOUN
cblr-11900	500	62	.	.	PUNCT
cblr-11900	500	63	”100	”100	PUNCT
cblr-11900	501	1	the	the	DET
cblr-11900	501	2	solution	solution	NOUN
cblr-11900	501	3	,	,	PUNCT
cblr-11900	501	4	they	they	PRON
cblr-11900	501	5	decided	decide	VERB
cblr-11900	501	6	,	,	PUNCT
cblr-11900	501	7	was	be	AUX
cblr-11900	501	8	to	to	PART
cblr-11900	501	9	“	"	PUNCT
cblr-11900	501	10	convert	convert	VERB
cblr-11900	501	11	less	less	ADV
cblr-11900	501	12	essential	essential	ADJ
cblr-11900	501	13	into	into	ADP
cblr-11900	501	14	more	more	ADJ
cblr-11900	501	15	essential	essential	ADJ
cblr-11900	501	16	credit	credit	NOUN
cblr-11900	501	17	”	"	PUNCT
cblr-11900	501	18	(	(	PUNCT
cblr-11900	501	19	their	their	PRON
cblr-11900	501	20	emphasis	emphasis	NOUN
cblr-11900	501	21	)	)	PUNCT
cblr-11900	501	22	to	to	PART
cblr-11900	501	23	“	"	PUNCT
cblr-11900	501	24	conserve	conserve	VERB
cblr-11900	501	25	the	the	DET
cblr-11900	501	26	credit	credit	NOUN
cblr-11900	501	27	of	of	ADP
cblr-11900	501	28	[	[	X
cblr-11900	501	29	banks	bank	NOUN
cblr-11900	501	30	]	]	PUNCT
cblr-11900	501	31	for	for	ADP
cblr-11900	501	32	the	the	DET
cblr-11900	501	33	use	use	NOUN
cblr-11900	501	34	of	of	ADP
cblr-11900	501	35	the	the	DET
cblr-11900	501	36	government	government	NOUN
cblr-11900	501	37	as	as	ADV
cblr-11900	501	38	far	far	ADV
cblr-11900	501	39	as	as	SCONJ
cblr-11900	501	40	may	may	AUX
cblr-11900	501	41	be	be	AUX
cblr-11900	501	42	practicable	practicable	ADJ
cblr-11900	501	43	.	.	PUNCT
cblr-11900	501	44	”101	”101	NOUN
cblr-11900	501	45	the	the	DET
cblr-11900	501	46	second	second	ADJ
cblr-11900	501	47	world	world	NOUN
cblr-11900	501	48	war	war	NOUN
cblr-11900	501	49	although	although	SCONJ
cblr-11900	501	50	united	united	PROPN
cblr-11900	501	51	states	states	PROPN
cblr-11900	501	52	did	do	AUX
cblr-11900	501	53	not	not	PART
cblr-11900	501	54	join	join	VERB
cblr-11900	501	55	the	the	DET
cblr-11900	501	56	allies	ally	NOUN
cblr-11900	501	57	until	until	ADP
cblr-11900	501	58	december	december	PROPN
cblr-11900	501	59	1941	1941	NUM
cblr-11900	501	60	,	,	PUNCT
cblr-11900	501	61	its	its	PRON
cblr-11900	501	62	financial	financial	ADJ
cblr-11900	501	63	involvement	involvement	NOUN
cblr-11900	501	64	in	in	ADP
cblr-11900	501	65	the	the	DET
cblr-11900	501	66	second	second	ADJ
cblr-11900	501	67	world	world	NOUN
cblr-11900	501	68	war	war	NOUN
cblr-11900	501	69	began	begin	VERB
cblr-11900	501	70	nearly	nearly	ADV
cblr-11900	501	71	a	a	PRON
cblr-11900	501	72	year	year	NOUN
cblr-11900	501	73	earlier	early	ADV
cblr-11900	501	74	.	.	PUNCT
cblr-11900	502	1	significant	significant	ADJ
cblr-11900	502	2	commitments	commitment	NOUN
cblr-11900	502	3	,	,	PUNCT
cblr-11900	502	4	not	not	PART
cblr-11900	502	5	least	least	ADJ
cblr-11900	502	6	among	among	ADP
cblr-11900	502	7	them	they	PRON
cblr-11900	502	8	the	the	DET
cblr-11900	502	9	lend	lend	ADJ
cblr-11900	502	10	-	-	PUNCT
cblr-11900	502	11	lease	lease	NOUN
cblr-11900	502	12	program	program	NOUN
cblr-11900	502	13	authorized	authorize	VERB
cblr-11900	502	14	by	by	ADP
cblr-11900	502	15	congress	congress	PROPN
cblr-11900	502	16	in	in	ADP
cblr-11900	502	17	march	march	PROPN
cblr-11900	502	18	1940	1940	NUM
cblr-11900	502	19	,	,	PUNCT
cblr-11900	502	20	helped	help	VERB
cblr-11900	502	21	expand	expand	VERB
cblr-11900	502	22	federal	federal	ADJ
cblr-11900	502	23	spending	spending	NOUN
cblr-11900	502	24	by	by	ADP
cblr-11900	502	25	more	more	ADJ
cblr-11900	502	26	than	than	ADP
cblr-11900	502	27	44%.102	44%.102	NUM
cblr-11900	502	28	to	to	PART
cblr-11900	502	29	fund	fund	VERB
cblr-11900	502	30	the	the	DET
cblr-11900	502	31	widening	widen	VERB
cblr-11900	502	32	deficit	deficit	NOUN
cblr-11900	502	33	,	,	PUNCT
cblr-11900	502	34	the	the	DET
cblr-11900	502	35	treasury	treasury	NOUN
cblr-11900	502	36	had	have	VERB
cblr-11900	502	37	to	to	PART
cblr-11900	502	38	find	find	VERB
cblr-11900	502	39	new	new	ADJ
cblr-11900	502	40	buyers	buyer	NOUN
cblr-11900	502	41	for	for	ADP
cblr-11900	502	42	commensurately	commensurately	ADV
cblr-11900	502	43	large	large	ADJ
cblr-11900	502	44	increases	increase	NOUN
cblr-11900	502	45	in	in	ADP
cblr-11900	502	46	debt	debt	NOUN
cblr-11900	502	47	held	hold	VERB
cblr-11900	502	48	by	by	ADP
cblr-11900	502	49	the	the	DET
cblr-11900	502	50	public.103	public.103	NOUN
cblr-11900	502	51	as	as	ADV
cblr-11900	502	52	early	early	ADV
cblr-11900	502	53	as	as	ADP
cblr-11900	502	54	march	march	PROPN
cblr-11900	502	55	1941	1941	NUM
cblr-11900	502	56	,	,	PUNCT
cblr-11900	502	57	senior	senior	ADJ
cblr-11900	502	58	officials	official	NOUN
cblr-11900	502	59	at	at	ADP
cblr-11900	502	60	the	the	DET
cblr-11900	502	61	federal	federal	PROPN
cblr-11900	502	62	reserve	reserve	PROPN
cblr-11900	502	63	contemplated	contemplate	VERB
cblr-11900	502	64	“	"	PUNCT
cblr-11900	502	65	assisting	assist	VERB
cblr-11900	502	66	the	the	DET
cblr-11900	502	67	treasury	treasury	NOUN
cblr-11900	502	68	in	in	ADP
cblr-11900	502	69	regard	regard	NOUN
cblr-11900	502	70	to	to	ADP
cblr-11900	502	71	the	the	DET
cblr-11900	502	72	financing	financing	NOUN
cblr-11900	502	73	operations	operation	NOUN
cblr-11900	502	74	of	of	ADP
cblr-11900	502	75	the	the	DET
cblr-11900	502	76	government,”104	government,”104	NOUN
cblr-11900	502	77	and	and	CCONJ
cblr-11900	502	78	at	at	ADP
cblr-11900	502	79	its	its	PRON
cblr-11900	502	80	june	june	PROPN
cblr-11900	502	81	meeting	meeting	NOUN
cblr-11900	502	82	,	,	PUNCT
cblr-11900	502	83	considered	consider	VERB
cblr-11900	502	84	a	a	DET
cblr-11900	502	85	more	more	ADV
cblr-11900	502	86	explicit	explicit	ADJ
cblr-11900	502	87	program	program	NOUN
cblr-11900	502	88	of	of	ADP
cblr-11900	502	89	support	support	NOUN
cblr-11900	502	90	including	include	VERB
cblr-11900	502	91	potentially	potentially	ADV
cblr-11900	502	92	establishing	establish	VERB
cblr-11900	502	93	100	100	NUM
cblr-11900	502	94	i	i	PROPN
cblr-11900	502	95	d.	d.	PROPN
cblr-11900	502	96	101	101	NUM
cblr-11900	503	1	i	i	PRON
cblr-11900	503	2	d.	d.	PROPN
cblr-11900	503	3	at	at	ADP
cblr-11900	503	4	260–63	260–63	NUM
cblr-11900	503	5	.	.	PROPN
cblr-11900	503	6	102	102	NUM
cblr-11900	503	7	to	to	PART
cblr-11900	503	8	more	more	ADJ
cblr-11900	503	9	than	than	ADP
cblr-11900	503	10	$	$	SYM
cblr-11900	503	11	13.6bn	13.6bn	NUM
cblr-11900	503	12	(	(	PUNCT
cblr-11900	503	13	11.7	11.7	NUM
cblr-11900	503	14	%	%	NOUN
cblr-11900	503	15	of	of	ADP
cblr-11900	503	16	gross	gross	ADJ
cblr-11900	503	17	domestic	domestic	ADJ
cblr-11900	503	18	product	product	NOUN
cblr-11900	503	19	(	(	PUNCT
cblr-11900	503	20	gdp	gdp	NOUN
cblr-11900	503	21	)	)	PUNCT
cblr-11900	503	22	)	)	PUNCT
cblr-11900	503	23	from	from	ADP
cblr-11900	503	24	$	$	SYM
cblr-11900	503	25	9.5bn	9.5bn	NUM
cblr-11900	503	26	(	(	PUNCT
cblr-11900	503	27	9.6	9.6	NUM
cblr-11900	503	28	%	%	NOUN
cblr-11900	503	29	gdp	gdp	NOUN
cblr-11900	503	30	)	)	PUNCT
cblr-11900	503	31	the	the	DET
cblr-11900	503	32	prior	prior	ADJ
cblr-11900	503	33	year	year	NOUN
cblr-11900	503	34	.	.	PUNCT
cblr-11900	504	1	off	off	ADP
cblr-11900	504	2	.	.	PUNCT
cblr-11900	505	1	of	of	ADP
cblr-11900	505	2	mgmt	mgmt	PROPN
cblr-11900	505	3	.	.	PROPN
cblr-11900	505	4	&	&	CCONJ
cblr-11900	505	5	budget	budget	PROPN
cblr-11900	505	6	,	,	PUNCT
cblr-11900	505	7	exec	exec	NOUN
cblr-11900	505	8	.	.	PUNCT
cblr-11900	506	1	off	off	ADP
cblr-11900	506	2	.	.	PUNCT
cblr-11900	507	1	of	of	ADP
cblr-11900	507	2	the	the	DET
cblr-11900	507	3	president	president	NOUN
cblr-11900	507	4	,	,	PUNCT
cblr-11900	507	5	historical	historical	ADJ
cblr-11900	507	6	tables	table	NOUN
cblr-11900	507	7	:	:	PUNCT
cblr-11900	507	8	table	table	NOUN
cblr-11900	507	9	3.1	3.1	NUM
cblr-11900	507	10	—	—	PUNCT
cblr-11900	507	11	outlays	outlay	NOUN
cblr-11900	507	12	by	by	ADP
cblr-11900	507	13	superfunction	superfunction	NOUN
cblr-11900	507	14	and	and	CCONJ
cblr-11900	507	15	function	function	NOUN
cblr-11900	507	16	:	:	PUNCT
cblr-11900	507	17	1940–2027	1940–2027	NUM
cblr-11900	507	18	,	,	PUNCT
cblr-11900	507	19	white	white	PROPN
cblr-11900	507	20	house	house	PROPN
cblr-11900	507	21	(	(	PUNCT
cblr-11900	507	22	2022	2022	NUM
cblr-11900	507	23	)	)	PUNCT
cblr-11900	507	24	,	,	PUNCT
cblr-11900	507	25	https://www.whitehouse.gov/omb/budget/historical-tables/	https://www.whitehouse.gov/omb/budget/historical-tables/	PROPN
cblr-11900	508	1	[	[	X
cblr-11900	508	2	https://perma.cc/3pkr-g55	https://perma.cc/3pkr-g55	PROPN
cblr-11900	508	3	m	m	PROPN
cblr-11900	508	4	]	]	X
cblr-11900	508	5	.	.	PUNCT
cblr-11900	509	1	103	103	NUM
cblr-11900	509	2	gross	gross	ADJ
cblr-11900	509	3	federal	federal	ADJ
cblr-11900	509	4	debt	debt	NOUN
cblr-11900	509	5	held	hold	VERB
cblr-11900	509	6	by	by	ADP
cblr-11900	509	7	the	the	DET
cblr-11900	509	8	public	public	ADJ
cblr-11900	509	9	increase	increase	NOUN
cblr-11900	509	10	by	by	ADP
cblr-11900	509	11	roughly	roughly	ADV
cblr-11900	509	12	$	$	SYM
cblr-11900	509	13	5.4bn	5.4bn	NUM
cblr-11900	509	14	from	from	ADP
cblr-11900	509	15	year	year	NOUN
cblr-11900	509	16	-	-	PUNCT
cblr-11900	509	17	end	end	NOUN
cblr-11900	509	18	1941	1941	NUM
cblr-11900	509	19	to	to	ADP
cblr-11900	509	20	1942	1942	NUM
cblr-11900	509	21	.	.	PUNCT
cblr-11900	510	1	off	off	ADP
cblr-11900	510	2	.	.	PUNCT
cblr-11900	511	1	of	of	ADP
cblr-11900	511	2	mgmt	mgmt	PROPN
cblr-11900	511	3	.	.	PUNCT
cblr-11900	512	1	and	and	CCONJ
cblr-11900	512	2	budget	budget	PROPN
cblr-11900	512	3	,	,	PUNCT
cblr-11900	512	4	historical	historical	ADJ
cblr-11900	512	5	tables	table	NOUN
cblr-11900	512	6	:	:	PUNCT
cblr-11900	512	7	table	table	NOUN
cblr-11900	512	8	7.1	7.1	NUM
cblr-11900	512	9	–	–	PUNCT
cblr-11900	512	10	federal	federal	ADJ
cblr-11900	512	11	debt	debt	NOUN
cblr-11900	512	12	at	at	ADP
cblr-11900	512	13	the	the	DET
cblr-11900	512	14	end	end	NOUN
cblr-11900	512	15	of	of	ADP
cblr-11900	512	16	the	the	DET
cblr-11900	512	17	year	year	NOUN
cblr-11900	512	18	:	:	PUNCT
cblr-11900	513	1	1940–2	1940–2	NUM
cblr-11900	513	2	-	-	SYM
cblr-11900	513	3	027	027	NUM
cblr-11900	513	4	,	,	PUNCT
cblr-11900	513	5	white	white	PROPN
cblr-11900	513	6	house	house	PROPN
cblr-11900	513	7	(	(	PUNCT
cblr-11900	513	8	2022	2022	NUM
cblr-11900	513	9	)	)	PUNCT
cblr-11900	513	10	,	,	PUNCT
cblr-11900	513	11	https://www.whitehouse.gov/omb/budget/historical-tables/	https://www.whitehouse.gov/omb/budget/historical-tables/	X
cblr-11900	514	1	[	[	X
cblr-11900	514	2	https://perma.cc/hlt4-gyac	https://perma.cc/hlt4-gyac	PROPN
cblr-11900	514	3	]	]	PUNCT
cblr-11900	514	4	.	.	PUNCT
cblr-11900	515	1	104	104	NUM
cblr-11900	515	2	fed	fed	PROPN
cblr-11900	515	3	.	.	PUNCT
cblr-11900	516	1	open	open	PROPN
cblr-11900	516	2	mkt	mkt	PROPN
cblr-11900	516	3	.	.	PROPN
cblr-11900	516	4	comm	comm	NOUN
cblr-11900	516	5	.	.	PUNCT
cblr-11900	517	1	meeting	meet	VERB
cblr-11900	517	2	minutes	minute	NOUN
cblr-11900	517	3	11	11	NUM
cblr-11900	517	4	(	(	PUNCT
cblr-11900	517	5	march	march	PROPN
cblr-11900	517	6	17	17	NUM
cblr-11900	517	7	,	,	PUNCT
cblr-11900	517	8	1941	1941	NUM
cblr-11900	517	9	)	)	PUNCT
cblr-11900	517	10	,	,	PUNCT
cblr-11900	517	11	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin194103	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin194103	VERB
cblr-11900	517	12	17.pdf	17.pdf	PROPN
cblr-11900	518	1	[	[	X
cblr-11900	518	2	https://perma.cc/4eck-g7ue	https://perma.cc/4eck-g7ue	X
cblr-11900	518	3	]	]	X
cblr-11900	518	4	.	.	PUNCT
cblr-11900	519	1	no	no	INTJ
cblr-11900	519	2	.	.	NOUN
cblr-11900	519	3	1	1	NUM
cblr-11900	519	4	]	]	ADJ
cblr-11900	519	5	money	money	NOUN
cblr-11900	519	6	and	and	CCONJ
cblr-11900	519	7	the	the	DET
cblr-11900	519	8	public	public	ADJ
cblr-11900	519	9	debt	debt	NOUN
cblr-11900	519	10	253	253	NUM
cblr-11900	519	11	a	a	DET
cblr-11900	519	12	“	"	PUNCT
cblr-11900	519	13	definite	definite	ADJ
cblr-11900	519	14	rate	rate	NOUN
cblr-11900	519	15	.	.	PUNCT
cblr-11900	519	16	.	.	PUNCT
cblr-11900	520	1	.	.	PUNCT
cblr-11900	521	1	for	for	ADP
cblr-11900	521	2	long	long	ADJ
cblr-11900	521	3	-	-	PUNCT
cblr-11900	521	4	term	term	NOUN
cblr-11900	521	5	treasury	treasury	PROPN
cblr-11900	521	6	offerings”105	offerings”105	NOUN
cblr-11900	521	7	and	and	CCONJ
cblr-11900	521	8	“	"	PUNCT
cblr-11900	521	9	regular	regular	ADJ
cblr-11900	521	10	conferences	conference	NOUN
cblr-11900	521	11	”	"	PUNCT
cblr-11900	521	12	to	to	PART
cblr-11900	521	13	coordinate	coordinate	VERB
cblr-11900	521	14	“	"	PUNCT
cblr-11900	521	15	the	the	DET
cblr-11900	521	16	entire	entire	ADJ
cblr-11900	521	17	field	field	NOUN
cblr-11900	521	18	of	of	ADP
cblr-11900	521	19	fiscal	fiscal	ADJ
cblr-11900	521	20	and	and	CCONJ
cblr-11900	521	21	monetary	monetary	ADJ
cblr-11900	521	22	policy	policy	NOUN
cblr-11900	521	23	.	.	PUNCT
cblr-11900	521	24	”106	”106	PUNCT
cblr-11900	522	1	after	after	SCONJ
cblr-11900	522	2	quite	quite	DET
cblr-11900	522	3	a	a	DET
cblr-11900	522	4	bit	bit	NOUN
cblr-11900	522	5	of	of	ADP
cblr-11900	522	6	further	further	ADJ
cblr-11900	522	7	consideration	consideration	NOUN
cblr-11900	522	8	and	and	CCONJ
cblr-11900	522	9	inter	inter	NOUN
cblr-11900	522	10	-	-	NOUN
cblr-11900	522	11	agency	agency	NOUN
cblr-11900	522	12	back	back	ADV
cblr-11900	522	13	-	-	PUNCT
cblr-11900	522	14	and	and	CCONJ
cblr-11900	522	15	-	-	PUNCT
cblr-11900	522	16	forth,107	forth,107	PROPN
cblr-11900	522	17	a	a	DET
cblr-11900	522	18	tentative	tentative	ADJ
cblr-11900	522	19	agreement	agreement	NOUN
cblr-11900	522	20	was	be	AUX
cblr-11900	522	21	reached	reach	VERB
cblr-11900	522	22	in	in	ADP
cblr-11900	522	23	late	late	ADJ
cblr-11900	522	24	march	march	PROPN
cblr-11900	522	25	1942	1942	NUM
cblr-11900	522	26	and	and	CCONJ
cblr-11900	522	27	announced	announce	VERB
cblr-11900	522	28	publicly	publicly	ADV
cblr-11900	522	29	the	the	DET
cblr-11900	522	30	following	following	ADJ
cblr-11900	522	31	month	month	NOUN
cblr-11900	522	32	.	.	PUNCT
cblr-11900	523	1	the	the	DET
cblr-11900	523	2	federal	federal	ADJ
cblr-11900	523	3	open	open	ADJ
cblr-11900	523	4	market	market	NOUN
cblr-11900	523	5	committee	committee	NOUN
cblr-11900	523	6	(	(	PUNCT
cblr-11900	523	7	fomc	fomc	NOUN
cblr-11900	523	8	)	)	PUNCT
cblr-11900	523	9	,	,	PUNCT
cblr-11900	523	10	which	which	PRON
cblr-11900	523	11	sets	set	VERB
cblr-11900	523	12	monetary	monetary	ADJ
cblr-11900	523	13	policy	policy	NOUN
cblr-11900	523	14	for	for	ADP
cblr-11900	523	15	the	the	DET
cblr-11900	523	16	united	united	PROPN
cblr-11900	523	17	states	states	PROPN
cblr-11900	523	18	,	,	PUNCT
cblr-11900	523	19	committed	commit	VERB
cblr-11900	523	20	to	to	PART
cblr-11900	523	21	use	use	VERB
cblr-11900	523	22	open	open	ADJ
cblr-11900	523	23	market	market	NOUN
cblr-11900	523	24	operations	operation	NOUN
cblr-11900	523	25	to	to	PART
cblr-11900	523	26	peg	peg	VERB
cblr-11900	523	27	the	the	DET
cblr-11900	523	28	level	level	NOUN
cblr-11900	523	29	of	of	ADP
cblr-11900	523	30	interest	interest	NOUN
cblr-11900	523	31	rates	rate	NOUN
cblr-11900	523	32	on	on	ADP
cblr-11900	523	33	government	government	NOUN
cblr-11900	523	34	debt	debt	NOUN
cblr-11900	523	35	.	.	PUNCT
cblr-11900	524	1	the	the	DET
cblr-11900	524	2	result	result	NOUN
cblr-11900	524	3	was	be	AUX
cblr-11900	524	4	a	a	DET
cblr-11900	524	5	0.375	0.375	NUM
cblr-11900	524	6	%	%	NOUN
cblr-11900	524	7	interest	interest	NOUN
cblr-11900	524	8	rate	rate	NOUN
cblr-11900	524	9	ceiling	ceiling	NOUN
cblr-11900	524	10	on	on	ADP
cblr-11900	524	11	bills	bill	NOUN
cblr-11900	524	12	and	and	CCONJ
cblr-11900	524	13	a	a	DET
cblr-11900	524	14	2.5	2.5	NUM
cblr-11900	524	15	%	%	NOUN
cblr-11900	524	16	cap	cap	NOUN
cblr-11900	524	17	on	on	ADP
cblr-11900	524	18	longer	long	ADJ
cblr-11900	524	19	maturity	maturity	NOUN
cblr-11900	524	20	issues.108	issues.108	NOUN
cblr-11900	524	21	bills	bill	NOUN
cblr-11900	524	22	remained	remain	VERB
cblr-11900	524	23	at	at	ADP
cblr-11900	524	24	or	or	CCONJ
cblr-11900	524	25	below	below	ADP
cblr-11900	524	26	the	the	DET
cblr-11900	524	27	peg	peg	NOUN
cblr-11900	524	28	until	until	ADP
cblr-11900	524	29	mid-1947,109	mid-1947,109	VERB
cblr-11900	524	30	when	when	SCONJ
cblr-11900	524	31	the	the	DET
cblr-11900	524	32	fomc	fomc	NOUN
cblr-11900	524	33	gradually	gradually	ADV
cblr-11900	524	34	released	release	VERB
cblr-11900	524	35	its	its	PRON
cblr-11900	524	36	grip	grip	NOUN
cblr-11900	524	37	on	on	ADP
cblr-11900	524	38	shorter	short	ADJ
cblr-11900	524	39	maturities,110	maturities,110	NOUN
cblr-11900	524	40	but	but	CCONJ
cblr-11900	524	41	it	it	PRON
cblr-11900	524	42	would	would	AUX
cblr-11900	524	43	prove	prove	VERB
cblr-11900	524	44	harder	hard	ADV
cblr-11900	524	45	to	to	PART
cblr-11900	524	46	exit	exit	VERB
cblr-11900	524	47	the	the	DET
cblr-11900	524	48	market	market	NOUN
cblr-11900	524	49	for	for	ADP
cblr-11900	524	50	longer	long	ADV
cblr-11900	524	51	-	-	PUNCT
cblr-11900	524	52	dated	date	VERB
cblr-11900	524	53	bonds.111	bonds.111	PROPN
cblr-11900	524	54	105	105	NUM
cblr-11900	524	55	fed	fed	PROPN
cblr-11900	524	56	.	.	PUNCT
cblr-11900	525	1	open	open	PROPN
cblr-11900	525	2	mkt	mkt	PROPN
cblr-11900	525	3	.	.	PROPN
cblr-11900	525	4	comm	comm	NOUN
cblr-11900	525	5	.	.	PUNCT
cblr-11900	526	1	meeting	meet	VERB
cblr-11900	526	2	minutes	minute	NOUN
cblr-11900	526	3	8	8	NUM
cblr-11900	526	4	(	(	PUNCT
cblr-11900	526	5	june	june	PROPN
cblr-11900	526	6	10	10	NUM
cblr-11900	526	7	,	,	PUNCT
cblr-11900	526	8	1941	1941	NUM
cblr-11900	526	9	)	)	PUNCT
cblr-11900	526	10	,	,	PUNCT
cblr-11900	526	11	https://www.federalreserve.gov/monetarypolicy/files/fomchminec1194106	https://www.federalreserve.gov/monetarypolicy/files/fomchminec1194106	NOUN
cblr-11900	527	1	10.pdf	10.pdf	PROPN
cblr-11900	527	2	[	[	X
cblr-11900	527	3	https://perma.cc/y6mh-8846	https://perma.cc/y6mh-8846	NOUN
cblr-11900	527	4	]	]	X
cblr-11900	527	5	.	.	PUNCT
cblr-11900	528	1	106	106	NUM
cblr-11900	529	1	i	i	PRON
cblr-11900	529	2	d.	d.	PROPN
cblr-11900	529	3	at	at	ADP
cblr-11900	529	4	10	10	NUM
cblr-11900	529	5	.	.	PUNCT
cblr-11900	529	6	107	107	NUM
cblr-11900	529	7	for	for	ADP
cblr-11900	529	8	a	a	DET
cblr-11900	529	9	narrative	narrative	NOUN
cblr-11900	529	10	account	account	NOUN
cblr-11900	529	11	,	,	PUNCT
cblr-11900	529	12	see	see	VERB
cblr-11900	529	13	elmus	elmus	PROPN
cblr-11900	529	14	r.	r.	PROPN
cblr-11900	529	15	wicker	wicker	PROPN
cblr-11900	529	16	,	,	PUNCT
cblr-11900	529	17	the	the	DET
cblr-11900	529	18	world	world	PROPN
cblr-11900	529	19	war	war	PROPN
cblr-11900	529	20	ii	ii	PROPN
cblr-11900	529	21	policy	policy	NOUN
cblr-11900	529	22	of	of	ADP
cblr-11900	529	23	fixing	fix	VERB
cblr-11900	529	24	a	a	DET
cblr-11900	529	25	pattern	pattern	NOUN
cblr-11900	529	26	of	of	ADP
cblr-11900	529	27	interest	interest	NOUN
cblr-11900	529	28	rates	rate	NOUN
cblr-11900	529	29	,	,	PUNCT
cblr-11900	529	30	24	24	NUM
cblr-11900	529	31	j.	j.	PROPN
cblr-11900	529	32	fin	fin	PROPN
cblr-11900	529	33	.	.	PUNCT
cblr-11900	530	1	447	447	NUM
cblr-11900	530	2	(	(	PUNCT
cblr-11900	530	3	1969	1969	NUM
cblr-11900	530	4	)	)	PUNCT
cblr-11900	530	5	.	.	PUNCT
cblr-11900	531	1	108	108	NUM
cblr-11900	531	2	for	for	ADP
cblr-11900	531	3	a	a	DET
cblr-11900	531	4	more	more	ADV
cblr-11900	531	5	detailed	detailed	ADJ
cblr-11900	531	6	discussion	discussion	NOUN
cblr-11900	531	7	,	,	PUNCT
cblr-11900	531	8	see	see	VERB
cblr-11900	531	9	kenneth	kenneth	PROPN
cblr-11900	531	10	garbade	garbade	PROPN
cblr-11900	531	11	,	,	PUNCT
cblr-11900	531	12	fed	fed	PROPN
cblr-11900	531	13	.	.	PUNCT
cblr-11900	532	1	rsrv	rsrv	PROPN
cblr-11900	532	2	.	.	PUNCT
cblr-11900	533	1	bank	bank	PROPN
cblr-11900	533	2	of	of	ADP
cblr-11900	533	3	n.y	n.y	PROPN
cblr-11900	533	4	.	.	PROPN
cblr-11900	533	5	,	,	PUNCT
cblr-11900	533	6	staff	staff	NOUN
cblr-11900	533	7	reports	report	VERB
cblr-11900	533	8	no	no	INTJ
cblr-11900	533	9	.	.	NOUN
cblr-11900	533	10	913	913	NUM
cblr-11900	533	11	,	,	PUNCT
cblr-11900	533	12	managing	manage	VERB
cblr-11900	533	13	the	the	DET
cblr-11900	533	14	treasury	treasury	NOUN
cblr-11900	533	15	yield	yield	NOUN
cblr-11900	533	16	curve	curve	NOUN
cblr-11900	533	17	in	in	ADP
cblr-11900	533	18	the	the	DET
cblr-11900	533	19	1940s	1940	NOUN
cblr-11900	533	20	,	,	PUNCT
cblr-11900	533	21	at	at	ADP
cblr-11900	533	22	9–12	9–12	PROPN
cblr-11900	533	23	(	(	PUNCT
cblr-11900	533	24	2020	2020	NUM
cblr-11900	533	25	)	)	PUNCT
cblr-11900	533	26	;	;	PUNCT
cblr-11900	533	27	memorandum	memorandum	NOUN
cblr-11900	533	28	from	from	ADP
cblr-11900	533	29	radha	radha	PROPN
cblr-11900	533	30	chaurushiya	chaurushiya	PROPN
cblr-11900	533	31	&	&	CCONJ
cblr-11900	533	32	ken	ken	PROPN
cblr-11900	533	33	kuttner	kuttner	PROPN
cblr-11900	533	34	to	to	ADP
cblr-11900	533	35	mr	mr	PROPN
cblr-11900	533	36	.	.	PROPN
cblr-11900	533	37	kos	kos	PROPN
cblr-11900	533	38	&	&	CCONJ
cblr-11900	533	39	mr	mr	PROPN
cblr-11900	533	40	.	.	PROPN
cblr-11900	533	41	reinhart	reinhart	PROPN
cblr-11900	533	42	,	,	PUNCT
cblr-11900	533	43	targeting	target	VERB
cblr-11900	533	44	the	the	DET
cblr-11900	533	45	yield	yield	NOUN
cblr-11900	533	46	curve	curve	NOUN
cblr-11900	533	47	:	:	PUNCT
cblr-11900	533	48	the	the	DET
cblr-11900	533	49	experience	experience	NOUN
cblr-11900	533	50	of	of	ADP
cblr-11900	533	51	the	the	DET
cblr-11900	533	52	federal	federal	PROPN
cblr-11900	533	53	reserve	reserve	PROPN
cblr-11900	533	54	,	,	PUNCT
cblr-11900	533	55	1942–51	1942–51	NUM
cblr-11900	533	56	(	(	PUNCT
cblr-11900	533	57	jun	jun	PROPN
cblr-11900	533	58	.	.	PROPN
cblr-11900	533	59	18	18	NUM
cblr-11900	533	60	,	,	PUNCT
cblr-11900	533	61	2003	2003	NUM
cblr-11900	533	62	)	)	PUNCT
cblr-11900	533	63	,	,	PUNCT
cblr-11900	533	64	https://www.federalreserve.gov/monetarypolicy/files/fomc20030618memo	https://www.federalreserve.gov/monetarypolicy/files/fomc20030618memo	X
cblr-11900	534	1	01.pdf	01.pdf	PROPN
cblr-11900	535	1	[	[	X
cblr-11900	535	2	https://perma.cc/u8sn-826j	https://perma.cc/u8sn-826j	PROPN
cblr-11900	535	3	]	]	X
cblr-11900	535	4	.	.	PUNCT
cblr-11900	536	1	109	109	NUM
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cblr-11900	536	3	bureau	bureau	PROPN
cblr-11900	536	4	of	of	ADP
cblr-11900	536	5	econ	econ	PROPN
cblr-11900	536	6	.	.	PUNCT
cblr-11900	537	1	rsch	rsch	PROPN
cblr-11900	537	2	.	.	PUNCT
cblr-11900	537	3	,	,	PUNCT
cblr-11900	537	4	yields	yield	NOUN
cblr-11900	537	5	on	on	ADP
cblr-11900	537	6	short	short	ADJ
cblr-11900	537	7	-	-	PUNCT
cblr-11900	537	8	term	term	NOUN
cblr-11900	537	9	united	united	PROPN
cblr-11900	537	10	states	states	PROPN
cblr-11900	537	11	securities	securities	PROPN
cblr-11900	537	12	,	,	PUNCT
cblr-11900	537	13	three	three	NUM
cblr-11900	537	14	-	-	PUNCT
cblr-11900	537	15	six	six	NUM
cblr-11900	537	16	month	month	NOUN
cblr-11900	537	17	treasury	treasury	NOUN
cblr-11900	537	18	notes	note	NOUN
cblr-11900	537	19	and	and	CCONJ
cblr-11900	537	20	certificates	certificate	NOUN
cblr-11900	537	21	,	,	PUNCT
cblr-11900	537	22	three	three	NUM
cblr-11900	537	23	month	month	NOUN
cblr-11900	537	24	treasury	treasury	NOUN
cblr-11900	537	25	bills	bill	NOUN
cblr-11900	537	26	for	for	ADP
cblr-11900	537	27	united	united	PROPN
cblr-11900	537	28	states	states	PROPN
cblr-11900	537	29	,	,	PUNCT
cblr-11900	537	30	fed	fed	PROPN
cblr-11900	537	31	.	.	PUNCT
cblr-11900	537	32	rsrv	rsrv	PROPN
cblr-11900	537	33	.	.	PUNCT
cblr-11900	538	1	bank	bank	PROPN
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cblr-11900	538	5	louis	louis	PROPN
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cblr-11900	538	7	aug	aug	PROPN
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cblr-11900	538	11	2022	2022	NUM
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cblr-11900	541	2	7	7	NUM
cblr-11900	541	3	(	(	PUNCT
cblr-11900	541	4	june	june	PROPN
cblr-11900	541	5	30	30	NUM
cblr-11900	541	6	,	,	PUNCT
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cblr-11900	541	8	)	)	PUNCT
cblr-11900	541	9	,	,	PUNCT
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cblr-11900	542	1	[	[	X
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cblr-11900	542	4	;	;	PUNCT
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cblr-11900	542	8	.	.	PUNCT
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cblr-11900	550	25	increasing	increase	VERB
cblr-11900	550	26	the	the	DET
cblr-11900	550	27	money	money	NOUN
cblr-11900	550	28	supply	supply	NOUN
cblr-11900	550	29	.	.	PUNCT
cblr-11900	551	1	this	this	PRON
cblr-11900	551	2	occurred	occur	VERB
cblr-11900	551	3	via	via	ADP
cblr-11900	551	4	two	two	NUM
cblr-11900	551	5	channels	channel	NOUN
cblr-11900	551	6	.	.	PUNCT
cblr-11900	552	1	first	first	ADV
cblr-11900	552	2	,	,	PUNCT
cblr-11900	552	3	the	the	DET
cblr-11900	552	4	fed	fed	PROPN
cblr-11900	552	5	itself	itself	PRON
cblr-11900	552	6	was	be	AUX
cblr-11900	552	7	a	a	DET
cblr-11900	552	8	major	major	ADJ
cblr-11900	552	9	direct	direct	ADJ
cblr-11900	552	10	purchaser	purchaser	NOUN
cblr-11900	552	11	of	of	ADP
cblr-11900	552	12	treasuries	treasury	NOUN
cblr-11900	552	13	.	.	PUNCT
cblr-11900	553	1	between	between	ADP
cblr-11900	553	2	1941	1941	NUM
cblr-11900	553	3	and	and	CCONJ
cblr-11900	553	4	1945	1945	NUM
cblr-11900	553	5	,	,	PUNCT
cblr-11900	553	6	the	the	DET
cblr-11900	553	7	system	system	NOUN
cblr-11900	553	8	acquired	acquire	VERB
cblr-11900	553	9	roughly	roughly	ADV
cblr-11900	553	10	$	$	SYM
cblr-11900	553	11	22	22	NUM
cblr-11900	553	12	billion	billion	NUM
cblr-11900	553	13	(	(	PUNCT
cblr-11900	553	14	15	15	NUM
cblr-11900	553	15	%	%	NOUN
cblr-11900	553	16	of	of	ADP
cblr-11900	553	17	net	net	ADJ
cblr-11900	553	18	marketable	marketable	ADJ
cblr-11900	553	19	debt	debt	NOUN
cblr-11900	553	20	supply	supply	NOUN
cblr-11900	553	21	and	and	CCONJ
cblr-11900	553	22	9	9	NUM
cblr-11900	553	23	%	%	NOUN
cblr-11900	553	24	of	of	ADP
cblr-11900	553	25	the	the	DET
cblr-11900	553	26	total	total	ADJ
cblr-11900	553	27	net	net	ADJ
cblr-11900	553	28	increase	increase	NOUN
cblr-11900	553	29	in	in	ADP
cblr-11900	553	30	interest	interest	NOUN
cblr-11900	553	31	-	-	PUNCT
cblr-11900	553	32	bearing	bear	VERB
cblr-11900	553	33	debt	debt	NOUN
cblr-11900	553	34	)	)	PUNCT
cblr-11900	553	35	.	.	PUNCT
cblr-11900	554	1	most	most	ADJ
cblr-11900	554	2	of	of	ADP
cblr-11900	554	3	this	this	PRON
cblr-11900	554	4	was	be	AUX
cblr-11900	554	5	funded	fund	VERB
cblr-11900	554	6	by	by	ADP
cblr-11900	554	7	new	new	ADJ
cblr-11900	554	8	currency	currency	NOUN
cblr-11900	554	9	in	in	ADP
cblr-11900	554	10	circulation	circulation	NOUN
cblr-11900	554	11	,	,	PUNCT
cblr-11900	554	12	which	which	PRON
cblr-11900	554	13	increased	increase	VERB
cblr-11900	554	14	by	by	ADP
cblr-11900	554	15	more	more	ADJ
cblr-11900	554	16	than	than	ADP
cblr-11900	554	17	$	$	SYM
cblr-11900	554	18	16	16	NUM
cblr-11900	554	19	billion	billion	NUM
cblr-11900	554	20	between	between	ADP
cblr-11900	554	21	1941	1941	NUM
cblr-11900	554	22	and	and	CCONJ
cblr-11900	554	23	1945;112	1945;112	NUM
cblr-11900	554	24	balances	balance	NOUN
cblr-11900	554	25	due	due	ADJ
cblr-11900	554	26	to	to	ADP
cblr-11900	554	27	member	member	NOUN
cblr-11900	554	28	banks	bank	NOUN
cblr-11900	554	29	(	(	PUNCT
cblr-11900	554	30	i.e.	i.e.	X
cblr-11900	554	31	,	,	PUNCT
cblr-11900	554	32	bank	bank	NOUN
cblr-11900	554	33	reserves	reserve	NOUN
cblr-11900	554	34	)	)	PUNCT
cblr-11900	554	35	only	only	ADV
cblr-11900	554	36	increased	increase	VERB
cblr-11900	554	37	by	by	ADP
cblr-11900	554	38	roughly	roughly	ADV
cblr-11900	554	39	$	$	SYM
cblr-11900	554	40	3	3	NUM
cblr-11900	554	41	billion	billion	NUM
cblr-11900	554	42	over	over	ADP
cblr-11900	554	43	the	the	DET
cblr-11900	554	44	same	same	ADJ
cblr-11900	554	45	period.113	period.113	NOUN
cblr-11900	554	46	though	though	ADV
cblr-11900	554	47	initially	initially	ADV
cblr-11900	554	48	spread	spread	VERB
cblr-11900	554	49	across	across	ADP
cblr-11900	554	50	the	the	DET
cblr-11900	554	51	full	full	ADJ
cblr-11900	554	52	range	range	NOUN
cblr-11900	554	53	of	of	ADP
cblr-11900	554	54	maturities	maturity	NOUN
cblr-11900	554	55	,	,	PUNCT
cblr-11900	554	56	the	the	DET
cblr-11900	554	57	fed	fed	PROPN
cblr-11900	554	58	’s	’s	PART
cblr-11900	554	59	holdings	holding	NOUN
cblr-11900	554	60	quickly	quickly	ADV
cblr-11900	554	61	became	become	VERB
cblr-11900	554	62	highly	highly	ADV
cblr-11900	554	63	concentrated	concentrated	ADJ
cblr-11900	554	64	at	at	ADP
cblr-11900	554	65	the	the	DET
cblr-11900	554	66	front	front	ADJ
cblr-11900	554	67	end	end	NOUN
cblr-11900	554	68	of	of	ADP
cblr-11900	554	69	the	the	DET
cblr-11900	554	70	curve	curve	NOUN
cblr-11900	554	71	—	—	PUNCT
cblr-11900	554	72	in	in	ADP
cblr-11900	554	73	fact	fact	NOUN
cblr-11900	554	74	,	,	PUNCT
cblr-11900	554	75	the	the	DET
cblr-11900	554	76	system	system	NOUN
cblr-11900	554	77	was	be	AUX
cblr-11900	554	78	a	a	DET
cblr-11900	554	79	net	net	ADJ
cblr-11900	554	80	seller	seller	NOUN
cblr-11900	554	81	of	of	ADP
cblr-11900	554	82	one	one	NUM
cblr-11900	554	83	-	-	PUNCT
cblr-11900	554	84	year	year	NOUN
cblr-11900	554	85	and	and	CCONJ
cblr-11900	554	86	longer	long	ADJ
cblr-11900	554	87	maturities	maturity	NOUN
cblr-11900	554	88	from	from	ADP
cblr-11900	554	89	1943	1943	NUM
cblr-11900	554	90	onwards.114	onwards.114	NOUN
cblr-11900	554	91	this	this	PRON
cblr-11900	554	92	reflected	reflect	VERB
cblr-11900	554	93	maturity	maturity	NOUN
cblr-11900	554	94	extension	extension	NOUN
cblr-11900	554	95	among	among	ADP
cblr-11900	554	96	private	private	ADJ
cblr-11900	554	97	investors	investor	NOUN
cblr-11900	554	98	seeking	seek	VERB
cblr-11900	554	99	to	to	PART
cblr-11900	554	100	pick	pick	VERB
cblr-11900	554	101	up	up	ADP
cblr-11900	554	102	yield	yield	NOUN
cblr-11900	554	103	with	with	ADP
cblr-11900	554	104	short	short	ADJ
cblr-11900	554	105	-	-	PUNCT
cblr-11900	554	106	term	term	NOUN
cblr-11900	554	107	instruments	instrument	NOUN
cblr-11900	554	108	pegged	peg	VERB
cblr-11900	554	109	near	near	ADP
cblr-11900	554	110	zero	zero	NUM
cblr-11900	554	111	,	,	PUNCT
cblr-11900	554	112	but	but	CCONJ
cblr-11900	554	113	notes	note	NOUN
cblr-11900	554	114	and	and	CCONJ
cblr-11900	554	115	bonds	bond	NOUN
cblr-11900	554	116	allowed	allow	VERB
cblr-11900	554	117	to	to	PART
cblr-11900	554	118	trade	trade	VERB
cblr-11900	554	119	at	at	ADP
cblr-11900	554	120	much	much	ADV
cblr-11900	554	121	more	more	ADV
cblr-11900	554	122	attractive	attractive	ADJ
cblr-11900	554	123	rates.115	rates.115	NOUN
cblr-11900	554	124	second	second	NOUN
cblr-11900	554	125	,	,	PUNCT
cblr-11900	554	126	commercial	commercial	ADJ
cblr-11900	554	127	banks	bank	NOUN
cblr-11900	554	128	had	have	VERB
cblr-11900	554	129	an	an	DET
cblr-11900	554	130	even	even	ADV
cblr-11900	554	131	larger	large	ADJ
cblr-11900	554	132	footprint	footprint	NOUN
cblr-11900	554	133	in	in	ADP
cblr-11900	554	134	the	the	DET
cblr-11900	554	135	market	market	NOUN
cblr-11900	554	136	as	as	ADP
cblr-11900	554	137	government	government	NOUN
cblr-11900	554	138	spending	spending	NOUN
cblr-11900	554	139	on	on	ADP
cblr-11900	554	140	defense	defense	NOUN
cblr-11900	554	141	crowded	crowd	VERB
cblr-11900	554	142	out	out	ADP
cblr-11900	554	143	private	private	ADJ
cblr-11900	554	144	activity	activity	NOUN
cblr-11900	554	145	and	and	CCONJ
cblr-11900	554	146	credit	credit	NOUN
cblr-11900	554	147	.	.	PUNCT
cblr-11900	555	1	between	between	ADP
cblr-11900	555	2	1941	1941	NUM
cblr-11900	555	3	and	and	CCONJ
cblr-11900	555	4	1945	1945	NUM
cblr-11900	555	5	,	,	PUNCT
cblr-11900	555	6	they	they	PRON
cblr-11900	555	7	bought	buy	VERB
cblr-11900	555	8	more	more	ADJ
cblr-11900	555	9	than	than	ADP
cblr-11900	555	10	$	$	SYM
cblr-11900	555	11	73	73	NUM
cblr-11900	555	12	billion	billion	NUM
cblr-11900	555	13	(	(	PUNCT
cblr-11900	555	14	51	51	NUM
cblr-11900	555	15	%	%	NOUN
cblr-11900	555	16	of	of	ADP
cblr-11900	555	17	marketable	marketable	ADJ
cblr-11900	555	18	and	and	CCONJ
cblr-11900	555	19	32	32	NUM
cblr-11900	555	20	%	%	NOUN
cblr-11900	555	21	of	of	ADP
cblr-11900	555	22	total	total	ADJ
cblr-11900	555	23	interest	interest	NOUN
cblr-11900	555	24	-	-	PUNCT
cblr-11900	555	25	bearing	bear	VERB
cblr-11900	555	26	debt	debt	NOUN
cblr-11900	556	1	supply).116	supply).116	ADV
cblr-11900	556	2	they	they	PRON
cblr-11900	556	3	were	be	AUX
cblr-11900	556	4	active	active	ADJ
cblr-11900	556	5	at	at	ADP
cblr-11900	556	6	the	the	DET
cblr-11900	556	7	112	112	NUM
cblr-11900	556	8	fed	fed	PROPN
cblr-11900	556	9	.	.	PUNCT
cblr-11900	557	1	rsvr	rsvr	PROPN
cblr-11900	557	2	bank	bank	PROPN
cblr-11900	557	3	of	of	ADP
cblr-11900	557	4	st	st	PROPN
cblr-11900	557	5	.	.	PROPN
cblr-11900	557	6	louis	louis	PROPN
cblr-11900	557	7	,	,	PUNCT
cblr-11900	557	8	federal	federal	PROPN
cblr-11900	557	9	reserve	reserve	PROPN
cblr-11900	557	10	notes	note	NOUN
cblr-11900	557	11	in	in	ADP
cblr-11900	557	12	actual	actual	ADJ
cblr-11900	557	13	circulation	circulation	NOUN
cblr-11900	557	14	,	,	PUNCT
cblr-11900	557	15	fed	fed	PROPN
cblr-11900	557	16	.	.	PUNCT
cblr-11900	557	17	rsrv	rsrv	PROPN
cblr-11900	557	18	.	.	PUNCT
cblr-11900	558	1	econ	econ	PROPN
cblr-11900	558	2	.	.	PUNCT
cblr-11900	558	3	data	data	PROPN
cblr-11900	558	4	(	(	PUNCT
cblr-11900	558	5	feb	feb	PROPN
cblr-11900	558	6	.	.	PROPN
cblr-11900	558	7	10	10	NUM
cblr-11900	558	8	,	,	PUNCT
cblr-11900	558	9	2021	2021	NUM
cblr-11900	558	10	)	)	PUNCT
cblr-11900	558	11	,	,	PUNCT
cblr-11900	558	12	https://fred.stlouisfed.org/series/lncfrnc	https://fred.stlouisfed.org/series/lncfrnc	PUNCT
cblr-11900	559	1	[	[	X
cblr-11900	559	2	https://perma.cc/zb3bklvw	https://perma.cc/zb3bklvw	X
cblr-11900	559	3	]	]	X
cblr-11900	559	4	.	.	PUNCT
cblr-11900	560	1	for	for	ADP
cblr-11900	560	2	a	a	DET
cblr-11900	560	3	more	more	ADV
cblr-11900	560	4	detailed	detailed	ADJ
cblr-11900	560	5	discussion	discussion	NOUN
cblr-11900	560	6	of	of	ADP
cblr-11900	560	7	demand	demand	NOUN
cblr-11900	560	8	for	for	ADP
cblr-11900	560	9	currency	currency	NOUN
cblr-11900	560	10	during	during	ADP
cblr-11900	560	11	the	the	DET
cblr-11900	560	12	war	war	NOUN
cblr-11900	560	13	years	year	NOUN
cblr-11900	560	14	,	,	PUNCT
cblr-11900	560	15	see	see	VERB
cblr-11900	560	16	g.	g.	PROPN
cblr-11900	560	17	l.	l.	PROPN
cblr-11900	560	18	bach	bach	PROPN
cblr-11900	560	19	,	,	PUNCT
cblr-11900	560	20	currency	currency	NOUN
cblr-11900	560	21	in	in	ADP
cblr-11900	560	22	circulation	circulation	NOUN
cblr-11900	560	23	,	,	PUNCT
cblr-11900	560	24	30	30	NUM
cblr-11900	560	25	fed	feed	VERB
cblr-11900	560	26	.	.	PUNCT
cblr-11900	561	1	rsrv	rsrv	PROPN
cblr-11900	561	2	.	.	PUNCT
cblr-11900	562	1	bull	bull	NOUN
cblr-11900	562	2	.	.	PUNCT
cblr-11900	563	1	305	305	NUM
cblr-11900	563	2	,	,	PUNCT
cblr-11900	563	3	318–28	318–28	NOUN
cblr-11900	563	4	(	(	PUNCT
cblr-11900	563	5	1944	1944	NUM
cblr-11900	563	6	)	)	PUNCT
cblr-11900	563	7	.	.	PUNCT
cblr-11900	564	1	113	113	NUM
cblr-11900	564	2	fed	fed	PROPN
cblr-11900	564	3	.	.	PUNCT
cblr-11900	564	4	rsrv	rsrv	PROPN
cblr-11900	564	5	.	.	PUNCT
cblr-11900	565	1	bank	bank	PROPN
cblr-11900	565	2	of	of	ADP
cblr-11900	565	3	st	st	PROPN
cblr-11900	565	4	.	.	PROPN
cblr-11900	565	5	louis	louis	PROPN
cblr-11900	565	6	,	,	PUNCT
cblr-11900	565	7	supra	supra	PROPN
cblr-11900	565	8	note	note	NOUN
cblr-11900	565	9	112	112	NUM
cblr-11900	565	10	;	;	PUNCT
cblr-11900	565	11	fed	fed	PROPN
cblr-11900	565	12	.	.	PUNCT
cblr-11900	565	13	rsrv	rsrv	PROPN
cblr-11900	565	14	.	.	PUNCT
cblr-11900	566	1	bank	bank	PROPN
cblr-11900	566	2	of	of	ADP
cblr-11900	566	3	st	st	PROPN
cblr-11900	566	4	.	.	PROPN
cblr-11900	566	5	louis	louis	PROPN
cblr-11900	566	6	,	,	PUNCT
cblr-11900	566	7	other	other	ADJ
cblr-11900	566	8	deposits	deposit	NOUN
cblr-11900	566	9	held	hold	VERB
cblr-11900	566	10	by	by	ADP
cblr-11900	566	11	depository	depository	NOUN
cblr-11900	566	12	institutions	institution	NOUN
cblr-11900	566	13	,	,	PUNCT
cblr-11900	566	14	fed	fed	PROPN
cblr-11900	566	15	.	.	PUNCT
cblr-11900	566	16	rsrv	rsrv	PROPN
cblr-11900	566	17	.	.	PUNCT
cblr-11900	567	1	econ	econ	PROPN
cblr-11900	567	2	.	.	PUNCT
cblr-11900	567	3	data	data	PROPN
cblr-11900	567	4	(	(	PUNCT
cblr-11900	567	5	feb	feb	PROPN
cblr-11900	567	6	.	.	PROPN
cblr-11900	567	7	10	10	NUM
cblr-11900	567	8	,	,	PUNCT
cblr-11900	567	9	2021	2021	NUM
cblr-11900	567	10	)	)	PUNCT
cblr-11900	567	11	,	,	PUNCT
cblr-11900	567	12	https://fred.stlouisfed.org/series/ldodhdi	https://fred.stlouisfed.org/series/ldodhdi	NOUN
cblr-11900	567	13	[	[	X
cblr-11900	567	14	https://perma.cc/sth3-cn4d	https://perma.cc/sth3-cn4d	X
cblr-11900	567	15	]	]	X
cblr-11900	567	16	.	.	PUNCT
cblr-11900	568	1	114	114	NUM
cblr-11900	568	2	garbade	garbade	NOUN
cblr-11900	568	3	,	,	PUNCT
cblr-11900	568	4	supra	supra	PROPN
cblr-11900	568	5	note	note	PROPN
cblr-11900	568	6	108	108	NUM
cblr-11900	568	7	.	.	PUNCT
cblr-11900	568	8	115	115	NUM
cblr-11900	569	1	i	i	PRON
cblr-11900	569	2	d.	d.	VERB
cblr-11900	569	3	at	at	ADP
cblr-11900	569	4	9–12	9–12	PROPN
cblr-11900	569	5	.	.	PUNCT
cblr-11900	570	1	116	116	NUM
cblr-11900	570	2	u.s	u.s	PROPN
cblr-11900	570	3	.	.	PROPN
cblr-11900	570	4	dep’t	dep’t	NOUN
cblr-11900	570	5	of	of	ADP
cblr-11900	570	6	the	the	DET
cblr-11900	570	7	treasury	treasury	NOUN
cblr-11900	570	8	,	,	PUNCT
cblr-11900	570	9	holdings	holding	NOUN
cblr-11900	570	10	of	of	ADP
cblr-11900	570	11	direct	direct	ADJ
cblr-11900	570	12	and	and	CCONJ
cblr-11900	570	13	guaranteed	guarantee	VERB
cblr-11900	570	14	interest	interest	NOUN
cblr-11900	570	15	-	-	PUNCT
cblr-11900	570	16	bearing	bear	VERB
cblr-11900	570	17	obligations	obligation	NOUN
cblr-11900	570	18	of	of	ADP
cblr-11900	570	19	the	the	DET
cblr-11900	570	20	united	united	PROPN
cblr-11900	570	21	states	states	PROPN
cblr-11900	570	22	government	government	NOUN
cblr-11900	570	23	,	,	PUNCT
cblr-11900	570	24	in	in	ADP
cblr-11900	570	25	bulletin	bulletin	NOUN
cblr-11900	570	26	of	of	ADP
cblr-11900	570	27	the	the	DET
cblr-11900	570	28	treasury	treasury	PROPN
cblr-11900	570	29	department	department	PROPN
cblr-11900	570	30	january	january	PROPN
cblr-11900	570	31	1940	1940	NUM
cblr-11900	570	32	,	,	PUNCT
cblr-11900	570	33	at	at	ADP
cblr-11900	570	34	20	20	NUM
cblr-11900	570	35	;	;	PUNCT
cblr-11900	570	36	u.s	u.s	PROPN
cblr-11900	570	37	.	.	PROPN
cblr-11900	570	38	dep’t	dep’t	NOUN
cblr-11900	570	39	of	of	ADP
cblr-11900	570	40	the	the	DET
cblr-11900	570	41	treasury	treasury	NOUN
cblr-11900	570	42	,	,	PUNCT
cblr-11900	570	43	public	public	ADJ
cblr-11900	570	44	marketable	marketable	ADJ
cblr-11900	570	45	public	public	ADJ
cblr-11900	570	46	debt	debt	NOUN
cblr-11900	570	47	securities	security	NOUN
cblr-11900	570	48	,	,	PUNCT
cblr-11900	570	49	part	part	NOUN
cblr-11900	570	50	a	a	X
cblr-11900	570	51	:	:	PUNCT
cblr-11900	570	52	analysis	analysis	NOUN
cblr-11900	570	53	of	of	ADP
cblr-11900	570	54	no	no	NOUN
cblr-11900	570	55	.	.	NOUN
cblr-11900	570	56	1	1	NUM
cblr-11900	570	57	]	]	ADJ
cblr-11900	570	58	money	money	NOUN
cblr-11900	570	59	and	and	CCONJ
cblr-11900	570	60	the	the	DET
cblr-11900	570	61	public	public	ADJ
cblr-11900	570	62	debt	debt	NOUN
cblr-11900	570	63	255	255	NUM
cblr-11900	570	64	front	front	ADJ
cblr-11900	570	65	end	end	NOUN
cblr-11900	570	66	,	,	PUNCT
cblr-11900	570	67	but	but	CCONJ
cblr-11900	570	68	also	also	ADV
cblr-11900	570	69	greatly	greatly	ADV
cblr-11900	570	70	increased	increase	VERB
cblr-11900	570	71	their	their	PRON
cblr-11900	570	72	holdings	holding	NOUN
cblr-11900	570	73	of	of	ADP
cblr-11900	570	74	longer	long	ADJ
cblr-11900	570	75	maturities	maturity	NOUN
cblr-11900	570	76	—	—	PUNCT
cblr-11900	570	77	more	more	ADJ
cblr-11900	570	78	than	than	ADP
cblr-11900	570	79	half	half	NOUN
cblr-11900	570	80	of	of	ADP
cblr-11900	570	81	net	net	ADJ
cblr-11900	570	82	commercial	commercial	ADJ
cblr-11900	570	83	bank	bank	NOUN
cblr-11900	570	84	purchases	purchase	NOUN
cblr-11900	570	85	had	have	VERB
cblr-11900	570	86	a	a	DET
cblr-11900	570	87	maturity	maturity	NOUN
cblr-11900	570	88	of	of	ADP
cblr-11900	570	89	greater	great	ADJ
cblr-11900	570	90	than	than	ADP
cblr-11900	570	91	one	one	NUM
cblr-11900	570	92	year	year	NOUN
cblr-11900	570	93	,	,	PUNCT
cblr-11900	570	94	and	and	CCONJ
cblr-11900	570	95	29	29	NUM
cblr-11900	570	96	%	%	NOUN
cblr-11900	570	97	had	have	VERB
cblr-11900	570	98	a	a	DET
cblr-11900	570	99	maturity	maturity	NOUN
cblr-11900	570	100	of	of	ADP
cblr-11900	570	101	greater	great	ADJ
cblr-11900	570	102	than	than	ADP
cblr-11900	570	103	five	five	NUM
cblr-11900	570	104	years	year	NOUN
cblr-11900	570	105	as	as	ADP
cblr-11900	570	106	of	of	ADP
cblr-11900	570	107	1945.117	1945.117	NUM
cblr-11900	570	108	the	the	DET
cblr-11900	570	109	growth	growth	NOUN
cblr-11900	570	110	of	of	ADP
cblr-11900	570	111	bank	bank	NOUN
cblr-11900	570	112	securities	security	NOUN
cblr-11900	570	113	portfolios	portfolio	NOUN
cblr-11900	570	114	was	be	AUX
cblr-11900	570	115	financed	finance	VERB
cblr-11900	570	116	almost	almost	ADV
cblr-11900	570	117	entirely	entirely	ADV
cblr-11900	570	118	by	by	ADP
cblr-11900	570	119	expanding	expand	VERB
cblr-11900	570	120	the	the	DET
cblr-11900	570	121	broad	broad	ADJ
cblr-11900	570	122	money	money	NOUN
cblr-11900	570	123	supply	supply	NOUN
cblr-11900	570	124	by	by	ADP
cblr-11900	570	125	issuing	issue	VERB
cblr-11900	570	126	new	new	ADJ
cblr-11900	570	127	deposits	deposit	NOUN
cblr-11900	570	128	,	,	PUNCT
cblr-11900	570	129	which	which	PRON
cblr-11900	570	130	increased	increase	VERB
cblr-11900	570	131	by	by	ADP
cblr-11900	570	132	roughly	roughly	ADV
cblr-11900	570	133	$	$	SYM
cblr-11900	570	134	78	78	NUM
cblr-11900	570	135	billion	billion	NUM
cblr-11900	570	136	between	between	ADP
cblr-11900	570	137	1941	1941	NUM
cblr-11900	570	138	and	and	CCONJ
cblr-11900	570	139	1945	1945	NUM
cblr-11900	570	140	;	;	PUNCT
cblr-11900	570	141	loan	loan	NOUN
cblr-11900	570	142	balances	balance	NOUN
cblr-11900	570	143	were	be	AUX
cblr-11900	570	144	largely	largely	ADV
cblr-11900	570	145	unchanged	unchanged	ADJ
cblr-11900	570	146	over	over	ADP
cblr-11900	570	147	the	the	DET
cblr-11900	570	148	same	same	ADJ
cblr-11900	570	149	period.118	period.118	NOUN
cblr-11900	570	150	the	the	DET
cblr-11900	570	151	result	result	NOUN
cblr-11900	570	152	was	be	AUX
cblr-11900	570	153	a	a	DET
cblr-11900	570	154	significant	significant	ADJ
cblr-11900	570	155	increase	increase	NOUN
cblr-11900	570	156	in	in	ADP
cblr-11900	570	157	system	system	NOUN
cblr-11900	570	158	-	-	PUNCT
cblr-11900	570	159	wide	wide	ADJ
cblr-11900	570	160	bank	bank	NOUN
cblr-11900	570	161	leverage	leverage	NOUN
cblr-11900	570	162	,	,	PUNCT
cblr-11900	570	163	with	with	ADP
cblr-11900	570	164	size	size	NOUN
cblr-11900	570	165	-	-	PUNCT
cblr-11900	570	166	based	base	VERB
cblr-11900	570	167	capital	capital	NOUN
cblr-11900	570	168	ratios	ratio	NOUN
cblr-11900	570	169	declining	decline	VERB
cblr-11900	570	170	from	from	ADP
cblr-11900	570	171	9.4	9.4	NUM
cblr-11900	570	172	%	%	NOUN
cblr-11900	570	173	to	to	ADP
cblr-11900	570	174	5.5	5.5	NUM
cblr-11900	570	175	%	%	NOUN
cblr-11900	570	176	over	over	ADP
cblr-11900	570	177	just	just	ADV
cblr-11900	570	178	five	five	NUM
cblr-11900	570	179	years	year	NOUN
cblr-11900	570	180	.	.	PUNCT
cblr-11900	571	1	ultimately	ultimately	ADV
cblr-11900	571	2	,	,	PUNCT
cblr-11900	571	3	these	these	DET
cblr-11900	571	4	methods	method	NOUN
cblr-11900	571	5	enabled	enable	VERB
cblr-11900	571	6	the	the	DET
cblr-11900	571	7	massive	massive	ADJ
cblr-11900	571	8	expansion	expansion	NOUN
cblr-11900	571	9	in	in	ADP
cblr-11900	571	10	federal	federal	ADJ
cblr-11900	571	11	spending	spending	NOUN
cblr-11900	571	12	and	and	CCONJ
cblr-11900	571	13	public	public	ADJ
cblr-11900	571	14	debt	debt	NOUN
cblr-11900	571	15	needed	need	VERB
cblr-11900	571	16	to	to	PART
cblr-11900	571	17	prosecute	prosecute	VERB
cblr-11900	571	18	the	the	DET
cblr-11900	571	19	war	war	NOUN
cblr-11900	571	20	.	.	PUNCT
cblr-11900	572	1	in	in	ADP
cblr-11900	572	2	total	total	NOUN
cblr-11900	572	3	,	,	PUNCT
cblr-11900	572	4	the	the	DET
cblr-11900	572	5	stock	stock	NOUN
cblr-11900	572	6	of	of	ADP
cblr-11900	572	7	these	these	DET
cblr-11900	572	8	direct	direct	ADJ
cblr-11900	572	9	obligations	obligation	NOUN
cblr-11900	572	10	of	of	ADP
cblr-11900	572	11	the	the	DET
cblr-11900	572	12	government	government	NOUN
cblr-11900	572	13	more	more	ADV
cblr-11900	572	14	than	than	ADP
cblr-11900	572	15	doubled	double	VERB
cblr-11900	572	16	relative	relative	ADJ
cblr-11900	572	17	to	to	ADP
cblr-11900	572	18	economic	economic	ADJ
cblr-11900	572	19	activity	activity	NOUN
cblr-11900	572	20	—	—	PUNCT
cblr-11900	572	21	from	from	ADP
cblr-11900	572	22	43	43	NUM
cblr-11900	572	23	%	%	NOUN
cblr-11900	572	24	of	of	ADP
cblr-11900	572	25	gdp	gdp	NOUN
cblr-11900	572	26	in	in	ADP
cblr-11900	572	27	1939	1939	NUM
cblr-11900	572	28	to	to	ADP
cblr-11900	572	29	more	more	ADJ
cblr-11900	572	30	than	than	ADP
cblr-11900	572	31	110	110	NUM
cblr-11900	572	32	%	%	NOUN
cblr-11900	572	33	in	in	ADP
cblr-11900	572	34	1945.119	1945.119	NUM
cblr-11900	572	35	to	to	PART
cblr-11900	572	36	put	put	VERB
cblr-11900	572	37	this	this	PRON
cblr-11900	572	38	in	in	ADP
cblr-11900	572	39	a	a	DET
cblr-11900	572	40	more	more	ADV
cblr-11900	572	41	recognizable	recognizable	ADJ
cblr-11900	572	42	,	,	PUNCT
cblr-11900	572	43	modern	modern	ADJ
cblr-11900	572	44	context	context	NOUN
cblr-11900	572	45	,	,	PUNCT
cblr-11900	572	46	if	if	SCONJ
cblr-11900	572	47	we	we	PRON
cblr-11900	572	48	size	size	VERB
cblr-11900	572	49	a	a	DET
cblr-11900	572	50	similar	similar	ADJ
cblr-11900	572	51	program	program	NOUN
cblr-11900	572	52	to	to	ADP
cblr-11900	572	53	2019	2019	NUM
cblr-11900	572	54	gdp	gdp	NOUN
cblr-11900	572	55	it	it	PRON
cblr-11900	572	56	was	be	AUX
cblr-11900	572	57	as	as	SCONJ
cblr-11900	572	58	if	if	SCONJ
cblr-11900	572	59	the	the	DET
cblr-11900	572	60	treasury	treasury	NOUN
cblr-11900	572	61	was	be	AUX
cblr-11900	572	62	able	able	ADJ
cblr-11900	572	63	to	to	PART
cblr-11900	572	64	issue	issue	VERB
cblr-11900	572	65	more	more	ADJ
cblr-11900	572	66	$	$	SYM
cblr-11900	572	67	40	40	NUM
cblr-11900	572	68	trillion	trillion	NUM
cblr-11900	572	69	of	of	ADP
cblr-11900	572	70	new	new	ADJ
cblr-11900	572	71	treasuries	treasury	NOUN
cblr-11900	572	72	over	over	ADP
cblr-11900	572	73	just	just	ADV
cblr-11900	572	74	a	a	DET
cblr-11900	572	75	few	few	ADJ
cblr-11900	572	76	years.120	years.120	NOUN
cblr-11900	572	77	ownership	ownership	NOUN
cblr-11900	572	78	by	by	ADP
cblr-11900	572	79	type	type	NOUN
cblr-11900	572	80	of	of	ADP
cblr-11900	572	81	security	security	NOUN
cblr-11900	572	82	,	,	PUNCT
cblr-11900	572	83	by	by	ADP
cblr-11900	572	84	call	call	NOUN
cblr-11900	572	85	classes	class	NOUN
cblr-11900	572	86	,	,	PUNCT
cblr-11900	572	87	and	and	CCONJ
cblr-11900	572	88	by	by	ADP
cblr-11900	572	89	tax	tax	NOUN
cblr-11900	572	90	status	status	NOUN
cblr-11900	572	91	,	,	PUNCT
cblr-11900	572	92	treasury	treasury	PROPN
cblr-11900	572	93	bulletin	bulletin	NOUN
cblr-11900	572	94	january	january	PROPN
cblr-11900	572	95	1946	1946	NUM
cblr-11900	572	96	,	,	PUNCT
cblr-11900	572	97	at	at	ADP
cblr-11900	572	98	49	49	NUM
cblr-11900	572	99	.	.	PUNCT
cblr-11900	573	1	117	117	NUM
cblr-11900	573	2	u.s	u.s	PROPN
cblr-11900	573	3	.	.	PROPN
cblr-11900	573	4	dep’t	dep’t	NOUN
cblr-11900	573	5	of	of	ADP
cblr-11900	573	6	the	the	DET
cblr-11900	573	7	treasury	treasury	NOUN
cblr-11900	573	8	,	,	PUNCT
cblr-11900	573	9	maturity	maturity	NOUN
cblr-11900	573	10	schedule	schedule	NOUN
cblr-11900	573	11	of	of	ADP
cblr-11900	573	12	interest	interest	NOUN
cblr-11900	573	13	-	-	PUNCT
cblr-11900	573	14	bearing	bear	VERB
cblr-11900	573	15	marketable	marketable	ADJ
cblr-11900	573	16	securities	security	NOUN
cblr-11900	573	17	,	,	PUNCT
cblr-11900	573	18	in	in	ADP
cblr-11900	573	19	bulletin	bulletin	NOUN
cblr-11900	573	20	of	of	ADP
cblr-11900	573	21	the	the	DET
cblr-11900	573	22	treasury	treasury	PROPN
cblr-11900	573	23	department	department	PROPN
cblr-11900	573	24	december	december	PROPN
cblr-11900	573	25	1945	1945	NUM
cblr-11900	573	26	,	,	PUNCT
cblr-11900	573	27	at	at	ADP
cblr-11900	573	28	29	29	NUM
cblr-11900	573	29	-	-	SYM
cblr-11900	573	30	31	31	NUM
cblr-11900	573	31	.	.	PUNCT
cblr-11900	574	1	118	118	NUM
cblr-11900	574	2	fed	fed	PROPN
cblr-11900	574	3	.	.	PUNCT
cblr-11900	575	1	rsrv	rsrv	PROPN
cblr-11900	575	2	.	.	PUNCT
cblr-11900	576	1	bank	bank	PROPN
cblr-11900	576	2	of	of	ADP
cblr-11900	576	3	st	st	PROPN
cblr-11900	576	4	.	.	PROPN
cblr-11900	576	5	louis	louis	PROPN
cblr-11900	576	6	,	,	PUNCT
cblr-11900	576	7	banking	banking	NOUN
cblr-11900	576	8	and	and	CCONJ
cblr-11900	576	9	monetary	monetary	ADJ
cblr-11900	576	10	statistics	statistic	NOUN
cblr-11900	576	11	1941–1970	1941–1970	NUM
cblr-11900	576	12	,	,	PUNCT
cblr-11900	576	13	fraser	fraser	PROPN
cblr-11900	576	14	(	(	PUNCT
cblr-11900	576	15	sep	sep	PROPN
cblr-11900	576	16	.	.	PROPN
cblr-11900	576	17	1976	1976	NUM
cblr-11900	576	18	)	)	PUNCT
cblr-11900	576	19	,	,	PUNCT
cblr-11900	576	20	https://fraser.stlouisfed.org/title/bankingmonetary-statistics-1941-1970-41	https://fraser.stlouisfed.org/title/bankingmonetary-statistics-1941-1970-41	X
cblr-11900	577	1	[	[	X
cblr-11900	577	2	https://perma.cc/k5db-2tae	https://perma.cc/k5db-2tae	PROPN
cblr-11900	577	3	]	]	X
cblr-11900	577	4	.	.	PUNCT
cblr-11900	578	1	119	119	NUM
cblr-11900	578	2	cong	cong	NOUN
cblr-11900	578	3	.	.	PUNCT
cblr-11900	579	1	budget	budget	NOUN
cblr-11900	579	2	off	off	ADP
cblr-11900	579	3	.	.	PUNCT
cblr-11900	580	1	,	,	PUNCT
cblr-11900	580	2	supra	supra	PROPN
cblr-11900	580	3	note	note	VERB
cblr-11900	580	4	16	16	NUM
cblr-11900	580	5	.	.	NOUN
cblr-11900	581	1	120	120	NUM
cblr-11900	581	2	we	we	PRON
cblr-11900	581	3	compare	compare	VERB
cblr-11900	581	4	the	the	DET
cblr-11900	581	5	total	total	ADJ
cblr-11900	581	6	increase	increase	NOUN
cblr-11900	581	7	in	in	ADP
cblr-11900	581	8	debt	debt	NOUN
cblr-11900	581	9	held	hold	VERB
cblr-11900	581	10	by	by	ADP
cblr-11900	581	11	the	the	DET
cblr-11900	581	12	public	public	NOUN
cblr-11900	581	13	inferred	infer	VERB
cblr-11900	581	14	from	from	ADP
cblr-11900	581	15	cong	cong	NOUN
cblr-11900	581	16	.	.	PUNCT
cblr-11900	582	1	budget	budget	NOUN
cblr-11900	582	2	off	off	ADP
cblr-11900	582	3	.	.	PUNCT
cblr-11900	583	1	,	,	PUNCT
cblr-11900	583	2	supra	supra	PROPN
cblr-11900	583	3	note	note	PROPN
cblr-11900	583	4	16	16	NUM
cblr-11900	583	5	,	,	PUNCT
cblr-11900	583	6	as	as	ADP
cblr-11900	583	7	a	a	DET
cblr-11900	583	8	fraction	fraction	NOUN
cblr-11900	583	9	of	of	ADP
cblr-11900	583	10	1939	1939	NUM
cblr-11900	583	11	gdp	gdp	NOUN
cblr-11900	583	12	and	and	CCONJ
cblr-11900	583	13	scale	scale	VERB
cblr-11900	583	14	it	it	PRON
cblr-11900	583	15	to	to	ADP
cblr-11900	583	16	the	the	DET
cblr-11900	583	17	growth	growth	NOUN
cblr-11900	583	18	of	of	ADP
cblr-11900	583	19	the	the	DET
cblr-11900	583	20	u.s	u.s	PROPN
cblr-11900	583	21	.	.	PROPN
cblr-11900	583	22	economy	economy	NOUN
cblr-11900	583	23	through	through	ADP
cblr-11900	583	24	2019	2019	NUM
cblr-11900	583	25	.	.	PUNCT
cblr-11900	584	1	fed	fed	PROPN
cblr-11900	584	2	.	.	PROPN
cblr-11900	585	1	rsvr	rsvr	PROPN
cblr-11900	585	2	bank	bank	PROPN
cblr-11900	585	3	of	of	ADP
cblr-11900	585	4	st	st	PROPN
cblr-11900	585	5	.	.	PROPN
cblr-11900	585	6	louis	louis	PROPN
cblr-11900	585	7	,	,	PUNCT
cblr-11900	585	8	gross	gross	ADJ
cblr-11900	585	9	domestic	domestic	ADJ
cblr-11900	585	10	product	product	NOUN
cblr-11900	585	11	,	,	PUNCT
cblr-11900	585	12	fed	fed	PROPN
cblr-11900	585	13	.	.	PUNCT
cblr-11900	585	14	rsrv	rsrv	PROPN
cblr-11900	585	15	.	.	PUNCT
cblr-11900	586	1	econ	econ	PROPN
cblr-11900	586	2	.	.	PUNCT
cblr-11900	586	3	data	data	PROPN
cblr-11900	586	4	,	,	PUNCT
cblr-11900	586	5	https://fred.stlouisfed.org/series/gdp	https://fred.stlouisfed.org/series/gdp	NOUN
cblr-11900	586	6	[	[	X
cblr-11900	586	7	https://perma.cc/wng2-lbss	https://perma.cc/wng2-lbss	X
cblr-11900	586	8	]	]	PUNCT
cblr-11900	586	9	(	(	PUNCT
cblr-11900	586	10	last	last	ADJ
cblr-11900	586	11	visited	visit	VERB
cblr-11900	586	12	may	may	AUX
cblr-11900	586	13	20	20	NUM
cblr-11900	586	14	,	,	PUNCT
cblr-11900	586	15	2023	2023	NUM
cblr-11900	586	16	)	)	PUNCT
cblr-11900	586	17	.	.	PUNCT
cblr-11900	587	1	256	256	NUM
cblr-11900	587	2	columbia	columbia	PROPN
cblr-11900	587	3	business	business	NOUN
cblr-11900	587	4	law	law	PROPN
cblr-11900	587	5	review	review	NOUN
cblr-11900	587	6	[	[	X
cblr-11900	587	7	vol	vol	NOUN
cblr-11900	587	8	.	.	PUNCT
cblr-11900	587	9	2023	2023	NUM
cblr-11900	587	10	table	table	NOUN
cblr-11900	587	11	3	3	NUM
cblr-11900	587	12	:	:	PUNCT
cblr-11900	587	13	percentage	percentage	NOUN
cblr-11900	587	14	of	of	ADP
cblr-11900	587	15	public	public	ADJ
cblr-11900	587	16	debt	debt	NOUN
cblr-11900	587	17	owned	own	VERB
cblr-11900	587	18	by	by	ADP
cblr-11900	587	19	banks	bank	NOUN
cblr-11900	587	20	and	and	CCONJ
cblr-11900	587	21	the	the	DET
cblr-11900	587	22	fed121	fed121	PROPN
cblr-11900	587	23	iii	iii	NOUN
cblr-11900	587	24	.	.	PUNCT
cblr-11900	588	1	the	the	DET
cblr-11900	588	2	turn	turn	NOUN
cblr-11900	588	3	to	to	ADP
cblr-11900	588	4	secondary	secondary	ADJ
cblr-11900	588	5	markets	market	NOUN
cblr-11900	588	6	:	:	PUNCT
cblr-11900	588	7	the	the	DET
cblr-11900	588	8	rise	rise	NOUN
cblr-11900	588	9	of	of	ADP
cblr-11900	588	10	the	the	DET
cblr-11900	588	11	primary	primary	ADJ
cblr-11900	588	12	dealer	dealer	NOUN
cblr-11900	588	13	system	system	NOUN
cblr-11900	588	14	despite	despite	SCONJ
cblr-11900	588	15	the	the	DET
cblr-11900	588	16	success	success	NOUN
cblr-11900	588	17	of	of	ADP
cblr-11900	588	18	the	the	DET
cblr-11900	588	19	government	government	NOUN
cblr-11900	588	20	’s	’s	PART
cblr-11900	588	21	fiscal	fiscal	ADJ
cblr-11900	588	22	-	-	PUNCT
cblr-11900	588	23	monetary	monetary	ADJ
cblr-11900	588	24	regime	regime	NOUN
cblr-11900	588	25	at	at	ADP
cblr-11900	588	26	financing	finance	VERB
cblr-11900	588	27	the	the	DET
cblr-11900	588	28	government	government	NOUN
cblr-11900	588	29	during	during	ADP
cblr-11900	588	30	world	world	PROPN
cblr-11900	588	31	war	war	PROPN
cblr-11900	588	32	ii	ii	PROPN
cblr-11900	588	33	,	,	PUNCT
cblr-11900	588	34	officials	official	NOUN
cblr-11900	588	35	at	at	ADP
cblr-11900	588	36	the	the	DET
cblr-11900	588	37	fed	fed	PROPN
cblr-11900	588	38	were	be	AUX
cblr-11900	588	39	eager	eager	ADJ
cblr-11900	588	40	to	to	PART
cblr-11900	588	41	adjust	adjust	VERB
cblr-11900	588	42	their	their	PRON
cblr-11900	588	43	role	role	NOUN
cblr-11900	588	44	in	in	ADP
cblr-11900	588	45	the	the	DET
cblr-11900	588	46	process	process	NOUN
cblr-11900	588	47	.	.	PUNCT
cblr-11900	589	1	this	this	DET
cblr-11900	589	2	part	part	NOUN
cblr-11900	589	3	recovers	recover	VERB
cblr-11900	589	4	the	the	DET
cblr-11900	589	5	origins	origin	NOUN
cblr-11900	589	6	of	of	ADP
cblr-11900	589	7	modern	modern	ADJ
cblr-11900	589	8	treasury	treasury	NOUN
cblr-11900	589	9	market	market	NOUN
cblr-11900	589	10	structure	structure	NOUN
cblr-11900	589	11	and	and	CCONJ
cblr-11900	589	12	offers	offer	VERB
cblr-11900	589	13	a	a	DET
cblr-11900	589	14	detailed	detailed	ADJ
cblr-11900	589	15	account	account	NOUN
cblr-11900	589	16	of	of	ADP
cblr-11900	589	17	the	the	DET
cblr-11900	589	18	pivotal	pivotal	ADJ
cblr-11900	589	19	years	year	NOUN
cblr-11900	589	20	in	in	ADP
cblr-11900	589	21	the	the	DET
cblr-11900	589	22	early	early	ADJ
cblr-11900	589	23	1950s	1950s	NUM
cblr-11900	589	24	.	.	PUNCT
cblr-11900	590	1	it	it	PRON
cblr-11900	590	2	explains	explain	VERB
cblr-11900	590	3	,	,	PUNCT
cblr-11900	590	4	first	first	ADV
cblr-11900	590	5	,	,	PUNCT
cblr-11900	590	6	the	the	DET
cblr-11900	590	7	deal	deal	NOUN
cblr-11900	590	8	fed	fed	PROPN
cblr-11900	590	9	officials	official	NOUN
cblr-11900	590	10	struck	strike	VERB
cblr-11900	590	11	to	to	PART
cblr-11900	590	12	escape	escape	VERB
cblr-11900	590	13	monetizing	monetizing	NOUN
cblr-11900	590	14	treasuries	treasury	NOUN
cblr-11900	590	15	directly	directly	ADV
cblr-11900	590	16	:	:	PUNCT
cblr-11900	590	17	the	the	DET
cblr-11900	590	18	central	central	ADJ
cblr-11900	590	19	bank	bank	NOUN
cblr-11900	590	20	would	would	AUX
cblr-11900	590	21	ensure	ensure	VERB
cblr-11900	590	22	orderly	orderly	ADJ
cblr-11900	590	23	markets	market	NOUN
cblr-11900	590	24	instead	instead	ADV
cblr-11900	590	25	.	.	PUNCT
cblr-11900	591	1	next	next	ADV
cblr-11900	591	2	,	,	PUNCT
cblr-11900	591	3	it	it	PRON
cblr-11900	591	4	shows	show	VERB
cblr-11900	591	5	how	how	SCONJ
cblr-11900	591	6	that	that	DET
cblr-11900	591	7	deal	deal	NOUN
cblr-11900	591	8	was	be	AUX
cblr-11900	591	9	put	put	VERB
cblr-11900	591	10	to	to	ADP
cblr-11900	591	11	the	the	DET
cblr-11900	591	12	test	test	NOUN
cblr-11900	591	13	in	in	ADP
cblr-11900	591	14	1953	1953	NUM
cblr-11900	591	15	,	,	PUNCT
cblr-11900	591	16	prompting	prompt	VERB
cblr-11900	591	17	the	the	DET
cblr-11900	591	18	fed	fed	PROPN
cblr-11900	591	19	to	to	PART
cblr-11900	591	20	commit	commit	VERB
cblr-11900	591	21	its	its	PRON
cblr-11900	591	22	own	own	ADJ
cblr-11900	591	23	balance	balance	NOUN
cblr-11900	591	24	sheet	sheet	NOUN
cblr-11900	591	25	for	for	ADP
cblr-11900	591	26	the	the	DET
cblr-11900	591	27	purposes	purpose	NOUN
cblr-11900	591	28	of	of	ADP
cblr-11900	591	29	government	government	NOUN
cblr-11900	591	30	finance	finance	NOUN
cblr-11900	591	31	once	once	ADV
cblr-11900	591	32	again	again	ADV
cblr-11900	591	33	.	.	PUNCT
cblr-11900	592	1	third	third	ADV
cblr-11900	592	2	,	,	PUNCT
cblr-11900	592	3	it	it	PRON
cblr-11900	592	4	argues	argue	VERB
cblr-11900	592	5	that	that	SCONJ
cblr-11900	592	6	the	the	DET
cblr-11900	592	7	return	return	NOUN
cblr-11900	592	8	of	of	ADP
cblr-11900	592	9	disorderly	disorderly	ADJ
cblr-11900	592	10	conditions	condition	NOUN
cblr-11900	592	11	in	in	ADP
cblr-11900	592	12	the	the	DET
cblr-11900	592	13	absence	absence	NOUN
cblr-11900	592	14	of	of	ADP
cblr-11900	592	15	central	central	ADJ
cblr-11900	592	16	bank	bank	PROPN
cblr-11900	592	17	121	121	NUM
cblr-11900	592	18	fed	fed	PROPN
cblr-11900	592	19	.	.	PUNCT
cblr-11900	593	1	rsrv	rsrv	PROPN
cblr-11900	593	2	.	.	PUNCT
cblr-11900	594	1	bank	bank	PROPN
cblr-11900	594	2	of	of	ADP
cblr-11900	594	3	st	st	PROPN
cblr-11900	594	4	.	.	PROPN
cblr-11900	594	5	louis	louis	PROPN
cblr-11900	594	6	,	,	PUNCT
cblr-11900	594	7	market	market	NOUN
cblr-11900	594	8	value	value	NOUN
cblr-11900	594	9	of	of	ADP
cblr-11900	594	10	marketable	marketable	ADJ
cblr-11900	594	11	treasury	treasury	NOUN
cblr-11900	594	12	debt,,fed	debt,,fe	VERB
cblr-11900	594	13	.	.	PUNCT
cblr-11900	595	1	reserve	reserve	PROPN
cblr-11900	595	2	econ	econ	PROPN
cblr-11900	595	3	.	.	PUNCT
cblr-11900	596	1	data	datum	NOUN
cblr-11900	596	2	,	,	PUNCT
cblr-11900	596	3	https://fred.stlouisfed.org/series/mvmtd027mnfrbdal	https://fred.stlouisfed.org/series/mvmtd027mnfrbdal	ADJ
cblr-11900	596	4	[	[	X
cblr-11900	596	5	https://perma.cc/mt9b-kjvg	https://perma.cc/mt9b-kjvg	X
cblr-11900	596	6	;	;	PUNCT
cblr-11900	596	7	fed	fed	PROPN
cblr-11900	596	8	.	.	PUNCT
cblr-11900	596	9	rsrv	rsrv	PROPN
cblr-11900	596	10	.	.	PUNCT
cblr-11900	597	1	bank	bank	PROPN
cblr-11900	597	2	of	of	ADP
cblr-11900	597	3	st	st	PROPN
cblr-11900	597	4	.	.	PROPN
cblr-11900	597	5	louis	louis	PROPN
cblr-11900	597	6	,	,	PUNCT
cblr-11900	597	7	ressources	ressource	NOUN
cblr-11900	597	8	and	and	CCONJ
cblr-11900	597	9	assets	asset	NOUN
cblr-11900	597	10	:	:	PUNCT
cblr-11900	598	1	u.s	u.s	PROPN
cblr-11900	598	2	.	.	PROPN
cblr-11900	598	3	government	government	NOUN
cblr-11900	598	4	securities	security	NOUN
cblr-11900	598	5	:	:	PUNCT
cblr-11900	598	6	bought	buy	VERB
cblr-11900	598	7	or	or	CCONJ
cblr-11900	598	8	held	hold	VERB
cblr-11900	598	9	outright	outright	ADV
cblr-11900	598	10	:	:	PUNCT
cblr-11900	598	11	total	total	NOUN
cblr-11900	598	12	bought	buy	VERB
cblr-11900	598	13	outright	outright	ADV
cblr-11900	598	14	,	,	PUNCT
cblr-11900	598	15	fed	fed	PROPN
cblr-11900	598	16	.	.	PUNCT
cblr-11900	598	17	rsrv	rsrv	PROPN
cblr-11900	598	18	.	.	PUNCT
cblr-11900	599	1	econ	econ	PROPN
cblr-11900	599	2	.	.	PUNCT
cblr-11900	599	3	data	data	PROPN
cblr-11900	599	4	,	,	PUNCT
cblr-11900	599	5	https://fred.stlouisfed.org/series/ragsotbo	https://fred.stlouisfed.org/series/ragsotbo	X
cblr-11900	600	1	[	[	X
cblr-11900	600	2	https://perma.cc/y5hjwsug	https://perma.cc/y5hjwsug	NOUN
cblr-11900	600	3	]	]	X
cblr-11900	600	4	.	.	PUNCT
cblr-11900	601	1	no	no	INTJ
cblr-11900	601	2	.	.	NOUN
cblr-11900	601	3	1	1	NUM
cblr-11900	601	4	]	]	ADJ
cblr-11900	601	5	money	money	NOUN
cblr-11900	601	6	and	and	CCONJ
cblr-11900	601	7	the	the	DET
cblr-11900	601	8	public	public	ADJ
cblr-11900	601	9	debt	debt	NOUN
cblr-11900	601	10	257	257	NUM
cblr-11900	601	11	purchases	purchase	NOUN
cblr-11900	601	12	led	lead	VERB
cblr-11900	601	13	the	the	DET
cblr-11900	601	14	fed	fed	PROPN
cblr-11900	601	15	to	to	PART
cblr-11900	601	16	construct	construct	VERB
cblr-11900	601	17	a	a	DET
cblr-11900	601	18	new	new	ADJ
cblr-11900	601	19	market	market	NOUN
cblr-11900	601	20	structure	structure	NOUN
cblr-11900	601	21	centered	center	VERB
cblr-11900	601	22	on	on	ADP
cblr-11900	601	23	a	a	DET
cblr-11900	601	24	new	new	ADJ
cblr-11900	601	25	monetary	monetary	ADJ
cblr-11900	601	26	instrument	instrument	NOUN
cblr-11900	601	27	:	:	PUNCT
cblr-11900	601	28	the	the	DET
cblr-11900	601	29	repurchase	repurchase	NOUN
cblr-11900	601	30	agreement	agreement	NOUN
cblr-11900	601	31	or	or	CCONJ
cblr-11900	601	32	repo	repo	NOUN
cblr-11900	601	33	.	.	PUNCT
cblr-11900	602	1	the	the	DET
cblr-11900	602	2	fed	fed	PROPN
cblr-11900	602	3	used	use	VERB
cblr-11900	602	4	repos	repos	NOUN
cblr-11900	602	5	to	to	PART
cblr-11900	602	6	support	support	VERB
cblr-11900	602	7	a	a	DET
cblr-11900	602	8	group	group	NOUN
cblr-11900	602	9	of	of	ADP
cblr-11900	602	10	nonbank	nonbank	PROPN
cblr-11900	602	11	dealers	dealer	NOUN
cblr-11900	602	12	,	,	PUNCT
cblr-11900	602	13	the	the	DET
cblr-11900	602	14	“	"	PUNCT
cblr-11900	602	15	primary	primary	ADJ
cblr-11900	602	16	dealers	dealer	NOUN
cblr-11900	602	17	,	,	PUNCT
cblr-11900	602	18	”	"	PUNCT
cblr-11900	602	19	and	and	CCONJ
cblr-11900	602	20	to	to	PART
cblr-11900	602	21	facilitate	facilitate	VERB
cblr-11900	602	22	their	their	PRON
cblr-11900	602	23	ability	ability	NOUN
cblr-11900	602	24	to	to	PART
cblr-11900	602	25	money	money	NOUN
cblr-11900	602	26	-	-	PUNCT
cblr-11900	602	27	finance	finance	VERB
cblr-11900	602	28	their	their	PRON
cblr-11900	602	29	inventories	inventory	NOUN
cblr-11900	602	30	on	on	ADP
cblr-11900	602	31	an	an	DET
cblr-11900	602	32	ongoing	ongoing	ADJ
cblr-11900	602	33	basis	basis	NOUN
cblr-11900	602	34	by	by	ADP
cblr-11900	602	35	entering	enter	VERB
cblr-11900	602	36	into	into	ADP
cblr-11900	602	37	similar	similar	ADJ
cblr-11900	602	38	repurchase	repurchase	NOUN
cblr-11900	602	39	agreements	agreement	NOUN
cblr-11900	602	40	with	with	ADP
cblr-11900	602	41	private	private	ADJ
cblr-11900	602	42	sector	sector	NOUN
cblr-11900	602	43	firms	firm	NOUN
cblr-11900	602	44	.	.	PUNCT
cblr-11900	603	1	fourth	fourth	ADJ
cblr-11900	603	2	,	,	PUNCT
cblr-11900	603	3	it	it	PRON
cblr-11900	603	4	explains	explain	VERB
cblr-11900	603	5	how	how	SCONJ
cblr-11900	603	6	policy	policy	NOUN
cblr-11900	603	7	makers	maker	NOUN
cblr-11900	603	8	strengthened	strengthen	VERB
cblr-11900	603	9	the	the	DET
cblr-11900	603	10	new	new	ADJ
cblr-11900	603	11	dealer	dealer	NOUN
cblr-11900	603	12	funding	funding	NOUN
cblr-11900	603	13	mechanism	mechanism	NOUN
cblr-11900	603	14	by	by	ADP
cblr-11900	603	15	legislating	legislate	VERB
cblr-11900	603	16	explicit	explicit	ADJ
cblr-11900	603	17	bankruptcy	bankruptcy	NOUN
cblr-11900	603	18	remoteness	remoteness	NOUN
cblr-11900	603	19	for	for	ADP
cblr-11900	603	20	repurchase	repurchase	NOUN
cblr-11900	603	21	agreements	agreement	NOUN
cblr-11900	603	22	in	in	ADP
cblr-11900	603	23	law	law	NOUN
cblr-11900	603	24	(	(	PUNCT
cblr-11900	603	25	thereby	thereby	ADV
cblr-11900	603	26	further	far	ADV
cblr-11900	603	27	enhancing	enhance	VERB
cblr-11900	603	28	their	their	PRON
cblr-11900	603	29	moneyness	moneyness	NOUN
cblr-11900	603	30	)	)	PUNCT
cblr-11900	603	31	.	.	PUNCT
cblr-11900	604	1	finally	finally	ADV
cblr-11900	604	2	,	,	PUNCT
cblr-11900	604	3	it	it	PRON
cblr-11900	604	4	traces	trace	VERB
cblr-11900	604	5	the	the	DET
cblr-11900	604	6	resulting	result	VERB
cblr-11900	604	7	growth	growth	NOUN
cblr-11900	604	8	in	in	ADP
cblr-11900	604	9	repo	repo	ADP
cblr-11900	604	10	funding	funding	NOUN
cblr-11900	604	11	,	,	PUNCT
cblr-11900	604	12	secondary	secondary	ADJ
cblr-11900	604	13	market	market	NOUN
cblr-11900	604	14	liquidity	liquidity	NOUN
cblr-11900	604	15	for	for	ADP
cblr-11900	604	16	treasuries	treasury	NOUN
cblr-11900	604	17	,	,	PUNCT
cblr-11900	604	18	and	and	CCONJ
cblr-11900	604	19	what	what	PRON
cblr-11900	604	20	became	became	AUX
cblr-11900	604	21	known	know	VERB
cblr-11900	604	22	as	as	ADP
cblr-11900	604	23	shadow	shadow	NOUN
cblr-11900	604	24	banking	banking	NOUN
cblr-11900	604	25	.	.	PUNCT
cblr-11900	605	1	a.	a.	PROPN
cblr-11900	606	1	the	the	DET
cblr-11900	606	2	fed	fed	PROPN
cblr-11900	606	3	-	-	PUNCT
cblr-11900	606	4	treasury	treasury	PROPN
cblr-11900	606	5	accord	accord	NOUN
cblr-11900	606	6	of	of	ADP
cblr-11900	606	7	1951	1951	NUM
cblr-11900	606	8	in	in	ADP
cblr-11900	606	9	the	the	DET
cblr-11900	606	10	early	early	ADJ
cblr-11900	606	11	1950s	1950s	NUM
cblr-11900	607	1	,	,	PUNCT
cblr-11900	607	2	the	the	DET
cblr-11900	607	3	fed	fed	PROPN
cblr-11900	607	4	began	begin	VERB
cblr-11900	607	5	to	to	PART
cblr-11900	607	6	seek	seek	VERB
cblr-11900	607	7	alternative	alternative	ADJ
cblr-11900	607	8	frameworks	framework	NOUN
cblr-11900	607	9	for	for	ADP
cblr-11900	607	10	public	public	ADJ
cblr-11900	607	11	finance	finance	NOUN
cblr-11900	607	12	.	.	PUNCT
cblr-11900	608	1	one	one	NUM
cblr-11900	608	2	animating	animate	VERB
cblr-11900	608	3	concern	concern	NOUN
cblr-11900	608	4	was	be	AUX
cblr-11900	608	5	the	the	DET
cblr-11900	608	6	existing	exist	VERB
cblr-11900	608	7	heavy	heavy	ADJ
cblr-11900	608	8	use	use	NOUN
cblr-11900	608	9	of	of	ADP
cblr-11900	608	10	bank	bank	NOUN
cblr-11900	608	11	balance	balance	NOUN
cblr-11900	608	12	sheets	sheet	NOUN
cblr-11900	608	13	.	.	PUNCT
cblr-11900	609	1	after	after	ADP
cblr-11900	609	2	the	the	DET
cblr-11900	609	3	war	war	NOUN
cblr-11900	609	4	,	,	PUNCT
cblr-11900	609	5	the	the	DET
cblr-11900	609	6	u.s	u.s	PROPN
cblr-11900	609	7	.	.	PROPN
cblr-11900	609	8	had	have	VERB
cblr-11900	609	9	a	a	DET
cblr-11900	609	10	much	much	ADV
cblr-11900	609	11	larger	large	ADJ
cblr-11900	609	12	central	central	ADJ
cblr-11900	609	13	government	government	NOUN
cblr-11900	609	14	—	—	PUNCT
cblr-11900	609	15	ten	ten	NUM
cblr-11900	609	16	years	year	NOUN
cblr-11900	609	17	after	after	ADP
cblr-11900	609	18	v	v	NOUN
cblr-11900	609	19	-	-	PUNCT
cblr-11900	609	20	j	j	NOUN
cblr-11900	609	21	day	day	NOUN
cblr-11900	609	22	,	,	PUNCT
cblr-11900	609	23	federal	federal	ADJ
cblr-11900	609	24	spending	spending	NOUN
cblr-11900	609	25	was	be	AUX
cblr-11900	609	26	not	not	PART
cblr-11900	609	27	much	much	ADJ
cblr-11900	609	28	below	below	ADP
cblr-11900	609	29	its	its	PRON
cblr-11900	609	30	wartime	wartime	ADJ
cblr-11900	609	31	peak	peak	NOUN
cblr-11900	609	32	(	(	PUNCT
cblr-11900	609	33	roughly	roughly	ADV
cblr-11900	609	34	$	$	SYM
cblr-11900	609	35	68	68	NUM
cblr-11900	609	36	billion	billion	NUM
cblr-11900	609	37	versus	versus	ADP
cblr-11900	609	38	$	$	SYM
cblr-11900	609	39	98	98	NUM
cblr-11900	609	40	billion	billion	NUM
cblr-11900	609	41	in	in	ADP
cblr-11900	609	42	1945	1945	NUM
cblr-11900	609	43	and	and	CCONJ
cblr-11900	609	44	$	$	SYM
cblr-11900	609	45	9	9	NUM
cblr-11900	609	46	billion	billion	NUM
cblr-11900	609	47	in	in	ADP
cblr-11900	609	48	1940	1940	NUM
cblr-11900	609	49	)	)	PUNCT
cblr-11900	609	50	and	and	CCONJ
cblr-11900	609	51	the	the	DET
cblr-11900	609	52	stock	stock	NOUN
cblr-11900	609	53	of	of	ADP
cblr-11900	609	54	debt	debt	NOUN
cblr-11900	609	55	held	hold	VERB
cblr-11900	609	56	by	by	ADP
cblr-11900	609	57	the	the	DET
cblr-11900	609	58	public	public	NOUN
cblr-11900	609	59	stood	stand	VERB
cblr-11900	609	60	at	at	ADP
cblr-11900	609	61	$	$	SYM
cblr-11900	609	62	226	226	NUM
cblr-11900	609	63	billion	billion	NUM
cblr-11900	609	64	(	(	PUNCT
cblr-11900	609	65	versus	versus	ADP
cblr-11900	609	66	$	$	SYM
cblr-11900	609	67	242	242	NUM
cblr-11900	609	68	billion	billion	NUM
cblr-11900	609	69	in	in	ADP
cblr-11900	609	70	1942	1942	NUM
cblr-11900	609	71	and	and	CCONJ
cblr-11900	609	72	$	$	SYM
cblr-11900	609	73	43	43	NUM
cblr-11900	609	74	billion	billion	NUM
cblr-11900	609	75	in	in	ADP
cblr-11900	609	76	1940).122	1940).122	NUM
cblr-11900	609	77	relying	rely	VERB
cblr-11900	609	78	on	on	ADP
cblr-11900	609	79	bank	bank	NOUN
cblr-11900	609	80	money	money	NOUN
cblr-11900	609	81	creation	creation	NOUN
cblr-11900	609	82	to	to	PART
cblr-11900	609	83	service	service	VERB
cblr-11900	609	84	this	this	DET
cblr-11900	609	85	debt	debt	NOUN
cblr-11900	609	86	risked	risk	VERB
cblr-11900	609	87	crowding	crowd	VERB
cblr-11900	609	88	out	out	ADP
cblr-11900	609	89	private	private	ADJ
cblr-11900	609	90	bank	bank	NOUN
cblr-11900	609	91	lending	lending	NOUN
cblr-11900	609	92	.	.	PUNCT
cblr-11900	610	1	by	by	ADP
cblr-11900	610	2	1950	1950	NUM
cblr-11900	610	3	,	,	PUNCT
cblr-11900	610	4	for	for	ADP
cblr-11900	610	5	example	example	NOUN
cblr-11900	610	6	,	,	PUNCT
cblr-11900	610	7	commercial	commercial	ADJ
cblr-11900	610	8	bank	bank	NOUN
cblr-11900	610	9	balance	balance	NOUN
cblr-11900	610	10	sheets	sheet	NOUN
cblr-11900	610	11	were	be	AUX
cblr-11900	610	12	dominated	dominate	VERB
cblr-11900	610	13	by	by	ADP
cblr-11900	610	14	treasury	treasury	PROPN
cblr-11900	610	15	securities	security	NOUN
cblr-11900	610	16	(	(	PUNCT
cblr-11900	610	17	56	56	NUM
cblr-11900	610	18	%	%	NOUN
cblr-11900	610	19	)	)	PUNCT
cblr-11900	610	20	and	and	CCONJ
cblr-11900	610	21	cash	cash	NOUN
cblr-11900	610	22	(	(	PUNCT
cblr-11900	610	23	18	18	NUM
cblr-11900	610	24	%	%	NOUN
cblr-11900	610	25	)	)	PUNCT
cblr-11900	610	26	,	,	PUNCT
cblr-11900	610	27	with	with	ADP
cblr-11900	610	28	loans	loan	NOUN
cblr-11900	610	29	accounting	account	VERB
cblr-11900	610	30	for	for	ADP
cblr-11900	610	31	only	only	ADV
cblr-11900	610	32	36	36	NUM
cblr-11900	610	33	%	%	NOUN
cblr-11900	610	34	of	of	ADP
cblr-11900	610	35	consolidated	consolidated	ADJ
cblr-11900	610	36	assets.123	assets.123	NOUN
cblr-11900	610	37	122	122	NUM
cblr-11900	610	38	friedman	friedman	PROPN
cblr-11900	610	39	&	&	CCONJ
cblr-11900	610	40	schwartz	schwartz	PROPN
cblr-11900	610	41	,	,	PUNCT
cblr-11900	610	42	table	table	NOUN
cblr-11900	610	43	cj	cj	NOUN
cblr-11900	610	44	42	42	NUM
cblr-11900	610	45	-	-	SYM
cblr-11900	610	46	48	48	NUM
cblr-11900	610	47	–	–	PUNCT
cblr-11900	610	48	stock	stock	NOUN
cblr-11900	610	49	of	of	ADP
cblr-11900	610	50	money	money	NOUN
cblr-11900	610	51	and	and	CCONJ
cblr-11900	610	52	its	its	PRON
cblr-11900	610	53	components	component	NOUN
cblr-11900	610	54	:	:	PUNCT
cblr-11900	610	55	1867	1867	NUM
cblr-11900	610	56	-	-	SYM
cblr-11900	610	57	1947	1947	NUM
cblr-11900	610	58	,	,	PUNCT
cblr-11900	610	59	hsus.cambridge	hsus.cambridge	NOUN
cblr-11900	610	60	,	,	PUNCT
cblr-11900	610	61	https://hsus.cambridge.org/hsusweb/toc/tabletoc.do?id=cj42-48	https://hsus.cambridge.org/hsusweb/toc/tabletoc.do?id=cj42-48	PUNCT
cblr-11900	610	62	[	[	X
cblr-11900	610	63	https://perma.cc/mlj5-fav4	https://perma.cc/mlj5-fav4	X
cblr-11900	610	64	]	]	X
cblr-11900	610	65	(	(	PUNCT
cblr-11900	610	66	last	last	ADV
cblr-11900	610	67	accessed	access	VERB
cblr-11900	610	68	may	may	AUX
cblr-11900	610	69	20	20	NUM
cblr-11900	610	70	,	,	PUNCT
cblr-11900	610	71	2023	2023	NUM
cblr-11900	610	72	)	)	PUNCT
cblr-11900	610	73	;	;	PUNCT
cblr-11900	610	74	rasche	rasche	NOUN
cblr-11900	610	75	,	,	PUNCT
cblr-11900	610	76	table	table	NOUN
cblr-11900	610	77	cj48	cj48	PROPN
cblr-11900	610	78	-53	-53	PROPN
cblr-11900	610	79	–	–	PUNCT
cblr-11900	610	80	stock	stock	NOUN
cblr-11900	610	81	of	of	ADP
cblr-11900	610	82	money	money	NOUN
cblr-11900	610	83	and	and	CCONJ
cblr-11900	610	84	its	its	PRON
cblr-11900	610	85	components	component	NOUN
cblr-11900	610	86	:	:	PUNCT
cblr-11900	610	87	1947	1947	NUM
cblr-11900	610	88	–	–	PUNCT
cblr-11900	610	89	1958	1958	NUM
cblr-11900	610	90	,	,	PUNCT
cblr-11900	610	91	hsus.cambridge	hsus.cambridge	NUM
cblr-11900	610	92	,	,	PUNCT
cblr-11900	610	93	https://hsus.cambridge.org/hsusweb/toc/tabletoc.do?id=cj49-53	https://hsus.cambridge.org/hsusweb/toc/tabletoc.do?id=cj49-53	X
cblr-11900	611	1	[	[	X
cblr-11900	611	2	https://perma.cc/6r6k-axgf	https://perma.cc/6r6k-axgf	X
cblr-11900	611	3	]	]	X
cblr-11900	611	4	(	(	PUNCT
cblr-11900	611	5	last	last	ADV
cblr-11900	611	6	accessed	access	VERB
cblr-11900	611	7	may	may	AUX
cblr-11900	611	8	20	20	NUM
cblr-11900	611	9	,	,	PUNCT
cblr-11900	611	10	2023	2023	NUM
cblr-11900	611	11	)	)	PUNCT
cblr-11900	611	12	.	.	PUNCT
cblr-11900	612	1	123	123	NUM
cblr-11900	612	2	bd	bd	PROPN
cblr-11900	612	3	.	.	PROPN
cblr-11900	612	4	of	of	ADP
cblr-11900	612	5	governors	governor	NOUN
cblr-11900	612	6	of	of	ADP
cblr-11900	612	7	the	the	DET
cblr-11900	612	8	fed	fed	PROPN
cblr-11900	612	9	.	.	PUNCT
cblr-11900	612	10	rsrv	rsrv	PROPN
cblr-11900	612	11	.	.	PUNCT
cblr-11900	613	1	sys	sys	PROPN
cblr-11900	613	2	.	.	PROPN
cblr-11900	613	3	,	,	PUNCT
cblr-11900	613	4	h.4.2	h.4.2	ADJ
cblr-11900	613	5	weekly	weekly	ADJ
cblr-11900	613	6	consolidated	consolidate	VERB
cblr-11900	613	7	condition	condition	NOUN
cblr-11900	613	8	report	report	NOUN
cblr-11900	613	9	of	of	ADP
cblr-11900	613	10	large	large	ADJ
cblr-11900	613	11	commercial	commercial	ADJ
cblr-11900	613	12	banks	bank	NOUN
cblr-11900	613	13	in	in	ADP
cblr-11900	613	14	the	the	DET
cblr-11900	613	15	united	united	PROPN
cblr-11900	613	16	states	states	PROPN
cblr-11900	613	17	:	:	PUNCT
cblr-11900	613	18	january	january	PROPN
cblr-11900	613	19	4	4	NUM
cblr-11900	613	20	,	,	PUNCT
cblr-11900	613	21	1950	1950	NUM
cblr-11900	613	22	(	(	PUNCT
cblr-11900	613	23	1950	1950	NUM
cblr-11900	613	24	)	)	PUNCT
cblr-11900	613	25	,	,	PUNCT
cblr-11900	613	26	258	258	NUM
cblr-11900	613	27	columbia	columbia	PROPN
cblr-11900	613	28	business	business	NOUN
cblr-11900	613	29	law	law	PROPN
cblr-11900	613	30	review	review	NOUN
cblr-11900	613	31	[	[	X
cblr-11900	613	32	vol	vol	NOUN
cblr-11900	613	33	.	.	PUNCT
cblr-11900	613	34	2023	2023	NUM
cblr-11900	613	35	another	another	DET
cblr-11900	613	36	motive	motive	NOUN
cblr-11900	613	37	was	be	AUX
cblr-11900	613	38	freeing	free	VERB
cblr-11900	613	39	the	the	DET
cblr-11900	613	40	central	central	ADJ
cblr-11900	613	41	bank	bank	NOUN
cblr-11900	613	42	’s	’s	PART
cblr-11900	613	43	own	own	ADJ
cblr-11900	613	44	balance	balance	NOUN
cblr-11900	613	45	sheet	sheet	NOUN
cblr-11900	613	46	.	.	PUNCT
cblr-11900	614	1	monetizing	monetize	VERB
cblr-11900	614	2	the	the	DET
cblr-11900	614	3	debt	debt	NOUN
cblr-11900	614	4	had	have	AUX
cblr-11900	614	5	contributed	contribute	VERB
cblr-11900	614	6	to	to	ADP
cblr-11900	614	7	a	a	DET
cblr-11900	614	8	dramatic	dramatic	ADJ
cblr-11900	614	9	increase	increase	NOUN
cblr-11900	614	10	in	in	ADP
cblr-11900	614	11	the	the	DET
cblr-11900	614	12	money	money	NOUN
cblr-11900	614	13	supply	supply	NOUN
cblr-11900	614	14	:	:	PUNCT
cblr-11900	614	15	between	between	ADP
cblr-11900	614	16	1940	1940	NUM
cblr-11900	614	17	and	and	CCONJ
cblr-11900	614	18	1952	1952	NUM
cblr-11900	614	19	,	,	PUNCT
cblr-11900	614	20	m2	m2	PROPN
cblr-11900	614	21	(	(	PUNCT
cblr-11900	614	22	broad	broad	ADJ
cblr-11900	614	23	money	money	NOUN
cblr-11900	614	24	including	include	VERB
cblr-11900	614	25	deposits)124	deposits)124	PROPN
cblr-11900	614	26	grew	grow	VERB
cblr-11900	614	27	at	at	ADP
cblr-11900	614	28	an	an	DET
cblr-11900	614	29	annualized	annualize	VERB
cblr-11900	614	30	pace	pace	NOUN
cblr-11900	614	31	of	of	ADP
cblr-11900	614	32	12.5%,125	12.5%,125	NUM
cblr-11900	614	33	significantly	significantly	ADV
cblr-11900	614	34	outpacing	outpace	VERB
cblr-11900	614	35	the	the	DET
cblr-11900	614	36	9	9	NUM
cblr-11900	614	37	%	%	NOUN
cblr-11900	614	38	annualized	annualize	VERB
cblr-11900	614	39	growth	growth	NOUN
cblr-11900	614	40	in	in	ADP
cblr-11900	614	41	nominal	nominal	ADJ
cblr-11900	614	42	economic	economic	ADJ
cblr-11900	614	43	activity	activity	NOUN
cblr-11900	614	44	(	(	PUNCT
cblr-11900	614	45	4	4	NUM
cblr-11900	614	46	%	%	NOUN
cblr-11900	614	47	in	in	ADP
cblr-11900	614	48	real	real	ADJ
cblr-11900	614	49	terms	term	NOUN
cblr-11900	614	50	)	)	PUNCT
cblr-11900	614	51	over	over	ADP
cblr-11900	614	52	the	the	DET
cblr-11900	614	53	same	same	ADJ
cblr-11900	614	54	period.126	period.126	NOUN
cblr-11900	614	55	the	the	DET
cblr-11900	614	56	transition	transition	NOUN
cblr-11900	614	57	from	from	ADP
cblr-11900	614	58	butter	butter	NOUN
cblr-11900	614	59	to	to	ADP
cblr-11900	614	60	guns	gun	NOUN
cblr-11900	614	61	and	and	CCONJ
cblr-11900	614	62	back	back	ADV
cblr-11900	614	63	again	again	ADV
cblr-11900	614	64	resulted	result	VERB
cblr-11900	614	65	in	in	ADP
cblr-11900	614	66	now	now	ADV
cblr-11900	614	67	-	-	PUNCT
cblr-11900	614	68	familiar	familiar	ADJ
cblr-11900	614	69	supply	supply	NOUN
cblr-11900	614	70	chain	chain	NOUN
cblr-11900	614	71	issues	issue	NOUN
cblr-11900	614	72	,	,	PUNCT
cblr-11900	614	73	exacerbating	exacerbate	VERB
cblr-11900	614	74	these	these	DET
cblr-11900	614	75	imbalances	imbalance	NOUN
cblr-11900	614	76	.	.	PUNCT
cblr-11900	615	1	wartime	wartime	ADJ
cblr-11900	615	2	price	price	NOUN
cblr-11900	615	3	controls	control	NOUN
cblr-11900	615	4	,	,	PUNCT
cblr-11900	615	5	enacted	enact	VERB
cblr-11900	615	6	in	in	ADP
cblr-11900	615	7	1942	1942	NUM
cblr-11900	615	8	and	and	CCONJ
cblr-11900	615	9	administered	administer	VERB
cblr-11900	615	10	by	by	ADP
cblr-11900	615	11	office	office	NOUN
cblr-11900	615	12	of	of	ADP
cblr-11900	615	13	price	price	NOUN
cblr-11900	615	14	administration	administration	NOUN
cblr-11900	615	15	(	(	PUNCT
cblr-11900	615	16	opa	opa	NOUN
cblr-11900	615	17	)	)	PUNCT
cblr-11900	615	18	,	,	PUNCT
cblr-11900	615	19	were	be	AUX
cblr-11900	615	20	largely	largely	ADV
cblr-11900	615	21	effective	effective	ADJ
cblr-11900	615	22	,	,	PUNCT
cblr-11900	615	23	but	but	CCONJ
cblr-11900	615	24	ended	end	VERB
cblr-11900	615	25	abruptly	abruptly	ADV
cblr-11900	615	26	in	in	ADP
cblr-11900	615	27	june	june	PROPN
cblr-11900	615	28	1946	1946	NUM
cblr-11900	615	29	,	,	PUNCT
cblr-11900	615	30	when	when	SCONJ
cblr-11900	615	31	a	a	DET
cblr-11900	615	32	presidential	presidential	ADJ
cblr-11900	615	33	veto	veto	NOUN
cblr-11900	615	34	allowed	allow	VERB
cblr-11900	615	35	the	the	DET
cblr-11900	615	36	opa	opa	NOUN
cblr-11900	615	37	’s	’s	PART
cblr-11900	615	38	authorizing	authorize	VERB
cblr-11900	615	39	legislation	legislation	NOUN
cblr-11900	615	40	to	to	PART
cblr-11900	615	41	expire	expire	VERB
cblr-11900	615	42	without	without	ADP
cblr-11900	615	43	replacement	replacement	NOUN
cblr-11900	615	44	.	.	PUNCT
cblr-11900	616	1	prices	price	NOUN
cblr-11900	616	2	jumped	jump	VERB
cblr-11900	616	3	rapidly127	rapidly127	PROPN
cblr-11900	616	4	—	—	PUNCT
cblr-11900	616	5	by	by	ADP
cblr-11900	616	6	roughly	roughly	ADV
cblr-11900	616	7	8	8	NUM
cblr-11900	616	8	%	%	NOUN
cblr-11900	616	9	and	and	CCONJ
cblr-11900	616	10	14	14	NUM
cblr-11900	616	11	%	%	NOUN
cblr-11900	616	12	in	in	ADP
cblr-11900	616	13	1946	1946	NUM
cblr-11900	616	14	and	and	CCONJ
cblr-11900	616	15	1947	1947	NUM
cblr-11900	616	16	,	,	PUNCT
cblr-11900	616	17	respectively	respectively	ADV
cblr-11900	616	18	,	,	PUNCT
cblr-11900	616	19	across	across	ADP
cblr-11900	616	20	all	all	DET
cblr-11900	616	21	categories	category	NOUN
cblr-11900	616	22	of	of	ADP
cblr-11900	616	23	consumer	consumer	NOUN
cblr-11900	616	24	spending	spending	NOUN
cblr-11900	616	25	(	(	PUNCT
cblr-11900	616	26	6	6	NUM
cblr-11900	616	27	%	%	NOUN
cblr-11900	616	28	and	and	CCONJ
cblr-11900	616	29	12	12	NUM
cblr-11900	616	30	%	%	NOUN
cblr-11900	616	31	excluding	exclude	VERB
cblr-11900	616	32	food).128	food).128	NOUN
cblr-11900	616	33	after	after	ADP
cblr-11900	616	34	some	some	DET
cblr-11900	616	35	relief	relief	NOUN
cblr-11900	616	36	in	in	ADP
cblr-11900	616	37	1948–’49	1948–’49	NUM
cblr-11900	616	38	,	,	PUNCT
cblr-11900	616	39	https://fraser.stlouisfed.org/files/docs/releases/h42/h42_19500104.pdf?utm	https://fraser.stlouisfed.org/files/docs/releases/h42/h42_19500104.pdf?utm	PROPN
cblr-11900	616	40	_	_	SYM
cblr-11900	616	41	source	source	NOUN
cblr-11900	616	42	=	=	NOUN
cblr-11900	616	43	direct_download	direct_download	NOUN
cblr-11900	617	1	[	[	X
cblr-11900	617	2	https://perma.cc/5y9d-5mde	https://perma.cc/5y9d-5mde	NOUN
cblr-11900	617	3	]	]	PUNCT
cblr-11900	617	4	.	.	PUNCT
cblr-11900	618	1	124	124	NUM
cblr-11900	618	2	for	for	ADP
cblr-11900	618	3	an	an	DET
cblr-11900	618	4	overview	overview	NOUN
cblr-11900	618	5	of	of	ADP
cblr-11900	618	6	monetary	monetary	ADJ
cblr-11900	618	7	aggregates	aggregate	NOUN
cblr-11900	618	8	as	as	SCONJ
cblr-11900	618	9	defined	define	VERB
cblr-11900	618	10	by	by	ADP
cblr-11900	618	11	the	the	DET
cblr-11900	618	12	federal	federal	PROPN
cblr-11900	618	13	reserve	reserve	PROPN
cblr-11900	618	14	,	,	PUNCT
cblr-11900	618	15	see	see	VERB
cblr-11900	618	16	john	john	PROPN
cblr-11900	618	17	r.	r.	PROPN
cblr-11900	618	18	walter	walter	PROPN
cblr-11900	618	19	,	,	PUNCT
cblr-11900	618	20	monetary	monetary	ADJ
cblr-11900	618	21	aggregates	aggregate	NOUN
cblr-11900	618	22	:	:	PUNCT
cblr-11900	618	23	a	a	DET
cblr-11900	618	24	user	user	NOUN
cblr-11900	618	25	’s	’s	PART
cblr-11900	618	26	guide	guide	NOUN
cblr-11900	618	27	,	,	PUNCT
cblr-11900	618	28	fed	fed	PROPN
cblr-11900	618	29	.	.	PUNCT
cblr-11900	618	30	rsrv	rsrv	PROPN
cblr-11900	618	31	.	.	PUNCT
cblr-11900	619	1	bank	bank	PROPN
cblr-11900	619	2	of	of	ADP
cblr-11900	619	3	richmond	richmond	PROPN
cblr-11900	619	4	econ	econ	PROPN
cblr-11900	619	5	.	.	PUNCT
cblr-11900	620	1	rev	rev	PROPN
cblr-11900	620	2	.	.	PROPN
cblr-11900	620	3	20	20	NUM
cblr-11900	620	4	(	(	PUNCT
cblr-11900	620	5	jan.–feb	jan.–feb	X
cblr-11900	620	6	.	.	NOUN
cblr-11900	620	7	1989	1989	NUM
cblr-11900	620	8	)	)	PUNCT
cblr-11900	620	9	.	.	PUNCT
cblr-11900	621	1	125	125	NUM
cblr-11900	621	2	friedman	friedman	PROPN
cblr-11900	621	3	&	&	CCONJ
cblr-11900	621	4	schwartz	schwartz	PROPN
cblr-11900	621	5	,	,	PUNCT
cblr-11900	621	6	table	table	NOUN
cblr-11900	621	7	cj	cj	NOUN
cblr-11900	621	8	42	42	NUM
cblr-11900	621	9	-	-	SYM
cblr-11900	621	10	48	48	NUM
cblr-11900	621	11	–	–	PUNCT
cblr-11900	621	12	stock	stock	NOUN
cblr-11900	621	13	of	of	ADP
cblr-11900	621	14	money	money	NOUN
cblr-11900	621	15	and	and	CCONJ
cblr-11900	621	16	its	its	PRON
cblr-11900	621	17	components	component	NOUN
cblr-11900	621	18	:	:	PUNCT
cblr-11900	621	19	1867	1867	NUM
cblr-11900	621	20	-	-	SYM
cblr-11900	621	21	1947	1947	NUM
cblr-11900	621	22	,	,	PUNCT
cblr-11900	621	23	hsus.cambridge	hsus.cambridge	NOUN
cblr-11900	621	24	,	,	PUNCT
cblr-11900	621	25	https://hsus.cambridge.org/hsusweb/toc/tabletoc.do?id=cj42-48	https://hsus.cambridge.org/hsusweb/toc/tabletoc.do?id=cj42-48	PUNCT
cblr-11900	621	26	[	[	X
cblr-11900	621	27	https://perma.cc/mlj5-fav4	https://perma.cc/mlj5-fav4	X
cblr-11900	621	28	]	]	X
cblr-11900	621	29	;	;	PUNCT
cblr-11900	621	30	rasche	rasche	NOUN
cblr-11900	621	31	,	,	PUNCT
cblr-11900	621	32	table	table	NOUN
cblr-11900	621	33	cj48	cj48	PROPN
cblr-11900	621	34	-53	-53	PROPN
cblr-11900	621	35	–	–	PUNCT
cblr-11900	621	36	stock	stock	NOUN
cblr-11900	621	37	of	of	ADP
cblr-11900	621	38	money	money	NOUN
cblr-11900	621	39	and	and	CCONJ
cblr-11900	621	40	its	its	PRON
cblr-11900	621	41	components	component	NOUN
cblr-11900	621	42	:	:	PUNCT
cblr-11900	621	43	1947	1947	NUM
cblr-11900	621	44	–	–	PUNCT
cblr-11900	621	45	1958	1958	NUM
cblr-11900	621	46	,	,	PUNCT
cblr-11900	621	47	hsus.cambridge	hsus.cambridge	NUM
cblr-11900	621	48	)	)	PUNCT
cblr-11900	621	49	https://hsus.cambridge.org/hsusweb/toc/tabletoc.do?id=cj49-53	https://hsus.cambridge.org/hsusweb/toc/tabletoc.do?id=cj49-53	PUNCT
cblr-11900	622	1	[	[	X
cblr-11900	622	2	https://perma.cc/6r6k-axgf	https://perma.cc/6r6k-axgf	X
cblr-11900	622	3	]	]	X
cblr-11900	622	4	.	.	PUNCT
cblr-11900	623	1	126	126	NUM
cblr-11900	623	2	cong	cong	NOUN
cblr-11900	623	3	.	.	PUNCT
cblr-11900	624	1	budget	budget	NOUN
cblr-11900	624	2	off	off	ADP
cblr-11900	624	3	.	.	PUNCT
cblr-11900	625	1	,	,	PUNCT
cblr-11900	625	2	federal	federal	ADJ
cblr-11900	625	3	debt	debt	NOUN
cblr-11900	625	4	held	hold	VERB
cblr-11900	625	5	by	by	ADP
cblr-11900	625	6	the	the	DET
cblr-11900	625	7	public	public	NOUN
cblr-11900	625	8	,	,	PUNCT
cblr-11900	625	9	1790	1790	NUM
cblr-11900	625	10	to	to	ADP
cblr-11900	625	11	2000	2000	NUM
cblr-11900	625	12	(	(	PUNCT
cblr-11900	625	13	2010	2010	NUM
cblr-11900	625	14	)	)	PUNCT
cblr-11900	625	15	,	,	PUNCT
cblr-11900	625	16	https://www.cbo.gov/publication/21728	https://www.cbo.gov/publication/21728	NOUN
cblr-11900	625	17	[	[	X
cblr-11900	625	18	https://perma.cc/r8s3avyk	https://perma.cc/r8s3avyk	PROPN
cblr-11900	625	19	]	]	X
cblr-11900	625	20	.	.	PUNCT
cblr-11900	626	1	127	127	NUM
cblr-11900	626	2	lindert	lindert	NOUN
cblr-11900	626	3	&	&	CCONJ
cblr-11900	626	4	sutch	sutch	VERB
cblr-11900	626	5	,	,	PUNCT
cblr-11900	626	6	table	table	NOUN
cblr-11900	626	7	cc1	cc1	NOUN
cblr-11900	626	8	-	-	PUNCT
cblr-11900	626	9	2	2	NUM
cblr-11900	626	10	–	–	PUNCT
cblr-11900	626	11	consumer	consumer	NOUN
cblr-11900	626	12	price	price	NOUN
cblr-11900	626	13	indexes	index	NOUN
cblr-11900	626	14	,	,	PUNCT
cblr-11900	626	15	for	for	ADP
cblr-11900	626	16	all	all	DET
cblr-11900	626	17	items	item	NOUN
cblr-11900	626	18	:	:	PUNCT
cblr-11900	626	19	1774–2003	1774–2003	NUM
cblr-11900	626	20	,	,	PUNCT
cblr-11900	626	21	hsus.cambridge	hsus.cambridge	NOUN
cblr-11900	626	22	,	,	PUNCT
cblr-11900	626	23	https://hsus.cambridge.org/hsusweb/toc/tabletoc.do?id=cc1-2	https://hsus.cambridge.org/hsusweb/toc/tabletoc.do?id=cc1-2	NOUN
cblr-11900	626	24	,	,	PUNCT
cblr-11900	626	25	[	[	X
cblr-11900	626	26	https://perma.cc/xb3e-ahgc	https://perma.cc/xb3e-ahgc	X
cblr-11900	626	27	]	]	PUNCT
cblr-11900	626	28	.	.	PUNCT
cblr-11900	627	1	for	for	ADP
cblr-11900	627	2	a	a	DET
cblr-11900	627	3	more	more	ADV
cblr-11900	627	4	detailed	detailed	ADJ
cblr-11900	627	5	history	history	NOUN
cblr-11900	627	6	of	of	ADP
cblr-11900	627	7	price	price	NOUN
cblr-11900	627	8	controls	control	NOUN
cblr-11900	627	9	in	in	ADP
cblr-11900	627	10	the	the	DET
cblr-11900	627	11	u.s	u.s	PROPN
cblr-11900	627	12	.	.	PROPN
cblr-11900	627	13	during	during	ADP
cblr-11900	627	14	world	world	PROPN
cblr-11900	627	15	war	war	PROPN
cblr-11900	627	16	ii	ii	PROPN
cblr-11900	627	17	,	,	PUNCT
cblr-11900	627	18	see	see	VERB
cblr-11900	627	19	isabella	isabella	PROPN
cblr-11900	627	20	m.	m.	PROPN
cblr-11900	627	21	weber	weber	PROPN
cblr-11900	627	22	,	,	PUNCT
cblr-11900	627	23	how	how	SCONJ
cblr-11900	627	24	china	china	PROPN
cblr-11900	627	25	escaped	escape	VERB
cblr-11900	627	26	shock	shock	NOUN
cblr-11900	627	27	therapy	therapy	NOUN
cblr-11900	627	28	:	:	PUNCT
cblr-11900	627	29	the	the	DET
cblr-11900	627	30	market	market	NOUN
cblr-11900	627	31	reform	reform	NOUN
cblr-11900	627	32	debate	debate	VERB
cblr-11900	627	33	42–69	42–69	NUM
cblr-11900	627	34	(	(	PUNCT
cblr-11900	627	35	2021	2021	NUM
cblr-11900	627	36	)	)	PUNCT
cblr-11900	627	37	.	.	PUNCT
cblr-11900	628	1	128	128	NUM
cblr-11900	628	2	monetary	monetary	ADJ
cblr-11900	628	3	policy	policy	NOUN
cblr-11900	628	4	tends	tend	VERB
cblr-11900	628	5	to	to	PART
cblr-11900	628	6	be	be	AUX
cblr-11900	628	7	set	set	VERB
cblr-11900	628	8	on	on	ADP
cblr-11900	628	9	the	the	DET
cblr-11900	628	10	basis	basis	NOUN
cblr-11900	628	11	of	of	ADP
cblr-11900	628	12	so	so	ADV
cblr-11900	628	13	-	-	PUNCT
cblr-11900	628	14	called	call	VERB
cblr-11900	628	15	core	core	ADJ
cblr-11900	628	16	inflation	inflation	NOUN
cblr-11900	628	17	measures	measure	NOUN
cblr-11900	628	18	,	,	PUNCT
cblr-11900	628	19	which	which	PRON
cblr-11900	628	20	exclude	exclude	VERB
cblr-11900	628	21	volatile	volatile	ADJ
cblr-11900	628	22	components	component	NOUN
cblr-11900	628	23	like	like	ADP
cblr-11900	628	24	food	food	NOUN
cblr-11900	628	25	and	and	CCONJ
cblr-11900	628	26	energy	energy	NOUN
cblr-11900	628	27	.	.	PUNCT
cblr-11900	629	1	we	we	PRON
cblr-11900	629	2	approximate	approximate	VERB
cblr-11900	629	3	this	this	DET
cblr-11900	629	4	adjustment	adjustment	NOUN
cblr-11900	629	5	for	for	ADP
cblr-11900	629	6	the	the	DET
cblr-11900	629	7	1940s	1940	NOUN
cblr-11900	629	8	using	use	VERB
cblr-11900	629	9	the	the	DET
cblr-11900	629	10	survey	survey	NOUN
cblr-11900	629	11	of	of	ADP
cblr-11900	629	12	expenditures	expenditure	NOUN
cblr-11900	629	13	conducted	conduct	VERB
cblr-11900	629	14	by	by	ADP
cblr-11900	629	15	the	the	DET
cblr-11900	629	16	bureau	bureau	PROPN
cblr-11900	629	17	of	of	ADP
cblr-11900	629	18	labor	labor	PROPN
cblr-11900	629	19	statistics	statistic	NOUN
cblr-11900	629	20	at	at	ADP
cblr-11900	629	21	the	the	DET
cblr-11900	629	22	time	time	NOUN
cblr-11900	629	23	.	.	PUNCT
cblr-11900	630	1	consumer	consumer	NOUN
cblr-11900	630	2	spending	spending	NOUN
cblr-11900	630	3	in	in	ADP
cblr-11900	630	4	world	world	PROPN
cblr-11900	630	5	war	war	PROPN
cblr-11900	630	6	ii	ii	PROPN
cblr-11900	630	7	:	:	PUNCT
cblr-11900	630	8	the	the	DET
cblr-11900	630	9	forgotten	forget	VERB
cblr-11900	630	10	consumer	consumer	NOUN
cblr-11900	630	11	expenditure	expenditure	NOUN
cblr-11900	630	12	no	no	NOUN
cblr-11900	630	13	.	.	NOUN
cblr-11900	630	14	1	1	NUM
cblr-11900	630	15	]	]	ADJ
cblr-11900	630	16	money	money	NOUN
cblr-11900	630	17	and	and	CCONJ
cblr-11900	630	18	the	the	DET
cblr-11900	630	19	public	public	ADJ
cblr-11900	630	20	debt	debt	NOUN
cblr-11900	630	21	259	259	NUM
cblr-11900	630	22	the	the	DET
cblr-11900	630	23	outbreak	outbreak	NOUN
cblr-11900	630	24	of	of	ADP
cblr-11900	630	25	fighting	fighting	NOUN
cblr-11900	630	26	in	in	ADP
cblr-11900	630	27	korea	korea	PROPN
cblr-11900	630	28	reignited	reignite	VERB
cblr-11900	630	29	the	the	DET
cblr-11900	630	30	problem	problem	NOUN
cblr-11900	630	31	,	,	PUNCT
cblr-11900	630	32	with	with	ADP
cblr-11900	630	33	consumer	consumer	NOUN
cblr-11900	630	34	prices	price	NOUN
cblr-11900	630	35	increasing	increase	VERB
cblr-11900	630	36	at	at	ADP
cblr-11900	630	37	a	a	DET
cblr-11900	630	38	double	double	ADJ
cblr-11900	630	39	-	-	PUNCT
cblr-11900	630	40	digit	digit	NOUN
cblr-11900	630	41	pace	pace	NOUN
cblr-11900	630	42	once	once	ADV
cblr-11900	630	43	again	again	ADV
cblr-11900	630	44	during	during	ADP
cblr-11900	630	45	the	the	DET
cblr-11900	630	46	second	second	ADJ
cblr-11900	630	47	half	half	NOUN
cblr-11900	630	48	of	of	ADP
cblr-11900	630	49	1950	1950	NUM
cblr-11900	630	50	into	into	ADP
cblr-11900	630	51	early	early	ADJ
cblr-11900	630	52	1951.129	1951.129	NUM
cblr-11900	630	53	table	table	NOUN
cblr-11900	630	54	4	4	NUM
cblr-11900	630	55	:	:	PUNCT
cblr-11900	630	56	bank	bank	PROPN
cblr-11900	630	57	treasury	treasury	NOUN
cblr-11900	630	58	holdings	holding	NOUN
cblr-11900	630	59	as	as	ADP
cblr-11900	630	60	a	a	DET
cblr-11900	630	61	percentage	percentage	NOUN
cblr-11900	630	62	of	of	ADP
cblr-11900	630	63	m2130	m2130	NOUN
cblr-11900	630	64	at	at	ADP
cblr-11900	630	65	its	its	PRON
cblr-11900	630	66	june	june	PROPN
cblr-11900	630	67	1950	1950	NUM
cblr-11900	630	68	meeting	meeting	NOUN
cblr-11900	630	69	,	,	PUNCT
cblr-11900	630	70	the	the	DET
cblr-11900	630	71	fomc	fomc	NOUN
cblr-11900	630	72	was	be	AUX
cblr-11900	630	73	increasingly	increasingly	ADV
cblr-11900	630	74	focused	focus	VERB
cblr-11900	630	75	on	on	ADP
cblr-11900	630	76	the	the	DET
cblr-11900	630	77	“	"	PUNCT
cblr-11900	630	78	rises	rise	NOUN
cblr-11900	630	79	in	in	ADP
cblr-11900	630	80	price	price	NOUN
cblr-11900	630	81	of	of	ADP
cblr-11900	630	82	an	an	DET
cblr-11900	630	83	unexpected	unexpected	ADJ
cblr-11900	630	84	and	and	CCONJ
cblr-11900	630	85	most	most	ADV
cblr-11900	630	86	alarming	alarming	ADJ
cblr-11900	630	87	character	character	NOUN
cblr-11900	630	88	.	.	PUNCT
cblr-11900	631	1	”131	”131	VERB
cblr-11900	632	1	concerns	concern	NOUN
cblr-11900	632	2	over	over	ADP
cblr-11900	632	3	the	the	DET
cblr-11900	632	4	fed	fed	PROPN
cblr-11900	632	5	’s	’s	PART
cblr-11900	632	6	limited	limited	ADJ
cblr-11900	632	7	ability	ability	NOUN
cblr-11900	632	8	to	to	PART
cblr-11900	632	9	simultaneously	simultaneously	ADV
cblr-11900	632	10	tighten	tighten	VERB
cblr-11900	632	11	monetary	monetary	ADJ
cblr-11900	632	12	policy	policy	NOUN
cblr-11900	632	13	and	and	CCONJ
cblr-11900	632	14	maintain	maintain	VERB
cblr-11900	632	15	stability	stability	NOUN
cblr-11900	632	16	in	in	ADP
cblr-11900	632	17	long	long	ADJ
cblr-11900	632	18	-	-	PUNCT
cblr-11900	632	19	term	term	NOUN
cblr-11900	632	20	interest	interest	NOUN
cblr-11900	632	21	rates	rate	NOUN
cblr-11900	632	22	kicked	kick	VERB
cblr-11900	632	23	off	off	ADP
cblr-11900	632	24	a	a	DET
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cblr-11900	632	32	.	.	PUNCT
cblr-11900	633	1	stat	stat	PROPN
cblr-11900	633	2	.	.	PUNCT
cblr-11900	634	1	(	(	PUNCT
cblr-11900	634	2	aug	aug	PROPN
cblr-11900	634	3	.	.	PROPN
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cblr-11900	634	6	,	,	PUNCT
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cblr-11900	636	12	across	across	ADP
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cblr-11900	638	11	:	:	PUNCT
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cblr-11900	645	2	,	,	PUNCT
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cblr-11900	645	4	note	note	PROPN
cblr-11900	645	5	14	14	NUM
cblr-11900	645	6	;	;	PUNCT
cblr-11900	645	7	bd	bd	PROPN
cblr-11900	645	8	.	.	PROPN
cblr-11900	645	9	of	of	ADP
cblr-11900	645	10	governors	governor	NOUN
cblr-11900	645	11	of	of	ADP
cblr-11900	645	12	the	the	DET
cblr-11900	645	13	fed	fed	PROPN
cblr-11900	645	14	.	.	PUNCT
cblr-11900	646	1	rsrv	rsrv	PROPN
cblr-11900	646	2	.	.	PUNCT
cblr-11900	647	1	sys	sys	PROPN
cblr-11900	647	2	.	.	PROPN
cblr-11900	647	3	,	,	PUNCT
cblr-11900	647	4	supra	supra	PROPN
cblr-11900	647	5	note	note	PROPN
cblr-11900	647	6	14	14	NUM
cblr-11900	647	7	.	.	PUNCT
cblr-11900	648	1	131	131	NUM
cblr-11900	648	2	fed	fed	PROPN
cblr-11900	648	3	.	.	PUNCT
cblr-11900	649	1	open	open	PROPN
cblr-11900	649	2	mkt	mkt	PROPN
cblr-11900	649	3	.	.	PROPN
cblr-11900	649	4	comm	comm	NOUN
cblr-11900	649	5	.	.	PUNCT
cblr-11900	650	1	meeting	meet	VERB
cblr-11900	650	2	minutes	minute	NOUN
cblr-11900	650	3	5	5	NUM
cblr-11900	650	4	(	(	PUNCT
cblr-11900	650	5	june	june	PROPN
cblr-11900	650	6	13	13	NUM
cblr-11900	650	7	,	,	PUNCT
cblr-11900	650	8	1950	1950	NUM
cblr-11900	650	9	)	)	PUNCT
cblr-11900	650	10	,	,	PUNCT
cblr-11900	650	11	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195303	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195303	PROPN
cblr-11900	650	12	05.pdf	05.pdf	PROPN
cblr-11900	651	1	[	[	X
cblr-11900	651	2	https://perma.cc/c4nv-59af	https://perma.cc/c4nv-59af	X
cblr-11900	651	3	]	]	X
cblr-11900	651	4	.	.	PROPN
cblr-11900	651	5	260	260	NUM
cblr-11900	651	6	columbia	columbia	PROPN
cblr-11900	651	7	business	business	NOUN
cblr-11900	651	8	law	law	PROPN
cblr-11900	651	9	review	review	NOUN
cblr-11900	652	1	[	[	X
cblr-11900	652	2	vol	vol	NOUN
cblr-11900	652	3	.	.	PUNCT
cblr-11900	652	4	2023	2023	NUM
cblr-11900	652	5	frenetic	frenetic	ADJ
cblr-11900	652	6	back	back	NOUN
cblr-11900	652	7	and	and	CCONJ
cblr-11900	652	8	forth	forth	ADV
cblr-11900	652	9	with	with	ADP
cblr-11900	652	10	the	the	DET
cblr-11900	652	11	treasury	treasury	NOUN
cblr-11900	652	12	,	,	PUNCT
cblr-11900	652	13	culminating	culminate	VERB
cblr-11900	652	14	in	in	ADP
cblr-11900	652	15	a	a	DET
cblr-11900	652	16	march	march	NOUN
cblr-11900	652	17	1951	1951	NUM
cblr-11900	652	18	decision	decision	NOUN
cblr-11900	652	19	to	to	PART
cblr-11900	652	20	finally	finally	ADV
cblr-11900	652	21	release	release	VERB
cblr-11900	652	22	control	control	NOUN
cblr-11900	652	23	of	of	ADP
cblr-11900	652	24	bond	bond	NOUN
cblr-11900	652	25	yields.132	yields.132	PRON
cblr-11900	652	26	the	the	DET
cblr-11900	652	27	announcement	announcement	NOUN
cblr-11900	652	28	itself	itself	PRON
cblr-11900	652	29	was	be	AUX
cblr-11900	652	30	cryptic	cryptic	ADJ
cblr-11900	652	31	,	,	PUNCT
cblr-11900	652	32	referring	refer	VERB
cblr-11900	652	33	only	only	ADV
cblr-11900	652	34	to	to	ADP
cblr-11900	652	35	a	a	DET
cblr-11900	652	36	“	"	PUNCT
cblr-11900	652	37	full	full	ADJ
cblr-11900	652	38	accord	accord	NOUN
cblr-11900	652	39	with	with	ADP
cblr-11900	652	40	respect	respect	NOUN
cblr-11900	652	41	to	to	ADP
cblr-11900	652	42	debt	debt	NOUN
cblr-11900	652	43	-	-	PUNCT
cblr-11900	652	44	management	management	NOUN
cblr-11900	652	45	and	and	CCONJ
cblr-11900	652	46	monetary	monetary	ADJ
cblr-11900	652	47	policies	policy	NOUN
cblr-11900	652	48	”	"	PUNCT
cblr-11900	652	49	and	and	CCONJ
cblr-11900	652	50	acknowledging	acknowledge	VERB
cblr-11900	652	51	the	the	DET
cblr-11900	652	52	“	"	PUNCT
cblr-11900	652	53	common	common	ADJ
cblr-11900	652	54	purpose	purpose	NOUN
cblr-11900	652	55	[	[	X
cblr-11900	652	56	of	of	ADP
cblr-11900	652	57	both	both	DET
cblr-11900	652	58	agencies	agency	NOUN
cblr-11900	652	59	]	]	PUNCT
cblr-11900	652	60	to	to	PART
cblr-11900	652	61	assure	assure	VERB
cblr-11900	652	62	the	the	DET
cblr-11900	652	63	successful	successful	ADJ
cblr-11900	652	64	financing	financing	NOUN
cblr-11900	652	65	of	of	ADP
cblr-11900	652	66	the	the	DET
cblr-11900	652	67	government	government	NOUN
cblr-11900	652	68	’s	’s	PART
cblr-11900	652	69	requirements	requirement	NOUN
cblr-11900	652	70	”	"	PUNCT
cblr-11900	652	71	while	while	SCONJ
cblr-11900	652	72	“	"	PUNCT
cblr-11900	652	73	minimize[ing	minimize[ing	NOUN
cblr-11900	652	74	]	]	PUNCT
cblr-11900	652	75	monetization	monetization	NOUN
cblr-11900	652	76	of	of	ADP
cblr-11900	652	77	the	the	DET
cblr-11900	652	78	public	public	ADJ
cblr-11900	652	79	debt	debt	NOUN
cblr-11900	652	80	.	.	PUNCT
cblr-11900	653	1	”133	”133	PROPN
cblr-11900	653	2	but	but	CCONJ
cblr-11900	653	3	behind	behind	ADP
cblr-11900	653	4	this	this	DET
cblr-11900	653	5	short	short	ADJ
cblr-11900	653	6	statement	statement	NOUN
cblr-11900	653	7	,	,	PUNCT
cblr-11900	653	8	known	know	VERB
cblr-11900	653	9	today	today	NOUN
cblr-11900	653	10	as	as	ADP
cblr-11900	653	11	the	the	DET
cblr-11900	653	12	treasury	treasury	NOUN
cblr-11900	653	13	-	-	PUNCT
cblr-11900	653	14	fed	feed	VERB
cblr-11900	653	15	accord	accord	NOUN
cblr-11900	653	16	(	(	PUNCT
cblr-11900	653	17	hereafter	hereafter	ADV
cblr-11900	653	18	simply	simply	ADV
cblr-11900	653	19	“	"	PUNCT
cblr-11900	653	20	the	the	DET
cblr-11900	653	21	accord	accord	NOUN
cblr-11900	653	22	”	"	PUNCT
cblr-11900	653	23	)	)	PUNCT
cblr-11900	653	24	,	,	PUNCT
cblr-11900	653	25	was	be	AUX
cblr-11900	653	26	a	a	DET
cblr-11900	653	27	careful	careful	ADJ
cblr-11900	653	28	balancing	balancing	NOUN
cblr-11900	653	29	of	of	ADP
cblr-11900	653	30	interests	interest	NOUN
cblr-11900	653	31	.	.	PUNCT
cblr-11900	654	1	fed	fed	PROPN
cblr-11900	654	2	officials	official	NOUN
cblr-11900	654	3	sought	seek	VERB
cblr-11900	654	4	to	to	PART
cblr-11900	654	5	address	address	VERB
cblr-11900	654	6	high	high	ADJ
cblr-11900	654	7	post	post	ADJ
cblr-11900	654	8	-	-	ADJ
cblr-11900	654	9	war	war	ADJ
cblr-11900	654	10	inflation	inflation	NOUN
cblr-11900	654	11	by	by	ADP
cblr-11900	654	12	slowing	slow	VERB
cblr-11900	654	13	the	the	DET
cblr-11900	654	14	growth	growth	NOUN
cblr-11900	654	15	in	in	ADP
cblr-11900	654	16	the	the	DET
cblr-11900	654	17	money	money	NOUN
cblr-11900	654	18	supply	supply	NOUN
cblr-11900	654	19	and	and	CCONJ
cblr-11900	654	20	limiting	limit	VERB
cblr-11900	654	21	its	its	PRON
cblr-11900	654	22	treasury	treasury	NOUN
cblr-11900	654	23	purchases	purchase	NOUN
cblr-11900	654	24	;	;	PUNCT
cblr-11900	654	25	the	the	DET
cblr-11900	654	26	treasury	treasury	NOUN
cblr-11900	654	27	sought	seek	VERB
cblr-11900	654	28	to	to	PART
cblr-11900	654	29	finance	finance	VERB
cblr-11900	654	30	government	government	NOUN
cblr-11900	654	31	deficits	deficit	NOUN
cblr-11900	654	32	smoothly	smoothly	ADV
cblr-11900	654	33	and	and	CCONJ
cblr-11900	654	34	in	in	ADP
cblr-11900	654	35	a	a	DET
cblr-11900	654	36	way	way	NOUN
cblr-11900	654	37	that	that	PRON
cblr-11900	654	38	did	do	AUX
cblr-11900	654	39	not	not	PART
cblr-11900	654	40	unduly	unduly	ADV
cblr-11900	654	41	burden	burden	VERB
cblr-11900	654	42	taxpayers.134	taxpayers.134	NOUN
cblr-11900	654	43	fed	fed	PROPN
cblr-11900	654	44	officials	official	NOUN
cblr-11900	654	45	also	also	ADV
cblr-11900	654	46	hoped	hope	VERB
cblr-11900	654	47	that	that	SCONJ
cblr-11900	654	48	lifting	lift	VERB
cblr-11900	654	49	pegs	peg	NOUN
cblr-11900	654	50	on	on	ADP
cblr-11900	654	51	treasury	treasury	NOUN
cblr-11900	654	52	rates	rate	NOUN
cblr-11900	654	53	,	,	PUNCT
cblr-11900	654	54	what	what	PRON
cblr-11900	654	55	they	they	PRON
cblr-11900	654	56	called	call	VERB
cblr-11900	654	57	a	a	DET
cblr-11900	654	58	“	"	PUNCT
cblr-11900	654	59	transition	transition	NOUN
cblr-11900	654	60	to	to	ADP
cblr-11900	654	61	free	free	ADJ
cblr-11900	654	62	markets	market	NOUN
cblr-11900	654	63	,	,	PUNCT
cblr-11900	654	64	”	"	PUNCT
cblr-11900	654	65	would	would	AUX
cblr-11900	654	66	improve	improve	VERB
cblr-11900	654	67	monetary	monetary	ADJ
cblr-11900	654	68	policy	policy	NOUN
cblr-11900	654	69	implementation.135	implementation.135	NOUN
cblr-11900	654	70	specifically	specifically	ADV
cblr-11900	654	71	,	,	PUNCT
cblr-11900	654	72	they	they	PRON
cblr-11900	654	73	sought	seek	VERB
cblr-11900	654	74	to	to	PART
cblr-11900	654	75	control	control	VERB
cblr-11900	654	76	monetary	monetary	ADJ
cblr-11900	654	77	expansion	expansion	NOUN
cblr-11900	654	78	through	through	ADP
cblr-11900	654	79	open	open	ADJ
cblr-11900	654	80	market	market	NOUN
cblr-11900	654	81	operations	operation	NOUN
cblr-11900	654	82	rather	rather	ADV
cblr-11900	654	83	than	than	ADP
cblr-11900	654	84	through	through	ADP
cblr-11900	654	85	adjusting	adjust	VERB
cblr-11900	654	86	reserve	reserve	NOUN
cblr-11900	654	87	132	132	NUM
cblr-11900	654	88	memorandum	memorandum	NOUN
cblr-11900	654	89	from	from	ADP
cblr-11900	654	90	radha	radha	PROPN
cblr-11900	654	91	chaurushiya	chaurushiya	PROPN
cblr-11900	654	92	&	&	CCONJ
cblr-11900	654	93	ken	ken	PROPN
cblr-11900	654	94	kuttner	kuttner	PROPN
cblr-11900	654	95	to	to	ADP
cblr-11900	654	96	mr	mr	PROPN
cblr-11900	654	97	.	.	PROPN
cblr-11900	654	98	kos	kos	PROPN
cblr-11900	654	99	&	&	CCONJ
cblr-11900	654	100	mr	mr	PROPN
cblr-11900	654	101	.	.	PROPN
cblr-11900	654	102	reinhart	reinhart	PROPN
cblr-11900	654	103	,	,	PUNCT
cblr-11900	654	104	targeting	target	VERB
cblr-11900	654	105	the	the	DET
cblr-11900	654	106	yield	yield	NOUN
cblr-11900	654	107	curve	curve	NOUN
cblr-11900	654	108	:	:	PUNCT
cblr-11900	654	109	the	the	DET
cblr-11900	654	110	experience	experience	NOUN
cblr-11900	654	111	of	of	ADP
cblr-11900	654	112	the	the	DET
cblr-11900	654	113	federal	federal	PROPN
cblr-11900	654	114	reserve	reserve	PROPN
cblr-11900	654	115	,	,	PUNCT
cblr-11900	654	116	1942–51	1942–51	NUM
cblr-11900	654	117	(	(	PUNCT
cblr-11900	654	118	june	june	PROPN
cblr-11900	654	119	18	18	NUM
cblr-11900	654	120	,	,	PUNCT
cblr-11900	654	121	2003	2003	NUM
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cblr-11900	654	123	,	,	PUNCT
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cblr-11900	655	1	01.pdf	01.pdf	PROPN
cblr-11900	656	1	[	[	X
cblr-11900	656	2	https://perma.cc/u7uv-ukpr	https://perma.cc/u7uv-ukpr	NOUN
cblr-11900	656	3	]	]	X
cblr-11900	656	4	;	;	PUNCT
cblr-11900	656	5	robert	robert	PROPN
cblr-11900	656	6	l.	l.	PROPN
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cblr-11900	656	8	and	and	CCONJ
cblr-11900	656	9	ralph	ralph	PROPN
cblr-11900	656	10	f.	f.	PROPN
cblr-11900	656	11	leach	leach	PROPN
cblr-11900	656	12	,	,	PUNCT
cblr-11900	656	13	the	the	DET
cblr-11900	656	14	treasury	treasury	NOUN
cblr-11900	656	15	-	-	PUNCT
cblr-11900	656	16	fed	fed	PROPN
cblr-11900	656	17	accord	accord	NOUN
cblr-11900	656	18	:	:	PUNCT
cblr-11900	656	19	a	a	DET
cblr-11900	656	20	new	new	ADJ
cblr-11900	656	21	narrative	narrative	NOUN
cblr-11900	656	22	account	account	NOUN
cblr-11900	656	23	,	,	PUNCT
cblr-11900	656	24	87	87	NUM
cblr-11900	656	25	fed	fed	PROPN
cblr-11900	656	26	.	.	PUNCT
cblr-11900	657	1	rsrv	rsrv	PROPN
cblr-11900	657	2	.	.	PUNCT
cblr-11900	658	1	bank	bank	PROPN
cblr-11900	658	2	of	of	ADP
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cblr-11900	658	4	econ	econ	PROPN
cblr-11900	658	5	.	.	PUNCT
cblr-11900	659	1	q.	q.	PROPN
cblr-11900	659	2	33	33	NUM
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cblr-11900	659	4	50–51	50–51	NUM
cblr-11900	659	5	(	(	PUNCT
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cblr-11900	659	8	,	,	PUNCT
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cblr-11900	659	10	inter	inter	ADJ
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cblr-11900	659	18	.	.	PUNCT
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cblr-11900	660	5	.	.	PUNCT
cblr-11900	661	1	bank	bank	PROPN
cblr-11900	661	2	of	of	ADP
cblr-11900	661	3	n.y	n.y	PROPN
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cblr-11900	661	11	of	of	ADP
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cblr-11900	661	15	the	the	DET
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cblr-11900	661	17	of	of	ADP
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cblr-11900	661	24	the	the	DET
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cblr-11900	661	28	committee	committee	NOUN
cblr-11900	661	29	,	,	PUNCT
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cblr-11900	661	35	mar	mar	PROPN
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cblr-11900	661	41	,	,	PUNCT
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cblr-11900	662	1	[	[	X
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cblr-11900	662	4	.	.	PUNCT
cblr-11900	663	1	134	134	NUM
cblr-11900	663	2	hetzel	hetzel	PROPN
cblr-11900	663	3	&	&	CCONJ
cblr-11900	663	4	leach	leach	NOUN
cblr-11900	663	5	,	,	PUNCT
cblr-11900	663	6	supra	supra	NOUN
cblr-11900	663	7	note	note	NOUN
cblr-11900	663	8	134	134	NUM
cblr-11900	663	9	,	,	PUNCT
cblr-11900	663	10	at	at	ADP
cblr-11900	663	11	33–34	33–34	NUM
cblr-11900	663	12	.	.	PUNCT
cblr-11900	663	13	135	135	NUM
cblr-11900	663	14	william	william	PROPN
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cblr-11900	663	17	,	,	PUNCT
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cblr-11900	663	19	,	,	PUNCT
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cblr-11900	663	21	.	.	PROPN
cblr-11900	663	22	of	of	ADP
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cblr-11900	663	24	of	of	ADP
cblr-11900	663	25	the	the	DET
cblr-11900	663	26	fed	fed	PROPN
cblr-11900	663	27	.	.	PUNCT
cblr-11900	663	28	rsrv	rsrv	PROPN
cblr-11900	663	29	.	.	PUNCT
cblr-11900	664	1	,	,	PUNCT
cblr-11900	664	2	the	the	DET
cblr-11900	664	3	transition	transition	NOUN
cblr-11900	664	4	to	to	ADP
cblr-11900	664	5	free	free	ADJ
cblr-11900	664	6	markets	market	NOUN
cblr-11900	664	7	,	,	PUNCT
cblr-11900	664	8	remarks	remark	NOUN
cblr-11900	664	9	delivered	deliver	VERB
cblr-11900	664	10	at	at	ADP
cblr-11900	664	11	the	the	DET
cblr-11900	664	12	economic	economic	ADJ
cblr-11900	664	13	club	club	NOUN
cblr-11900	664	14	of	of	ADP
cblr-11900	664	15	detroit	detroit	PROPN
cblr-11900	664	16	(	(	PUNCT
cblr-11900	664	17	apr	apr	PROPN
cblr-11900	664	18	.	.	PROPN
cblr-11900	664	19	13	13	NUM
cblr-11900	664	20	,	,	PUNCT
cblr-11900	664	21	1953	1953	NUM
cblr-11900	664	22	)	)	PUNCT
cblr-11900	664	23	.	.	PUNCT
cblr-11900	665	1	no	no	INTJ
cblr-11900	665	2	.	.	NOUN
cblr-11900	666	1	1	1	NUM
cblr-11900	666	2	]	]	ADJ
cblr-11900	666	3	money	money	NOUN
cblr-11900	666	4	and	and	CCONJ
cblr-11900	666	5	the	the	DET
cblr-11900	666	6	public	public	ADJ
cblr-11900	666	7	debt	debt	NOUN
cblr-11900	666	8	261	261	NUM
cblr-11900	666	9	requirements	requirement	NOUN
cblr-11900	666	10	or	or	CCONJ
cblr-11900	666	11	discount	discount	NOUN
cblr-11900	666	12	window	window	NOUN
cblr-11900	666	13	lending	lending	NOUN
cblr-11900	666	14	to	to	ADP
cblr-11900	666	15	banks.136	banks.136	PROPN
cblr-11900	666	16	doing	do	VERB
cblr-11900	666	17	this	this	PRON
cblr-11900	666	18	—	—	PUNCT
cblr-11900	666	19	targeting	target	VERB
cblr-11900	666	20	overnight	overnight	ADJ
cblr-11900	666	21	interest	interest	NOUN
cblr-11900	666	22	rates	rate	NOUN
cblr-11900	666	23	through	through	ADP
cblr-11900	666	24	purchases	purchase	NOUN
cblr-11900	666	25	and	and	CCONJ
cblr-11900	666	26	sales	sale	NOUN
cblr-11900	666	27	—	—	PUNCT
cblr-11900	666	28	required	require	VERB
cblr-11900	666	29	that	that	SCONJ
cblr-11900	666	30	the	the	DET
cblr-11900	666	31	fomc	fomc	NOUN
cblr-11900	666	32	be	be	AUX
cblr-11900	666	33	able	able	ADJ
cblr-11900	666	34	to	to	PART
cblr-11900	666	35	easily	easily	ADV
cblr-11900	666	36	transact	transact	VERB
cblr-11900	666	37	in	in	ADP
cblr-11900	666	38	treasuries	treasury	NOUN
cblr-11900	666	39	to	to	ADP
cblr-11900	666	40	fine	fine	ADJ
cblr-11900	666	41	-	-	PUNCT
cblr-11900	666	42	tune	tune	NOUN
cblr-11900	666	43	the	the	DET
cblr-11900	666	44	supply	supply	NOUN
cblr-11900	666	45	of	of	ADP
cblr-11900	666	46	reserves	reserve	NOUN
cblr-11900	666	47	to	to	ADP
cblr-11900	666	48	banks	bank	NOUN
cblr-11900	666	49	.	.	PUNCT
cblr-11900	667	1	writing	write	VERB
cblr-11900	667	2	in	in	ADP
cblr-11900	667	3	1952	1952	NUM
cblr-11900	667	4	,	,	PUNCT
cblr-11900	667	5	the	the	DET
cblr-11900	667	6	authors	author	NOUN
cblr-11900	667	7	of	of	ADP
cblr-11900	667	8	the	the	DET
cblr-11900	667	9	ad	ad	X
cblr-11900	667	10	hoc	hoc	X
cblr-11900	667	11	subcommittee	subcommittee	NOUN
cblr-11900	667	12	report	report	NOUN
cblr-11900	667	13	on	on	ADP
cblr-11900	667	14	the	the	DET
cblr-11900	667	15	government	government	NOUN
cblr-11900	667	16	securities	security	NOUN
cblr-11900	667	17	market	market	NOUN
cblr-11900	667	18	(	(	PUNCT
cblr-11900	667	19	“	"	PUNCT
cblr-11900	667	20	the	the	DET
cblr-11900	667	21	ad	ad	X
cblr-11900	667	22	hoc	hoc	X
cblr-11900	667	23	report”),137	report”),137	PROPN
cblr-11900	667	24	commissioned	commission	VERB
cblr-11900	667	25	by	by	ADP
cblr-11900	667	26	the	the	DET
cblr-11900	667	27	fomc	fomc	NOUN
cblr-11900	667	28	to	to	PART
cblr-11900	667	29	study	study	VERB
cblr-11900	667	30	the	the	DET
cblr-11900	667	31	implementation	implementation	NOUN
cblr-11900	667	32	of	of	ADP
cblr-11900	667	33	monetary	monetary	ADJ
cblr-11900	667	34	policy	policy	NOUN
cblr-11900	667	35	under	under	ADP
cblr-11900	667	36	the	the	DET
cblr-11900	667	37	accord	accord	NOUN
cblr-11900	667	38	,	,	PUNCT
cblr-11900	667	39	observed	observe	VERB
cblr-11900	667	40	that	that	SCONJ
cblr-11900	667	41	“	"	PUNCT
cblr-11900	667	42	a	a	DET
cblr-11900	667	43	securities	security	NOUN
cblr-11900	667	44	market	market	NOUN
cblr-11900	667	45	,	,	PUNCT
cblr-11900	667	46	in	in	ADP
cblr-11900	667	47	which	which	PRON
cblr-11900	667	48	the	the	DET
cblr-11900	667	49	forces	force	NOUN
cblr-11900	667	50	of	of	ADP
cblr-11900	667	51	supply	supply	NOUN
cblr-11900	667	52	and	and	CCONJ
cblr-11900	667	53	demand	demand	NOUN
cblr-11900	667	54	.	.	PUNCT
cblr-11900	667	55	.	.	PUNCT
cblr-11900	668	1	.	.	PUNCT
cblr-11900	669	1	were	be	AUX
cblr-11900	669	2	permitted	permit	VERB
cblr-11900	669	3	to	to	PART
cblr-11900	669	4	express	express	VERB
cblr-11900	669	5	themselves	themselves	PRON
cblr-11900	669	6	in	in	ADP
cblr-11900	669	7	market	market	NOUN
cblr-11900	669	8	prices	price	NOUN
cblr-11900	669	9	and	and	CCONJ
cblr-11900	669	10	market	market	NOUN
cblr-11900	669	11	yields	yield	NOUN
cblr-11900	669	12	,	,	PUNCT
cblr-11900	669	13	was	be	AUX
cblr-11900	669	14	indispensable	indispensable	ADJ
cblr-11900	669	15	to	to	ADP
cblr-11900	669	16	the	the	DET
cblr-11900	669	17	effective	effective	ADJ
cblr-11900	669	18	executive	executive	NOUN
cblr-11900	669	19	of	of	ADP
cblr-11900	669	20	monetary	monetary	ADJ
cblr-11900	669	21	policies	policy	NOUN
cblr-11900	669	22	directed	direct	VERB
cblr-11900	669	23	towards	towards	ADP
cblr-11900	669	24	financial	financial	ADJ
cblr-11900	669	25	equilibrium	equilibrium	NOUN
cblr-11900	669	26	and	and	CCONJ
cblr-11900	669	27	economic	economic	ADJ
cblr-11900	669	28	stability	stability	NOUN
cblr-11900	669	29	.	.	PUNCT
cblr-11900	669	30	.	.	PUNCT
cblr-11900	670	1	.	.	PUNCT
cblr-11900	671	1	without	without	ADP
cblr-11900	671	2	detriment	detriment	NOUN
cblr-11900	671	3	to	to	ADP
cblr-11900	671	4	the	the	DET
cblr-11900	671	5	long	long	ADJ
cblr-11900	671	6	-	-	PUNCT
cblr-11900	671	7	run	run	NOUN
cblr-11900	671	8	purchasing	purchasing	NOUN
cblr-11900	671	9	power	power	NOUN
cblr-11900	671	10	of	of	ADP
cblr-11900	671	11	the	the	DET
cblr-11900	671	12	dollar	dollar	NOUN
cblr-11900	671	13	.	.	PUNCT
cblr-11900	671	14	”138	”138	PROPN
cblr-11900	671	15	b.	b.	PROPN
cblr-11900	672	1	the	the	DET
cblr-11900	672	2	(	(	PUNCT
cblr-11900	672	3	forgotten	forget	VERB
cblr-11900	672	4	)	)	PUNCT
cblr-11900	672	5	treasury	treasury	NOUN
cblr-11900	672	6	market	market	NOUN
cblr-11900	672	7	breakdown	breakdown	NOUN
cblr-11900	672	8	of	of	ADP
cblr-11900	672	9	1953	1953	NUM
cblr-11900	672	10	but	but	CCONJ
cblr-11900	672	11	constructing	construct	VERB
cblr-11900	672	12	deep	deep	ADJ
cblr-11900	672	13	and	and	CCONJ
cblr-11900	672	14	liquid	liquid	ADJ
cblr-11900	672	15	secondary	secondary	ADJ
cblr-11900	672	16	markets	market	NOUN
cblr-11900	672	17	in	in	ADP
cblr-11900	672	18	government	government	NOUN
cblr-11900	672	19	securities	security	NOUN
cblr-11900	672	20	markets	market	NOUN
cblr-11900	672	21	was	be	AUX
cblr-11900	672	22	easier	easy	ADJ
cblr-11900	672	23	said	say	VERB
cblr-11900	672	24	than	than	ADP
cblr-11900	672	25	done	do	VERB
cblr-11900	672	26	.	.	PUNCT
cblr-11900	673	1	lifting	lift	VERB
cblr-11900	673	2	the	the	DET
cblr-11900	673	3	caps	cap	NOUN
cblr-11900	673	4	on	on	ADP
cblr-11900	673	5	long	long	ADJ
cblr-11900	673	6	-	-	PUNCT
cblr-11900	673	7	term	term	NOUN
cblr-11900	673	8	yields	yield	NOUN
cblr-11900	673	9	was	be	AUX
cblr-11900	673	10	not	not	PART
cblr-11900	673	11	enough	enough	ADJ
cblr-11900	673	12	.	.	PUNCT
cblr-11900	674	1	facilitating	facilitate	VERB
cblr-11900	674	2	efficient	efficient	ADJ
cblr-11900	674	3	price	price	NOUN
cblr-11900	674	4	discovery	discovery	NOUN
cblr-11900	674	5	required	require	VERB
cblr-11900	674	6	institutions	institution	NOUN
cblr-11900	674	7	that	that	PRON
cblr-11900	674	8	could	could	AUX
cblr-11900	674	9	manage	manage	VERB
cblr-11900	674	10	dynamic	dynamic	ADJ
cblr-11900	674	11	and	and	CCONJ
cblr-11900	674	12	volatile	volatile	ADJ
cblr-11900	674	13	inventories	inventory	NOUN
cblr-11900	674	14	of	of	ADP
cblr-11900	674	15	securities	security	NOUN
cblr-11900	674	16	.	.	PUNCT
cblr-11900	675	1	after	after	ADP
cblr-11900	675	2	roughly	roughly	ADV
cblr-11900	675	3	a	a	DET
cblr-11900	675	4	decade	decade	NOUN
cblr-11900	675	5	of	of	ADP
cblr-11900	675	6	heavily	heavily	ADV
cblr-11900	675	7	managed	manage	VERB
cblr-11900	675	8	markets	market	NOUN
cblr-11900	675	9	and	and	CCONJ
cblr-11900	675	10	strict	strict	ADJ
cblr-11900	675	11	yield	yield	NOUN
cblr-11900	675	12	curve	curve	NOUN
cblr-11900	675	13	control	control	NOUN
cblr-11900	675	14	,	,	PUNCT
cblr-11900	675	15	government	government	NOUN
cblr-11900	675	16	securities	security	NOUN
cblr-11900	675	17	dealers	dealer	NOUN
cblr-11900	675	18	lacked	lack	VERB
cblr-11900	675	19	the	the	DET
cblr-11900	675	20	leverage	leverage	NOUN
cblr-11900	675	21	or	or	CCONJ
cblr-11900	675	22	funding	funding	NOUN
cblr-11900	675	23	to	to	PART
cblr-11900	675	24	perform	perform	VERB
cblr-11900	675	25	such	such	DET
cblr-11900	675	26	a	a	DET
cblr-11900	675	27	role	role	NOUN
cblr-11900	675	28	.	.	PUNCT
cblr-11900	676	1	matters	matter	NOUN
cblr-11900	676	2	came	come	VERB
cblr-11900	676	3	to	to	ADP
cblr-11900	676	4	a	a	DET
cblr-11900	676	5	head	head	NOUN
cblr-11900	676	6	in	in	ADP
cblr-11900	676	7	1953.139	1953.139	NUM
cblr-11900	676	8	in	in	ADP
cblr-11900	676	9	march	march	PROPN
cblr-11900	676	10	,	,	PUNCT
cblr-11900	676	11	the	the	DET
cblr-11900	676	12	fomc	fomc	NOUN
cblr-11900	676	13	formalized	formalize	VERB
cblr-11900	676	14	what	what	PRON
cblr-11900	676	15	became	became	AUX
cblr-11900	676	16	known	know	VERB
cblr-11900	676	17	as	as	ADP
cblr-11900	676	18	the	the	DET
cblr-11900	676	19	“	"	PUNCT
cblr-11900	676	20	bills	bill	NOUN
cblr-11900	676	21	only	only	ADJ
cblr-11900	676	22	doctrine	doctrine	NOUN
cblr-11900	676	23	.	.	PUNCT
cblr-11900	677	1	”140	”140	PROPN
cblr-11900	677	2	the	the	DET
cblr-11900	677	3	fed	fed	PROPN
cblr-11900	677	4	would	would	AUX
cblr-11900	677	5	not	not	PART
cblr-11900	677	6	only	only	ADV
cblr-11900	677	7	remove	remove	VERB
cblr-11900	677	8	its	its	PRON
cblr-11900	677	9	pegs	peg	NOUN
cblr-11900	677	10	,	,	PUNCT
cblr-11900	677	11	but	but	CCONJ
cblr-11900	677	12	it	it	PRON
cblr-11900	677	13	would	would	AUX
cblr-11900	677	14	confine	confine	VERB
cblr-11900	677	15	136	136	NUM
cblr-11900	677	16	federal	federal	ADJ
cblr-11900	677	17	reserve	reserve	NOUN
cblr-11900	677	18	system	system	NOUN
cblr-11900	677	19	after	after	ADP
cblr-11900	677	20	fifty	fifty	NUM
cblr-11900	677	21	years	year	NOUN
cblr-11900	677	22	,	,	PUNCT
cblr-11900	677	23	hearings	hearing	NOUN
cblr-11900	677	24	before	before	ADP
cblr-11900	677	25	the	the	DET
cblr-11900	677	26	house	house	PROPN
cblr-11900	677	27	subcomm	subcomm	NOUN
cblr-11900	677	28	.	.	PUNCT
cblr-11900	678	1	on	on	ADP
cblr-11900	678	2	domestic	domestic	ADJ
cblr-11900	678	3	fin	fin	NOUN
cblr-11900	678	4	.	.	PUNCT
cblr-11900	679	1	of	of	ADP
cblr-11900	679	2	the	the	DET
cblr-11900	679	3	comm	comm	NOUN
cblr-11900	679	4	.	.	PUNCT
cblr-11900	680	1	on	on	ADP
cblr-11900	680	2	banking	banking	NOUN
cblr-11900	680	3	and	and	CCONJ
cblr-11900	680	4	currency	currency	NOUN
cblr-11900	680	5	,	,	PUNCT
cblr-11900	680	6	88th	88th	ADJ
cblr-11900	680	7	cong	cong	NOUN
cblr-11900	680	8	.	.	PUNCT
cblr-11900	681	1	5	5	NUM
cblr-11900	681	2	(	(	PUNCT
cblr-11900	681	3	1964	1964	NUM
cblr-11900	681	4	)	)	PUNCT
cblr-11900	682	1	[	[	X
cblr-11900	682	2	hereinafter	hereinafter	NOUN
cblr-11900	682	3	ad	ad	X
cblr-11900	682	4	hoc	hoc	X
cblr-11900	682	5	report	report	NOUN
cblr-11900	682	6	]	]	PUNCT
cblr-11900	682	7	.	.	PUNCT
cblr-11900	683	1	137	137	NUM
cblr-11900	684	1	i	i	PRON
cblr-11900	684	2	d.	d.	PROPN
cblr-11900	684	3	at	at	ADP
cblr-11900	684	4	4	4	NUM
cblr-11900	684	5	.	.	NUM
cblr-11900	684	6	138	138	NUM
cblr-11900	685	1	i	i	PRON
cblr-11900	685	2	d.	d.	PROPN
cblr-11900	685	3	at	at	ADP
cblr-11900	685	4	7	7	NUM
cblr-11900	685	5	,	,	PUNCT
cblr-11900	685	6	10	10	NUM
cblr-11900	685	7	,	,	PUNCT
cblr-11900	685	8	139	139	NUM
cblr-11900	685	9	for	for	ADP
cblr-11900	685	10	another	another	DET
cblr-11900	685	11	analysis	analysis	NOUN
cblr-11900	685	12	of	of	ADP
cblr-11900	685	13	the	the	DET
cblr-11900	685	14	events	event	NOUN
cblr-11900	685	15	of	of	ADP
cblr-11900	685	16	1953	1953	NUM
cblr-11900	685	17	,	,	PUNCT
cblr-11900	685	18	see	see	VERB
cblr-11900	685	19	kenneth	kenneth	PROPN
cblr-11900	685	20	d.	d.	PROPN
cblr-11900	685	21	garbade	garbade	PROPN
cblr-11900	685	22	,	,	PUNCT
cblr-11900	685	23	after	after	ADP
cblr-11900	685	24	the	the	DET
cblr-11900	685	25	accord	accord	NOUN
cblr-11900	685	26	:	:	PUNCT
cblr-11900	685	27	a	a	DET
cblr-11900	685	28	history	history	NOUN
cblr-11900	685	29	of	of	ADP
cblr-11900	685	30	federal	federal	PROPN
cblr-11900	685	31	reserve	reserve	PROPN
cblr-11900	685	32	open	open	ADJ
cblr-11900	685	33	market	market	NOUN
cblr-11900	685	34	operations	operation	NOUN
cblr-11900	685	35	,	,	PUNCT
cblr-11900	685	36	the	the	DET
cblr-11900	685	37	us	us	PROPN
cblr-11900	685	38	government	government	NOUN
cblr-11900	685	39	securities	security	NOUN
cblr-11900	685	40	market	market	NOUN
cblr-11900	685	41	,	,	PUNCT
cblr-11900	685	42	and	and	CCONJ
cblr-11900	685	43	treasury	treasury	NOUN
cblr-11900	685	44	debt	debt	NOUN
cblr-11900	685	45	management	management	NOUN
cblr-11900	685	46	from	from	ADP
cblr-11900	685	47	1951	1951	NUM
cblr-11900	685	48	to	to	ADP
cblr-11900	685	49	1979	1979	NUM
cblr-11900	685	50	,	,	PUNCT
cblr-11900	685	51	at	at	ADP
cblr-11900	685	52	107–124	107–124	NUM
cblr-11900	685	53	(	(	PUNCT
cblr-11900	685	54	2021	2021	NUM
cblr-11900	685	55	)	)	PUNCT
cblr-11900	685	56	.	.	PUNCT
cblr-11900	686	1	140	140	NUM
cblr-11900	686	2	dudley	dudley	PROPN
cblr-11900	686	3	g.	g.	PROPN
cblr-11900	686	4	luckett	luckett	PROPN
cblr-11900	686	5	,	,	PUNCT
cblr-11900	686	6	“	"	PUNCT
cblr-11900	686	7	bills	bill	NOUN
cblr-11900	686	8	only	only	ADV
cblr-11900	686	9	”	"	PUNCT
cblr-11900	686	10	:	:	PUNCT
cblr-11900	686	11	a	a	DET
cblr-11900	686	12	critical	critical	ADJ
cblr-11900	686	13	appraisal	appraisal	NOUN
cblr-11900	686	14	,	,	PUNCT
cblr-11900	686	15	42	42	NUM
cblr-11900	686	16	rev	rev	X
cblr-11900	686	17	.	.	PROPN
cblr-11900	686	18	econ	econ	PROPN
cblr-11900	686	19	.	.	PUNCT
cblr-11900	686	20	&	&	CCONJ
cblr-11900	686	21	stat	stat	PROPN
cblr-11900	686	22	.	.	PUNCT
cblr-11900	687	1	301	301	NUM
cblr-11900	687	2	(	(	PUNCT
cblr-11900	687	3	1960	1960	NUM
cblr-11900	687	4	)	)	PUNCT
cblr-11900	687	5	.	.	PUNCT
cblr-11900	688	1	262	262	NUM
cblr-11900	688	2	columbia	columbia	PROPN
cblr-11900	688	3	business	business	NOUN
cblr-11900	688	4	law	law	PROPN
cblr-11900	688	5	review	review	NOUN
cblr-11900	688	6	[	[	X
cblr-11900	688	7	vol	vol	NOUN
cblr-11900	688	8	.	.	PUNCT
cblr-11900	688	9	2023	2023	NUM
cblr-11900	689	1	its	its	PRON
cblr-11900	689	2	purchases	purchase	NOUN
cblr-11900	689	3	of	of	ADP
cblr-11900	689	4	government	government	NOUN
cblr-11900	689	5	securities	security	NOUN
cblr-11900	689	6	to	to	ADP
cblr-11900	689	7	the	the	DET
cblr-11900	689	8	short	short	ADJ
cblr-11900	689	9	end	end	NOUN
cblr-11900	689	10	of	of	ADP
cblr-11900	689	11	the	the	DET
cblr-11900	689	12	yield	yield	NOUN
cblr-11900	689	13	curve	curve	NOUN
cblr-11900	689	14	.	.	PUNCT
cblr-11900	690	1	further	far	ADV
cblr-11900	690	2	,	,	PUNCT
cblr-11900	690	3	the	the	DET
cblr-11900	690	4	fed	fed	PROPN
cblr-11900	690	5	would	would	AUX
cblr-11900	690	6	purchase	purchase	VERB
cblr-11900	690	7	government	government	NOUN
cblr-11900	690	8	securities	security	NOUN
cblr-11900	690	9	“	"	PUNCT
cblr-11900	690	10	solely	solely	ADV
cblr-11900	690	11	to	to	PART
cblr-11900	690	12	effectuate	effectuate	VERB
cblr-11900	690	13	the	the	DET
cblr-11900	690	14	objectives	objective	NOUN
cblr-11900	690	15	of	of	ADP
cblr-11900	690	16	monetary	monetary	ADJ
cblr-11900	690	17	and	and	CCONJ
cblr-11900	690	18	credit	credit	NOUN
cblr-11900	690	19	policy	policy	NOUN
cblr-11900	690	20	.	.	PUNCT
cblr-11900	690	21	”141	”141	NOUN
cblr-11900	691	1	thus	thus	ADV
cblr-11900	691	2	,	,	PUNCT
cblr-11900	691	3	the	the	DET
cblr-11900	691	4	committee	committee	NOUN
cblr-11900	691	5	explicitly	explicitly	ADV
cblr-11900	691	6	disavowed	disavow	VERB
cblr-11900	691	7	“	"	PUNCT
cblr-11900	691	8	support[ing	support[e	VERB
cblr-11900	691	9	]	]	PUNCT
cblr-11900	691	10	any	any	DET
cblr-11900	691	11	pattern	pattern	NOUN
cblr-11900	691	12	of	of	ADP
cblr-11900	691	13	prices	price	NOUN
cblr-11900	691	14	and	and	CCONJ
cblr-11900	691	15	yields	yield	NOUN
cblr-11900	691	16	in	in	ADP
cblr-11900	691	17	the	the	DET
cblr-11900	691	18	government	government	NOUN
cblr-11900	691	19	securities	security	NOUN
cblr-11900	691	20	market	market	NOUN
cblr-11900	691	21	.	.	PUNCT
cblr-11900	692	1	”142	”142	PROPN
cblr-11900	692	2	importantly	importantly	ADV
cblr-11900	692	3	,	,	PUNCT
cblr-11900	692	4	however	however	ADV
cblr-11900	692	5	,	,	PUNCT
cblr-11900	692	6	they	they	PRON
cblr-11900	692	7	left	leave	VERB
cblr-11900	692	8	room	room	NOUN
cblr-11900	692	9	for	for	ADP
cblr-11900	692	10	“	"	PUNCT
cblr-11900	692	11	correcting	correct	VERB
cblr-11900	692	12	a	a	DET
cblr-11900	692	13	disorderly	disorderly	ADJ
cblr-11900	692	14	situation	situation	NOUN
cblr-11900	692	15	in	in	ADP
cblr-11900	692	16	the	the	DET
cblr-11900	692	17	government	government	NOUN
cblr-11900	692	18	securities	security	NOUN
cblr-11900	692	19	market	market	NOUN
cblr-11900	692	20	.	.	PUNCT
cblr-11900	693	1	”143	”143	NOUN
cblr-11900	693	2	this	this	DET
cblr-11900	693	3	new	new	ADJ
cblr-11900	693	4	policy	policy	NOUN
cblr-11900	693	5	,	,	PUNCT
cblr-11900	693	6	chairman	chairman	NOUN
cblr-11900	693	7	martin	martin	PROPN
cblr-11900	693	8	later	later	ADV
cblr-11900	693	9	explained	explain	VERB
cblr-11900	693	10	,	,	PUNCT
cblr-11900	693	11	amounted	amount	VERB
cblr-11900	693	12	to	to	ADP
cblr-11900	693	13	the	the	DET
cblr-11900	693	14	fed	fed	PROPN
cblr-11900	693	15	“	"	PUNCT
cblr-11900	693	16	regain[ing	regain[e	VERB
cblr-11900	693	17	]	]	X
cblr-11900	693	18	its	its	PRON
cblr-11900	693	19	influence	influence	NOUN
cblr-11900	693	20	over	over	ADP
cblr-11900	693	21	the	the	DET
cblr-11900	693	22	volume	volume	NOUN
cblr-11900	693	23	of	of	ADP
cblr-11900	693	24	money	money	NOUN
cblr-11900	693	25	”	"	PUNCT
cblr-11900	693	26	by	by	ADP
cblr-11900	693	27	no	no	ADV
cblr-11900	693	28	longer	long	ADV
cblr-11900	693	29	“	"	PUNCT
cblr-11900	693	30	abet[ting	abet[te	VERB
cblr-11900	693	31	]	]	X
cblr-11900	693	32	inflationary	inflationary	ADJ
cblr-11900	693	33	overexpansion	overexpansion	NOUN
cblr-11900	693	34	of	of	ADP
cblr-11900	693	35	the	the	DET
cblr-11900	693	36	money	money	NOUN
cblr-11900	693	37	supply	supply	NOUN
cblr-11900	693	38	.	.	PUNCT
cblr-11900	693	39	”144	”144	PUNCT
cblr-11900	694	1	the	the	DET
cblr-11900	694	2	timing	timing	NOUN
cblr-11900	694	3	was	be	AUX
cblr-11900	694	4	bad	bad	ADJ
cblr-11900	694	5	.	.	PUNCT
cblr-11900	695	1	by	by	ADP
cblr-11900	695	2	late	late	ADJ
cblr-11900	695	3	march	march	PROPN
cblr-11900	695	4	,	,	PUNCT
cblr-11900	695	5	rumors	rumor	NOUN
cblr-11900	695	6	were	be	AUX
cblr-11900	695	7	circling	circle	VERB
cblr-11900	695	8	that	that	SCONJ
cblr-11900	695	9	the	the	DET
cblr-11900	695	10	treasury	treasury	NOUN
cblr-11900	695	11	was	be	AUX
cblr-11900	695	12	primed	prime	VERB
cblr-11900	695	13	to	to	PART
cblr-11900	695	14	sell	sell	VERB
cblr-11900	695	15	thirty	thirty	NUM
cblr-11900	695	16	-	-	PUNCT
cblr-11900	695	17	year	year	NOUN
cblr-11900	695	18	debt	debt	NOUN
cblr-11900	695	19	for	for	ADP
cblr-11900	695	20	the	the	DET
cblr-11900	695	21	first	first	ADJ
cblr-11900	695	22	time	time	NOUN
cblr-11900	695	23	since	since	SCONJ
cblr-11900	695	24	1945,145	1945,145	NUM
cblr-11900	695	25	and	and	CCONJ
cblr-11900	695	26	the	the	DET
cblr-11900	695	27	following	follow	VERB
cblr-11900	695	28	month	month	NOUN
cblr-11900	695	29	a	a	DET
cblr-11900	695	30	new	new	ADJ
cblr-11900	695	31	bond	bond	NOUN
cblr-11900	695	32	maturing	mature	VERB
cblr-11900	695	33	in	in	ADP
cblr-11900	695	34	1983	1983	NUM
cblr-11900	695	35	was	be	AUX
cblr-11900	695	36	formally	formally	ADV
cblr-11900	695	37	announced	announce	VERB
cblr-11900	695	38	.	.	PUNCT
cblr-11900	696	1	the	the	DET
cblr-11900	696	2	treasury	treasury	PROPN
cblr-11900	696	3	described	describe	VERB
cblr-11900	696	4	the	the	DET
cblr-11900	696	5	decision	decision	NOUN
cblr-11900	696	6	as	as	ADP
cblr-11900	696	7	“	"	PUNCT
cblr-11900	696	8	one	one	NUM
cblr-11900	696	9	step	step	NOUN
cblr-11900	696	10	”	"	PUNCT
cblr-11900	696	11	along	along	ADP
cblr-11900	696	12	the	the	DET
cblr-11900	696	13	path	path	NOUN
cblr-11900	696	14	towards	towards	ADP
cblr-11900	696	15	more	more	ADV
cblr-11900	696	16	stable	stable	ADJ
cblr-11900	696	17	debt	debt	NOUN
cblr-11900	696	18	management146	management146	PROPN
cblr-11900	696	19	—	—	PUNCT
cblr-11900	696	20	a	a	DET
cblr-11900	696	21	core	core	NOUN
cblr-11900	696	22	promise	promise	NOUN
cblr-11900	696	23	in	in	ADP
cblr-11900	696	24	eisenhower	eisenhower	PROPN
cblr-11900	696	25	’s	’s	PART
cblr-11900	696	26	first	first	ADJ
cblr-11900	696	27	state	state	NOUN
cblr-11900	696	28	of	of	ADP
cblr-11900	696	29	the	the	DET
cblr-11900	696	30	union	union	NOUN
cblr-11900	696	31	address.147	address.147	PROPN
cblr-11900	696	32	the	the	DET
cblr-11900	696	33	press	press	NOUN
cblr-11900	696	34	141	141	NUM
cblr-11900	696	35	fed	fed	PROPN
cblr-11900	696	36	.	.	PUNCT
cblr-11900	697	1	open	open	PROPN
cblr-11900	697	2	mkt	mkt	PROPN
cblr-11900	697	3	.	.	PROPN
cblr-11900	697	4	comm	comm	NOUN
cblr-11900	697	5	.	.	PUNCT
cblr-11900	698	1	meeting	meet	VERB
cblr-11900	698	2	minutes	minute	NOUN
cblr-11900	698	3	32	32	NUM
cblr-11900	698	4	(	(	PUNCT
cblr-11900	698	5	mar	mar	PROPN
cblr-11900	698	6	.	.	PROPN
cblr-11900	698	7	4	4	NUM
cblr-11900	698	8	,	,	PUNCT
cblr-11900	698	9	1953	1953	NUM
cblr-11900	698	10	)	)	PUNCT
cblr-11900	698	11	,	,	PUNCT
cblr-11900	698	12	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195303	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195303	NOUN
cblr-11900	698	13	05.pdf	05.pdf	PROPN
cblr-11900	699	1	[	[	X
cblr-11900	699	2	https://perma.cc/mkz4-6mfx	https://perma.cc/mkz4-6mfx	X
cblr-11900	699	3	]	]	X
cblr-11900	699	4	.	.	PUNCT
cblr-11900	700	1	142	142	NUM
cblr-11900	701	1	i	i	PRON
cblr-11900	701	2	d.	d.	PROPN
cblr-11900	701	3	at	at	ADP
cblr-11900	701	4	38	38	NUM
cblr-11900	701	5	.	.	PUNCT
cblr-11900	702	1	143	143	NUM
cblr-11900	703	1	i	i	PRON
cblr-11900	703	2	d.	d.	PROPN
cblr-11900	703	3	at	at	ADP
cblr-11900	703	4	22	22	NUM
cblr-11900	703	5	.	.	PUNCT
cblr-11900	704	1	this	this	PRON
cblr-11900	704	2	was	be	AUX
cblr-11900	704	3	a	a	DET
cblr-11900	704	4	material	material	NOUN
cblr-11900	704	5	change	change	NOUN
cblr-11900	704	6	to	to	ADP
cblr-11900	704	7	the	the	DET
cblr-11900	704	8	operating	operating	NOUN
cblr-11900	704	9	policy	policy	NOUN
cblr-11900	704	10	of	of	ADP
cblr-11900	704	11	the	the	DET
cblr-11900	704	12	fomc	fomc	NOUN
cblr-11900	704	13	,	,	PUNCT
cblr-11900	704	14	which	which	PRON
cblr-11900	704	15	had	have	AUX
cblr-11900	704	16	previously	previously	ADV
cblr-11900	704	17	sought	seek	VERB
cblr-11900	704	18	to	to	PART
cblr-11900	704	19	maintain	maintain	VERB
cblr-11900	704	20	“	"	PUNCT
cblr-11900	704	21	orderly	orderly	ADJ
cblr-11900	704	22	conditions	condition	NOUN
cblr-11900	704	23	”	"	PUNCT
cblr-11900	704	24	in	in	ADP
cblr-11900	704	25	the	the	DET
cblr-11900	704	26	government	government	NOUN
cblr-11900	704	27	securities	security	NOUN
cblr-11900	704	28	market	market	NOUN
cblr-11900	704	29	.	.	PUNCT
cblr-11900	705	1	s.	s.	PROPN
cblr-11900	705	2	rep	rep	PROPN
cblr-11900	705	3	.	.	PROPN
cblr-11900	706	1	no	no	PROPN
cblr-11900	706	2	.	.	NOUN
cblr-11900	707	1	82	82	NUM
cblr-11900	707	2	-	-	SYM
cblr-11900	707	3	123	123	NUM
cblr-11900	707	4	,	,	PUNCT
cblr-11900	707	5	at	at	ADP
cblr-11900	707	6	353	353	NUM
cblr-11900	707	7	(	(	PUNCT
cblr-11900	707	8	1952	1952	NUM
cblr-11900	707	9	)	)	PUNCT
cblr-11900	707	10	;	;	PUNCT
cblr-11900	707	11	fed	fed	PROPN
cblr-11900	707	12	.	.	PUNCT
cblr-11900	708	1	open	open	PROPN
cblr-11900	708	2	mkt	mkt	PROPN
cblr-11900	708	3	.	.	PROPN
cblr-11900	708	4	comm	comm	NOUN
cblr-11900	708	5	.	.	PUNCT
cblr-11900	709	1	meeting	meeting	NOUN
cblr-11900	709	2	minutes	minute	NOUN
cblr-11900	709	3	42	42	NUM
cblr-11900	709	4	(	(	PUNCT
cblr-11900	709	5	mar	mar	PROPN
cblr-11900	709	6	.	.	PROPN
cblr-11900	709	7	4	4	NUM
cblr-11900	709	8	,	,	PUNCT
cblr-11900	709	9	1953	1953	NUM
cblr-11900	709	10	)	)	PUNCT
cblr-11900	709	11	,	,	PUNCT
cblr-11900	709	12	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195303	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195303	PROPN
cblr-11900	709	13	05.pdf	05.pdf	PROPN
cblr-11900	710	1	[	[	X
cblr-11900	710	2	https://perma.cc/hwy8-zm4q	https://perma.cc/hwy8-zm4q	PROPN
cblr-11900	710	3	]	]	X
cblr-11900	710	4	.	.	PUNCT
cblr-11900	711	1	144	144	NUM
cblr-11900	711	2	martin	martin	PROPN
cblr-11900	711	3	,	,	PUNCT
cblr-11900	711	4	supra	supra	PROPN
cblr-11900	711	5	note	note	NOUN
cblr-11900	711	6	137	137	NUM
cblr-11900	711	7	,	,	PUNCT
cblr-11900	711	8	at	at	ADP
cblr-11900	711	9	3	3	NUM
cblr-11900	711	10	.	.	NOUN
cblr-11900	711	11	145	145	NUM
cblr-11900	711	12	rumors	rumor	NOUN
cblr-11900	711	13	of	of	ADP
cblr-11900	711	14	new	new	ADJ
cblr-11900	711	15	treasury	treasury	NOUN
cblr-11900	711	16	moves	move	NOUN
cblr-11900	711	17	help	help	VERB
cblr-11900	711	18	to	to	PART
cblr-11900	711	19	depress	depress	VERB
cblr-11900	711	20	u.s	u.s	PROPN
cblr-11900	711	21	.	.	PROPN
cblr-11900	711	22	bond	bond	NOUN
cblr-11900	711	23	prices	price	NOUN
cblr-11900	711	24	,	,	PUNCT
cblr-11900	711	25	n.y	n.y	PROPN
cblr-11900	711	26	.	.	PROPN
cblr-11900	711	27	times	times	PROPN
cblr-11900	711	28	,	,	PUNCT
cblr-11900	711	29	mar	mar	PROPN
cblr-11900	711	30	.	.	PROPN
cblr-11900	711	31	26	26	NUM
cblr-11900	711	32	,	,	PUNCT
cblr-11900	711	33	1953	1953	NUM
cblr-11900	711	34	.	.	PUNCT
cblr-11900	712	1	146	146	NUM
cblr-11900	712	2	u.s	u.s	PROPN
cblr-11900	712	3	.	.	PROPN
cblr-11900	712	4	dep’t	dep’t	NOUN
cblr-11900	712	5	of	of	ADP
cblr-11900	712	6	the	the	DET
cblr-11900	712	7	treasury	treasury	NOUN
cblr-11900	712	8	,	,	PUNCT
cblr-11900	712	9	statement	statement	NOUN
cblr-11900	712	10	by	by	ADP
cblr-11900	712	11	secretary	secretary	NOUN
cblr-11900	712	12	of	of	ADP
cblr-11900	712	13	the	the	DET
cblr-11900	712	14	treasury	treasury	PROPN
cblr-11900	712	15	george	george	PROPN
cblr-11900	712	16	m.	m.	PROPN
cblr-11900	712	17	humphrey	humphrey	PROPN
cblr-11900	712	18	(	(	PUNCT
cblr-11900	712	19	1953	1953	NUM
cblr-11900	712	20	)	)	PUNCT
cblr-11900	712	21	.	.	PUNCT
cblr-11900	713	1	147	147	NUM
cblr-11900	713	2	dwight	dwight	PROPN
cblr-11900	713	3	d.	d.	PROPN
cblr-11900	713	4	eisenhower	eisenhower	PROPN
cblr-11900	713	5	,	,	PUNCT
cblr-11900	713	6	state	state	NOUN
cblr-11900	713	7	of	of	ADP
cblr-11900	713	8	the	the	DET
cblr-11900	713	9	union	union	NOUN
cblr-11900	713	10	address	address	NOUN
cblr-11900	713	11	,	,	PUNCT
cblr-11900	713	12	delivered	deliver	VERB
cblr-11900	713	13	at	at	ADP
cblr-11900	713	14	a	a	DET
cblr-11900	713	15	joint	joint	ADJ
cblr-11900	713	16	session	session	NOUN
cblr-11900	713	17	of	of	ADP
cblr-11900	713	18	congress	congress	PROPN
cblr-11900	713	19	(	(	PUNCT
cblr-11900	713	20	feb	feb	PROPN
cblr-11900	713	21	.	.	PROPN
cblr-11900	713	22	2	2	NUM
cblr-11900	713	23	,	,	PUNCT
cblr-11900	713	24	1953	1953	NUM
cblr-11900	713	25	)	)	PUNCT
cblr-11900	713	26	,	,	PUNCT
cblr-11900	713	27	https://www.eisenhowerlibrary.gov/sites/default/files/file/1953_state_of_the	https://www.eisenhowerlibrary.gov/sites/default/files/file/1953_state_of_the	PRON
cblr-11900	713	28	_	_	PUNCT
cblr-11900	713	29	union.pdf	union.pdf	X
cblr-11900	714	1	[	[	X
cblr-11900	714	2	https://perma.cc/t6rw-aad7	https://perma.cc/t6rw-aad7	X
cblr-11900	714	3	]	]	X
cblr-11900	714	4	(	(	PUNCT
cblr-11900	714	5	“	"	PUNCT
cblr-11900	714	6	past	past	ADJ
cblr-11900	714	7	differences	difference	NOUN
cblr-11900	714	8	in	in	ADP
cblr-11900	714	9	policy	policy	NOUN
cblr-11900	714	10	between	between	ADP
cblr-11900	714	11	the	the	DET
cblr-11900	714	12	treasury	treasury	NOUN
cblr-11900	714	13	and	and	CCONJ
cblr-11900	714	14	the	the	DET
cblr-11900	714	15	federal	federal	PROPN
cblr-11900	714	16	reserve	reserve	PROPN
cblr-11900	714	17	board	board	PROPN
cblr-11900	714	18	have	have	AUX
cblr-11900	714	19	helped	help	VERB
cblr-11900	714	20	to	to	PART
cblr-11900	714	21	encourage	encourage	VERB
cblr-11900	714	22	inflation	inflation	NOUN
cblr-11900	714	23	.	.	PUNCT
cblr-11900	715	1	henceforth	henceforth	ADV
cblr-11900	715	2	,	,	PUNCT
cblr-11900	715	3	i	i	PRON
cblr-11900	715	4	expect	expect	VERB
cblr-11900	715	5	that	that	SCONJ
cblr-11900	715	6	their	their	PRON
cblr-11900	715	7	single	single	ADJ
cblr-11900	715	8	purpose	purpose	NOUN
cblr-11900	715	9	shall	shall	AUX
cblr-11900	715	10	be	be	AUX
cblr-11900	715	11	to	to	PART
cblr-11900	715	12	serve	serve	VERB
cblr-11900	715	13	the	the	DET
cblr-11900	715	14	whole	whole	ADJ
cblr-11900	715	15	nation	nation	NOUN
cblr-11900	715	16	by	by	ADP
cblr-11900	715	17	policies	policy	NOUN
cblr-11900	715	18	designed	design	VERB
cblr-11900	715	19	to	to	PART
cblr-11900	715	20	stabilize	stabilize	VERB
cblr-11900	715	21	the	the	DET
cblr-11900	715	22	economy	economy	NOUN
cblr-11900	715	23	and	and	CCONJ
cblr-11900	715	24	encourage	encourage	VERB
cblr-11900	715	25	the	the	DET
cblr-11900	715	26	free	free	ADJ
cblr-11900	715	27	play	play	NOUN
cblr-11900	715	28	of	of	ADP
cblr-11900	715	29	our	our	PRON
cblr-11900	715	30	people	people	NOUN
cblr-11900	715	31	’s	’s	PART
cblr-11900	715	32	genius	genius	NOUN
cblr-11900	715	33	for	for	ADP
cblr-11900	715	34	individual	individual	ADJ
cblr-11900	715	35	initiative	initiative	NOUN
cblr-11900	715	36	.	.	PUNCT
cblr-11900	715	37	”	"	PUNCT
cblr-11900	715	38	)	)	PUNCT
cblr-11900	715	39	.	.	PUNCT
cblr-11900	716	1	no	no	INTJ
cblr-11900	716	2	.	.	NOUN
cblr-11900	717	1	1	1	NUM
cblr-11900	717	2	]	]	ADJ
cblr-11900	717	3	money	money	NOUN
cblr-11900	717	4	and	and	CCONJ
cblr-11900	717	5	the	the	DET
cblr-11900	717	6	public	public	ADJ
cblr-11900	717	7	debt	debt	NOUN
cblr-11900	717	8	263	263	NUM
cblr-11900	717	9	hailed	hail	VERB
cblr-11900	717	10	it	it	PRON
cblr-11900	717	11	as	as	ADP
cblr-11900	717	12	of	of	ADP
cblr-11900	717	13	“	"	PUNCT
cblr-11900	717	14	major	major	ADJ
cblr-11900	717	15	significance	significance	NOUN
cblr-11900	717	16	,	,	PUNCT
cblr-11900	717	17	”	"	PUNCT
cblr-11900	717	18	honoring	honor	VERB
cblr-11900	717	19	a	a	DET
cblr-11900	717	20	“	"	PUNCT
cblr-11900	717	21	campaign	campaign	NOUN
cblr-11900	717	22	pledge	pledge	NOUN
cblr-11900	717	23	”	"	PUNCT
cblr-11900	717	24	by	by	ADP
cblr-11900	717	25	the	the	DET
cblr-11900	717	26	president	president	NOUN
cblr-11900	717	27	to	to	PART
cblr-11900	717	28	“	"	PUNCT
cblr-11900	717	29	finance	finance	VERB
cblr-11900	717	30	as	as	ADV
cblr-11900	717	31	much	much	ADV
cblr-11900	717	32	as	as	ADP
cblr-11900	717	33	possible	possible	ADJ
cblr-11900	717	34	the	the	DET
cblr-11900	717	35	government	government	NOUN
cblr-11900	717	36	’s	’s	PART
cblr-11900	717	37	operating	operate	VERB
cblr-11900	717	38	deficit	deficit	NOUN
cblr-11900	717	39	.	.	PUNCT
cblr-11900	717	40	.	.	PUNCT
cblr-11900	718	1	.	.	PUNCT
cblr-11900	719	1	from	from	ADP
cblr-11900	719	2	the	the	DET
cblr-11900	719	3	public	public	NOUN
cblr-11900	719	4	’s	’s	PART
cblr-11900	719	5	savings	saving	NOUN
cblr-11900	719	6	,	,	PUNCT
cblr-11900	719	7	and	and	CCONJ
cblr-11900	719	8	away	away	ADV
cblr-11900	719	9	from	from	ADP
cblr-11900	719	10	the	the	DET
cblr-11900	719	11	money	money	NOUN
cblr-11900	719	12	-	-	PUNCT
cblr-11900	719	13	creating	create	VERB
cblr-11900	719	14	mechanism	mechanism	NOUN
cblr-11900	719	15	of	of	ADP
cblr-11900	719	16	the	the	DET
cblr-11900	719	17	commercial	commercial	ADJ
cblr-11900	719	18	banking	banking	NOUN
cblr-11900	719	19	system	system	NOUN
cblr-11900	719	20	.	.	PUNCT
cblr-11900	719	21	”148	”148	PUNCT
cblr-11900	720	1	although	although	SCONJ
cblr-11900	720	2	the	the	DET
cblr-11900	720	3	new	new	ADJ
cblr-11900	720	4	bond	bond	NOUN
cblr-11900	720	5	opened	open	VERB
cblr-11900	720	6	trading	trading	NOUN
cblr-11900	720	7	at	at	ADP
cblr-11900	720	8	a	a	DET
cblr-11900	720	9	small	small	ADJ
cblr-11900	720	10	premium	premium	NOUN
cblr-11900	720	11	—	—	PUNCT
cblr-11900	720	12	demand	demand	NOUN
cblr-11900	720	13	was	be	AUX
cblr-11900	720	14	described	describe	VERB
cblr-11900	720	15	as	as	ADP
cblr-11900	720	16	“	"	PUNCT
cblr-11900	720	17	firm”149	firm”149	X
cblr-11900	720	18	—	—	PUNCT
cblr-11900	720	19	by	by	ADP
cblr-11900	720	20	late	late	ADJ
cblr-11900	720	21	april	april	PROPN
cblr-11900	720	22	,	,	PUNCT
cblr-11900	720	23	prices	price	NOUN
cblr-11900	720	24	had	have	AUX
cblr-11900	720	25	fallen	fall	VERB
cblr-11900	720	26	below	below	ADP
cblr-11900	720	27	par.150	par.150	PROPN
cblr-11900	720	28	press	press	NOUN
cblr-11900	720	29	reports	report	NOUN
cblr-11900	720	30	placed	place	VERB
cblr-11900	720	31	the	the	DET
cblr-11900	720	32	blame151	blame151	PROPN
cblr-11900	720	33	squarely	squarely	ADV
cblr-11900	720	34	on	on	ADP
cblr-11900	720	35	excess	excess	ADJ
cblr-11900	720	36	buying	buying	NOUN
cblr-11900	720	37	from	from	ADP
cblr-11900	720	38	“	"	PUNCT
cblr-11900	720	39	temporary	temporary	ADJ
cblr-11900	720	40	—	—	PUNCT
cblr-11900	720	41	that	that	ADV
cblr-11900	720	42	is	be	AUX
cblr-11900	720	43	,	,	PUNCT
cblr-11900	720	44	speculative	speculative	ADJ
cblr-11900	720	45	—	—	PUNCT
cblr-11900	720	46	investors	investor	NOUN
cblr-11900	720	47	,	,	PUNCT
cblr-11900	720	48	”	"	PUNCT
cblr-11900	720	49	exacerbated	exacerbate	VERB
cblr-11900	720	50	by	by	ADP
cblr-11900	720	51	insufficient	insufficient	ADJ
cblr-11900	720	52	screening	screening	NOUN
cblr-11900	720	53	and	and	CCONJ
cblr-11900	720	54	pro	pro	ADJ
cblr-11900	720	55	-	-	ADJ
cblr-11900	720	56	rated	rate	VERB
cblr-11900	720	57	allotments	allotment	NOUN
cblr-11900	720	58	by	by	ADP
cblr-11900	720	59	the	the	DET
cblr-11900	720	60	treasury.152	treasury.152	NOUN
cblr-11900	720	61	by	by	ADP
cblr-11900	720	62	early	early	ADJ
cblr-11900	720	63	may	may	PROPN
cblr-11900	720	64	,	,	PUNCT
cblr-11900	720	65	trading	trade	VERB
cblr-11900	720	66	among	among	ADP
cblr-11900	720	67	government	government	NOUN
cblr-11900	720	68	securities	security	NOUN
cblr-11900	720	69	dealers	dealer	NOUN
cblr-11900	720	70	“	"	PUNCT
cblr-11900	720	71	came	come	VERB
cblr-11900	720	72	to	to	ADP
cblr-11900	720	73	a	a	DET
cblr-11900	720	74	virtual	virtual	ADJ
cblr-11900	720	75	standstill	standstill	NOUN
cblr-11900	720	76	”	"	PUNCT
cblr-11900	720	77	with	with	ADP
cblr-11900	720	78	“	"	PUNCT
cblr-11900	720	79	heaviness	heaviness	NOUN
cblr-11900	720	80	”	"	PUNCT
cblr-11900	720	81	across	across	ADP
cblr-11900	720	82	the	the	DET
cblr-11900	720	83	full	full	ADJ
cblr-11900	720	84	range	range	NOUN
cblr-11900	720	85	of	of	ADP
cblr-11900	720	86	maturities.153	maturities.153	NOUN
cblr-11900	720	87	at	at	ADP
cblr-11900	720	88	a	a	DET
cblr-11900	720	89	may	may	PROPN
cblr-11900	720	90	6	6	NUM
cblr-11900	720	91	meeting	meeting	NOUN
cblr-11900	720	92	,	,	PUNCT
cblr-11900	720	93	robert	robert	PROPN
cblr-11900	720	94	rouse	rouse	PROPN
cblr-11900	720	95	,	,	PUNCT
cblr-11900	720	96	manager	manager	NOUN
cblr-11900	720	97	of	of	ADP
cblr-11900	720	98	the	the	DET
cblr-11900	720	99	system	system	NOUN
cblr-11900	720	100	open	open	ADJ
cblr-11900	720	101	market	market	NOUN
cblr-11900	720	102	account	account	NOUN
cblr-11900	720	103	(	(	PUNCT
cblr-11900	720	104	soma	soma	NOUN
cblr-11900	720	105	)	)	PUNCT
cblr-11900	720	106	,	,	PUNCT
cblr-11900	720	107	told	tell	VERB
cblr-11900	720	108	the	the	DET
cblr-11900	720	109	fomc	fomc	NOUN
cblr-11900	720	110	plainly	plainly	ADV
cblr-11900	720	111	that	that	SCONJ
cblr-11900	720	112	there	there	PRON
cblr-11900	720	113	was	be	VERB
cblr-11900	720	114	“	"	PUNCT
cblr-11900	720	115	virtually	virtually	ADV
cblr-11900	720	116	no	no	DET
cblr-11900	720	117	market	market	NOUN
cblr-11900	720	118	for	for	ADP
cblr-11900	720	119	government	government	NOUN
cblr-11900	720	120	securities	security	NOUN
cblr-11900	720	121	at	at	ADP
cblr-11900	720	122	the	the	DET
cblr-11900	720	123	present	present	ADJ
cblr-11900	720	124	time	time	NOUN
cblr-11900	720	125	.	.	PUNCT
cblr-11900	721	1	”154	”154	X
cblr-11900	721	2	stress	stress	VERB
cblr-11900	721	3	in	in	ADP
cblr-11900	721	4	treasuries	treasury	NOUN
cblr-11900	721	5	spread	spread	VERB
cblr-11900	721	6	to	to	ADP
cblr-11900	721	7	the	the	DET
cblr-11900	721	8	broader	broad	ADJ
cblr-11900	721	9	bond	bond	NOUN
cblr-11900	721	10	market	market	NOUN
cblr-11900	721	11	,	,	PUNCT
cblr-11900	721	12	which	which	PRON
cblr-11900	721	13	was	be	AUX
cblr-11900	721	14	reportedly	reportedly	ADV
cblr-11900	721	15	“	"	PUNCT
cblr-11900	721	16	weak	weak	ADJ
cblr-11900	721	17	”	"	PUNCT
cblr-11900	721	18	with	with	ADP
cblr-11900	721	19	“	"	PUNCT
cblr-11900	721	20	light	light	ADJ
cblr-11900	721	21	turnover”155	turnover”155	NOUN
cblr-11900	721	22	(	(	PUNCT
cblr-11900	721	23	referring	refer	VERB
cblr-11900	721	24	to	to	ADP
cblr-11900	721	25	less	less	ADJ
cblr-11900	721	26	trading	trading	NOUN
cblr-11900	721	27	activity	activity	NOUN
cblr-11900	721	28	than	than	ADP
cblr-11900	721	29	normal	normal	ADJ
cblr-11900	721	30	)	)	PUNCT
cblr-11900	721	31	.	.	PUNCT
cblr-11900	722	1	one	one	NUM
cblr-11900	722	2	blue	blue	ADJ
cblr-11900	722	3	-	-	PUNCT
cblr-11900	722	4	chip	chip	NOUN
cblr-11900	722	5	issuer	issuer	NOUN
cblr-11900	722	6	(	(	PUNCT
cblr-11900	722	7	southern	southern	ADJ
cblr-11900	722	8	bell	bell	PROPN
cblr-11900	722	9	)	)	PUNCT
cblr-11900	722	10	took	take	VERB
cblr-11900	722	11	the	the	DET
cblr-11900	722	12	highly	highly	ADV
cblr-11900	722	13	unusual	unusual	ADJ
cblr-11900	722	14	step	step	NOUN
cblr-11900	722	15	of	of	ADP
cblr-11900	722	16	rejecting	reject	VERB
cblr-11900	722	17	all	all	DET
cblr-11900	722	18	bids	bid	NOUN
cblr-11900	722	19	for	for	ADP
cblr-11900	722	20	its	its	PRON
cblr-11900	722	21	$	$	SYM
cblr-11900	722	22	30	30	NUM
cblr-11900	722	23	million	million	NUM
cblr-11900	722	24	issuance	issuance	NOUN
cblr-11900	722	25	148	148	NUM
cblr-11900	722	26	paul	paul	PROPN
cblr-11900	722	27	heffernan	heffernan	PROPN
cblr-11900	722	28	,	,	PUNCT
cblr-11900	722	29	new	new	PROPN
cblr-11900	722	30	u.s	u.s	PROPN
cblr-11900	722	31	.	.	PROPN
cblr-11900	722	32	bond	bond	NOUN
cblr-11900	722	33	seen	see	VERB
cblr-11900	722	34	of	of	ADP
cblr-11900	722	35	major	major	ADJ
cblr-11900	722	36	import	import	NOUN
cblr-11900	722	37	,	,	PUNCT
cblr-11900	722	38	n.y	n.y	PROPN
cblr-11900	722	39	.	.	PROPN
cblr-11900	722	40	times	times	PROPN
cblr-11900	722	41	,	,	PUNCT
cblr-11900	722	42	apr	apr	PROPN
cblr-11900	722	43	.	.	PROPN
cblr-11900	722	44	12	12	NUM
cblr-11900	722	45	,	,	PUNCT
cblr-11900	722	46	1953	1953	NUM
cblr-11900	722	47	.	.	PUNCT
cblr-11900	723	1	149	149	NUM
cblr-11900	723	2	paul	paul	PROPN
cblr-11900	723	3	heffernan	heffernan	PROPN
cblr-11900	723	4	,	,	PUNCT
cblr-11900	723	5	new	new	ADJ
cblr-11900	723	6	30	30	NUM
cblr-11900	723	7	-	-	PUNCT
cblr-11900	723	8	year	year	NOUN
cblr-11900	723	9	bond	bond	NOUN
cblr-11900	723	10	is	be	AUX
cblr-11900	723	11	quoted	quote	VERB
cblr-11900	723	12	at	at	ADP
cblr-11900	723	13	100¼	100¼	NUM
cblr-11900	723	14	,	,	PUNCT
cblr-11900	723	15	n.y	n.y	PROPN
cblr-11900	723	16	.	.	PROPN
cblr-11900	723	17	times	times	PROPN
cblr-11900	723	18	,	,	PUNCT
cblr-11900	723	19	apr	apr	PROPN
cblr-11900	723	20	.	.	PROPN
cblr-11900	723	21	16	16	NUM
cblr-11900	723	22	,	,	PUNCT
cblr-11900	723	23	1953	1953	NUM
cblr-11900	723	24	.	.	PUNCT
cblr-11900	724	1	150	150	NUM
cblr-11900	724	2	the	the	DET
cblr-11900	724	3	3.25	3.25	NUM
cblr-11900	724	4	%	%	NOUN
cblr-11900	724	5	of	of	ADP
cblr-11900	724	6	1978	1978	NUM
cblr-11900	724	7	-	-	SYM
cblr-11900	724	8	83	83	NUM
cblr-11900	724	9	bonds	bond	NOUN
cblr-11900	724	10	were	be	AUX
cblr-11900	724	11	quoted	quote	VERB
cblr-11900	724	12	at	at	ADP
cblr-11900	724	13	99	99	NUM
cblr-11900	724	14	-	-	PUNCT
cblr-11900	724	15	24/99	24/99	NUM
cblr-11900	724	16	-	-	PUNCT
cblr-11900	724	17	28	28	NUM
cblr-11900	724	18	on	on	ADP
cblr-11900	724	19	april	april	PROPN
cblr-11900	724	20	27	27	NUM
cblr-11900	724	21	,	,	PUNCT
cblr-11900	724	22	1953	1953	NUM
cblr-11900	724	23	.	.	PUNCT
cblr-11900	725	1	u.s	u.s	PROPN
cblr-11900	725	2	.	.	PROPN
cblr-11900	725	3	government	government	NOUN
cblr-11900	725	4	and	and	CCONJ
cblr-11900	725	5	agency	agency	NOUN
cblr-11900	725	6	bonds	bond	NOUN
cblr-11900	725	7	,	,	PUNCT
cblr-11900	725	8	n.y	n.y	PROPN
cblr-11900	725	9	.	.	PROPN
cblr-11900	725	10	times	times	PROPN
cblr-11900	725	11	,	,	PUNCT
cblr-11900	725	12	apr	apr	PROPN
cblr-11900	725	13	.	.	PROPN
cblr-11900	725	14	28	28	NUM
cblr-11900	725	15	,	,	PUNCT
cblr-11900	725	16	1953	1953	NUM
cblr-11900	725	17	,	,	PUNCT
cblr-11900	725	18	at	at	ADP
cblr-11900	725	19	40	40	NUM
cblr-11900	725	20	.	.	PUNCT
cblr-11900	725	21	151	151	NUM
cblr-11900	725	22	in	in	ADP
cblr-11900	725	23	total	total	NOUN
cblr-11900	725	24	,	,	PUNCT
cblr-11900	725	25	the	the	DET
cblr-11900	725	26	treasury	treasury	NOUN
cblr-11900	725	27	received	receive	VERB
cblr-11900	725	28	roughly	roughly	ADV
cblr-11900	725	29	$	$	SYM
cblr-11900	725	30	6	6	NUM
cblr-11900	725	31	billion	billion	NUM
cblr-11900	725	32	of	of	ADP
cblr-11900	725	33	bids	bid	NOUN
cblr-11900	725	34	for	for	ADP
cblr-11900	725	35	the	the	DET
cblr-11900	725	36	1983	1983	NUM
cblr-11900	725	37	issue	issue	NOUN
cblr-11900	725	38	,	,	PUNCT
cblr-11900	725	39	of	of	ADP
cblr-11900	725	40	which	which	PRON
cblr-11900	725	41	roughly	roughly	ADV
cblr-11900	725	42	$	$	SYM
cblr-11900	725	43	750	750	NUM
cblr-11900	725	44	million	million	NUM
cblr-11900	725	45	were	be	AUX
cblr-11900	725	46	rejected	reject	VERB
cblr-11900	725	47	to	to	PART
cblr-11900	725	48	curb	curb	VERB
cblr-11900	725	49	speculative	speculative	ADJ
cblr-11900	725	50	involvement	involvement	NOUN
cblr-11900	725	51	.	.	PUNCT
cblr-11900	726	1	the	the	DET
cblr-11900	726	2	remainder	remainder	NOUN
cblr-11900	726	3	were	be	AUX
cblr-11900	726	4	allotted	allot	VERB
cblr-11900	726	5	20	20	NUM
cblr-11900	726	6	%	%	NOUN
cblr-11900	726	7	of	of	ADP
cblr-11900	726	8	their	their	PRON
cblr-11900	726	9	bids	bid	NOUN
cblr-11900	726	10	with	with	ADP
cblr-11900	726	11	minor	minor	ADJ
cblr-11900	726	12	adjustments	adjustment	NOUN
cblr-11900	726	13	to	to	ADP
cblr-11900	726	14	small	small	ADJ
cblr-11900	726	15	orders	order	NOUN
cblr-11900	726	16	.	.	PUNCT
cblr-11900	727	1	treasury	treasury	PROPN
cblr-11900	727	2	awards	award	NOUN
cblr-11900	727	3	$	$	SYM
cblr-11900	727	4	1,000,080	1,000,080	NUM
cblr-11900	727	5	of	of	ADP
cblr-11900	727	6	3.25	3.25	NUM
cblr-11900	727	7	%	%	NOUN
cblr-11900	727	8	issue	issue	NOUN
cblr-11900	727	9	on	on	ADP
cblr-11900	727	10	a	a	DET
cblr-11900	727	11	20	20	NUM
cblr-11900	727	12	%	%	NOUN
cblr-11900	727	13	quota	quota	NOUN
cblr-11900	727	14	basis	basis	NOUN
cblr-11900	727	15	,	,	PUNCT
cblr-11900	727	16	n.y	n.y	PROPN
cblr-11900	727	17	.	.	PROPN
cblr-11900	727	18	times	times	PROPN
cblr-11900	727	19	,	,	PUNCT
cblr-11900	727	20	april	april	PROPN
cblr-11900	727	21	22	22	NUM
cblr-11900	727	22	,	,	PUNCT
cblr-11900	727	23	1953	1953	NUM
cblr-11900	727	24	,	,	PUNCT
cblr-11900	727	25	at	at	ADP
cblr-11900	727	26	46	46	NUM
cblr-11900	727	27	.	.	PUNCT
cblr-11900	728	1	152	152	NUM
cblr-11900	728	2	paul	paul	PROPN
cblr-11900	728	3	heffernan	heffernan	PROPN
cblr-11900	728	4	,	,	PUNCT
cblr-11900	728	5	bond	bond	NOUN
cblr-11900	728	6	performance	performance	NOUN
cblr-11900	728	7	stumps	stump	VERB
cblr-11900	728	8	observers	observer	NOUN
cblr-11900	728	9	,	,	PUNCT
cblr-11900	728	10	n.y	n.y	PROPN
cblr-11900	728	11	.	.	PROPN
cblr-11900	728	12	times	times	PROPN
cblr-11900	728	13	,	,	PUNCT
cblr-11900	728	14	may	may	AUX
cblr-11900	728	15	10	10	NUM
cblr-11900	728	16	,	,	PUNCT
cblr-11900	728	17	1953	1953	NUM
cblr-11900	728	18	,	,	PUNCT
cblr-11900	728	19	at	at	ADP
cblr-11900	728	20	f1	f1	NOUN
cblr-11900	728	21	.	.	PUNCT
cblr-11900	729	1	153	153	NUM
cblr-11900	729	2	u.s	u.s	PROPN
cblr-11900	729	3	.	.	PROPN
cblr-11900	729	4	bond	bond	NOUN
cblr-11900	729	5	trading	trading	NOUN
cblr-11900	729	6	near	near	ADP
cblr-11900	729	7	standstill	standstill	PROPN
cblr-11900	729	8	,	,	PUNCT
cblr-11900	729	9	n.y	n.y	PROPN
cblr-11900	729	10	.	.	PROPN
cblr-11900	729	11	times	times	PROPN
cblr-11900	729	12	,	,	PUNCT
cblr-11900	729	13	may	may	AUX
cblr-11900	729	14	5	5	NUM
cblr-11900	729	15	,	,	PUNCT
cblr-11900	729	16	1953	1953	NUM
cblr-11900	729	17	,	,	PUNCT
cblr-11900	729	18	at	at	ADP
cblr-11900	729	19	43	43	NUM
cblr-11900	729	20	.	.	PUNCT
cblr-11900	729	21	154	154	NUM
cblr-11900	729	22	fed	fed	PROPN
cblr-11900	729	23	.	.	PUNCT
cblr-11900	730	1	open	open	PROPN
cblr-11900	730	2	mkt	mkt	PROPN
cblr-11900	730	3	.	.	PROPN
cblr-11900	730	4	comm	comm	NOUN
cblr-11900	730	5	.	.	PUNCT
cblr-11900	731	1	meeting	meet	VERB
cblr-11900	731	2	minutes	minute	NOUN
cblr-11900	731	3	(	(	PUNCT
cblr-11900	731	4	may	may	PROPN
cblr-11900	731	5	6	6	NUM
cblr-11900	731	6	,	,	PUNCT
cblr-11900	731	7	1953	1953	NUM
cblr-11900	731	8	)	)	PUNCT
cblr-11900	731	9	,	,	PUNCT
cblr-11900	731	10	https://www.federalreserve.gov/monetarypolicy/files/fomchminec1195305	https://www.federalreserve.gov/monetarypolicy/files/fomchminec1195305	PROPN
cblr-11900	731	11	06.pdf	06.pdf	PROPN
cblr-11900	731	12	[	[	X
cblr-11900	731	13	https://perma.cc/qdu7-azzu	https://perma.cc/qdu7-azzu	PROPN
cblr-11900	731	14	]	]	PUNCT
cblr-11900	731	15	.	.	PUNCT
cblr-11900	732	1	155	155	NUM
cblr-11900	732	2	u.s	u.s	PROPN
cblr-11900	732	3	.	.	PROPN
cblr-11900	732	4	bond	bond	NOUN
cblr-11900	732	5	trading	trading	NOUN
cblr-11900	732	6	near	near	ADP
cblr-11900	732	7	standstill	standstill	NOUN
cblr-11900	732	8	,	,	PUNCT
cblr-11900	732	9	supra	supra	PROPN
cblr-11900	732	10	note	note	PROPN
cblr-11900	732	11	155	155	NUM
cblr-11900	732	12	.	.	PROPN
cblr-11900	732	13	264	264	NUM
cblr-11900	732	14	columbia	columbia	PROPN
cblr-11900	732	15	business	business	NOUN
cblr-11900	732	16	law	law	PROPN
cblr-11900	732	17	review	review	NOUN
cblr-11900	733	1	[	[	X
cblr-11900	733	2	vol	vol	NOUN
cblr-11900	733	3	.	.	PUNCT
cblr-11900	733	4	2023	2023	NUM
cblr-11900	733	5	in	in	ADP
cblr-11900	733	6	early	early	ADJ
cblr-11900	733	7	may	may	NOUN
cblr-11900	733	8	,	,	PUNCT
cblr-11900	733	9	opting	opt	VERB
cblr-11900	733	10	to	to	PART
cblr-11900	733	11	come	come	VERB
cblr-11900	733	12	back	back	ADV
cblr-11900	733	13	to	to	ADP
cblr-11900	733	14	the	the	DET
cblr-11900	733	15	market	market	NOUN
cblr-11900	733	16	at	at	ADP
cblr-11900	733	17	a	a	DET
cblr-11900	733	18	later	later	ADJ
cblr-11900	733	19	date.156	date.156	NOUN
cblr-11900	733	20	the	the	DET
cblr-11900	733	21	fed	fed	PROPN
cblr-11900	733	22	was	be	AUX
cblr-11900	733	23	in	in	ADP
cblr-11900	733	24	a	a	DET
cblr-11900	733	25	bind	bind	NOUN
cblr-11900	733	26	.	.	PUNCT
cblr-11900	734	1	in	in	ADP
cblr-11900	734	2	the	the	DET
cblr-11900	734	3	pre	pre	NOUN
cblr-11900	734	4	-	-	NOUN
cblr-11900	734	5	accord	accord	ADJ
cblr-11900	734	6	world	world	NOUN
cblr-11900	734	7	,	,	PUNCT
cblr-11900	734	8	the	the	DET
cblr-11900	734	9	fomc	fomc	NOUN
cblr-11900	734	10	would	would	AUX
cblr-11900	734	11	likely	likely	ADV
cblr-11900	734	12	have	have	AUX
cblr-11900	734	13	authorized	authorize	VERB
cblr-11900	734	14	the	the	DET
cblr-11900	734	15	new	new	PROPN
cblr-11900	734	16	york	york	PROPN
cblr-11900	734	17	fed	feed	VERB
cblr-11900	734	18	to	to	PART
cblr-11900	734	19	intervene	intervene	VERB
cblr-11900	734	20	directly	directly	ADV
cblr-11900	734	21	to	to	PART
cblr-11900	734	22	buy	buy	VERB
cblr-11900	734	23	treasuries	treasury	NOUN
cblr-11900	734	24	.	.	PUNCT
cblr-11900	735	1	but	but	CCONJ
cblr-11900	735	2	the	the	DET
cblr-11900	735	3	committee	committee	NOUN
cblr-11900	735	4	had	have	AUX
cblr-11900	735	5	just	just	ADV
cblr-11900	735	6	committed	commit	VERB
cblr-11900	735	7	to	to	PART
cblr-11900	735	8	buy	buy	VERB
cblr-11900	735	9	government	government	NOUN
cblr-11900	735	10	debt	debt	NOUN
cblr-11900	735	11	only	only	ADV
cblr-11900	735	12	to	to	AUX
cblr-11900	735	13	“	"	PUNCT
cblr-11900	735	14	correct	correct	VERB
cblr-11900	735	15	disorderly	disorderly	ADJ
cblr-11900	735	16	conditions	condition	NOUN
cblr-11900	735	17	.	.	PUNCT
cblr-11900	736	1	”157	”157	NOUN
cblr-11900	736	2	policymakers	policymaker	NOUN
cblr-11900	736	3	and	and	CCONJ
cblr-11900	736	4	market	market	NOUN
cblr-11900	736	5	participants	participant	NOUN
cblr-11900	736	6	understood	understand	VERB
cblr-11900	736	7	this	this	PRON
cblr-11900	736	8	to	to	PART
cblr-11900	736	9	be	be	AUX
cblr-11900	736	10	a	a	DET
cblr-11900	736	11	relatively	relatively	ADV
cblr-11900	736	12	high	high	ADJ
cblr-11900	736	13	standard.158	standard.158	NOUN
cblr-11900	736	14	that	that	PRON
cblr-11900	736	15	said	say	VERB
cblr-11900	736	16	,	,	PUNCT
cblr-11900	736	17	it	it	PRON
cblr-11900	736	18	had	have	AUX
cblr-11900	736	19	arguably	arguably	ADV
cblr-11900	736	20	been	be	AUX
cblr-11900	736	21	met	meet	VERB
cblr-11900	736	22	.	.	PUNCT
cblr-11900	737	1	at	at	ADP
cblr-11900	737	2	the	the	DET
cblr-11900	737	3	may	may	PROPN
cblr-11900	737	4	13	13	NUM
cblr-11900	737	5	meeting	meeting	NOUN
cblr-11900	737	6	of	of	ADP
cblr-11900	737	7	the	the	DET
cblr-11900	737	8	fomc	fomc	NOUN
cblr-11900	737	9	executive	executive	NOUN
cblr-11900	737	10	committee	committee	NOUN
cblr-11900	737	11	,	,	PUNCT
cblr-11900	737	12	ralph	ralph	PROPN
cblr-11900	737	13	young	young	PROPN
cblr-11900	737	14	,	,	PUNCT
cblr-11900	737	15	director	director	NOUN
cblr-11900	737	16	of	of	ADP
cblr-11900	737	17	research	research	NOUN
cblr-11900	737	18	and	and	CCONJ
cblr-11900	737	19	statistics	statistic	NOUN
cblr-11900	737	20	for	for	ADP
cblr-11900	737	21	the	the	DET
cblr-11900	737	22	board	board	NOUN
cblr-11900	737	23	of	of	ADP
cblr-11900	737	24	governors	governor	NOUN
cblr-11900	737	25	,	,	PUNCT
cblr-11900	737	26	expressed	express	VERB
cblr-11900	737	27	concern	concern	NOUN
cblr-11900	737	28	that	that	SCONJ
cblr-11900	737	29	conditions	condition	NOUN
cblr-11900	737	30	in	in	ADP
cblr-11900	737	31	bond	bond	NOUN
cblr-11900	737	32	markets	market	NOUN
cblr-11900	737	33	were	be	AUX
cblr-11900	737	34	negatively	negatively	ADV
cblr-11900	737	35	impacting	impact	VERB
cblr-11900	737	36	the	the	DET
cblr-11900	737	37	broader	broad	ADJ
cblr-11900	737	38	economy.159	economy.159	NUM
cblr-11900	737	39	reflecting	reflect	VERB
cblr-11900	737	40	this	this	DET
cblr-11900	737	41	setup	setup	NOUN
cblr-11900	737	42	,	,	PUNCT
cblr-11900	737	43	the	the	DET
cblr-11900	737	44	fed	fed	PROPN
cblr-11900	737	45	’s	’s	PART
cblr-11900	737	46	initial	initial	ADJ
cblr-11900	737	47	response	response	NOUN
cblr-11900	737	48	focused	focus	VERB
cblr-11900	737	49	on	on	ADP
cblr-11900	737	50	alleviating	alleviate	VERB
cblr-11900	737	51	tightness	tightness	NOUN
cblr-11900	737	52	in	in	ADP
cblr-11900	737	53	the	the	DET
cblr-11900	737	54	money	money	NOUN
cblr-11900	737	55	markets	market	NOUN
cblr-11900	737	56	by	by	ADP
cblr-11900	737	57	deploying	deploy	VERB
cblr-11900	737	58	their	their	PRON
cblr-11900	737	59	repo	repo	NOUN
cblr-11900	737	60	authority.160	authority.160	NOUN
cblr-11900	737	61	rouse	rouse	VERB
cblr-11900	737	62	in	in	ADP
cblr-11900	737	63	156	156	NUM
cblr-11900	737	64	market	market	NOUN
cblr-11900	737	65	in	in	ADP
cblr-11900	737	66	bonds	bond	NOUN
cblr-11900	737	67	flounders	flounder	NOUN
cblr-11900	737	68	again	again	ADV
cblr-11900	737	69	,	,	PUNCT
cblr-11900	737	70	n.y	n.y	PROPN
cblr-11900	737	71	.	.	PROPN
cblr-11900	737	72	times	times	PROPN
cblr-11900	737	73	,	,	PUNCT
cblr-11900	737	74	may	may	AUX
cblr-11900	737	75	6	6	NUM
cblr-11900	737	76	,	,	PUNCT
cblr-11900	737	77	1953	1953	NUM
cblr-11900	737	78	,	,	PUNCT
cblr-11900	737	79	at	at	ADP
cblr-11900	737	80	47	47	NUM
cblr-11900	737	81	(	(	PUNCT
cblr-11900	737	82	“	"	PUNCT
cblr-11900	737	83	the	the	DET
cblr-11900	737	84	rejection	rejection	NOUN
cblr-11900	737	85	of	of	ADP
cblr-11900	737	86	the	the	DET
cblr-11900	737	87	bids	bid	NOUN
cblr-11900	737	88	marked	mark	VERB
cblr-11900	737	89	the	the	DET
cblr-11900	737	90	first	first	ADJ
cblr-11900	737	91	time	time	NOUN
cblr-11900	737	92	within	within	ADP
cblr-11900	737	93	the	the	DET
cblr-11900	737	94	memory	memory	NOUN
cblr-11900	737	95	of	of	ADP
cblr-11900	737	96	bond	bond	NOUN
cblr-11900	737	97	men	man	NOUN
cblr-11900	737	98	that	that	SCONJ
cblr-11900	737	99	a	a	DET
cblr-11900	737	100	sale	sale	NOUN
cblr-11900	737	101	of	of	ADP
cblr-11900	737	102	high	high	ADJ
cblr-11900	737	103	-	-	PUNCT
cblr-11900	737	104	grade	grade	NOUN
cblr-11900	737	105	bonds	bond	NOUN
cblr-11900	737	106	of	of	ADP
cblr-11900	737	107	investment	investment	NOUN
cblr-11900	737	108	quality	quality	NOUN
cblr-11900	737	109	had	have	AUX
cblr-11900	737	110	been	be	AUX
cblr-11900	737	111	called	call	VERB
cblr-11900	737	112	off	off	ADP
cblr-11900	737	113	after	after	SCONJ
cblr-11900	737	114	banking	banking	NOUN
cblr-11900	737	115	syndicates	syndicate	NOUN
cblr-11900	737	116	had	have	AUX
cblr-11900	737	117	put	put	VERB
cblr-11900	737	118	in	in	ADP
cblr-11900	737	119	sealed	seal	VERB
cblr-11900	737	120	bids	bid	NOUN
cblr-11900	737	121	whose	whose	DET
cblr-11900	737	122	area	area	NOUN
cblr-11900	737	123	of	of	ADP
cblr-11900	737	124	competitive	competitive	ADJ
cblr-11900	737	125	price	price	NOUN
cblr-11900	737	126	appear	appear	VERB
cblr-11900	737	127	to	to	PART
cblr-11900	737	128	reflect	reflect	VERB
cblr-11900	737	129	market	market	NOUN
cblr-11900	737	130	conditions	condition	NOUN
cblr-11900	737	131	closely	closely	ADV
cblr-11900	737	132	.	.	PUNCT
cblr-11900	738	1	the	the	DET
cblr-11900	738	2	issuing	issue	VERB
cblr-11900	738	3	company	company	NOUN
cblr-11900	738	4	said	say	VERB
cblr-11900	738	5	that	that	SCONJ
cblr-11900	738	6	the	the	DET
cblr-11900	738	7	bids	bid	NOUN
cblr-11900	738	8	were	be	AUX
cblr-11900	738	9	not	not	PART
cblr-11900	738	10	accepted	accept	VERB
cblr-11900	738	11	out	out	ADP
cblr-11900	738	12	of	of	ADP
cblr-11900	738	13	a	a	DET
cblr-11900	738	14	wish	wish	NOUN
cblr-11900	738	15	to	to	PART
cblr-11900	738	16	study	study	VERB
cblr-11900	738	17	market	market	NOUN
cblr-11900	738	18	conditions	condition	NOUN
cblr-11900	738	19	further	far	ADV
cblr-11900	738	20	.	.	PUNCT
cblr-11900	738	21	”	"	PUNCT
cblr-11900	738	22	)	)	PUNCT
cblr-11900	738	23	.	.	PUNCT
cblr-11900	739	1	157	157	NUM
cblr-11900	739	2	the	the	DET
cblr-11900	739	3	federal	federal	PROPN
cblr-11900	739	4	reserve	reserve	NOUN
cblr-11900	739	5	system	system	NOUN
cblr-11900	739	6	after	after	ADP
cblr-11900	739	7	fifty	fifty	NUM
cblr-11900	739	8	years	year	NOUN
cblr-11900	739	9	:	:	PUNCT
cblr-11900	739	10	hearing	hear	VERB
cblr-11900	739	11	before	before	ADP
cblr-11900	739	12	the	the	DET
cblr-11900	739	13	subcomm	subcomm	NOUN
cblr-11900	739	14	.	.	PUNCT
cblr-11900	740	1	on	on	ADP
cblr-11900	740	2	domestic	domestic	ADJ
cblr-11900	740	3	fin	fin	NOUN
cblr-11900	740	4	.	.	PUNCT
cblr-11900	741	1	of	of	ADP
cblr-11900	741	2	the	the	DET
cblr-11900	741	3	comm	comm	NOUN
cblr-11900	741	4	.	.	PUNCT
cblr-11900	742	1	on	on	ADP
cblr-11900	742	2	banking	banking	NOUN
cblr-11900	742	3	and	and	CCONJ
cblr-11900	742	4	currency	currency	NOUN
cblr-11900	742	5	,	,	PUNCT
cblr-11900	742	6	88th	88th	ADJ
cblr-11900	742	7	cong	cong	NOUN
cblr-11900	742	8	.	.	PUNCT
cblr-11900	743	1	2016	2016	NUM
cblr-11900	743	2	(	(	PUNCT
cblr-11900	743	3	1964	1964	NUM
cblr-11900	743	4	)	)	PUNCT
cblr-11900	743	5	(	(	PUNCT
cblr-11900	743	6	federal	federal	ADJ
cblr-11900	743	7	open	open	ADJ
cblr-11900	743	8	market	market	NOUN
cblr-11900	743	9	comm	comm	NOUN
cblr-11900	743	10	.	.	PUNCT
cblr-11900	744	1	report	report	NOUN
cblr-11900	744	2	of	of	ADP
cblr-11900	744	3	ad	ad	X
cblr-11900	744	4	hoc	hoc	X
cblr-11900	744	5	subcomm	subcomm	NOUN
cblr-11900	744	6	.	.	PUNCT
cblr-11900	745	1	on	on	ADP
cblr-11900	745	2	the	the	DET
cblr-11900	745	3	gov’t	gov’t	NUM
cblr-11900	745	4	sec	sec	PROPN
cblr-11900	745	5	.	.	PROPN
cblr-11900	745	6	mkt	mkt	PROPN
cblr-11900	745	7	,	,	PUNCT
cblr-11900	745	8	november	november	PROPN
cblr-11900	745	9	12	12	NUM
cblr-11900	745	10	,	,	PUNCT
cblr-11900	745	11	1952	1952	NUM
cblr-11900	745	12	)	)	PUNCT
cblr-11900	745	13	.	.	PUNCT
cblr-11900	746	1	158	158	NUM
cblr-11900	746	2	this	this	DET
cblr-11900	746	3	condition	condition	NOUN
cblr-11900	746	4	was	be	AUX
cblr-11900	746	5	presumed	presume	VERB
cblr-11900	746	6	to	to	PART
cblr-11900	746	7	be	be	AUX
cblr-11900	746	8	rare	rare	ADJ
cblr-11900	746	9	,	,	PUNCT
cblr-11900	746	10	generally	generally	ADV
cblr-11900	746	11	associated	associate	VERB
cblr-11900	746	12	with	with	ADP
cblr-11900	746	13	a	a	DET
cblr-11900	746	14	declining	decline	VERB
cblr-11900	746	15	market	market	NOUN
cblr-11900	746	16	(	(	PUNCT
cblr-11900	746	17	i.e.	i.e.	X
cblr-11900	746	18	,	,	PUNCT
cblr-11900	746	19	rising	rise	VERB
cblr-11900	746	20	yields	yield	NOUN
cblr-11900	746	21	)	)	PUNCT
cblr-11900	746	22	and	and	CCONJ
cblr-11900	746	23	characterized	characterize	VERB
cblr-11900	746	24	by	by	ADP
cblr-11900	746	25	“	"	PUNCT
cblr-11900	746	26	selling	sell	VERB
cblr-11900	746	27	[	[	PUNCT
cblr-11900	746	28	that	that	PRON
cblr-11900	746	29	]	]	PUNCT
cblr-11900	746	30	feeds	feed	VERB
cblr-11900	746	31	on	on	ADP
cblr-11900	746	32	itself	itself	PRON
cblr-11900	746	33	so	so	ADV
cblr-11900	746	34	rapidly	rapidly	ADV
cblr-11900	746	35	and	and	CCONJ
cblr-11900	746	36	so	so	ADV
cblr-11900	746	37	menacingly	menacingly	ADV
cblr-11900	746	38	that	that	SCONJ
cblr-11900	746	39	it	it	PRON
cblr-11900	746	40	discourages	discourage	VERB
cblr-11900	746	41	both	both	DET
cblr-11900	746	42	short	short	ADJ
cblr-11900	746	43	covering	covering	NOUN
cblr-11900	746	44	and	and	CCONJ
cblr-11900	746	45	the	the	DET
cblr-11900	746	46	placement	placement	NOUN
cblr-11900	746	47	of	of	ADP
cblr-11900	746	48	offsetting	offset	VERB
cblr-11900	746	49	new	new	ADJ
cblr-11900	746	50	orders	order	NOUN
cblr-11900	746	51	by	by	ADP
cblr-11900	746	52	investors	investor	NOUN
cblr-11900	746	53	who	who	PRON
cblr-11900	746	54	ordinarily	ordinarily	ADV
cblr-11900	746	55	would	would	AUX
cblr-11900	746	56	seek	seek	VERB
cblr-11900	746	57	to	to	PART
cblr-11900	746	58	profit	profit	VERB
cblr-11900	746	59	from	from	ADP
cblr-11900	746	60	purchases	purchase	NOUN
cblr-11900	746	61	made	make	VERB
cblr-11900	746	62	in	in	ADP
cblr-11900	746	63	weak	weak	ADJ
cblr-11900	746	64	markets	market	NOUN
cblr-11900	746	65	”	"	PUNCT
cblr-11900	746	66	that	that	PRON
cblr-11900	746	67	,	,	PUNCT
cblr-11900	746	68	if	if	SCONJ
cblr-11900	746	69	left	leave	VERB
cblr-11900	746	70	unchecked	unchecked	ADJ
cblr-11900	746	71	,	,	PUNCT
cblr-11900	746	72	can	can	AUX
cblr-11900	746	73	create	create	VERB
cblr-11900	746	74	“	"	PUNCT
cblr-11900	746	75	panic	panic	NOUN
cblr-11900	746	76	conditions	condition	NOUN
cblr-11900	746	77	.	.	PUNCT
cblr-11900	746	78	”	"	PUNCT
cblr-11900	747	1	i	i	PRON
cblr-11900	747	2	d.	d.	PROPN
cblr-11900	747	3	159	159	NUM
cblr-11900	747	4	fed	fed	PROPN
cblr-11900	747	5	.	.	PUNCT
cblr-11900	748	1	open	open	PROPN
cblr-11900	748	2	mkt	mkt	PROPN
cblr-11900	748	3	.	.	PROPN
cblr-11900	748	4	comm	comm	NOUN
cblr-11900	748	5	.	.	PUNCT
cblr-11900	749	1	meeting	meet	VERB
cblr-11900	749	2	minutes	minute	NOUN
cblr-11900	749	3	4	4	NUM
cblr-11900	749	4	(	(	PUNCT
cblr-11900	749	5	may	may	PROPN
cblr-11900	749	6	13	13	NUM
cblr-11900	749	7	,	,	PUNCT
cblr-11900	749	8	1953	1953	NUM
cblr-11900	749	9	)	)	PUNCT
cblr-11900	749	10	,	,	PUNCT
cblr-11900	749	11	https://www.federalreserve.gov/monetarypolicy/files/fomchminec1195305	https://www.federalreserve.gov/monetarypolicy/files/fomchminec1195305	PROPN
cblr-11900	749	12	13.pdf	13.pdf	PROPN
cblr-11900	749	13	[	[	X
cblr-11900	749	14	https://perma.cc/7sms-bffr	https://perma.cc/7sms-bffr	X
cblr-11900	749	15	]	]	X
cblr-11900	749	16	(	(	PUNCT
cblr-11900	749	17	“	"	PUNCT
cblr-11900	749	18	[	[	X
cblr-11900	749	19	t]here	t]here	NOUN
cblr-11900	749	20	has	have	AUX
cblr-11900	749	21	been	be	AUX
cblr-11900	749	22	a	a	DET
cblr-11900	749	23	substantial	substantial	ADJ
cblr-11900	749	24	adjustment	adjustment	NOUN
cblr-11900	749	25	in	in	ADP
cblr-11900	749	26	interest	interest	NOUN
cblr-11900	749	27	rates	rate	NOUN
cblr-11900	749	28	,	,	PUNCT
cblr-11900	749	29	especially	especially	ADV
cblr-11900	749	30	in	in	ADP
cblr-11900	749	31	the	the	DET
cblr-11900	749	32	longer	long	ADJ
cblr-11900	749	33	term	term	NOUN
cblr-11900	749	34	market	market	NOUN
cblr-11900	749	35	,	,	PUNCT
cblr-11900	749	36	which	which	PRON
cblr-11900	749	37	has	have	AUX
cblr-11900	749	38	affected	affect	VERB
cblr-11900	749	39	the	the	DET
cblr-11900	749	40	liquidity	liquidity	NOUN
cblr-11900	749	41	position	position	NOUN
cblr-11900	749	42	of	of	ADP
cblr-11900	749	43	the	the	DET
cblr-11900	749	44	economy	economy	NOUN
cblr-11900	749	45	substantially	substantially	ADV
cblr-11900	749	46	”	"	PUNCT
cblr-11900	749	47	and	and	CCONJ
cblr-11900	749	48	the	the	DET
cblr-11900	749	49	shock	shock	NOUN
cblr-11900	749	50	to	to	ADP
cblr-11900	749	51	interest	interest	NOUN
cblr-11900	749	52	expense	expense	NOUN
cblr-11900	749	53	could	could	AUX
cblr-11900	749	54	be	be	AUX
cblr-11900	749	55	“	"	PUNCT
cblr-11900	749	56	affect[ing	affect[e	VERB
cblr-11900	749	57	]	]	PUNCT
cblr-11900	749	58	plans	plan	NOUN
cblr-11900	749	59	for	for	ADP
cblr-11900	749	60	[	[	X
cblr-11900	749	61	business	business	NOUN
cblr-11900	749	62	]	]	PUNCT
cblr-11900	749	63	capital	capital	NOUN
cblr-11900	749	64	expenditures	expenditure	NOUN
cblr-11900	749	65	.	.	PUNCT
cblr-11900	749	66	”	"	PUNCT
cblr-11900	749	67	)	)	PUNCT
cblr-11900	749	68	.	.	PUNCT
cblr-11900	750	1	160	160	NUM
cblr-11900	750	2	approved	approve	VERB
cblr-11900	750	3	by	by	ADP
cblr-11900	750	4	the	the	DET
cblr-11900	750	5	fomc	fomc	NOUN
cblr-11900	750	6	earlier	early	ADV
cblr-11900	750	7	that	that	DET
cblr-11900	750	8	year	year	NOUN
cblr-11900	750	9	.	.	PUNCT
cblr-11900	751	1	fed	fed	PROPN
cblr-11900	751	2	.	.	PUNCT
cblr-11900	752	1	open	open	PROPN
cblr-11900	752	2	mkt	mkt	PROPN
cblr-11900	752	3	.	.	PROPN
cblr-11900	752	4	comm	comm	NOUN
cblr-11900	752	5	.	.	PUNCT
cblr-11900	753	1	meeting	meet	VERB
cblr-11900	753	2	minutes	minute	NOUN
cblr-11900	753	3	7	7	NUM
cblr-11900	753	4	(	(	PUNCT
cblr-11900	753	5	march	march	PROPN
cblr-11900	753	6	4	4	NUM
cblr-11900	753	7	,	,	PUNCT
cblr-11900	753	8	1953	1953	NUM
cblr-11900	753	9	)	)	PUNCT
cblr-11900	753	10	,	,	PUNCT
cblr-11900	753	11	no	no	INTJ
cblr-11900	753	12	.	.	NOUN
cblr-11900	753	13	1	1	NUM
cblr-11900	753	14	]	]	ADJ
cblr-11900	753	15	money	money	NOUN
cblr-11900	753	16	and	and	CCONJ
cblr-11900	753	17	the	the	DET
cblr-11900	753	18	public	public	ADJ
cblr-11900	753	19	debt	debt	NOUN
cblr-11900	753	20	265	265	NUM
cblr-11900	753	21	particular	particular	ADJ
cblr-11900	753	22	appeared	appear	VERB
cblr-11900	753	23	to	to	PART
cblr-11900	753	24	prefer	prefer	VERB
cblr-11900	753	25	repo	repo	NOUN
cblr-11900	753	26	to	to	ADP
cblr-11900	753	27	outright	outright	ADV
cblr-11900	753	28	purchases.161	purchases.161	VERB
cblr-11900	753	29	by	by	ADP
cblr-11900	753	30	the	the	DET
cblr-11900	753	31	end	end	NOUN
cblr-11900	753	32	of	of	ADP
cblr-11900	753	33	may	may	AUX
cblr-11900	753	34	,	,	PUNCT
cblr-11900	753	35	there	there	PRON
cblr-11900	753	36	were	be	VERB
cblr-11900	753	37	$	$	SYM
cblr-11900	753	38	215	215	NUM
cblr-11900	753	39	million	million	NUM
cblr-11900	753	40	of	of	ADP
cblr-11900	753	41	repos	repos	NOUN
cblr-11900	753	42	outstanding162	outstanding162	PROPN
cblr-11900	753	43	to	to	PART
cblr-11900	753	44	complement	complement	VERB
cblr-11900	753	45	$	$	SYM
cblr-11900	753	46	225	225	NUM
cblr-11900	753	47	million	million	NUM
cblr-11900	753	48	of	of	ADP
cblr-11900	753	49	bill	bill	NOUN
cblr-11900	753	50	purchases	purchase	NOUN
cblr-11900	753	51	over	over	ADP
cblr-11900	753	52	the	the	DET
cblr-11900	753	53	course	course	NOUN
cblr-11900	753	54	of	of	ADP
cblr-11900	753	55	the	the	DET
cblr-11900	753	56	month.163	month.163	NOUN
cblr-11900	753	57	relief	relief	NOUN
cblr-11900	753	58	from	from	ADP
cblr-11900	753	59	these	these	DET
cblr-11900	753	60	interventions	intervention	NOUN
cblr-11900	753	61	lasted	last	VERB
cblr-11900	753	62	only	only	ADJ
cblr-11900	753	63	days	day	NOUN
cblr-11900	753	64	,	,	PUNCT
cblr-11900	753	65	with	with	ADP
cblr-11900	753	66	volatility	volatility	NOUN
cblr-11900	753	67	spiking	spike	VERB
cblr-11900	753	68	again	again	ADV
cblr-11900	753	69	in	in	ADP
cblr-11900	753	70	early	early	ADJ
cblr-11900	753	71	june.164	june.164	NOUN
cblr-11900	753	72	poor	poor	ADJ
cblr-11900	753	73	sentiment	sentiment	NOUN
cblr-11900	753	74	was	be	AUX
cblr-11900	753	75	probably	probably	ADV
cblr-11900	753	76	exacerbated	exacerbate	VERB
cblr-11900	753	77	by	by	ADP
cblr-11900	753	78	the	the	DET
cblr-11900	753	79	realization	realization	NOUN
cblr-11900	753	80	that	that	SCONJ
cblr-11900	753	81	the	the	DET
cblr-11900	753	82	deficit	deficit	NOUN
cblr-11900	753	83	,	,	PUNCT
cblr-11900	753	84	already	already	ADV
cblr-11900	753	85	at	at	ADP
cblr-11900	753	86	a	a	DET
cblr-11900	753	87	post	post	ADJ
cblr-11900	753	88	-	-	ADJ
cblr-11900	753	89	war	war	ADJ
cblr-11900	753	90	high	high	ADJ
cblr-11900	753	91	for	for	ADP
cblr-11900	753	92	the	the	DET
cblr-11900	753	93	1953	1953	NUM
cblr-11900	753	94	fiscal	fiscal	ADJ
cblr-11900	753	95	year	year	NOUN
cblr-11900	753	96	that	that	PRON
cblr-11900	753	97	ended	end	VERB
cblr-11900	753	98	in	in	ADP
cblr-11900	753	99	june	june	PROPN
cblr-11900	753	100	,	,	PUNCT
cblr-11900	753	101	was	be	AUX
cblr-11900	753	102	likely	likely	ADJ
cblr-11900	753	103	to	to	PART
cblr-11900	753	104	widen	widen	VERB
cblr-11900	753	105	further	far	ADV
cblr-11900	753	106	and	and	CCONJ
cblr-11900	753	107	put	put	VERB
cblr-11900	753	108	much	much	ADV
cblr-11900	753	109	greater	great	ADJ
cblr-11900	753	110	pressure	pressure	NOUN
cblr-11900	753	111	on	on	ADP
cblr-11900	753	112	the	the	DET
cblr-11900	753	113	treasury	treasury	NOUN
cblr-11900	753	114	to	to	PART
cblr-11900	753	115	source	source	VERB
cblr-11900	753	116	additional	additional	ADJ
cblr-11900	753	117	funds	fund	NOUN
cblr-11900	753	118	—	—	PUNCT
cblr-11900	753	119	as	as	ADV
cblr-11900	753	120	much	much	ADJ
cblr-11900	753	121	as	as	ADP
cblr-11900	753	122	$	$	SYM
cblr-11900	753	123	15	15	NUM
cblr-11900	753	124	billion	billion	NUM
cblr-11900	753	125	for	for	ADP
cblr-11900	753	126	july	july	PROPN
cblr-11900	753	127	through	through	ADP
cblr-11900	753	128	year	year	NOUN
cblr-11900	753	129	-	-	PUNCT
cblr-11900	753	130	end,165	end,165	PROPN
cblr-11900	753	131	or	or	CCONJ
cblr-11900	753	132	more	more	ADJ
cblr-11900	753	133	than	than	ADP
cblr-11900	753	134	4	4	NUM
cblr-11900	753	135	%	%	NOUN
cblr-11900	753	136	of	of	ADP
cblr-11900	753	137	1952	1952	NUM
cblr-11900	753	138	nominal	nominal	ADJ
cblr-11900	753	139	gdp.166	gdp.166	NOUN
cblr-11900	753	140	dealers	dealer	NOUN
cblr-11900	753	141	struggled	struggle	VERB
cblr-11900	753	142	with	with	ADP
cblr-11900	753	143	the	the	DET
cblr-11900	753	144	sharp	sharp	ADJ
cblr-11900	753	145	increase	increase	NOUN
cblr-11900	753	146	in	in	ADP
cblr-11900	753	147	yields	yield	NOUN
cblr-11900	753	148	and	and	CCONJ
cblr-11900	753	149	volatility	volatility	NOUN
cblr-11900	753	150	;	;	PUNCT
cblr-11900	753	151	the	the	DET
cblr-11900	753	152	press	press	NOUN
cblr-11900	753	153	described	describe	VERB
cblr-11900	753	154	them	they	PRON
cblr-11900	753	155	as	as	ADP
cblr-11900	753	156	“	"	PUNCT
cblr-11900	753	157	punch	punch	VERB
cblr-11900	753	158	-	-	PUNCT
cblr-11900	753	159	drunk	drunk	ADJ
cblr-11900	753	160	”	"	PUNCT
cblr-11900	753	161	and	and	CCONJ
cblr-11900	753	162	unable	unable	ADJ
cblr-11900	753	163	to	to	PART
cblr-11900	753	164	take	take	VERB
cblr-11900	753	165	on	on	ADP
cblr-11900	753	166	additional	additional	ADJ
cblr-11900	753	167	inventory,167	inventory,167	ADV
cblr-11900	753	168	a	a	DET
cblr-11900	753	169	condition	condition	NOUN
cblr-11900	753	170	many	many	ADJ
cblr-11900	753	171	believed	believe	VERB
cblr-11900	753	172	was	be	AUX
cblr-11900	753	173	“	"	PUNCT
cblr-11900	753	174	critical	critical	ADJ
cblr-11900	753	175	”	"	PUNCT
cblr-11900	753	176	and	and	CCONJ
cblr-11900	753	177	reaching	reach	VERB
cblr-11900	753	178	“	"	PUNCT
cblr-11900	753	179	nearly	nearly	ADV
cblr-11900	753	180	panic	panic	NOUN
cblr-11900	753	181	proportions	proportion	NOUN
cblr-11900	753	182	.	.	PUNCT
cblr-11900	753	183	”168	”168	VERB
cblr-11900	754	1	the	the	DET
cblr-11900	754	2	strain	strain	NOUN
cblr-11900	754	3	was	be	AUX
cblr-11900	754	4	reflected	reflect	VERB
cblr-11900	754	5	in	in	ADP
cblr-11900	754	6	transaction	transaction	NOUN
cblr-11900	755	1	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195303	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195303	PROPN
cblr-11900	755	2	05.pdf	05.pdf	PROPN
cblr-11900	756	1	[	[	X
cblr-11900	756	2	https://perma.cc/9cfn-4pjv	https://perma.cc/9cfn-4pjv	X
cblr-11900	756	3	]	]	X
cblr-11900	756	4	.	.	PUNCT
cblr-11900	757	1	161	161	NUM
cblr-11900	757	2	fed	fed	PROPN
cblr-11900	757	3	.	.	PUNCT
cblr-11900	758	1	open	open	PROPN
cblr-11900	758	2	mkt	mkt	PROPN
cblr-11900	758	3	.	.	PROPN
cblr-11900	758	4	comm	comm	NOUN
cblr-11900	758	5	.	.	PUNCT
cblr-11900	759	1	meeting	meeting	NOUN
cblr-11900	759	2	minutes	minute	NOUN
cblr-11900	759	3	7	7	NUM
cblr-11900	759	4	,	,	PUNCT
cblr-11900	759	5	15	15	NUM
cblr-11900	759	6	(	(	PUNCT
cblr-11900	759	7	may	may	PROPN
cblr-11900	759	8	13	13	NUM
cblr-11900	759	9	,	,	PUNCT
cblr-11900	759	10	1953	1953	NUM
cblr-11900	759	11	)	)	PUNCT
cblr-11900	759	12	,	,	PUNCT
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cblr-11900	760	2	13.pdf	13.pdf	PROPN
cblr-11900	760	3	[	[	X
cblr-11900	760	4	https://perma.cc/vut8-djjf	https://perma.cc/vut8-djjf	NUM
cblr-11900	760	5	]	]	PUNCT
cblr-11900	760	6	.	.	PUNCT
cblr-11900	761	1	162	162	NUM
cblr-11900	761	2	data	datum	NOUN
cblr-11900	761	3	on	on	ADP
cblr-11900	761	4	government	government	NOUN
cblr-11900	761	5	securities	security	NOUN
cblr-11900	761	6	held	hold	VERB
cblr-11900	761	7	under	under	ADP
cblr-11900	761	8	repurchase	repurchase	NOUN
cblr-11900	761	9	agreements	agreement	NOUN
cblr-11900	761	10	is	be	AUX
cblr-11900	761	11	available	available	ADJ
cblr-11900	761	12	on	on	ADP
cblr-11900	761	13	a	a	DET
cblr-11900	761	14	weekly	weekly	NOUN
cblr-11900	761	15	(	(	PUNCT
cblr-11900	761	16	as	as	ADP
cblr-11900	761	17	of	of	ADP
cblr-11900	761	18	wednesday	wednesday	PROPN
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cblr-11900	761	22	-	-	PUNCT
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cblr-11900	761	24	,	,	PUNCT
cblr-11900	761	25	and	and	CCONJ
cblr-11900	761	26	daily	daily	ADJ
cblr-11900	761	27	-	-	PUNCT
cblr-11900	761	28	average	average	NOUN
cblr-11900	761	29	by	by	ADP
cblr-11900	761	30	month	month	NOUN
cblr-11900	761	31	basis	basis	NOUN
cblr-11900	761	32	in	in	ADP
cblr-11900	761	33	the	the	DET
cblr-11900	761	34	federal	federal	PROPN
cblr-11900	761	35	reserve	reserve	PROPN
cblr-11900	761	36	bulletin	bulletin	PROPN
cblr-11900	761	37	.	.	PUNCT
cblr-11900	762	1	163	163	NUM
cblr-11900	762	2	ctr	ctr	PROPN
cblr-11900	762	3	.	.	PUNCT
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cblr-11900	763	2	fin	fin	NOUN
cblr-11900	763	3	.	.	PUNCT
cblr-11900	764	1	stability	stability	NOUN
cblr-11900	764	2	,	,	PUNCT
cblr-11900	764	3	resources	resource	NOUN
cblr-11900	764	4	and	and	CCONJ
cblr-11900	764	5	assets	asset	NOUN
cblr-11900	764	6	:	:	PUNCT
cblr-11900	764	7	u.s	u.s	PROPN
cblr-11900	764	8	.	.	PROPN
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cblr-11900	764	10	securities	security	NOUN
cblr-11900	764	11	:	:	PUNCT
cblr-11900	764	12	bought	buy	VERB
cblr-11900	764	13	or	or	CCONJ
cblr-11900	764	14	held	hold	VERB
cblr-11900	764	15	outright	outright	ADV
cblr-11900	764	16	:	:	PUNCT
cblr-11900	764	17	u.s	u.s	PROPN
cblr-11900	764	18	.	.	PROPN
cblr-11900	764	19	bills	bill	NOUN
cblr-11900	764	20	,	,	PUNCT
cblr-11900	764	21	fed	fed	PROPN
cblr-11900	764	22	.	.	PUNCT
cblr-11900	764	23	rsrv	rsrv	PROPN
cblr-11900	764	24	.	.	PUNCT
cblr-11900	765	1	econ	econ	PROPN
cblr-11900	765	2	.	.	PUNCT
cblr-11900	765	3	data	data	PROPN
cblr-11900	765	4	,	,	PUNCT
cblr-11900	765	5	https://fred.stlouisfed.org/series/ragsousb	https://fred.stlouisfed.org/series/ragsousb	PROPN
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cblr-11900	766	5	last	last	ADJ
cblr-11900	766	6	visited	visit	VERB
cblr-11900	766	7	may	may	PROPN
cblr-11900	766	8	22	22	NUM
cblr-11900	766	9	,	,	PUNCT
cblr-11900	766	10	2023	2023	NUM
cblr-11900	766	11	)	)	PUNCT
cblr-11900	766	12	.	.	PUNCT
cblr-11900	767	1	164	164	NUM
cblr-11900	767	2	inferred	infer	VERB
cblr-11900	767	3	from	from	ADP
cblr-11900	767	4	daily	daily	ADJ
cblr-11900	767	5	closing	closing	NOUN
cblr-11900	767	6	levels	level	NOUN
cblr-11900	767	7	for	for	ADP
cblr-11900	767	8	treasury	treasury	PROPN
cblr-11900	767	9	securities	security	NOUN
cblr-11900	767	10	published	publish	VERB
cblr-11900	767	11	by	by	ADP
cblr-11900	767	12	the	the	DET
cblr-11900	767	13	new	new	PROPN
cblr-11900	767	14	york	york	PROPN
cblr-11900	767	15	times	times	PROPN
cblr-11900	767	16	in	in	ADP
cblr-11900	767	17	their	their	PRON
cblr-11900	767	18	“	"	PUNCT
cblr-11900	767	19	u.s	u.s	PROPN
cblr-11900	767	20	.	.	PROPN
cblr-11900	767	21	government	government	NOUN
cblr-11900	767	22	and	and	CCONJ
cblr-11900	767	23	agency	agency	NOUN
cblr-11900	767	24	bonds	bond	NOUN
cblr-11900	767	25	”	"	PUNCT
cblr-11900	767	26	section	section	NOUN
cblr-11900	767	27	.	.	PUNCT
cblr-11900	768	1	week	week	NOUN
cblr-11900	768	2	’s	’s	PART
cblr-11900	768	3	transactions	transaction	NOUN
cblr-11900	768	4	in	in	ADP
cblr-11900	768	5	bonds	bond	NOUN
cblr-11900	768	6	and	and	CCONJ
cblr-11900	768	7	stock	stock	NOUN
cblr-11900	768	8	exchange	exchange	PROPN
cblr-11900	768	9	,	,	PUNCT
cblr-11900	768	10	n.y	n.y	PROPN
cblr-11900	768	11	.	.	PROPN
cblr-11900	768	12	times	times	PROPN
cblr-11900	768	13	,	,	PUNCT
cblr-11900	768	14	may	may	AUX
cblr-11900	768	15	31	31	NUM
cblr-11900	768	16	,	,	PUNCT
cblr-11900	768	17	1953	1953	NUM
cblr-11900	768	18	,	,	PUNCT
cblr-11900	768	19	at	at	ADP
cblr-11900	768	20	113	113	NUM
cblr-11900	768	21	,	,	PUNCT
cblr-11900	768	22	https://timesmachine.nytimes.com/timesmachine/1953/05/31/issue.html	https://timesmachine.nytimes.com/timesmachine/1953/05/31/issue.html	PROPN
cblr-11900	768	23	]	]	PUNCT
cblr-11900	768	24	.	.	PUNCT
cblr-11900	769	1	165	165	NUM
cblr-11900	769	2	paul	paul	PROPN
cblr-11900	769	3	heffernan	heffernan	PROPN
cblr-11900	769	4	,	,	PUNCT
cblr-11900	769	5	‘	'	PUNCT
cblr-11900	769	6	53	53	NUM
cblr-11900	769	7	treasury	treasury	NOUN
cblr-11900	769	8	need	need	NOUN
cblr-11900	769	9	put	put	VERB
cblr-11900	769	10	at	at	ADP
cblr-11900	769	11	$	$	SYM
cblr-11900	769	12	15	15	NUM
cblr-11900	769	13	billion	billion	NUM
cblr-11900	769	14	,	,	PUNCT
cblr-11900	769	15	n.y	n.y	PROPN
cblr-11900	769	16	.	.	PROPN
cblr-11900	769	17	times	times	PROPN
cblr-11900	769	18	,	,	PUNCT
cblr-11900	769	19	may	may	AUX
cblr-11900	769	20	31	31	NUM
cblr-11900	769	21	,	,	PUNCT
cblr-11900	769	22	1953	1953	NUM
cblr-11900	769	23	,	,	PUNCT
cblr-11900	769	24	at	at	ADP
cblr-11900	769	25	1	1	NUM
cblr-11900	769	26	.	.	X
cblr-11900	769	27	166	166	NUM
cblr-11900	769	28	u.s	u.s	PROPN
cblr-11900	769	29	.	.	PROPN
cblr-11900	769	30	bureau	bureau	PROPN
cblr-11900	769	31	of	of	ADP
cblr-11900	769	32	econ	econ	PROPN
cblr-11900	769	33	.	.	PUNCT
cblr-11900	770	1	analysis	analysis	NOUN
cblr-11900	770	2	,	,	PUNCT
cblr-11900	770	3	gross	gross	ADJ
cblr-11900	770	4	domestic	domestic	ADJ
cblr-11900	770	5	product	product	NOUN
cblr-11900	770	6	,	,	PUNCT
cblr-11900	770	7	fed	fed	PROPN
cblr-11900	770	8	.	.	PUNCT
cblr-11900	770	9	rsrv	rsrv	PROPN
cblr-11900	770	10	.	.	PUNCT
cblr-11900	771	1	econ	econ	PROPN
cblr-11900	771	2	.	.	PUNCT
cblr-11900	771	3	data	data	PROPN
cblr-11900	771	4	,	,	PUNCT
cblr-11900	771	5	https://fred.stlouisfed.org/series/gdp	https://fred.stlouisfed.org/series/gdp	NOUN
cblr-11900	771	6	[	[	X
cblr-11900	771	7	https://perma.cc/3kceje3h	https://perma.cc/3kceje3h	X
cblr-11900	771	8	]	]	X
cblr-11900	771	9	(	(	PUNCT
cblr-11900	771	10	last	last	ADJ
cblr-11900	771	11	visited	visit	VERB
cblr-11900	771	12	feb	feb	PROPN
cblr-11900	771	13	.	.	PROPN
cblr-11900	771	14	23	23	NUM
cblr-11900	771	15	,	,	PUNCT
cblr-11900	771	16	2023	2023	NUM
cblr-11900	771	17	)	)	PUNCT
cblr-11900	771	18	.	.	PUNCT
cblr-11900	772	1	167	167	NUM
cblr-11900	772	2	paul	paul	PROPN
cblr-11900	772	3	heffernan	heffernan	PROPN
cblr-11900	772	4	,	,	PUNCT
cblr-11900	772	5	treasury	treasury	PROPN
cblr-11900	772	6	set	set	VERB
cblr-11900	772	7	back	back	ADP
cblr-11900	772	8	by	by	ADP
cblr-11900	772	9	slump	slump	NOUN
cblr-11900	772	10	in	in	ADP
cblr-11900	772	11	bonds	bond	NOUN
cblr-11900	772	12	,	,	PUNCT
cblr-11900	772	13	n.y	n.y	PROPN
cblr-11900	772	14	.	.	PROPN
cblr-11900	772	15	times	times	PROPN
cblr-11900	772	16	(	(	PUNCT
cblr-11900	772	17	june	june	PROPN
cblr-11900	772	18	7	7	NUM
cblr-11900	772	19	,	,	PUNCT
cblr-11900	772	20	1953	1953	NUM
cblr-11900	772	21	)	)	PUNCT
cblr-11900	772	22	.	.	PUNCT
cblr-11900	773	1	168	168	NUM
cblr-11900	773	2	s.	s.	PROPN
cblr-11900	773	3	rep	rep	PROPN
cblr-11900	773	4	.	.	PROPN
cblr-11900	773	5	no	no	PROPN
cblr-11900	773	6	.	.	NOUN
cblr-11900	773	7	88	88	NUM
cblr-11900	773	8	-	-	SYM
cblr-11900	773	9	2500	2500	NUM
cblr-11900	773	10	,	,	PUNCT
cblr-11900	773	11	at	at	ADP
cblr-11900	773	12	30	30	NUM
cblr-11900	773	13	(	(	PUNCT
cblr-11900	773	14	1958	1958	NUM
cblr-11900	773	15	)	)	PUNCT
cblr-11900	773	16	.	.	PUNCT
cblr-11900	774	1	266	266	NUM
cblr-11900	774	2	columbia	columbia	PROPN
cblr-11900	774	3	business	business	NOUN
cblr-11900	774	4	law	law	PROPN
cblr-11900	774	5	review	review	NOUN
cblr-11900	774	6	[	[	X
cblr-11900	774	7	vol	vol	NOUN
cblr-11900	774	8	.	.	PUNCT
cblr-11900	774	9	2023	2023	NUM
cblr-11900	774	10	costs169	costs169	PROPN
cblr-11900	774	11	for	for	ADP
cblr-11900	774	12	trading	trade	VERB
cblr-11900	774	13	the	the	DET
cblr-11900	774	14	recently	recently	ADV
cblr-11900	774	15	issued	issue	VERB
cblr-11900	774	16	bonds	bond	NOUN
cblr-11900	774	17	(	(	PUNCT
cblr-11900	774	18	often	often	ADV
cblr-11900	774	19	referred	refer	VERB
cblr-11900	774	20	to	to	ADP
cblr-11900	774	21	as	as	ADP
cblr-11900	774	22	simply	simply	ADV
cblr-11900	774	23	“	"	PUNCT
cblr-11900	774	24	3¼s	3¼s	NUM
cblr-11900	774	25	”	"	PUNCT
cblr-11900	774	26	in	in	ADP
cblr-11900	774	27	reference	reference	NOUN
cblr-11900	774	28	to	to	ADP
cblr-11900	774	29	their	their	PRON
cblr-11900	774	30	coupon	coupon	NOUN
cblr-11900	774	31	rate	rate	NOUN
cblr-11900	774	32	)	)	PUNCT
cblr-11900	774	33	,	,	PUNCT
cblr-11900	774	34	which	which	PRON
cblr-11900	774	35	were	be	AUX
cblr-11900	774	36	relatively	relatively	ADV
cblr-11900	774	37	steady	steady	ADJ
cblr-11900	774	38	through	through	ADP
cblr-11900	774	39	april	april	PROPN
cblr-11900	774	40	and	and	CCONJ
cblr-11900	774	41	may	may	AUX
cblr-11900	774	42	but	but	CCONJ
cblr-11900	774	43	doubled	double	VERB
cblr-11900	774	44	in	in	ADP
cblr-11900	774	45	june.170	june.170	PROPN
cblr-11900	774	46	soon	soon	ADV
cblr-11900	774	47	equity	equity	NOUN
cblr-11900	774	48	markets	market	NOUN
cblr-11900	774	49	began	begin	VERB
cblr-11900	774	50	to	to	PART
cblr-11900	774	51	crack	crack	VERB
cblr-11900	774	52	under	under	ADP
cblr-11900	774	53	the	the	DET
cblr-11900	774	54	pressure	pressure	NOUN
cblr-11900	774	55	of	of	ADP
cblr-11900	774	56	rapidly	rapidly	ADV
cblr-11900	774	57	rising	rise	VERB
cblr-11900	774	58	yields.171	yields.171	NOUN
cblr-11900	774	59	the	the	DET
cblr-11900	774	60	fever	fever	NOUN
cblr-11900	774	61	broke	break	VERB
cblr-11900	774	62	only	only	ADV
cblr-11900	774	63	after	after	ADP
cblr-11900	774	64	much	much	ADV
cblr-11900	774	65	more	more	ADV
cblr-11900	774	66	aggressive	aggressive	ADJ
cblr-11900	774	67	fed	fed	PROPN
cblr-11900	774	68	intervention	intervention	NOUN
cblr-11900	774	69	,	,	PUNCT
cblr-11900	774	70	including	include	VERB
cblr-11900	774	71	$	$	SYM
cblr-11900	774	72	500	500	NUM
cblr-11900	774	73	million	million	NUM
cblr-11900	774	74	of	of	ADP
cblr-11900	774	75	further	further	ADJ
cblr-11900	774	76	bill	bill	NOUN
cblr-11900	774	77	purchases172	purchases172	PROPN
cblr-11900	774	78	and	and	CCONJ
cblr-11900	774	79	,	,	PUNCT
cblr-11900	774	80	perhaps	perhaps	ADV
cblr-11900	774	81	more	more	ADV
cblr-11900	774	82	importantly	importantly	ADV
cblr-11900	774	83	,	,	PUNCT
cblr-11900	774	84	a	a	DET
cblr-11900	774	85	reduction	reduction	NOUN
cblr-11900	774	86	of	of	ADP
cblr-11900	774	87	statutory	statutory	PROPN
cblr-11900	774	88	reserve	reserve	PROPN
cblr-11900	774	89	requirements.173	requirements.173	PROPN
cblr-11900	774	90	this	this	DET
cblr-11900	774	91	cocktail	cocktail	NOUN
cblr-11900	774	92	produced	produce	VERB
cblr-11900	774	93	what	what	PRON
cblr-11900	774	94	was	be	AUX
cblr-11900	774	95	at	at	ADP
cblr-11900	774	96	the	the	DET
cblr-11900	774	97	time	time	NOUN
cblr-11900	774	98	described	describe	VERB
cblr-11900	774	99	as	as	ADP
cblr-11900	774	100	the	the	DET
cblr-11900	774	101	“	"	PUNCT
cblr-11900	774	102	biggest	big	ADJ
cblr-11900	774	103	show	show	NOUN
cblr-11900	774	104	of	of	ADP
cblr-11900	774	105	strength	strength	NOUN
cblr-11900	774	106	”	"	PUNCT
cblr-11900	774	107	for	for	ADP
cblr-11900	774	108	the	the	DET
cblr-11900	774	109	bond	bond	NOUN
cblr-11900	774	110	market	market	NOUN
cblr-11900	774	111	since	since	SCONJ
cblr-11900	774	112	1951.174	1951.174	NUM
cblr-11900	774	113	by	by	ADP
cblr-11900	774	114	the	the	DET
cblr-11900	774	115	first	first	ADJ
cblr-11900	774	116	week	week	NOUN
cblr-11900	774	117	of	of	ADP
cblr-11900	774	118	july	july	PROPN
cblr-11900	774	119	,	,	PUNCT
cblr-11900	774	120	the	the	DET
cblr-11900	774	121	3¼s	3¼s	NUM
cblr-11900	774	122	were	be	AUX
cblr-11900	774	123	once	once	ADV
cblr-11900	774	124	again	again	ADV
cblr-11900	774	125	trading	trade	VERB
cblr-11900	774	126	near	near	ADP
cblr-11900	774	127	par	par	NOUN
cblr-11900	774	128	and	and	CCONJ
cblr-11900	774	129	transaction	transaction	NOUN
cblr-11900	774	130	costs	cost	NOUN
cblr-11900	774	131	had	have	AUX
cblr-11900	774	132	normalized	normalize	VERB
cblr-11900	774	133	.	.	PUNCT
cblr-11900	775	1	by	by	ADP
cblr-11900	775	2	the	the	DET
cblr-11900	775	3	end	end	NOUN
cblr-11900	775	4	of	of	ADP
cblr-11900	775	5	the	the	DET
cblr-11900	775	6	month	month	NOUN
cblr-11900	775	7	,	,	PUNCT
cblr-11900	775	8	prices	price	NOUN
cblr-11900	775	9	were	be	AUX
cblr-11900	775	10	higher	high	ADJ
cblr-11900	775	11	,	,	PUNCT
cblr-11900	775	12	and	and	CCONJ
cblr-11900	775	13	bid	bid	VERB
cblr-11900	775	14	/	/	SYM
cblr-11900	775	15	ask	ask	NOUN
cblr-11900	775	16	spreads	spread	NOUN
cblr-11900	775	17	were	be	AUX
cblr-11900	775	18	tighter	tight	ADJ
cblr-11900	775	19	than	than	SCONJ
cblr-11900	775	20	they	they	PRON
cblr-11900	775	21	had	have	AUX
cblr-11900	775	22	been	be	AUX
cblr-11900	775	23	in	in	ADP
cblr-11900	775	24	april.175	april.175	VERB
cblr-11900	775	25	daily	daily	ADJ
cblr-11900	775	26	volatility	volatility	NOUN
cblr-11900	775	27	in	in	ADP
cblr-11900	775	28	generic	generic	ADJ
cblr-11900	775	29	long	long	ADJ
cblr-11900	775	30	-	-	PUNCT
cblr-11900	775	31	term	term	NOUN
cblr-11900	775	32	169	169	NUM
cblr-11900	775	33	these	these	PRON
cblr-11900	775	34	are	be	AUX
cblr-11900	775	35	typically	typically	ADV
cblr-11900	775	36	derived	derive	VERB
cblr-11900	775	37	from	from	ADP
cblr-11900	775	38	the	the	DET
cblr-11900	775	39	“	"	PUNCT
cblr-11900	775	40	spread	spread	NOUN
cblr-11900	775	41	”	"	PUNCT
cblr-11900	775	42	between	between	ADP
cblr-11900	775	43	the	the	DET
cblr-11900	775	44	“	"	PUNCT
cblr-11900	775	45	bid	bid	NOUN
cblr-11900	775	46	”	"	PUNCT
cblr-11900	775	47	(	(	PUNCT
cblr-11900	775	48	price	price	NOUN
cblr-11900	775	49	at	at	ADP
cblr-11900	775	50	which	which	PRON
cblr-11900	775	51	dealers	dealer	NOUN
cblr-11900	775	52	are	be	AUX
cblr-11900	775	53	willing	willing	ADJ
cblr-11900	775	54	to	to	PART
cblr-11900	775	55	buy	buy	VERB
cblr-11900	775	56	)	)	PUNCT
cblr-11900	775	57	and	and	CCONJ
cblr-11900	775	58	the	the	DET
cblr-11900	775	59	“	"	PUNCT
cblr-11900	775	60	ask	ask	NOUN
cblr-11900	775	61	”	"	PUNCT
cblr-11900	775	62	(	(	PUNCT
cblr-11900	775	63	price	price	NOUN
cblr-11900	775	64	at	at	ADP
cblr-11900	775	65	which	which	PRON
cblr-11900	775	66	they	they	PRON
cblr-11900	775	67	are	be	AUX
cblr-11900	775	68	willing	willing	ADJ
cblr-11900	775	69	to	to	PART
cblr-11900	775	70	sell	sell	VERB
cblr-11900	775	71	)	)	PUNCT
cblr-11900	775	72	quotes	quote	NOUN
cblr-11900	775	73	in	in	ADP
cblr-11900	775	74	the	the	DET
cblr-11900	775	75	secondary	secondary	ADJ
cblr-11900	775	76	market	market	NOUN
cblr-11900	775	77	.	.	PUNCT
cblr-11900	776	1	because	because	SCONJ
cblr-11900	776	2	they	they	PRON
cblr-11900	776	3	structure	structure	VERB
cblr-11900	776	4	these	these	DET
cblr-11900	776	5	bids	bid	NOUN
cblr-11900	776	6	to	to	PART
cblr-11900	776	7	buy	buy	VERB
cblr-11900	776	8	slightly	slightly	ADV
cblr-11900	776	9	below	below	ADP
cblr-11900	776	10	the	the	DET
cblr-11900	776	11	market	market	NOUN
cblr-11900	776	12	price	price	NOUN
cblr-11900	776	13	and	and	CCONJ
cblr-11900	776	14	sell	sell	VERB
cblr-11900	776	15	slightly	slightly	ADV
cblr-11900	776	16	above	above	ADV
cblr-11900	776	17	,	,	PUNCT
cblr-11900	776	18	dealers	dealer	NOUN
cblr-11900	776	19	compensate	compensate	VERB
cblr-11900	776	20	themselves	themselves	PRON
cblr-11900	776	21	for	for	ADP
cblr-11900	776	22	taking	take	VERB
cblr-11900	776	23	risk	risk	NOUN
cblr-11900	776	24	relative	relative	ADJ
cblr-11900	776	25	to	to	ADP
cblr-11900	776	26	their	their	PRON
cblr-11900	776	27	intermediation	intermediation	NOUN
cblr-11900	776	28	activity	activity	NOUN
cblr-11900	776	29	.	.	PUNCT
cblr-11900	777	1	170	170	NUM
cblr-11900	777	2	from	from	ADP
cblr-11900	777	3	4/32nd	4/32nd	NUM
cblr-11900	777	4	to	to	PART
cblr-11900	777	5	8/32nd	8/32nd	NUM
cblr-11900	777	6	on	on	ADP
cblr-11900	777	7	june	june	PROPN
cblr-11900	777	8	1	1	NUM
cblr-11900	777	9	,	,	PUNCT
cblr-11900	777	10	1953	1953	NUM
cblr-11900	777	11	.	.	PUNCT
cblr-11900	778	1	u.s	u.s	PROPN
cblr-11900	778	2	.	.	PROPN
cblr-11900	778	3	government	government	NOUN
cblr-11900	778	4	and	and	CCONJ
cblr-11900	778	5	agency	agency	NOUN
cblr-11900	778	6	bonds	bond	NOUN
cblr-11900	778	7	,	,	PUNCT
cblr-11900	778	8	n.y	n.y	PROPN
cblr-11900	778	9	.	.	PROPN
cblr-11900	778	10	times	times	PROPN
cblr-11900	778	11	,	,	PUNCT
cblr-11900	778	12	may	may	AUX
cblr-11900	778	13	21	21	NUM
cblr-11900	778	14	,	,	PUNCT
cblr-11900	778	15	1966	1966	NUM
cblr-11900	778	16	.	.	PUNCT
cblr-11900	779	1	171	171	NUM
cblr-11900	779	2	see	see	NOUN
cblr-11900	779	3	,	,	PUNCT
cblr-11900	779	4	e.g.	e.g.	ADV
cblr-11900	779	5	,	,	PUNCT
cblr-11900	779	6	stock	stock	NOUN
cblr-11900	779	7	prices	price	NOUN
cblr-11900	779	8	crack	crack	VERB
cblr-11900	779	9	on	on	ADP
cblr-11900	779	10	u.s	u.s	PROPN
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cblr-11900	779	12	slump	slump	NOUN
cblr-11900	779	13	,	,	PUNCT
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cblr-11900	779	15	.	.	PROPN
cblr-11900	779	16	times	times	PROPN
cblr-11900	779	17	,	,	PUNCT
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cblr-11900	779	21	,	,	PUNCT
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cblr-11900	779	23	,	,	PUNCT
cblr-11900	779	24	at	at	ADP
cblr-11900	779	25	43	43	NUM
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cblr-11900	780	1	172	172	NUM
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cblr-11900	780	3	.	.	PUNCT
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cblr-11900	781	3	.	.	PUNCT
cblr-11900	782	1	stability	stability	NOUN
cblr-11900	782	2	,	,	PUNCT
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cblr-11900	782	13	or	or	CCONJ
cblr-11900	782	14	held	hold	VERB
cblr-11900	782	15	outright	outright	ADV
cblr-11900	782	16	:	:	PUNCT
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cblr-11900	782	23	rsrv	rsrv	PROPN
cblr-11900	782	24	.	.	PUNCT
cblr-11900	783	1	econ	econ	PROPN
cblr-11900	783	2	.	.	PUNCT
cblr-11900	783	3	data	data	PROPN
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cblr-11900	783	6	.	.	PROPN
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cblr-11900	783	8	,	,	PUNCT
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cblr-11900	786	1	see	see	VERB
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cblr-11900	787	1	open	open	PROPN
cblr-11900	787	2	mkt	mkt	PROPN
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cblr-11900	792	33	to	to	ADP
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cblr-11900	794	17	1	1	NUM
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cblr-11900	794	19	point	point	NOUN
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cblr-11900	794	60	had	have	VERB
cblr-11900	794	61	176	176	NUM
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cblr-11900	800	8	in	in	ADP
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cblr-11900	801	10	annual	annual	ADJ
cblr-11900	801	11	report	report	NOUN
cblr-11900	801	12	:	:	PUNCT
cblr-11900	801	13	“	"	PUNCT
cblr-11900	801	14	rather	rather	ADV
cblr-11900	801	15	than	than	SCONJ
cblr-11900	801	16	run	run	VERB
cblr-11900	801	17	the	the	DET
cblr-11900	801	18	risk	risk	NOUN
cblr-11900	801	19	to	to	ADP
cblr-11900	801	20	the	the	DET
cblr-11900	801	21	whole	whole	ADJ
cblr-11900	801	22	banking	banking	NOUN
cblr-11900	801	23	system	system	NOUN
cblr-11900	801	24	,	,	PUNCT
cblr-11900	801	25	and	and	CCONJ
cblr-11900	801	26	to	to	ADP
cblr-11900	801	27	the	the	DET
cblr-11900	801	28	capital	capital	NOUN
cblr-11900	801	29	market	market	NOUN
cblr-11900	801	30	,	,	PUNCT
cblr-11900	801	31	of	of	ADP
cblr-11900	801	32	such	such	ADJ
cblr-11900	801	33	selling	sell	VERB
cblr-11900	801	34	feeding	feed	VERB
cblr-11900	801	35	on	on	ADP
cblr-11900	801	36	itself	itself	PRON
cblr-11900	801	37	,	,	PUNCT
cblr-11900	801	38	the	the	DET
cblr-11900	801	39	federal	federal	PROPN
cblr-11900	801	40	reserve	reserve	PROPN
cblr-11900	801	41	system	system	NOUN
cblr-11900	801	42	,	,	PUNCT
cblr-11900	801	43	under	under	ADP
cblr-11900	801	44	the	the	DET
cblr-11900	801	45	direction	direction	NOUN
cblr-11900	801	46	of	of	ADP
cblr-11900	801	47	the	the	DET
cblr-11900	801	48	federal	federal	ADJ
cblr-11900	801	49	open	open	ADJ
cblr-11900	801	50	market	market	NOUN
cblr-11900	801	51	committee	committee	NOUN
cblr-11900	801	52	,	,	PUNCT
cblr-11900	801	53	and	and	CCONJ
cblr-11900	801	54	acting	act	VERB
cblr-11900	801	55	through	through	ADP
cblr-11900	801	56	this	this	DET
cblr-11900	801	57	bank	bank	NOUN
cblr-11900	801	58	,	,	PUNCT
cblr-11900	801	59	placed	place	VERB
cblr-11900	801	60	bids	bid	NOUN
cblr-11900	801	61	in	in	ADP
cblr-11900	801	62	the	the	DET
cblr-11900	801	63	market	market	NOUN
cblr-11900	801	64	for	for	ADP
cblr-11900	801	65	government	government	NOUN
cblr-11900	801	66	direct	direct	ADJ
cblr-11900	801	67	and	and	CCONJ
cblr-11900	801	68	guaranteed	guaranteed	ADJ
cblr-11900	801	69	securities	security	NOUN
cblr-11900	801	70	.	.	PUNCT
cblr-11900	801	71	”	"	PUNCT
cblr-11900	802	1	fed	fed	PROPN
cblr-11900	802	2	.	.	PUNCT
cblr-11900	803	1	rsrv	rsrv	PROPN
cblr-11900	803	2	.	.	PUNCT
cblr-11900	804	1	bank	bank	PROPN
cblr-11900	804	2	of	of	ADP
cblr-11900	804	3	n.y	n.y	PROPN
cblr-11900	804	4	.	.	PROPN
cblr-11900	804	5	,	,	PUNCT
cblr-11900	804	6	twenty	twenty	NUM
cblr-11900	804	7	-	-	PUNCT
cblr-11900	804	8	fifth	fifth	ADJ
cblr-11900	804	9	annual	annual	ADJ
cblr-11900	804	10	report	report	NOUN
cblr-11900	804	11	for	for	ADP
cblr-11900	804	12	the	the	DET
cblr-11900	804	13	year	year	NOUN
cblr-11900	804	14	ended	end	VERB
cblr-11900	804	15	december	december	PROPN
cblr-11900	804	16	31	31	NUM
cblr-11900	804	17	,	,	PUNCT
cblr-11900	804	18	1939	1939	NUM
cblr-11900	804	19	,	,	PUNCT
cblr-11900	804	20	at	at	ADP
cblr-11900	804	21	18	18	NUM
cblr-11900	804	22	(	(	PUNCT
cblr-11900	804	23	1940	1940	NUM
cblr-11900	804	24	)	)	PUNCT
cblr-11900	804	25	.	.	PUNCT
cblr-11900	805	1	those	those	DET
cblr-11900	805	2	purchases	purchase	NOUN
cblr-11900	805	3	were	be	AUX
cblr-11900	805	4	expressly	expressly	ADV
cblr-11900	805	5	designed	design	VERB
cblr-11900	805	6	to	to	PART
cblr-11900	805	7	facilitate	facilitate	VERB
cblr-11900	805	8	orderly	orderly	ADJ
cblr-11900	805	9	market	market	NOUN
cblr-11900	805	10	functioning	function	VERB
cblr-11900	805	11	,	,	PUNCT
cblr-11900	805	12	rather	rather	ADV
cblr-11900	805	13	than	than	ADP
cblr-11900	805	14	“	"	PUNCT
cblr-11900	805	15	peg	peg	NOUN
cblr-11900	805	16	”	"	PUNCT
cblr-11900	805	17	yields	yield	NOUN
cblr-11900	805	18	.	.	PUNCT
cblr-11900	806	1	in	in	ADP
cblr-11900	806	2	total	total	NOUN
cblr-11900	806	3	,	,	PUNCT
cblr-11900	806	4	the	the	DET
cblr-11900	806	5	fed	fed	PROPN
cblr-11900	806	6	bought	buy	VERB
cblr-11900	806	7	nearly	nearly	ADV
cblr-11900	806	8	$	$	SYM
cblr-11900	806	9	500	500	NUM
cblr-11900	806	10	million	million	NUM
cblr-11900	806	11	in	in	ADP
cblr-11900	806	12	government	government	NOUN
cblr-11900	806	13	securities	security	NOUN
cblr-11900	806	14	over	over	ADP
cblr-11900	806	15	the	the	DET
cblr-11900	806	16	first	first	ADJ
cblr-11900	806	17	few	few	ADJ
cblr-11900	806	18	weeks	week	NOUN
cblr-11900	806	19	of	of	ADP
cblr-11900	806	20	hostilities	hostility	NOUN
cblr-11900	806	21	,	,	PUNCT
cblr-11900	806	22	with	with	ADP
cblr-11900	806	23	some	some	DET
cblr-11900	806	24	small	small	ADJ
cblr-11900	806	25	additional	additional	ADJ
cblr-11900	806	26	purchases	purchase	NOUN
cblr-11900	806	27	in	in	ADP
cblr-11900	806	28	subsequent	subsequent	ADJ
cblr-11900	806	29	weeks	week	NOUN
cblr-11900	806	30	.	.	PUNCT
cblr-11900	807	1	i	i	PRON
cblr-11900	807	2	d.	d.	PROPN
cblr-11900	807	3	the	the	DET
cblr-11900	807	4	vast	vast	ADJ
cblr-11900	807	5	majority	majority	NOUN
cblr-11900	807	6	of	of	ADP
cblr-11900	807	7	those	those	DET
cblr-11900	807	8	purchases	purchase	NOUN
cblr-11900	807	9	were	be	AUX
cblr-11900	807	10	in	in	ADP
cblr-11900	807	11	longer	long	ADJ
cblr-11900	807	12	maturities	maturity	NOUN
cblr-11900	807	13	.	.	PUNCT
cblr-11900	808	1	u.s	u.s	PROPN
cblr-11900	808	2	.	.	PROPN
cblr-11900	808	3	government	government	NOUN
cblr-11900	808	4	and	and	CCONJ
cblr-11900	808	5	agency	agency	NOUN
cblr-11900	808	6	bonds	bond	NOUN
cblr-11900	808	7	,	,	PUNCT
cblr-11900	808	8	n.y	n.y	PROPN
cblr-11900	808	9	.	.	PROPN
cblr-11900	808	10	times	times	PROPN
cblr-11900	808	11	,	,	PUNCT
cblr-11900	808	12	jun	jun	PROPN
cblr-11900	808	13	.	.	PROPN
cblr-11900	808	14	5	5	NUM
cblr-11900	808	15	,	,	PUNCT
cblr-11900	808	16	1953	1953	NUM
cblr-11900	808	17	,	,	PUNCT
cblr-11900	808	18	at	at	ADP
cblr-11900	808	19	36	36	NUM
cblr-11900	808	20	;	;	PUNCT
cblr-11900	808	21	bd	bd	PROPN
cblr-11900	808	22	.	.	PROPN
cblr-11900	808	23	of	of	ADP
cblr-11900	808	24	governors	governor	NOUN
cblr-11900	808	25	of	of	ADP
cblr-11900	808	26	the	the	DET
cblr-11900	808	27	fed	fed	PROPN
cblr-11900	808	28	.	.	PUNCT
cblr-11900	808	29	rsrv	rsrv	PROPN
cblr-11900	808	30	.	.	PUNCT
cblr-11900	809	1	sys	sys	PROPN
cblr-11900	809	2	.	.	PROPN
cblr-11900	809	3	,	,	PUNCT
cblr-11900	809	4	effects	effect	NOUN
cblr-11900	809	5	of	of	ADP
cblr-11900	809	6	war	war	NOUN
cblr-11900	809	7	on	on	ADP
cblr-11900	809	8	american	american	ADJ
cblr-11900	809	9	markets	market	NOUN
cblr-11900	809	10	compilation	compilation	NOUN
cblr-11900	809	11	of	of	ADP
cblr-11900	809	12	laws	law	NOUN
cblr-11900	809	13	relating	relate	VERB
cblr-11900	809	14	to	to	ADP
cblr-11900	809	15	branch	branch	NOUN
cblr-11900	809	16	banking	banking	NOUN
cblr-11900	809	17	distribution	distribution	NOUN
cblr-11900	809	18	of	of	ADP
cblr-11900	809	19	demand	demand	NOUN
cblr-11900	809	20	deposits	deposit	NOUN
cblr-11900	809	21	by	by	ADP
cblr-11900	809	22	economic	economic	ADJ
cblr-11900	809	23	classes	class	NOUN
cblr-11900	809	24	,	,	PUNCT
cblr-11900	809	25	25	25	NUM
cblr-11900	809	26	fed	fed	PROPN
cblr-11900	809	27	.	.	PUNCT
cblr-11900	810	1	rsrv	rsrv	PROPN
cblr-11900	810	2	.	.	PUNCT
cblr-11900	811	1	bull	bull	PROPN
cblr-11900	811	2	.	.	PUNCT
cblr-11900	811	3	,	,	PUNCT
cblr-11900	811	4	839	839	NUM
cblr-11900	811	5	(	(	PUNCT
cblr-11900	811	6	1939	1939	NUM
cblr-11900	811	7	)	)	PUNCT
cblr-11900	811	8	.	.	PUNCT
cblr-11900	812	1	that	that	PRON
cblr-11900	812	2	prompted	prompt	VERB
cblr-11900	812	3	a	a	DET
cblr-11900	812	4	broader	broad	ADJ
cblr-11900	812	5	discussion	discussion	NOUN
cblr-11900	812	6	among	among	ADP
cblr-11900	812	7	members	member	NOUN
cblr-11900	812	8	of	of	ADP
cblr-11900	812	9	the	the	DET
cblr-11900	812	10	fomc	fomc	NOUN
cblr-11900	812	11	of	of	ADP
cblr-11900	812	12	the	the	DET
cblr-11900	812	13	principles	principle	NOUN
cblr-11900	812	14	underlying	underlie	VERB
cblr-11900	812	15	interventions	intervention	NOUN
cblr-11900	812	16	designed	design	VERB
cblr-11900	812	17	to	to	PART
cblr-11900	812	18	stabilize	stabilize	VERB
cblr-11900	812	19	prices	price	NOUN
cblr-11900	812	20	in	in	ADP
cblr-11900	812	21	the	the	DET
cblr-11900	812	22	government	government	NOUN
cblr-11900	812	23	securities	security	NOUN
cblr-11900	812	24	market	market	NOUN
cblr-11900	812	25	,	,	PUNCT
cblr-11900	812	26	rather	rather	ADV
cblr-11900	812	27	than	than	ADP
cblr-11900	812	28	implementing	implement	VERB
cblr-11900	812	29	monetary	monetary	ADJ
cblr-11900	812	30	policy	policy	NOUN
cblr-11900	812	31	.	.	PUNCT
cblr-11900	813	1	ultimately	ultimately	ADV
cblr-11900	813	2	the	the	DET
cblr-11900	813	3	committee	committee	NOUN
cblr-11900	813	4	authorized	authorize	VERB
cblr-11900	813	5	the	the	DET
cblr-11900	813	6	executive	executive	ADJ
cblr-11900	813	7	committee	committee	NOUN
cblr-11900	813	8	to	to	PART
cblr-11900	813	9	use	use	VERB
cblr-11900	813	10	its	its	PRON
cblr-11900	813	11	discretion	discretion	NOUN
cblr-11900	813	12	in	in	ADP
cblr-11900	813	13	making	make	VERB
cblr-11900	813	14	purchase	purchase	NOUN
cblr-11900	813	15	“	"	PUNCT
cblr-11900	813	16	in	in	ADP
cblr-11900	813	17	its	its	PRON
cblr-11900	813	18	judgment	judgment	NOUN
cblr-11900	813	19	from	from	ADP
cblr-11900	813	20	time	time	NOUN
cblr-11900	813	21	to	to	ADP
cblr-11900	813	22	time	time	NOUN
cblr-11900	813	23	may	may	AUX
cblr-11900	813	24	be	be	AUX
cblr-11900	813	25	necessary	necessary	ADJ
cblr-11900	813	26	for	for	ADP
cblr-11900	813	27	the	the	DET
cblr-11900	813	28	purpose	purpose	NOUN
cblr-11900	813	29	of	of	ADP
cblr-11900	813	30	exercising	exercise	VERB
cblr-11900	813	31	an	an	DET
cblr-11900	813	32	influence	influence	NOUN
cblr-11900	813	33	toward	toward	ADP
cblr-11900	813	34	maintaining	maintain	VERB
cblr-11900	813	35	orderly	orderly	ADJ
cblr-11900	813	36	market	market	NOUN
cblr-11900	813	37	conditions	condition	NOUN
cblr-11900	813	38	”	"	PUNCT
cblr-11900	813	39	(	(	PUNCT
cblr-11900	813	40	up	up	ADP
cblr-11900	813	41	to	to	ADP
cblr-11900	813	42	a	a	DET
cblr-11900	813	43	limit	limit	NOUN
cblr-11900	813	44	of	of	ADP
cblr-11900	813	45	$	$	SYM
cblr-11900	813	46	500	500	NUM
cblr-11900	813	47	million	million	NUM
cblr-11900	813	48	,	,	PUNCT
cblr-11900	813	49	that	that	PRON
cblr-11900	813	50	is	be	AUX
cblr-11900	813	51	)	)	PUNCT
cblr-11900	813	52	.	.	PUNCT
cblr-11900	814	1	fed	fed	PROPN
cblr-11900	814	2	.	.	PUNCT
cblr-11900	815	1	open	open	PROPN
cblr-11900	815	2	mkt	mkt	PROPN
cblr-11900	815	3	.	.	PROPN
cblr-11900	815	4	comm	comm	NOUN
cblr-11900	815	5	.	.	PUNCT
cblr-11900	816	1	meeting	meeting	NOUN
cblr-11900	816	2	minutes	minute	NOUN
cblr-11900	816	3	,	,	PUNCT
cblr-11900	816	4	at	at	ADP
cblr-11900	816	5	5–12	5–12	PROPN
cblr-11900	816	6	(	(	PUNCT
cblr-11900	816	7	june	june	PROPN
cblr-11900	816	8	11	11	NUM
cblr-11900	816	9	,	,	PUNCT
cblr-11900	816	10	1953	1953	NUM
cblr-11900	816	11	)	)	PUNCT
cblr-11900	816	12	,	,	PUNCT
cblr-11900	816	13	https://fraser.stlouisfed.org/title/federal-open-marketcommittee-meeting-minutes-transcripts-documents-677/meeting-june-111953-22733/content/pdf/19530611minutesecv	https://fraser.stlouisfed.org/title/federal-open-marketcommittee-meeting-minutes-transcripts-documents-677/meeting-june-111953-22733/content/pdf/19530611minutesecv	PUNCT
cblr-11900	817	1	[	[	X
cblr-11900	817	2	https://perma.cc/6b9nhrjg	https://perma.cc/6b9nhrjg	X
cblr-11900	817	3	]	]	X
cblr-11900	817	4	.	.	PUNCT
cblr-11900	818	1	for	for	ADP
cblr-11900	818	2	further	further	ADJ
cblr-11900	818	3	discussion	discussion	NOUN
cblr-11900	818	4	,	,	PUNCT
cblr-11900	818	5	see	see	VERB
cblr-11900	818	6	kenneth	kenneth	PROPN
cblr-11900	818	7	d.	d.	PROPN
cblr-11900	818	8	garbade	garbade	PROPN
cblr-11900	818	9	,	,	PUNCT
cblr-11900	818	10	after	after	ADP
cblr-11900	818	11	the	the	DET
cblr-11900	818	12	accord	accord	NOUN
cblr-11900	818	13	:	:	PUNCT
cblr-11900	818	14	a	a	DET
cblr-11900	818	15	history	history	NOUN
cblr-11900	818	16	of	of	ADP
cblr-11900	818	17	federal	federal	PROPN
cblr-11900	818	18	reserve	reserve	PROPN
cblr-11900	818	19	open	open	ADJ
cblr-11900	818	20	market	market	NOUN
cblr-11900	818	21	operations	operation	NOUN
cblr-11900	818	22	,	,	PUNCT
cblr-11900	818	23	the	the	DET
cblr-11900	818	24	268	268	NUM
cblr-11900	818	25	columbia	columbia	PROPN
cblr-11900	818	26	business	business	NOUN
cblr-11900	818	27	law	law	PROPN
cblr-11900	818	28	review	review	NOUN
cblr-11900	818	29	[	[	X
cblr-11900	818	30	vol	vol	NOUN
cblr-11900	818	31	.	.	PUNCT
cblr-11900	818	32	2023	2023	NUM
cblr-11900	818	33	clearly	clearly	ADV
cblr-11900	818	34	failed	fail	VERB
cblr-11900	818	35	its	its	PRON
cblr-11900	818	36	first	first	ADJ
cblr-11900	818	37	post	post	ADJ
cblr-11900	818	38	-	-	ADJ
cblr-11900	818	39	accord	accord	ADJ
cblr-11900	818	40	test	test	NOUN
cblr-11900	818	41	—	—	PUNCT
cblr-11900	818	42	it	it	PRON
cblr-11900	818	43	was	be	AUX
cblr-11900	818	44	,	,	PUNCT
cblr-11900	818	45	in	in	ADP
cblr-11900	818	46	the	the	DET
cblr-11900	818	47	words	word	NOUN
cblr-11900	818	48	of	of	ADP
cblr-11900	818	49	one	one	NUM
cblr-11900	818	50	reporter	reporter	NOUN
cblr-11900	818	51	,	,	PUNCT
cblr-11900	818	52	“	"	PUNCT
cblr-11900	818	53	not	not	PART
cblr-11900	818	54	yet	yet	ADV
cblr-11900	818	55	able	able	ADJ
cblr-11900	818	56	to	to	PART
cblr-11900	818	57	function	function	VERB
cblr-11900	818	58	effectively	effectively	ADV
cblr-11900	818	59	on	on	ADP
cblr-11900	818	60	a	a	DET
cblr-11900	818	61	completely	completely	ADV
cblr-11900	818	62	free	free	ADJ
cblr-11900	818	63	basis	basis	NOUN
cblr-11900	818	64	.	.	PUNCT
cblr-11900	819	1	”178	”178	PUNCT
cblr-11900	819	2	treasury	treasury	PROPN
cblr-11900	819	3	markets	market	NOUN
cblr-11900	819	4	clearly	clearly	ADV
cblr-11900	819	5	lacked	lack	VERB
cblr-11900	819	6	the	the	DET
cblr-11900	819	7	“	"	PUNCT
cblr-11900	819	8	depth	depth	NOUN
cblr-11900	819	9	,	,	PUNCT
cblr-11900	819	10	breadth	breadth	NOUN
cblr-11900	819	11	,	,	PUNCT
cblr-11900	819	12	and	and	CCONJ
cblr-11900	819	13	resiliency	resiliency	NOUN
cblr-11900	819	14	”	"	PUNCT
cblr-11900	819	15	required	require	VERB
cblr-11900	819	16	to	to	PART
cblr-11900	819	17	fulfill	fulfill	VERB
cblr-11900	819	18	the	the	DET
cblr-11900	819	19	promise	promise	NOUN
cblr-11900	819	20	of	of	ADP
cblr-11900	819	21	the	the	DET
cblr-11900	819	22	accord.179	accord.179	NOUN
cblr-11900	819	23	rather	rather	ADV
cblr-11900	819	24	,	,	PUNCT
cblr-11900	819	25	seldom	seldom	ADV
cblr-11900	819	26	had	have	AUX
cblr-11900	819	27	they	they	PRON
cblr-11900	819	28	shown	show	VERB
cblr-11900	819	29	less	less	ADJ
cblr-11900	819	30	liquidity	liquidity	NOUN
cblr-11900	819	31	in	in	ADP
cblr-11900	819	32	the	the	DET
cblr-11900	819	33	judgement	judgement	NOUN
cblr-11900	819	34	of	of	ADP
cblr-11900	819	35	allan	allan	PROPN
cblr-11900	819	36	sproul	sproul	PROPN
cblr-11900	819	37	,	,	PUNCT
cblr-11900	819	38	the	the	DET
cblr-11900	819	39	outspoken	outspoken	ADJ
cblr-11900	819	40	and	and	CCONJ
cblr-11900	819	41	influential	influential	ADJ
cblr-11900	819	42	president	president	NOUN
cblr-11900	819	43	of	of	ADP
cblr-11900	819	44	the	the	DET
cblr-11900	819	45	federal	federal	PROPN
cblr-11900	819	46	reserve	reserve	PROPN
cblr-11900	819	47	bank	bank	PROPN
cblr-11900	819	48	of	of	ADP
cblr-11900	819	49	new	new	ADJ
cblr-11900	819	50	york.180	york.180	NOUN
cblr-11900	819	51	the	the	DET
cblr-11900	819	52	events	event	NOUN
cblr-11900	819	53	of	of	ADP
cblr-11900	819	54	may	may	PROPN
cblr-11900	819	55	and	and	CCONJ
cblr-11900	819	56	june	june	PROPN
cblr-11900	819	57	1953	1953	NUM
cblr-11900	819	58	revealed	reveal	VERB
cblr-11900	819	59	that	that	SCONJ
cblr-11900	819	60	private	private	ADJ
cblr-11900	819	61	intermediaries	intermediary	NOUN
cblr-11900	819	62	were	be	AUX
cblr-11900	819	63	not	not	PART
cblr-11900	819	64	yet	yet	ADV
cblr-11900	819	65	up	up	ADP
cblr-11900	819	66	to	to	ADP
cblr-11900	819	67	the	the	DET
cblr-11900	819	68	task	task	NOUN
cblr-11900	819	69	of	of	ADP
cblr-11900	819	70	supporting	support	VERB
cblr-11900	819	71	the	the	DET
cblr-11900	819	72	treasury	treasury	NOUN
cblr-11900	819	73	market	market	NOUN
cblr-11900	819	74	without	without	ADP
cblr-11900	819	75	help	help	NOUN
cblr-11900	819	76	from	from	ADP
cblr-11900	819	77	the	the	DET
cblr-11900	819	78	central	central	ADJ
cblr-11900	819	79	bank.181	bank.181	PROPN
cblr-11900	819	80	to	to	PART
cblr-11900	819	81	correct	correct	VERB
cblr-11900	819	82	what	what	PRON
cblr-11900	819	83	arguably	arguably	ADV
cblr-11900	819	84	became	become	VERB
cblr-11900	819	85	a	a	DET
cblr-11900	819	86	“	"	PUNCT
cblr-11900	819	87	disorderly	disorderly	ADJ
cblr-11900	819	88	”	"	PUNCT
cblr-11900	819	89	situation	situation	NOUN
cblr-11900	819	90	,	,	PUNCT
cblr-11900	819	91	the	the	DET
cblr-11900	819	92	fed	fed	PROPN
cblr-11900	819	93	eased	ease	VERB
cblr-11900	819	94	monetary	monetary	ADJ
cblr-11900	819	95	conditions	condition	NOUN
cblr-11900	819	96	substantially	substantially	ADV
cblr-11900	819	97	,	,	PUNCT
cblr-11900	819	98	increasing	increase	VERB
cblr-11900	819	99	the	the	DET
cblr-11900	819	100	money	money	NOUN
cblr-11900	819	101	supply	supply	NOUN
cblr-11900	819	102	by	by	ADP
cblr-11900	819	103	both	both	PRON
cblr-11900	819	104	expanding	expand	VERB
cblr-11900	819	105	their	their	PRON
cblr-11900	819	106	balance	balance	NOUN
cblr-11900	819	107	sheet	sheet	NOUN
cblr-11900	819	108	and	and	CCONJ
cblr-11900	819	109	reducing	reduce	VERB
cblr-11900	819	110	statutory	statutory	ADJ
cblr-11900	819	111	reserve	reserve	PROPN
cblr-11900	819	112	requirements.182	requirements.182	PROPN
cblr-11900	819	113	that	that	DET
cblr-11900	819	114	retreat	retreat	NOUN
cblr-11900	819	115	meant	mean	VERB
cblr-11900	819	116	a	a	DET
cblr-11900	819	117	return	return	NOUN
cblr-11900	819	118	to	to	ADP
cblr-11900	819	119	money	money	NOUN
cblr-11900	819	120	-	-	PUNCT
cblr-11900	819	121	financing	finance	VERB
cblr-11900	819	122	the	the	DET
cblr-11900	819	123	deficit	deficit	NOUN
cblr-11900	819	124	.	.	PUNCT
cblr-11900	820	1	the	the	DET
cblr-11900	820	2	real	real	ADJ
cblr-11900	820	3	heroes	hero	NOUN
cblr-11900	820	4	of	of	ADP
cblr-11900	820	5	the	the	DET
cblr-11900	820	6	bond	bond	NOUN
cblr-11900	820	7	market	market	NOUN
cblr-11900	820	8	in	in	ADP
cblr-11900	820	9	1953	1953	NUM
cblr-11900	820	10	turned	turn	VERB
cblr-11900	820	11	out	out	ADP
cblr-11900	820	12	to	to	PART
cblr-11900	820	13	be	be	AUX
cblr-11900	820	14	commercial	commercial	ADJ
cblr-11900	820	15	banks	bank	NOUN
cblr-11900	820	16	,	,	PUNCT
cblr-11900	820	17	which	which	PRON
cblr-11900	820	18	bought	buy	VERB
cblr-11900	820	19	more	more	ADJ
cblr-11900	820	20	than	than	ADP
cblr-11900	820	21	half	half	NOUN
cblr-11900	820	22	of	of	ADP
cblr-11900	820	23	the	the	DET
cblr-11900	820	24	net	net	ADJ
cblr-11900	820	25	supply	supply	NOUN
cblr-11900	820	26	in	in	ADP
cblr-11900	820	27	the	the	DET
cblr-11900	820	28	second	second	ADJ
cblr-11900	820	29	half	half	NOUN
cblr-11900	820	30	of	of	ADP
cblr-11900	820	31	the	the	DET
cblr-11900	820	32	year	year	NOUN
cblr-11900	820	33	.	.	PUNCT
cblr-11900	821	1	combined	combine	VERB
cblr-11900	821	2	with	with	ADP
cblr-11900	821	3	the	the	DET
cblr-11900	821	4	fed	fed	PROPN
cblr-11900	821	5	,	,	PUNCT
cblr-11900	821	6	that	that	PRON
cblr-11900	821	7	meant	mean	VERB
cblr-11900	821	8	banks	bank	NOUN
cblr-11900	821	9	owned	own	VERB
cblr-11900	821	10	57	57	NUM
cblr-11900	821	11	%	%	NOUN
cblr-11900	821	12	of	of	ADP
cblr-11900	821	13	marketable	marketable	ADJ
cblr-11900	821	14	debt	debt	NOUN
cblr-11900	821	15	outstanding	outstanding	ADJ
cblr-11900	821	16	year	year	NOUN
cblr-11900	821	17	-	-	PUNCT
cblr-11900	821	18	end	end	NOUN
cblr-11900	821	19	u.s	u.s	PROPN
cblr-11900	821	20	.	.	PROPN
cblr-11900	821	21	government	government	NOUN
cblr-11900	821	22	securities	security	NOUN
cblr-11900	821	23	market	market	NOUN
cblr-11900	821	24	,	,	PUNCT
cblr-11900	821	25	and	and	CCONJ
cblr-11900	821	26	treasury	treasury	NOUN
cblr-11900	821	27	debt	debt	NOUN
cblr-11900	821	28	management	management	NOUN
cblr-11900	821	29	from	from	ADP
cblr-11900	821	30	1951	1951	NUM
cblr-11900	821	31	to	to	ADP
cblr-11900	821	32	1979	1979	NUM
cblr-11900	821	33	,	,	PUNCT
cblr-11900	821	34	at	at	ADP
cblr-11900	821	35	68–70	68–70	PROPN
cblr-11900	821	36	(	(	PUNCT
cblr-11900	821	37	2020	2020	NUM
cblr-11900	821	38	)	)	PUNCT
cblr-11900	821	39	.	.	PUNCT
cblr-11900	822	1	178	178	NUM
cblr-11900	822	2	paul	paul	PROPN
cblr-11900	822	3	heffernan	heffernan	PROPN
cblr-11900	822	4	,	,	PUNCT
cblr-11900	822	5	u.s	u.s	PROPN
cblr-11900	822	6	.	.	PROPN
cblr-11900	822	7	bond	bond	NOUN
cblr-11900	822	8	market	market	NOUN
cblr-11900	822	9	too	too	ADV
cblr-11900	822	10	thin	thin	ADJ
cblr-11900	822	11	for	for	ADP
cblr-11900	822	12	task	task	NOUN
cblr-11900	822	13	,	,	PUNCT
cblr-11900	822	14	n.y	n.y	PROPN
cblr-11900	822	15	.	.	PROPN
cblr-11900	822	16	times	times	PROPN
cblr-11900	822	17	,	,	PUNCT
cblr-11900	822	18	jul	jul	PROPN
cblr-11900	822	19	.	.	PROPN
cblr-11900	822	20	12	12	NUM
cblr-11900	822	21	,	,	PUNCT
cblr-11900	822	22	1953	1953	NUM
cblr-11900	822	23	.	.	PUNCT
cblr-11900	823	1	179	179	NUM
cblr-11900	823	2	ad	ad	NOUN
cblr-11900	823	3	hoc	hoc	X
cblr-11900	823	4	report	report	NOUN
cblr-11900	823	5	,	,	PUNCT
cblr-11900	823	6	supra	supra	PROPN
cblr-11900	823	7	note	note	NOUN
cblr-11900	823	8	139	139	NUM
cblr-11900	823	9	,	,	PUNCT
cblr-11900	823	10	at	at	ADP
cblr-11900	823	11	2007	2007	NUM
cblr-11900	823	12	.	.	PUNCT
cblr-11900	824	1	180	180	NUM
cblr-11900	824	2	fed	feed	VERB
cblr-11900	824	3	.	.	PUNCT
cblr-11900	825	1	open	open	PROPN
cblr-11900	825	2	mkt	mkt	PROPN
cblr-11900	825	3	.	.	PROPN
cblr-11900	825	4	comm	comm	NOUN
cblr-11900	825	5	.	.	PUNCT
cblr-11900	826	1	meeting	meet	VERB
cblr-11900	826	2	minutes	minute	NOUN
cblr-11900	826	3	(	(	PUNCT
cblr-11900	826	4	june	june	PROPN
cblr-11900	826	5	11	11	NUM
cblr-11900	826	6	,	,	PUNCT
cblr-11900	826	7	1953	1953	NUM
cblr-11900	826	8	)	)	PUNCT
cblr-11900	826	9	,	,	PUNCT
cblr-11900	826	10	https://fraser.stlouisfed.org/title/federal-open-market-committee-meetingminutes-transcripts-documents-677/meeting-june-11-195322733/content/pdf/19530611minutesecv	https://fraser.stlouisfed.org/title/federal-open-market-committee-meetingminutes-transcripts-documents-677/meeting-june-11-195322733/content/pdf/19530611minutesecv	PROPN
cblr-11900	827	1	[	[	X
cblr-11900	827	2	https://perma.cc/q5v4-gg27	https://perma.cc/q5v4-gg27	X
cblr-11900	827	3	]	]	PUNCT
cblr-11900	827	4	.	.	PUNCT
cblr-11900	828	1	181	181	NUM
cblr-11900	828	2	“	"	PUNCT
cblr-11900	828	3	backing	back	VERB
cblr-11900	828	4	and	and	CCONJ
cblr-11900	828	5	filling	filling	NOUN
cblr-11900	828	6	by	by	ADP
cblr-11900	828	7	the	the	DET
cblr-11900	828	8	authorities	authority	NOUN
cblr-11900	828	9	has	have	AUX
cblr-11900	828	10	been	be	AUX
cblr-11900	828	11	a	a	DET
cblr-11900	828	12	source	source	NOUN
cblr-11900	828	13	of	of	ADP
cblr-11900	828	14	repeated	repeat	VERB
cblr-11900	828	15	bewilderment	bewilderment	NOUN
cblr-11900	828	16	and	and	CCONJ
cblr-11900	828	17	discouragement	discouragement	NOUN
cblr-11900	828	18	to	to	ADP
cblr-11900	828	19	the	the	DET
cblr-11900	828	20	private	private	ADJ
cblr-11900	828	21	dealers	dealer	NOUN
cblr-11900	828	22	.	.	PUNCT
cblr-11900	828	23	”	"	PUNCT
cblr-11900	829	1	heffernan	heffernan	PROPN
cblr-11900	829	2	,	,	PUNCT
cblr-11900	829	3	supra	supra	PROPN
cblr-11900	829	4	note	note	NOUN
cblr-11900	829	5	181	181	NUM
cblr-11900	829	6	.	.	NOUN
cblr-11900	829	7	182	182	NUM
cblr-11900	829	8	writing	write	VERB
cblr-11900	829	9	several	several	ADJ
cblr-11900	829	10	years	year	NOUN
cblr-11900	829	11	later	later	ADV
cblr-11900	829	12	,	,	PUNCT
cblr-11900	829	13	asher	asher	PROPN
cblr-11900	829	14	achinstein	achinstein	NOUN
cblr-11900	829	15	observed	observe	VERB
cblr-11900	829	16	:	:	PUNCT
cblr-11900	829	17	“	"	PUNCT
cblr-11900	829	18	the	the	DET
cblr-11900	829	19	may	may	AUX
cblr-11900	829	20	[	[	X
cblr-11900	829	21	1954	1954	NUM
cblr-11900	829	22	]	]	PUNCT
cblr-11900	829	23	shift	shift	NOUN
cblr-11900	829	24	in	in	ADP
cblr-11900	829	25	federal	federal	PROPN
cblr-11900	829	26	reserve	reserve	NOUN
cblr-11900	829	27	policy	policy	NOUN
cblr-11900	829	28	from	from	ADP
cblr-11900	829	29	credit	credit	NOUN
cblr-11900	829	30	restraint	restraint	NOUN
cblr-11900	829	31	to	to	ADP
cblr-11900	829	32	credit	credit	NOUN
cblr-11900	829	33	ease	ease	NOUN
cblr-11900	829	34	was	be	AUX
cblr-11900	829	35	not	not	PART
cblr-11900	829	36	due	due	ADJ
cblr-11900	829	37	primarily	primarily	ADV
cblr-11900	829	38	,	,	PUNCT
cblr-11900	829	39	as	as	SCONJ
cblr-11900	829	40	is	be	AUX
cblr-11900	829	41	sometimes	sometimes	ADV
cblr-11900	829	42	asserted	assert	VERB
cblr-11900	829	43	,	,	PUNCT
cblr-11900	829	44	to	to	ADP
cblr-11900	829	45	the	the	DET
cblr-11900	829	46	expectation	expectation	NOUN
cblr-11900	829	47	by	by	ADP
cblr-11900	829	48	the	the	DET
cblr-11900	829	49	monetary	monetary	ADJ
cblr-11900	829	50	authorities	authority	NOUN
cblr-11900	829	51	that	that	SCONJ
cblr-11900	829	52	the	the	DET
cblr-11900	829	53	economy	economy	NOUN
cblr-11900	829	54	was	be	AUX
cblr-11900	829	55	about	about	ADJ
cblr-11900	829	56	to	to	PART
cblr-11900	829	57	slip	slip	VERB
cblr-11900	829	58	into	into	ADP
cblr-11900	829	59	a	a	DET
cblr-11900	829	60	business	business	NOUN
cblr-11900	829	61	recession	recession	NOUN
cblr-11900	829	62	which	which	PRON
cblr-11900	829	63	it	it	PRON
cblr-11900	829	64	was	be	AUX
cblr-11900	829	65	deemed	deem	VERB
cblr-11900	829	66	desirable	desirable	ADJ
cblr-11900	829	67	to	to	PART
cblr-11900	829	68	counteract	counteract	VERB
cblr-11900	829	69	.	.	PUNCT
cblr-11900	830	1	the	the	DET
cblr-11900	830	2	measures	measure	NOUN
cblr-11900	830	3	designed	design	VERB
cblr-11900	830	4	to	to	PART
cblr-11900	830	5	ease	ease	VERB
cblr-11900	830	6	credit	credit	NOUN
cblr-11900	830	7	were	be	AUX
cblr-11900	830	8	initially	initially	ADV
cblr-11900	830	9	undertaken	undertake	VERB
cblr-11900	830	10	rather	rather	ADV
cblr-11900	830	11	in	in	ADP
cblr-11900	830	12	response	response	NOUN
cblr-11900	830	13	to	to	ADP
cblr-11900	830	14	a	a	DET
cblr-11900	830	15	critical	critical	ADJ
cblr-11900	830	16	situation	situation	NOUN
cblr-11900	830	17	that	that	PRON
cblr-11900	830	18	had	have	AUX
cblr-11900	830	19	been	be	AUX
cblr-11900	830	20	permitted	permit	VERB
cblr-11900	830	21	to	to	PART
cblr-11900	830	22	develop	develop	VERB
cblr-11900	830	23	in	in	ADP
cblr-11900	830	24	the	the	DET
cblr-11900	830	25	financial	financial	ADJ
cblr-11900	830	26	markets	market	NOUN
cblr-11900	830	27	—	—	PUNCT
cblr-11900	830	28	a	a	DET
cblr-11900	830	29	situation	situation	NOUN
cblr-11900	830	30	that	that	PRON
cblr-11900	830	31	was	be	AUX
cblr-11900	830	32	frequently	frequently	ADV
cblr-11900	830	33	described	describe	VERB
cblr-11900	830	34	as	as	ADP
cblr-11900	830	35	reaching	reach	VERB
cblr-11900	830	36	nearly	nearly	ADV
cblr-11900	830	37	panic	panic	NOUN
cblr-11900	830	38	proportions	proportion	NOUN
cblr-11900	830	39	.	.	PUNCT
cblr-11900	830	40	”	"	PUNCT
cblr-11900	831	1	s.	s.	PROPN
cblr-11900	831	2	rep	rep	PROPN
cblr-11900	831	3	.	.	PROPN
cblr-11900	832	1	no	no	PROPN
cblr-11900	832	2	.	.	NOUN
cblr-11900	833	1	88	88	NUM
cblr-11900	833	2	-	-	SYM
cblr-11900	833	3	2500	2500	NUM
cblr-11900	833	4	,	,	PUNCT
cblr-11900	833	5	at	at	ADP
cblr-11900	833	6	30	30	NUM
cblr-11900	833	7	(	(	PUNCT
cblr-11900	833	8	1958	1958	NUM
cblr-11900	833	9	)	)	PUNCT
cblr-11900	833	10	.	.	PUNCT
cblr-11900	834	1	no	no	INTJ
cblr-11900	834	2	.	.	NOUN
cblr-11900	835	1	1	1	NUM
cblr-11900	835	2	]	]	ADJ
cblr-11900	835	3	money	money	NOUN
cblr-11900	835	4	and	and	CCONJ
cblr-11900	835	5	the	the	DET
cblr-11900	835	6	public	public	ADJ
cblr-11900	835	7	debt	debt	NOUN
cblr-11900	835	8	269	269	NUM
cblr-11900	835	9	(	(	PUNCT
cblr-11900	835	10	comparable	comparable	ADJ
cblr-11900	835	11	to	to	ADP
cblr-11900	835	12	the	the	DET
cblr-11900	835	13	end	end	NOUN
cblr-11900	835	14	of	of	ADP
cblr-11900	835	15	1952).183	1952).183	NUM
cblr-11900	835	16	this	this	DET
cblr-11900	835	17	outcome	outcome	NOUN
cblr-11900	835	18	was	be	AUX
cblr-11900	835	19	arguably	arguably	ADV
cblr-11900	835	20	a	a	DET
cblr-11900	835	21	poor	poor	ADJ
cblr-11900	835	22	way	way	NOUN
cblr-11900	835	23	to	to	PART
cblr-11900	835	24	manage	manage	VERB
cblr-11900	835	25	the	the	DET
cblr-11900	835	26	business	business	NOUN
cblr-11900	835	27	cycle	cycle	NOUN
cblr-11900	835	28	,	,	PUNCT
cblr-11900	835	29	described	describe	VERB
cblr-11900	835	30	by	by	ADP
cblr-11900	835	31	one	one	NUM
cblr-11900	835	32	observer	observer	NOUN
cblr-11900	835	33	as	as	ADP
cblr-11900	835	34	akin	akin	ADJ
cblr-11900	835	35	to	to	ADP
cblr-11900	835	36	“	"	PUNCT
cblr-11900	835	37	wielding	wield	VERB
cblr-11900	835	38	a	a	DET
cblr-11900	835	39	butcher	butcher	NOUN
cblr-11900	835	40	’s	’s	PART
cblr-11900	835	41	cleaver	cleaver	NOUN
cblr-11900	835	42	when	when	SCONJ
cblr-11900	835	43	the	the	DET
cblr-11900	835	44	needs	need	NOUN
cblr-11900	835	45	of	of	ADP
cblr-11900	835	46	the	the	DET
cblr-11900	835	47	sensitive	sensitive	ADJ
cblr-11900	835	48	economy	economy	NOUN
cblr-11900	835	49	called	call	VERB
cblr-11900	835	50	for	for	ADP
cblr-11900	835	51	a	a	DET
cblr-11900	835	52	dentist	dentist	NOUN
cblr-11900	835	53	’s	’s	PART
cblr-11900	835	54	drill	drill	NOUN
cblr-11900	835	55	.	.	PUNCT
cblr-11900	836	1	”184	”184	PROPN
cblr-11900	836	2	as	as	ADP
cblr-11900	836	3	a	a	DET
cblr-11900	836	4	result	result	NOUN
cblr-11900	836	5	,	,	PUNCT
cblr-11900	836	6	some	some	PRON
cblr-11900	836	7	at	at	ADP
cblr-11900	836	8	the	the	DET
cblr-11900	836	9	time	time	NOUN
cblr-11900	836	10	concluded	conclude	VERB
cblr-11900	836	11	that	that	SCONJ
cblr-11900	836	12	monetary	monetary	ADJ
cblr-11900	836	13	policy	policy	NOUN
cblr-11900	836	14	makers	maker	NOUN
cblr-11900	836	15	had	have	AUX
cblr-11900	836	16	found	find	VERB
cblr-11900	836	17	themselves	themselves	PRON
cblr-11900	836	18	captive	captive	ADJ
cblr-11900	836	19	to	to	ADP
cblr-11900	836	20	fiscal	fiscal	ADJ
cblr-11900	836	21	policy	policy	NOUN
cblr-11900	836	22	—	—	PUNCT
cblr-11900	836	23	as	as	SCONJ
cblr-11900	836	24	one	one	NUM
cblr-11900	836	25	senior	senior	ADJ
cblr-11900	836	26	banker	banker	NOUN
cblr-11900	836	27	put	put	VERB
cblr-11900	836	28	it	it	PRON
cblr-11900	836	29	,	,	PUNCT
cblr-11900	836	30	the	the	DET
cblr-11900	836	31	fed	fed	PROPN
cblr-11900	836	32	was	be	AUX
cblr-11900	836	33	“	"	PUNCT
cblr-11900	836	34	the	the	DET
cblr-11900	836	35	prisoner	prisoner	NOUN
cblr-11900	836	36	of	of	ADP
cblr-11900	836	37	the	the	DET
cblr-11900	836	38	treasury	treasury	NOUN
cblr-11900	836	39	’s	’s	PART
cblr-11900	836	40	necessities	necessity	NOUN
cblr-11900	836	41	.	.	PUNCT
cblr-11900	837	1	”185	”185	PUNCT
cblr-11900	838	1	c.	c.	NOUN
cblr-11900	838	2	the	the	DET
cblr-11900	838	3	rise	rise	NOUN
cblr-11900	838	4	of	of	ADP
cblr-11900	838	5	the	the	DET
cblr-11900	838	6	fed	fed	PROPN
cblr-11900	838	7	repurchase	repurchase	NOUN
cblr-11900	838	8	facility	facility	NOUN
cblr-11900	838	9	the	the	DET
cblr-11900	838	10	rapid	rapid	ADJ
cblr-11900	838	11	breakdown	breakdown	NOUN
cblr-11900	838	12	in	in	ADP
cblr-11900	838	13	the	the	DET
cblr-11900	838	14	treasury	treasury	NOUN
cblr-11900	838	15	market	market	NOUN
cblr-11900	838	16	following	follow	VERB
cblr-11900	838	17	the	the	DET
cblr-11900	838	18	fed	fed	PROPN
cblr-11900	838	19	’s	’s	PART
cblr-11900	838	20	exit	exit	NOUN
cblr-11900	838	21	led	lead	VERB
cblr-11900	838	22	senior	senior	ADJ
cblr-11900	838	23	officials	official	NOUN
cblr-11900	838	24	to	to	PART
cblr-11900	838	25	conclude	conclude	VERB
cblr-11900	838	26	that	that	SCONJ
cblr-11900	838	27	government	government	NOUN
cblr-11900	838	28	securities	security	NOUN
cblr-11900	838	29	dealers	dealer	NOUN
cblr-11900	838	30	were	be	AUX
cblr-11900	838	31	not	not	PART
cblr-11900	838	32	yet	yet	ADV
cblr-11900	838	33	able	able	ADJ
cblr-11900	838	34	to	to	PART
cblr-11900	838	35	stand	stand	VERB
cblr-11900	838	36	on	on	ADP
cblr-11900	838	37	their	their	PRON
cblr-11900	838	38	own	own	ADJ
cblr-11900	838	39	two	two	NUM
cblr-11900	838	40	feet	foot	NOUN
cblr-11900	838	41	.	.	PUNCT
cblr-11900	839	1	as	as	SCONJ
cblr-11900	839	2	chairman	chairman	PROPN
cblr-11900	839	3	martin	martin	PROPN
cblr-11900	839	4	put	put	VERB
cblr-11900	839	5	it	it	PRON
cblr-11900	839	6	,	,	PUNCT
cblr-11900	839	7	the	the	DET
cblr-11900	839	8	free	free	ADJ
cblr-11900	839	9	market	market	NOUN
cblr-11900	839	10	had	have	AUX
cblr-11900	839	11	failed	fail	VERB
cblr-11900	839	12	its	its	PRON
cblr-11900	839	13	“	"	PUNCT
cblr-11900	839	14	first	first	ADJ
cblr-11900	839	15	and	and	CCONJ
cblr-11900	839	16	more	more	ADV
cblr-11900	839	17	difficult	difficult	ADJ
cblr-11900	839	18	test	test	NOUN
cblr-11900	839	19	.	.	PUNCT
cblr-11900	840	1	”186	”186	VERB
cblr-11900	840	2	a	a	DET
cblr-11900	840	3	liquid	liquid	ADJ
cblr-11900	840	4	market	market	NOUN
cblr-11900	840	5	in	in	ADP
cblr-11900	840	6	treasuries	treasury	NOUN
cblr-11900	840	7	,	,	PUNCT
cblr-11900	840	8	martin	martin	PROPN
cblr-11900	840	9	acknowledged	acknowledge	VERB
cblr-11900	840	10	,	,	PUNCT
cblr-11900	840	11	depended	depend	VERB
cblr-11900	840	12	on	on	ADP
cblr-11900	840	13	dealers	dealer	NOUN
cblr-11900	840	14	not	not	PART
cblr-11900	840	15	just	just	ADV
cblr-11900	840	16	brokering	broker	VERB
cblr-11900	840	17	transactions	transaction	NOUN
cblr-11900	840	18	,	,	PUNCT
cblr-11900	840	19	but	but	CCONJ
cblr-11900	840	20	also	also	ADV
cblr-11900	840	21	holding	hold	VERB
cblr-11900	840	22	positions	position	NOUN
cblr-11900	840	23	in	in	ADP
cblr-11900	840	24	inventory.187	inventory.187	NOUN
cblr-11900	840	25	the	the	DET
cblr-11900	840	26	events	event	NOUN
cblr-11900	840	27	of	of	ADP
cblr-11900	840	28	may	may	PROPN
cblr-11900	840	29	and	and	CCONJ
cblr-11900	840	30	june	june	PROPN
cblr-11900	840	31	1953	1953	NUM
cblr-11900	840	32	,	,	PUNCT
cblr-11900	840	33	in	in	ADP
cblr-11900	840	34	turn	turn	NOUN
cblr-11900	840	35	,	,	PUNCT
cblr-11900	840	36	made	make	VERB
cblr-11900	840	37	183	183	NUM
cblr-11900	840	38	fed	fed	PROPN
cblr-11900	840	39	.	.	PUNCT
cblr-11900	841	1	rsrv	rsrv	PROPN
cblr-11900	841	2	.	.	PUNCT
cblr-11900	842	1	bank	bank	PROPN
cblr-11900	842	2	of	of	ADP
cblr-11900	842	3	st	st	PROPN
cblr-11900	842	4	.	.	PROPN
cblr-11900	842	5	louis	louis	PROPN
cblr-11900	842	6	,	,	PUNCT
cblr-11900	842	7	l.210	l.210	ADJ
cblr-11900	842	8	treasury	treasury	PROPN
cblr-11900	842	9	securities	securities	PROPN
cblr-11900	842	10	,	,	PUNCT
cblr-11900	842	11	fed	fed	PROPN
cblr-11900	842	12	.	.	PUNCT
cblr-11900	842	13	rsrv	rsrv	PROPN
cblr-11900	842	14	.	.	PUNCT
cblr-11900	843	1	econ	econ	PROPN
cblr-11900	843	2	.	.	PUNCT
cblr-11900	843	3	data	data	PROPN
cblr-11900	843	4	,	,	PUNCT
cblr-11900	843	5	https://fred.stlouisfed.org/release/tables?rid=52&eid=809048&od=1953-1001	https://fred.stlouisfed.org/release/tables?rid=52&eid=809048&od=1953-1001	NOUN
cblr-11900	843	6	#	#	NOUN
cblr-11900	843	7	[	[	X
cblr-11900	843	8	https://perma.cc/9qsm-akl5	https://perma.cc/9qsm-akl5	PROPN
cblr-11900	843	9	]	]	PUNCT
cblr-11900	843	10	.	.	PUNCT
cblr-11900	844	1	184	184	NUM
cblr-11900	844	2	heffernan	heffernan	PROPN
cblr-11900	844	3	,	,	PUNCT
cblr-11900	844	4	supra	supra	PROPN
cblr-11900	844	5	note181	note181	PROPN
cblr-11900	844	6	.	.	PROPN
cblr-11900	844	7	185	185	NUM
cblr-11900	844	8	united	united	PROPN
cblr-11900	844	9	states	states	PROPN
cblr-11900	844	10	monetary	monetary	ADJ
cblr-11900	844	11	policy	policy	NOUN
cblr-11900	844	12	:	:	PUNCT
cblr-11900	844	13	recent	recent	ADJ
cblr-11900	844	14	thinking	thinking	NOUN
cblr-11900	844	15	and	and	CCONJ
cblr-11900	844	16	experience	experience	NOUN
cblr-11900	844	17	:	:	PUNCT
cblr-11900	844	18	hearing	hear	VERB
cblr-11900	844	19	before	before	ADP
cblr-11900	844	20	the	the	DET
cblr-11900	844	21	subcomm	subcomm	NOUN
cblr-11900	844	22	.	.	PUNCT
cblr-11900	845	1	on	on	ADP
cblr-11900	845	2	econ	econ	PROPN
cblr-11900	845	3	.	.	PUNCT
cblr-11900	846	1	stabilization	stabilization	NOUN
cblr-11900	846	2	of	of	ADP
cblr-11900	846	3	the	the	DET
cblr-11900	846	4	joint	joint	ADJ
cblr-11900	846	5	comm	comm	NOUN
cblr-11900	846	6	.	.	PUNCT
cblr-11900	847	1	on	on	ADP
cblr-11900	847	2	the	the	DET
cblr-11900	847	3	econ	econ	NOUN
cblr-11900	847	4	.	.	PUNCT
cblr-11900	848	1	rep	rep	PROPN
cblr-11900	848	2	.	.	PROPN
cblr-11900	848	3	,	,	PUNCT
cblr-11900	848	4	83rd	83rd	ADJ
cblr-11900	848	5	cong	cong	NOUN
cblr-11900	848	6	.	.	PUNCT
cblr-11900	849	1	62	62	NUM
cblr-11900	849	2	(	(	PUNCT
cblr-11900	849	3	1954	1954	NUM
cblr-11900	849	4	)	)	PUNCT
cblr-11900	849	5	(	(	PUNCT
cblr-11900	849	6	statement	statement	NOUN
cblr-11900	849	7	of	of	ADP
cblr-11900	849	8	james	james	PROPN
cblr-11900	849	9	n.	n.	PROPN
cblr-11900	849	10	land	land	PROPN
cblr-11900	849	11	,	,	PUNCT
cblr-11900	849	12	senior	senior	ADJ
cblr-11900	849	13	vice	vice	NOUN
cblr-11900	849	14	president	president	NOUN
cblr-11900	849	15	,	,	PUNCT
cblr-11900	849	16	mellon	mellon	PROPN
cblr-11900	849	17	national	national	PROPN
cblr-11900	849	18	bank	bank	PROPN
cblr-11900	849	19	and	and	CCONJ
cblr-11900	849	20	trust	trust	PROPN
cblr-11900	849	21	co.	co.	PROPN
cblr-11900	849	22	)	)	PUNCT
cblr-11900	849	23	.	.	PUNCT
cblr-11900	850	1	186	186	NUM
cblr-11900	850	2	united	united	PROPN
cblr-11900	850	3	states	states	PROPN
cblr-11900	850	4	monetary	monetary	ADJ
cblr-11900	850	5	policy	policy	NOUN
cblr-11900	850	6	:	:	PUNCT
cblr-11900	850	7	recent	recent	ADJ
cblr-11900	850	8	thinking	thinking	NOUN
cblr-11900	850	9	and	and	CCONJ
cblr-11900	850	10	experience	experience	NOUN
cblr-11900	850	11	:	:	PUNCT
cblr-11900	850	12	hearing	hear	VERB
cblr-11900	850	13	before	before	ADP
cblr-11900	850	14	the	the	DET
cblr-11900	850	15	subcomm	subcomm	NOUN
cblr-11900	850	16	.	.	PUNCT
cblr-11900	851	1	on	on	ADP
cblr-11900	851	2	econ	econ	PROPN
cblr-11900	851	3	.	.	PUNCT
cblr-11900	852	1	stabilization	stabilization	NOUN
cblr-11900	852	2	of	of	ADP
cblr-11900	852	3	the	the	DET
cblr-11900	852	4	joint	joint	ADJ
cblr-11900	852	5	comm	comm	NOUN
cblr-11900	852	6	.	.	PUNCT
cblr-11900	853	1	on	on	ADP
cblr-11900	853	2	the	the	DET
cblr-11900	853	3	econ	econ	NOUN
cblr-11900	853	4	.	.	PUNCT
cblr-11900	854	1	rep	rep	PROPN
cblr-11900	854	2	.	.	PROPN
cblr-11900	854	3	,	,	PUNCT
cblr-11900	854	4	83rd	83rd	ADJ
cblr-11900	854	5	cong	cong	NOUN
cblr-11900	854	6	.	.	PUNCT
cblr-11900	855	1	62	62	NUM
cblr-11900	855	2	(	(	PUNCT
cblr-11900	855	3	1954	1954	NUM
cblr-11900	855	4	)	)	PUNCT
cblr-11900	855	5	(	(	PUNCT
cblr-11900	855	6	reply	reply	NOUN
cblr-11900	855	7	of	of	ADP
cblr-11900	855	8	william	william	PROPN
cblr-11900	855	9	m.	m.	PROPN
cblr-11900	855	10	martin	martin	PROPN
cblr-11900	855	11	,	,	PUNCT
cblr-11900	855	12	chairman	chairman	NOUN
cblr-11900	855	13	of	of	ADP
cblr-11900	855	14	the	the	DET
cblr-11900	855	15	board	board	NOUN
cblr-11900	855	16	of	of	ADP
cblr-11900	855	17	governors	governor	NOUN
cblr-11900	855	18	of	of	ADP
cblr-11900	855	19	the	the	DET
cblr-11900	855	20	federal	federal	PROPN
cblr-11900	855	21	reserve	reserve	PROPN
cblr-11900	855	22	system	system	PROPN
cblr-11900	855	23	)	)	PUNCT
cblr-11900	855	24	.	.	PUNCT
cblr-11900	856	1	187	187	NUM
cblr-11900	856	2	in	in	ADP
cblr-11900	856	3	prepared	prepared	ADJ
cblr-11900	856	4	responses	response	NOUN
cblr-11900	856	5	to	to	ADP
cblr-11900	856	6	questions	question	NOUN
cblr-11900	856	7	submitted	submit	VERB
cblr-11900	856	8	to	to	ADP
cblr-11900	856	9	congress	congress	PROPN
cblr-11900	856	10	by	by	ADP
cblr-11900	856	11	the	the	DET
cblr-11900	856	12	federal	federal	PROPN
cblr-11900	856	13	reserve	reserve	PROPN
cblr-11900	856	14	,	,	PUNCT
cblr-11900	856	15	martin	martin	PROPN
cblr-11900	856	16	observed	observe	VERB
cblr-11900	856	17	:	:	PUNCT
cblr-11900	856	18	“	"	PUNCT
cblr-11900	856	19	when	when	SCONJ
cblr-11900	856	20	market	market	NOUN
cblr-11900	856	21	conditions	condition	NOUN
cblr-11900	856	22	are	be	AUX
cblr-11900	856	23	such	such	ADJ
cblr-11900	856	24	that	that	PRON
cblr-11900	856	25	approximate	approximate	ADJ
cblr-11900	856	26	supply	supply	NOUN
cblr-11900	856	27	and	and	CCONJ
cblr-11900	856	28	demand	demand	NOUN
cblr-11900	856	29	estimates	estimate	NOUN
cblr-11900	856	30	can	can	AUX
cblr-11900	856	31	not	not	PART
cblr-11900	856	32	be	be	AUX
cblr-11900	856	33	made	make	VERB
cblr-11900	856	34	,	,	PUNCT
cblr-11900	856	35	the	the	DET
cblr-11900	856	36	continuity	continuity	NOUN
cblr-11900	856	37	and	and	CCONJ
cblr-11900	856	38	sensitiveness	sensitiveness	NOUN
cblr-11900	856	39	of	of	ADP
cblr-11900	856	40	the	the	DET
cblr-11900	856	41	market	market	NOUN
cblr-11900	856	42	is	be	AUX
cblr-11900	856	43	seriously	seriously	ADV
cblr-11900	856	44	impaired	impaired	ADJ
cblr-11900	856	45	.	.	PUNCT
cblr-11900	856	46	.	.	PUNCT
cblr-11900	856	47	.	.	PUNCT
cblr-11900	857	1	[	[	X
cblr-11900	857	2	dealers	dealer	NOUN
cblr-11900	857	3	]	]	PUNCT
cblr-11900	857	4	tend	tend	VERB
cblr-11900	857	5	to	to	PART
cblr-11900	857	6	confine	confine	VERB
cblr-11900	857	7	their	their	PRON
cblr-11900	857	8	role	role	NOUN
cblr-11900	857	9	to	to	ADP
cblr-11900	857	10	that	that	PRON
cblr-11900	857	11	of	of	ADP
cblr-11900	857	12	brokers	broker	NOUN
cblr-11900	857	13	,	,	PUNCT
cblr-11900	857	14	operating	operate	VERB
cblr-11900	857	15	mainly	mainly	ADV
cblr-11900	857	16	on	on	ADP
cblr-11900	857	17	a	a	DET
cblr-11900	857	18	commission	commission	NOUN
cblr-11900	857	19	basis	basis	NOUN
cblr-11900	857	20	.	.	PUNCT
cblr-11900	858	1	in	in	ADP
cblr-11900	858	2	this	this	DET
cblr-11900	858	3	role	role	NOUN
cblr-11900	858	4	,	,	PUNCT
cblr-11900	858	5	they	they	PRON
cblr-11900	858	6	offer	offer	VERB
cblr-11900	858	7	to	to	PART
cblr-11900	858	8	find	find	VERB
cblr-11900	858	9	buyers	buyer	NOUN
cblr-11900	858	10	for	for	ADP
cblr-11900	858	11	issues	issue	NOUN
cblr-11900	858	12	pressed	press	VERB
cblr-11900	858	13	for	for	ADP
cblr-11900	858	14	sale	sale	NOUN
cblr-11900	858	15	,	,	PUNCT
cblr-11900	858	16	and	and	CCONJ
cblr-11900	858	17	other	other	ADJ
cblr-11900	858	18	sellers	seller	NOUN
cblr-11900	858	19	for	for	ADP
cblr-11900	858	20	issues	issue	NOUN
cblr-11900	858	21	in	in	ADP
cblr-11900	858	22	demand	demand	NOUN
cblr-11900	858	23	,	,	PUNCT
cblr-11900	858	24	but	but	CCONJ
cblr-11900	858	25	they	they	PRON
cblr-11900	858	26	do	do	AUX
cblr-11900	858	27	not	not	PART
cblr-11900	858	28	themselves	themselves	PRON
cblr-11900	858	29	purchase	purchase	VERB
cblr-11900	858	30	or	or	CCONJ
cblr-11900	858	31	sell	sell	VERB
cblr-11900	858	32	securities	security	NOUN
cblr-11900	858	33	at	at	ADP
cblr-11900	858	34	their	their	PRON
cblr-11900	858	35	own	own	ADJ
cblr-11900	858	36	risk	risk	NOUN
cblr-11900	858	37	.	.	PUNCT
cblr-11900	859	1	they	they	PRON
cblr-11900	859	2	do	do	VERB
cblr-11900	859	3	not	not	PART
cblr-11900	859	4	,	,	PUNCT
cblr-11900	859	5	therefore	therefore	ADV
cblr-11900	859	6	,	,	PUNCT
cblr-11900	859	7	perform	perform	VERB
cblr-11900	859	8	the	the	DET
cblr-11900	859	9	function	function	NOUN
cblr-11900	859	10	of	of	ADP
cblr-11900	859	11	giving	give	VERB
cblr-11900	859	12	breadth	breadth	NOUN
cblr-11900	859	13	and	and	CCONJ
cblr-11900	859	14	continuity	continuity	NOUN
cblr-11900	859	15	to	to	ADP
cblr-11900	859	16	the	the	DET
cblr-11900	859	17	market	market	NOUN
cblr-11900	859	18	by	by	ADP
cblr-11900	859	19	their	their	PRON
cblr-11900	859	20	willingness	willingness	NOUN
cblr-11900	859	21	to	to	PART
cblr-11900	859	22	take	take	VERB
cblr-11900	859	23	securities	security	NOUN
cblr-11900	859	24	into	into	ADP
cblr-11900	859	25	position	position	NOUN
cblr-11900	859	26	.	.	PUNCT
cblr-11900	859	27	”	"	PUNCT
cblr-11900	860	1	i	i	PRON
cblr-11900	860	2	d.	d.	PROPN
cblr-11900	860	3	at	at	ADP
cblr-11900	860	4	20	20	NUM
cblr-11900	860	5	.	.	SYM
cblr-11900	860	6	270	270	NUM
cblr-11900	860	7	columbia	columbia	PROPN
cblr-11900	860	8	business	business	NOUN
cblr-11900	860	9	law	law	PROPN
cblr-11900	860	10	review	review	NOUN
cblr-11900	861	1	[	[	X
cblr-11900	861	2	vol	vol	NOUN
cblr-11900	861	3	.	.	PUNCT
cblr-11900	861	4	2023	2023	NUM
cblr-11900	861	5	it	it	PRON
cblr-11900	861	6	clear	clear	ADJ
cblr-11900	861	7	that	that	SCONJ
cblr-11900	861	8	they	they	PRON
cblr-11900	861	9	would	would	AUX
cblr-11900	861	10	not	not	PART
cblr-11900	861	11	do	do	VERB
cblr-11900	861	12	so	so	ADV
cblr-11900	861	13	at	at	ADP
cblr-11900	861	14	a	a	DET
cblr-11900	861	15	scale	scale	NOUN
cblr-11900	861	16	commensurate	commensurate	NOUN
cblr-11900	861	17	with	with	ADP
cblr-11900	861	18	the	the	DET
cblr-11900	861	19	market	market	NOUN
cblr-11900	861	20	’s	’s	PART
cblr-11900	861	21	needs	need	NOUN
cblr-11900	861	22	.	.	PUNCT
cblr-11900	862	1	martin	martin	PROPN
cblr-11900	862	2	and	and	CCONJ
cblr-11900	862	3	his	his	PRON
cblr-11900	862	4	colleagues	colleague	NOUN
cblr-11900	862	5	decided	decide	VERB
cblr-11900	862	6	that	that	SCONJ
cblr-11900	862	7	the	the	DET
cblr-11900	862	8	solution	solution	NOUN
cblr-11900	862	9	lay	lie	VERB
cblr-11900	862	10	in	in	ADP
cblr-11900	862	11	the	the	DET
cblr-11900	862	12	financing	financing	NOUN
cblr-11900	862	13	of	of	ADP
cblr-11900	862	14	trading	trading	NOUN
cblr-11900	862	15	inventories	inventory	NOUN
cblr-11900	862	16	.	.	PUNCT
cblr-11900	863	1	repo	repo	NOUN
cblr-11900	863	2	was	be	AUX
cblr-11900	863	3	already	already	ADV
cblr-11900	863	4	on	on	ADP
cblr-11900	863	5	their	their	PRON
cblr-11900	863	6	minds	mind	NOUN
cblr-11900	863	7	as	as	ADP
cblr-11900	863	8	a	a	DET
cblr-11900	863	9	useful	useful	ADJ
cblr-11900	863	10	tool	tool	NOUN
cblr-11900	863	11	in	in	ADP
cblr-11900	863	12	achieving	achieve	VERB
cblr-11900	863	13	those	those	DET
cblr-11900	863	14	goals.188	goals.188	NOUN
cblr-11900	863	15	to	to	PART
cblr-11900	863	16	understand	understand	VERB
cblr-11900	863	17	the	the	DET
cblr-11900	863	18	fed	fed	PROPN
cblr-11900	863	19	’s	’s	PART
cblr-11900	863	20	decision	decision	NOUN
cblr-11900	863	21	to	to	PART
cblr-11900	863	22	use	use	VERB
cblr-11900	863	23	repos	repos	NOUN
cblr-11900	863	24	to	to	PART
cblr-11900	863	25	support	support	VERB
cblr-11900	863	26	nonbank	nonbank	NOUN
cblr-11900	863	27	dealer	dealer	NOUN
cblr-11900	863	28	firms	firm	NOUN
cblr-11900	863	29	,	,	PUNCT
cblr-11900	863	30	it	it	PRON
cblr-11900	863	31	is	be	AUX
cblr-11900	863	32	helpful	helpful	ADJ
cblr-11900	863	33	to	to	PART
cblr-11900	863	34	start	start	VERB
cblr-11900	863	35	with	with	ADP
cblr-11900	863	36	some	some	DET
cblr-11900	863	37	context	context	NOUN
cblr-11900	863	38	.	.	PUNCT
cblr-11900	864	1	as	as	ADV
cblr-11900	864	2	originally	originally	ADV
cblr-11900	864	3	conceived	conceive	VERB
cblr-11900	864	4	,	,	PUNCT
cblr-11900	864	5	the	the	DET
cblr-11900	864	6	fed	fed	PROPN
cblr-11900	864	7	was	be	AUX
cblr-11900	864	8	strictly	strictly	ADV
cblr-11900	864	9	limited	limit	VERB
cblr-11900	864	10	to	to	ADP
cblr-11900	864	11	banking	banking	NOUN
cblr-11900	864	12	banks	bank	NOUN
cblr-11900	864	13	.	.	PUNCT
cblr-11900	865	1	this	this	DET
cblr-11900	865	2	limit	limit	NOUN
cblr-11900	865	3	reflected	reflect	VERB
cblr-11900	865	4	its	its	PRON
cblr-11900	865	5	origins	origin	NOUN
cblr-11900	865	6	as	as	ADP
cblr-11900	865	7	a	a	DET
cblr-11900	865	8	means	means	NOUN
cblr-11900	865	9	to	to	PART
cblr-11900	865	10	provide	provide	VERB
cblr-11900	865	11	“	"	PUNCT
cblr-11900	865	12	an	an	DET
cblr-11900	865	13	elastic	elastic	ADJ
cblr-11900	865	14	currency,”189	currency,”189	NOUN
cblr-11900	865	15	rigidities	rigidity	NOUN
cblr-11900	865	16	in	in	ADP
cblr-11900	865	17	which	which	PRON
cblr-11900	865	18	were	be	AUX
cblr-11900	865	19	thought	think	VERB
cblr-11900	865	20	to	to	PART
cblr-11900	865	21	have	have	AUX
cblr-11900	865	22	caused	cause	VERB
cblr-11900	865	23	panics	panic	NOUN
cblr-11900	865	24	like	like	ADP
cblr-11900	865	25	that	that	PRON
cblr-11900	865	26	of	of	ADP
cblr-11900	865	27	1907.190	1907.190	NUM
cblr-11900	865	28	the	the	DET
cblr-11900	865	29	fed	fed	PROPN
cblr-11900	865	30	was	be	AUX
cblr-11900	865	31	therefore	therefore	ADV
cblr-11900	865	32	authorized	authorize	VERB
cblr-11900	865	33	to	to	PART
cblr-11900	865	34	provide	provide	VERB
cblr-11900	865	35	liquidity	liquidity	NOUN
cblr-11900	865	36	via	via	ADP
cblr-11900	865	37	advances	advance	NOUN
cblr-11900	865	38	and	and	CCONJ
cblr-11900	865	39	discounts	discount	NOUN
cblr-11900	865	40	to	to	ADP
cblr-11900	865	41	banks	bank	NOUN
cblr-11900	865	42	which	which	PRON
cblr-11900	865	43	were	be	AUX
cblr-11900	865	44	“	"	PUNCT
cblr-11900	865	45	members	member	NOUN
cblr-11900	865	46	”	"	PUNCT
cblr-11900	865	47	;	;	PUNCT
cblr-11900	865	48	nonmembers	nonmember	NOUN
cblr-11900	865	49	were	be	AUX
cblr-11900	865	50	allowed	allow	VERB
cblr-11900	865	51	only	only	ADV
cblr-11900	865	52	indirect	indirect	ADJ
cblr-11900	865	53	support	support	NOUN
cblr-11900	865	54	,	,	PUNCT
cblr-11900	865	55	via	via	ADP
cblr-11900	865	56	the	the	DET
cblr-11900	865	57	general	general	ADJ
cblr-11900	865	58	stability	stability	NOUN
cblr-11900	865	59	provided	provide	VERB
cblr-11900	865	60	by	by	ADP
cblr-11900	865	61	the	the	DET
cblr-11900	865	62	system	system	NOUN
cblr-11900	865	63	and	and	CCONJ
cblr-11900	865	64	member	member	NOUN
cblr-11900	865	65	banks	bank	NOUN
cblr-11900	865	66	,	,	PUNCT
cblr-11900	865	67	which	which	PRON
cblr-11900	865	68	could	could	AUX
cblr-11900	865	69	onlend.191	onlend.191	VERB
cblr-11900	865	70	although	although	SCONJ
cblr-11900	865	71	,	,	PUNCT
cblr-11900	865	72	in	in	ADP
cblr-11900	865	73	1913	1913	NUM
cblr-11900	865	74	,	,	PUNCT
cblr-11900	865	75	some	some	DET
cblr-11900	865	76	consideration	consideration	NOUN
cblr-11900	865	77	was	be	AUX
cblr-11900	865	78	given	give	VERB
cblr-11900	865	79	to	to	ADP
cblr-11900	865	80	allowing	allow	VERB
cblr-11900	865	81	nonbank	nonbank	NOUN
cblr-11900	865	82	access	access	NOUN
cblr-11900	865	83	to	to	ADP
cblr-11900	865	84	the	the	DET
cblr-11900	865	85	fed	fed	PROPN
cblr-11900	865	86	under	under	ADP
cblr-11900	865	87	certain	certain	ADJ
cblr-11900	865	88	,	,	PUNCT
cblr-11900	865	89	limited	limited	ADJ
cblr-11900	865	90	circumstances	circumstance	NOUN
cblr-11900	865	91	,	,	PUNCT
cblr-11900	865	92	this	this	DET
cblr-11900	865	93	approach	approach	NOUN
cblr-11900	865	94	was	be	AUX
cblr-11900	865	95	ultimately	ultimately	ADV
cblr-11900	865	96	rejected.192	rejected.192	VERB
cblr-11900	865	97	188	188	NUM
cblr-11900	865	98	in	in	ADP
cblr-11900	865	99	march	march	PROPN
cblr-11900	865	100	1951	1951	NUM
cblr-11900	865	101	,	,	PUNCT
cblr-11900	865	102	at	at	ADP
cblr-11900	865	103	a	a	DET
cblr-11900	865	104	meeting	meeting	NOUN
cblr-11900	865	105	of	of	ADP
cblr-11900	865	106	the	the	DET
cblr-11900	865	107	fomc	fomc	NOUN
cblr-11900	865	108	around	around	ADP
cblr-11900	865	109	the	the	DET
cblr-11900	865	110	time	time	NOUN
cblr-11900	865	111	the	the	DET
cblr-11900	865	112	accord	accord	NOUN
cblr-11900	865	113	was	be	AUX
cblr-11900	865	114	announced	announce	VERB
cblr-11900	865	115	,	,	PUNCT
cblr-11900	865	116	woodlief	woodlief	PROPN
cblr-11900	865	117	thomas	thomas	PROPN
cblr-11900	865	118	,	,	PUNCT
cblr-11900	865	119	who	who	PRON
cblr-11900	865	120	was	be	AUX
cblr-11900	865	121	an	an	DET
cblr-11900	865	122	economist	economist	NOUN
cblr-11900	865	123	at	at	ADP
cblr-11900	865	124	the	the	DET
cblr-11900	865	125	board	board	NOUN
cblr-11900	865	126	of	of	ADP
cblr-11900	865	127	governors	governor	NOUN
cblr-11900	865	128	,	,	PUNCT
cblr-11900	865	129	noted	note	VERB
cblr-11900	865	130	that	that	SCONJ
cblr-11900	865	131	repos	repos	NOUN
cblr-11900	865	132	were	be	AUX
cblr-11900	865	133	“	"	PUNCT
cblr-11900	865	134	very	very	ADV
cblr-11900	865	135	useful	useful	ADJ
cblr-11900	865	136	in	in	ADP
cblr-11900	865	137	helping	help	VERB
cblr-11900	865	138	to	to	PART
cblr-11900	865	139	develop	develop	VERB
cblr-11900	865	140	a	a	DET
cblr-11900	865	141	freer	free	ADJ
cblr-11900	865	142	market	market	NOUN
cblr-11900	865	143	,	,	PUNCT
cblr-11900	865	144	particularly	particularly	ADV
cblr-11900	865	145	if	if	SCONJ
cblr-11900	865	146	a	a	DET
cblr-11900	865	147	situation	situation	NOUN
cblr-11900	865	148	developed	develop	VERB
cblr-11900	865	149	where	where	SCONJ
cblr-11900	865	150	the	the	DET
cblr-11900	865	151	money	money	NOUN
cblr-11900	865	152	market	market	NOUN
cblr-11900	865	153	was	be	AUX
cblr-11900	865	154	tight	tight	ADJ
cblr-11900	865	155	,	,	PUNCT
cblr-11900	865	156	and	and	CCONJ
cblr-11900	865	157	dealers	dealer	NOUN
cblr-11900	865	158	had	have	VERB
cblr-11900	865	159	to	to	PART
cblr-11900	865	160	take	take	VERB
cblr-11900	865	161	in	in	ADP
cblr-11900	865	162	bills	bill	NOUN
cblr-11900	865	163	.	.	PUNCT
cblr-11900	865	164	”	"	PUNCT
cblr-11900	866	1	fed	fed	PROPN
cblr-11900	866	2	.	.	PUNCT
cblr-11900	867	1	open	open	PROPN
cblr-11900	867	2	mkt	mkt	PROPN
cblr-11900	867	3	.	.	PROPN
cblr-11900	867	4	comm	comm	NOUN
cblr-11900	867	5	.	.	PUNCT
cblr-11900	868	1	meeting	meet	VERB
cblr-11900	868	2	minutes	minute	NOUN
cblr-11900	868	3	(	(	PUNCT
cblr-11900	868	4	mar	mar	PROPN
cblr-11900	868	5	.	.	PROPN
cblr-11900	868	6	8	8	NUM
cblr-11900	868	7	,	,	PUNCT
cblr-11900	868	8	1951	1951	NUM
cblr-11900	868	9	)	)	PUNCT
cblr-11900	868	10	,	,	PUNCT
cblr-11900	868	11	https://www.federalreserve.gov/monetarypolicy/files/fomchminec1195103	https://www.federalreserve.gov/monetarypolicy/files/fomchminec1195103	VERB
cblr-11900	869	1	08.pdf	08.pdf	PROPN
cblr-11900	870	1	[	[	X
cblr-11900	870	2	https://perma.cc/8g5k-hvjk	https://perma.cc/8g5k-hvjk	X
cblr-11900	870	3	]	]	PUNCT
cblr-11900	870	4	.	.	PUNCT
cblr-11900	871	1	at	at	ADP
cblr-11900	871	2	the	the	DET
cblr-11900	871	3	same	same	ADJ
cblr-11900	871	4	meeting	meeting	NOUN
cblr-11900	871	5	,	,	PUNCT
cblr-11900	871	6	allan	allan	PROPN
cblr-11900	871	7	sproul	sproul	PROPN
cblr-11900	871	8	speculated	speculate	VERB
cblr-11900	871	9	that	that	SCONJ
cblr-11900	871	10	repo	repo	NOUN
cblr-11900	871	11	“	"	PUNCT
cblr-11900	871	12	might	might	AUX
cblr-11900	871	13	be	be	AUX
cblr-11900	871	14	of	of	ADP
cblr-11900	871	15	greater	great	ADJ
cblr-11900	871	16	use	use	NOUN
cblr-11900	871	17	in	in	ADP
cblr-11900	871	18	a	a	DET
cblr-11900	871	19	period	period	NOUN
cblr-11900	871	20	such	such	ADJ
cblr-11900	871	21	as	as	ADP
cblr-11900	871	22	that	that	PRON
cblr-11900	871	23	immediately	immediately	ADV
cblr-11900	871	24	ahead	ahead	ADV
cblr-11900	871	25	.	.	PUNCT
cblr-11900	871	26	”	"	PUNCT
cblr-11900	872	1	i	i	PRON
cblr-11900	872	2	d.	d.	VERB
cblr-11900	872	3	at	at	ADP
cblr-11900	872	4	4	4	NUM
cblr-11900	872	5	.	.	SYM
cblr-11900	872	6	189	189	NUM
cblr-11900	872	7	federal	federal	PROPN
cblr-11900	872	8	reserve	reserve	PROPN
cblr-11900	872	9	act	act	PROPN
cblr-11900	872	10	,	,	PUNCT
cblr-11900	872	11	pub	pub	NOUN
cblr-11900	872	12	.	.	PUNCT
cblr-11900	873	1	l.	l.	PROPN
cblr-11900	873	2	no	no	INTJ
cblr-11900	873	3	.	.	PUNCT
cblr-11900	874	1	63–43	63–43	NUM
cblr-11900	874	2	,	,	PUNCT
cblr-11900	874	3	38	38	NUM
cblr-11900	874	4	stat	stat	NOUN
cblr-11900	874	5	.	.	PUNCT
cblr-11900	875	1	251	251	NUM
cblr-11900	875	2	(	(	PUNCT
cblr-11900	875	3	1913	1913	NUM
cblr-11900	875	4	)	)	PUNCT
cblr-11900	875	5	.	.	PUNCT
cblr-11900	876	1	190	190	NUM
cblr-11900	876	2	jon	jon	PROPN
cblr-11900	876	3	moen	moen	PROPN
cblr-11900	876	4	,	,	PUNCT
cblr-11900	876	5	panic	panic	NOUN
cblr-11900	876	6	of	of	ADP
cblr-11900	876	7	1907	1907	NUM
cblr-11900	876	8	,	,	PUNCT
cblr-11900	876	9	eh.net	eh.net	PROPN
cblr-11900	876	10	(	(	PUNCT
cblr-11900	876	11	aug	aug	PROPN
cblr-11900	876	12	.	.	PROPN
cblr-11900	876	13	14	14	NUM
cblr-11900	876	14	,	,	PUNCT
cblr-11900	876	15	2001	2001	NUM
cblr-11900	876	16	)	)	PUNCT
cblr-11900	876	17	,	,	PUNCT
cblr-11900	876	18	http://eh.net/encyclopedia/the-panic-of-1907/	http://eh.net/encyclopedia/the-panic-of-1907/	NOUN
cblr-11900	876	19	[	[	X
cblr-11900	876	20	https://perma.cc/xk3pzuye	https://perma.cc/xk3pzuye	X
cblr-11900	876	21	]	]	PUNCT
cblr-11900	876	22	.	.	PUNCT
cblr-11900	877	1	191	191	NUM
cblr-11900	877	2	federal	federal	PROPN
cblr-11900	877	3	reserve	reserve	PROPN
cblr-11900	877	4	act	act	PROPN
cblr-11900	877	5	§	§	PROPN
cblr-11900	877	6	19	19	NUM
cblr-11900	877	7	,	,	PUNCT
cblr-11900	877	8	pub	pub	NOUN
cblr-11900	877	9	.	.	PUNCT
cblr-11900	878	1	l.	l.	PROPN
cblr-11900	878	2	no	no	INTJ
cblr-11900	878	3	.	.	PUNCT
cblr-11900	879	1	63–43	63–43	NUM
cblr-11900	879	2	,	,	PUNCT
cblr-11900	879	3	38	38	NUM
cblr-11900	879	4	stat	stat	NOUN
cblr-11900	879	5	.	.	PUNCT
cblr-11900	880	1	251	251	NUM
cblr-11900	880	2	(	(	PUNCT
cblr-11900	880	3	1913	1913	NUM
cblr-11900	880	4	)	)	PUNCT
cblr-11900	880	5	.	.	PUNCT
cblr-11900	881	1	section	section	NOUN
cblr-11900	881	2	19	19	NUM
cblr-11900	881	3	of	of	ADP
cblr-11900	881	4	the	the	DET
cblr-11900	881	5	original	original	ADJ
cblr-11900	881	6	act	act	NOUN
cblr-11900	881	7	prohibits	prohibit	VERB
cblr-11900	881	8	member	member	NOUN
cblr-11900	881	9	banks	bank	NOUN
cblr-11900	881	10	from	from	ADP
cblr-11900	881	11	acting	act	VERB
cblr-11900	881	12	as	as	ADP
cblr-11900	881	13	a	a	DET
cblr-11900	881	14	“	"	PUNCT
cblr-11900	881	15	medium	medium	ADJ
cblr-11900	881	16	or	or	CCONJ
cblr-11900	881	17	agent	agent	NOUN
cblr-11900	881	18	”	"	PUNCT
cblr-11900	881	19	for	for	ADP
cblr-11900	881	20	nonmember	nonmember	PROPN
cblr-11900	881	21	banks	bank	NOUN
cblr-11900	881	22	seeking	seek	VERB
cblr-11900	881	23	access	access	NOUN
cblr-11900	881	24	to	to	ADP
cblr-11900	881	25	credit	credit	NOUN
cblr-11900	881	26	provided	provide	VERB
cblr-11900	881	27	by	by	ADP
cblr-11900	881	28	federal	federal	PROPN
cblr-11900	881	29	reserve	reserve	NOUN
cblr-11900	881	30	banks	bank	NOUN
cblr-11900	881	31	,	,	PUNCT
cblr-11900	881	32	but	but	CCONJ
cblr-11900	881	33	importantly	importantly	ADV
cblr-11900	881	34	includes	include	VERB
cblr-11900	881	35	an	an	DET
cblr-11900	881	36	exception	exception	NOUN
cblr-11900	881	37	if	if	SCONJ
cblr-11900	881	38	such	such	ADJ
cblr-11900	881	39	lending	lending	NOUN
cblr-11900	881	40	is	be	AUX
cblr-11900	881	41	authorized	authorize	VERB
cblr-11900	881	42	by	by	ADP
cblr-11900	881	43	the	the	DET
cblr-11900	881	44	federal	federal	PROPN
cblr-11900	881	45	reserve	reserve	PROPN
cblr-11900	881	46	board	board	PROPN
cblr-11900	881	47	.	.	PUNCT
cblr-11900	882	1	i	i	PRON
cblr-11900	882	2	d.	d.	PROPN
cblr-11900	882	3	192	192	NUM
cblr-11900	882	4	at	at	ADP
cblr-11900	882	5	the	the	DET
cblr-11900	882	6	time	time	NOUN
cblr-11900	882	7	,	,	PUNCT
cblr-11900	882	8	senator	senator	PROPN
cblr-11900	882	9	m.	m.	PROPN
cblr-11900	882	10	f.	f.	PROPN
cblr-11900	882	11	phelan	phelan	PROPN
cblr-11900	882	12	of	of	ADP
cblr-11900	882	13	massachusetts	massachusetts	PROPN
cblr-11900	882	14	stated	state	VERB
cblr-11900	882	15	clearly	clearly	ADV
cblr-11900	882	16	that	that	SCONJ
cblr-11900	882	17	the	the	DET
cblr-11900	882	18	fed	fed	PROPN
cblr-11900	882	19	should	should	AUX
cblr-11900	882	20	“	"	PUNCT
cblr-11900	882	21	make	make	VERB
cblr-11900	882	22	no	no	DET
cblr-11900	882	23	loans	loan	NOUN
cblr-11900	882	24	and	and	CCONJ
cblr-11900	882	25	receive	receive	VERB
cblr-11900	882	26	no	no	DET
cblr-11900	882	27	deposits	deposit	NOUN
cblr-11900	882	28	from	from	ADP
cblr-11900	882	29	individuals	individual	NOUN
cblr-11900	882	30	.	.	PUNCT
cblr-11900	882	31	”	"	PUNCT
cblr-11900	883	1	howard	howard	PROPN
cblr-11900	883	2	hackley	hackley	PROPN
cblr-11900	883	3	,	,	PUNCT
cblr-11900	883	4	lending	lending	NOUN
cblr-11900	883	5	functions	function	NOUN
cblr-11900	883	6	of	of	ADP
cblr-11900	883	7	the	the	DET
cblr-11900	883	8	federal	federal	PROPN
cblr-11900	883	9	reserve	reserve	PROPN
cblr-11900	883	10	banks	bank	NOUN
cblr-11900	883	11	261	261	NUM
cblr-11900	883	12	(	(	PUNCT
cblr-11900	883	13	1973	1973	NUM
cblr-11900	883	14	)	)	PUNCT
cblr-11900	883	15	.	.	PUNCT
cblr-11900	884	1	no	no	INTJ
cblr-11900	884	2	.	.	NOUN
cblr-11900	885	1	1	1	NUM
cblr-11900	885	2	]	]	ADJ
cblr-11900	885	3	money	money	NOUN
cblr-11900	885	4	and	and	CCONJ
cblr-11900	885	5	the	the	DET
cblr-11900	885	6	public	public	ADJ
cblr-11900	885	7	debt	debt	NOUN
cblr-11900	885	8	271	271	NUM
cblr-11900	885	9	following	follow	VERB
cblr-11900	885	10	the	the	DET
cblr-11900	885	11	breakdown	breakdown	NOUN
cblr-11900	885	12	in	in	ADP
cblr-11900	885	13	1953	1953	NUM
cblr-11900	885	14	,	,	PUNCT
cblr-11900	885	15	leading	lead	VERB
cblr-11900	885	16	fed	fed	PROPN
cblr-11900	885	17	officials	official	NOUN
cblr-11900	885	18	agreed	agree	VERB
cblr-11900	885	19	that	that	SCONJ
cblr-11900	885	20	the	the	DET
cblr-11900	885	21	transition	transition	NOUN
cblr-11900	885	22	to	to	ADP
cblr-11900	885	23	the	the	DET
cblr-11900	885	24	free	free	ADJ
cblr-11900	885	25	market	market	NOUN
cblr-11900	885	26	in	in	ADP
cblr-11900	885	27	treasuries	treasury	NOUN
cblr-11900	885	28	promised	promise	VERB
cblr-11900	885	29	by	by	ADP
cblr-11900	885	30	the	the	DET
cblr-11900	885	31	accord	accord	NOUN
cblr-11900	885	32	necessitated	necessitate	VERB
cblr-11900	885	33	some	some	DET
cblr-11900	885	34	form	form	NOUN
cblr-11900	885	35	of	of	ADP
cblr-11900	885	36	central	central	ADJ
cblr-11900	885	37	bank	bank	NOUN
cblr-11900	885	38	support	support	NOUN
cblr-11900	885	39	for	for	ADP
cblr-11900	885	40	dealers	dealer	NOUN
cblr-11900	885	41	in	in	ADP
cblr-11900	885	42	government	government	NOUN
cblr-11900	885	43	securities	security	NOUN
cblr-11900	885	44	.	.	PUNCT
cblr-11900	886	1	to	to	PART
cblr-11900	886	2	keep	keep	VERB
cblr-11900	886	3	investor	investor	NOUN
cblr-11900	886	4	-	-	PUNCT
cblr-11900	886	5	owned	own	VERB
cblr-11900	886	6	businesses	business	NOUN
cblr-11900	886	7	in	in	ADP
cblr-11900	886	8	the	the	DET
cblr-11900	886	9	game	game	NOUN
cblr-11900	886	10	of	of	ADP
cblr-11900	886	11	intermediating	intermediate	VERB
cblr-11900	886	12	the	the	DET
cblr-11900	886	13	treasury	treasury	NOUN
cblr-11900	886	14	market	market	NOUN
cblr-11900	886	15	,	,	PUNCT
cblr-11900	886	16	they	they	PRON
cblr-11900	886	17	reasoned	reason	VERB
cblr-11900	886	18	,	,	PUNCT
cblr-11900	886	19	dealing	deal	VERB
cblr-11900	886	20	in	in	ADP
cblr-11900	886	21	treasuries	treasury	NOUN
cblr-11900	886	22	had	have	VERB
cblr-11900	886	23	to	to	PART
cblr-11900	886	24	remain	remain	VERB
cblr-11900	886	25	consistently	consistently	ADV
cblr-11900	886	26	profitable	profitable	ADJ
cblr-11900	886	27	.	.	PUNCT
cblr-11900	887	1	that	that	PRON
cblr-11900	887	2	required	require	VERB
cblr-11900	887	3	access	access	NOUN
cblr-11900	887	4	to	to	ADP
cblr-11900	887	5	financing	financing	NOUN
cblr-11900	887	6	at	at	ADP
cblr-11900	887	7	lower	low	ADJ
cblr-11900	887	8	rates	rate	NOUN
cblr-11900	887	9	than	than	SCONJ
cblr-11900	887	10	the	the	DET
cblr-11900	887	11	secondary	secondary	ADJ
cblr-11900	887	12	market	market	NOUN
cblr-11900	887	13	yielded	yield	VERB
cblr-11900	887	14	on	on	ADP
cblr-11900	887	15	their	their	PRON
cblr-11900	887	16	inventories	inventory	NOUN
cblr-11900	887	17	—	—	PUNCT
cblr-11900	887	18	a	a	DET
cblr-11900	887	19	so	so	ADV
cblr-11900	887	20	-	-	PUNCT
cblr-11900	887	21	called	call	VERB
cblr-11900	887	22	positive	positive	ADJ
cblr-11900	887	23	carry	carry	NOUN
cblr-11900	887	24	profile	profile	NOUN
cblr-11900	887	25	.	.	PUNCT
cblr-11900	888	1	in	in	ADP
cblr-11900	888	2	the	the	DET
cblr-11900	888	3	years	year	NOUN
cblr-11900	888	4	leading	lead	VERB
cblr-11900	888	5	up	up	ADP
cblr-11900	888	6	to	to	ADP
cblr-11900	888	7	and	and	CCONJ
cblr-11900	888	8	immediately	immediately	ADV
cblr-11900	888	9	following	follow	VERB
cblr-11900	888	10	the	the	DET
cblr-11900	888	11	accord	accord	NOUN
cblr-11900	888	12	,	,	PUNCT
cblr-11900	888	13	short	short	ADJ
cblr-11900	888	14	-	-	PUNCT
cblr-11900	888	15	term	term	NOUN
cblr-11900	888	16	treasury	treasury	NOUN
cblr-11900	888	17	(	(	PUNCT
cblr-11900	888	18	“	"	PUNCT
cblr-11900	888	19	t	t	PROPN
cblr-11900	888	20	-	-	PUNCT
cblr-11900	888	21	bill	bill	NOUN
cblr-11900	888	22	”	"	PUNCT
cblr-11900	888	23	or	or	CCONJ
cblr-11900	888	24	“	"	PUNCT
cblr-11900	888	25	bill	bill	NOUN
cblr-11900	888	26	”	"	PUNCT
cblr-11900	888	27	)	)	PUNCT
cblr-11900	888	28	yields	yield	NOUN
cblr-11900	888	29	were	be	AUX
cblr-11900	888	30	generally	generally	ADV
cblr-11900	888	31	below	below	ADP
cblr-11900	888	32	the	the	DET
cblr-11900	888	33	fed	fed	PROPN
cblr-11900	888	34	’s	’s	PART
cblr-11900	888	35	discount	discount	NOUN
cblr-11900	888	36	rate	rate	NOUN
cblr-11900	888	37	for	for	ADP
cblr-11900	888	38	member	member	NOUN
cblr-11900	888	39	banks	bank	NOUN
cblr-11900	888	40	and	and	CCONJ
cblr-11900	888	41	by	by	ADP
cblr-11900	888	42	extension	extension	NOUN
cblr-11900	888	43	the	the	DET
cblr-11900	888	44	money	money	NOUN
cblr-11900	888	45	market	market	NOUN
cblr-11900	888	46	bank	bank	NOUN
cblr-11900	888	47	loans	loan	NOUN
cblr-11900	888	48	securities	security	NOUN
cblr-11900	888	49	dealers	dealer	NOUN
cblr-11900	888	50	typically	typically	ADV
cblr-11900	888	51	used	use	VERB
cblr-11900	888	52	to	to	PART
cblr-11900	888	53	finance	finance	VERB
cblr-11900	888	54	their	their	PRON
cblr-11900	888	55	operations	operation	NOUN
cblr-11900	888	56	,	,	PUNCT
cblr-11900	888	57	which	which	PRON
cblr-11900	888	58	in	in	ADP
cblr-11900	888	59	the	the	DET
cblr-11900	888	60	view	view	NOUN
cblr-11900	888	61	of	of	ADP
cblr-11900	888	62	the	the	DET
cblr-11900	888	63	fed	fed	PROPN
cblr-11900	888	64	and	and	CCONJ
cblr-11900	888	65	others	other	NOUN
cblr-11900	888	66	limited	limit	VERB
cblr-11900	888	67	their	their	PRON
cblr-11900	888	68	capacity	capacity	NOUN
cblr-11900	888	69	to	to	PART
cblr-11900	888	70	hold	hold	VERB
cblr-11900	888	71	inventory	inventory	NOUN
cblr-11900	888	72	and	and	CCONJ
cblr-11900	888	73	therefore	therefore	ADV
cblr-11900	888	74	to	to	PART
cblr-11900	888	75	intermediate	intermediate	VERB
cblr-11900	888	76	more	more	ADJ
cblr-11900	888	77	generally.193	generally.193	PROPN
cblr-11900	888	78	achieving	achieve	VERB
cblr-11900	888	79	“	"	PUNCT
cblr-11900	888	80	depth	depth	NOUN
cblr-11900	888	81	,	,	PUNCT
cblr-11900	888	82	breath	breath	NOUN
cblr-11900	888	83	,	,	PUNCT
cblr-11900	888	84	and	and	CCONJ
cblr-11900	888	85	resiliency	resiliency	NOUN
cblr-11900	888	86	”	"	PUNCT
cblr-11900	888	87	in	in	ADP
cblr-11900	888	88	the	the	DET
cblr-11900	888	89	government	government	NOUN
cblr-11900	888	90	securities	security	NOUN
cblr-11900	888	91	market	market	NOUN
cblr-11900	888	92	,	,	PUNCT
cblr-11900	888	93	the	the	DET
cblr-11900	888	94	ad	ad	X
cblr-11900	888	95	hoc	hoc	X
cblr-11900	888	96	report	report	NOUN
cblr-11900	888	97	concluded	conclude	VERB
cblr-11900	888	98	,	,	PUNCT
cblr-11900	888	99	required	require	VERB
cblr-11900	888	100	a	a	DET
cblr-11900	888	101	liquidity	liquidity	NOUN
cblr-11900	888	102	backstop	backstop	NOUN
cblr-11900	888	103	for	for	ADP
cblr-11900	888	104	dealers	dealer	NOUN
cblr-11900	888	105	in	in	ADP
cblr-11900	888	106	government	government	NOUN
cblr-11900	888	107	securities	security	NOUN
cblr-11900	888	108	—	—	PUNCT
cblr-11900	888	109	a	a	DET
cblr-11900	888	110	version	version	NOUN
cblr-11900	888	111	of	of	ADP
cblr-11900	888	112	the	the	DET
cblr-11900	888	113	lender	lender	NOUN
cblr-11900	888	114	of	of	ADP
cblr-11900	888	115	last	last	ADJ
cblr-11900	888	116	resort	resort	NOUN
cblr-11900	888	117	role	role	NOUN
cblr-11900	888	118	the	the	DET
cblr-11900	888	119	fed	fed	PROPN
cblr-11900	888	120	performed	perform	VERB
cblr-11900	888	121	with	with	ADP
cblr-11900	888	122	commercial	commercial	ADJ
cblr-11900	888	123	banks.194	banks.194	PROPN
cblr-11900	888	124	in	in	ADP
cblr-11900	888	125	practice	practice	NOUN
cblr-11900	888	126	,	,	PUNCT
cblr-11900	888	127	this	this	PRON
cblr-11900	888	128	meant	mean	VERB
cblr-11900	888	129	a	a	DET
cblr-11900	888	130	more	more	ADV
cblr-11900	888	131	general	general	ADJ
cblr-11900	888	132	source	source	NOUN
cblr-11900	888	133	of	of	ADP
cblr-11900	888	134	financing	financing	NOUN
cblr-11900	888	135	designed	design	VERB
cblr-11900	888	136	to	to	PART
cblr-11900	888	137	maintain	maintain	VERB
cblr-11900	888	138	the	the	DET
cblr-11900	888	139	profitability	profitability	NOUN
cblr-11900	888	140	of	of	ADP
cblr-11900	888	141	193	193	NUM
cblr-11900	888	142	a	a	DET
cblr-11900	888	143	federal	federal	ADJ
cblr-11900	888	144	reserve	reserve	PROPN
cblr-11900	888	145	staff	staff	NOUN
cblr-11900	888	146	report	report	NOUN
cblr-11900	888	147	cites	cite	VERB
cblr-11900	888	148	concerns	concern	NOUN
cblr-11900	888	149	about	about	ADP
cblr-11900	888	150	the	the	DET
cblr-11900	888	151	impact	impact	NOUN
cblr-11900	888	152	of	of	ADP
cblr-11900	888	153	negative	negative	ADJ
cblr-11900	888	154	carry	carry	NOUN
cblr-11900	888	155	on	on	ADP
cblr-11900	888	156	dealer	dealer	NOUN
cblr-11900	888	157	inventories	inventory	NOUN
cblr-11900	888	158	and	and	CCONJ
cblr-11900	888	159	stability	stability	NOUN
cblr-11900	888	160	in	in	ADP
cblr-11900	888	161	the	the	DET
cblr-11900	888	162	treasury	treasury	NOUN
cblr-11900	888	163	market	market	NOUN
cblr-11900	888	164	raised	raise	VERB
cblr-11900	888	165	in	in	ADP
cblr-11900	888	166	the	the	DET
cblr-11900	888	167	immediate	immediate	ADJ
cblr-11900	888	168	post	post	ADJ
cblr-11900	888	169	-	-	ADJ
cblr-11900	888	170	war	war	ADJ
cblr-11900	888	171	years	year	NOUN
cblr-11900	888	172	by	by	ADP
cblr-11900	888	173	governor	governor	NOUN
cblr-11900	888	174	rouse	rouse	NOUN
cblr-11900	888	175	.	.	PUNCT
cblr-11900	889	1	kenneth	kenneth	PROPN
cblr-11900	889	2	garbade	garbade	PROPN
cblr-11900	889	3	,	,	PUNCT
cblr-11900	889	4	fed	fed	PROPN
cblr-11900	889	5	.	.	PROPN
cblr-11900	889	6	reserve	reserve	PROPN
cblr-11900	889	7	bank	bank	PROPN
cblr-11900	889	8	of	of	ADP
cblr-11900	889	9	n.y	n.y	PROPN
cblr-11900	889	10	.	.	PROPN
cblr-11900	889	11	,	,	PUNCT
cblr-11900	889	12	staff	staff	NOUN
cblr-11900	889	13	reports	report	VERB
cblr-11900	889	14	no	no	DET
cblr-11900	889	15	.	.	NOUN
cblr-11900	889	16	780	780	NUM
cblr-11900	889	17	,	,	PUNCT
cblr-11900	889	18	repurchase	repurchase	VERB
cblr-11900	889	19	agreements	agreement	NOUN
cblr-11900	889	20	as	as	ADP
cblr-11900	889	21	an	an	DET
cblr-11900	889	22	instrument	instrument	NOUN
cblr-11900	889	23	of	of	ADP
cblr-11900	889	24	monetary	monetary	ADJ
cblr-11900	889	25	policy	policy	NOUN
cblr-11900	889	26	at	at	ADP
cblr-11900	889	27	the	the	DET
cblr-11900	889	28	time	time	NOUN
cblr-11900	889	29	of	of	ADP
cblr-11900	889	30	the	the	DET
cblr-11900	889	31	accord	accord	NOUN
cblr-11900	889	32	11	11	NUM
cblr-11900	889	33	(	(	PUNCT
cblr-11900	889	34	2016	2016	NUM
cblr-11900	889	35	)	)	PUNCT
cblr-11900	889	36	(	(	PUNCT
cblr-11900	889	37	citing	cite	VERB
cblr-11900	889	38	fed	fed	PROPN
cblr-11900	889	39	.	.	PUNCT
cblr-11900	890	1	open	open	PROPN
cblr-11900	890	2	mkt	mkt	PROPN
cblr-11900	890	3	.	.	PROPN
cblr-11900	890	4	comm	comm	NOUN
cblr-11900	890	5	.	.	PUNCT
cblr-11900	891	1	meeting	meet	VERB
cblr-11900	891	2	minutes	minute	NOUN
cblr-11900	891	3	4–5	4–5	PROPN
cblr-11900	891	4	(	(	PUNCT
cblr-11900	891	5	dec	dec	PROPN
cblr-11900	891	6	.	.	PROPN
cblr-11900	891	7	9	9	NUM
cblr-11900	891	8	,	,	PUNCT
cblr-11900	891	9	1947	1947	NUM
cblr-11900	891	10	)	)	PUNCT
cblr-11900	891	11	,	,	PUNCT
cblr-11900	891	12	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin194712	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin194712	NOUN
cblr-11900	891	13	09.pdf	09.pdf	PROPN
cblr-11900	892	1	[	[	X
cblr-11900	892	2	https://perma.cc/7rm5-epfc	https://perma.cc/7rm5-epfc	PROPN
cblr-11900	892	3	]	]	PUNCT
cblr-11900	892	4	)	)	PUNCT
cblr-11900	892	5	.	.	PUNCT
cblr-11900	893	1	the	the	DET
cblr-11900	893	2	ad	ad	X
cblr-11900	893	3	hoc	hoc	X
cblr-11900	893	4	report	report	NOUN
cblr-11900	893	5	also	also	ADV
cblr-11900	893	6	cites	cite	VERB
cblr-11900	893	7	nonbank	nonbank	PROPN
cblr-11900	893	8	funding	funding	NOUN
cblr-11900	893	9	costs	cost	NOUN
cblr-11900	893	10	that	that	SCONJ
cblr-11900	893	11	“	"	PUNCT
cblr-11900	893	12	penalize	penalize	VERB
cblr-11900	893	13	their	their	PRON
cblr-11900	893	14	function	function	NOUN
cblr-11900	893	15	as	as	ADP
cblr-11900	893	16	dealers	dealer	NOUN
cblr-11900	893	17	”	"	PUNCT
cblr-11900	893	18	which	which	PRON
cblr-11900	893	19	,	,	PUNCT
cblr-11900	893	20	in	in	ADP
cblr-11900	893	21	addition	addition	NOUN
cblr-11900	893	22	to	to	ADP
cblr-11900	893	23	“	"	PUNCT
cblr-11900	893	24	the	the	DET
cblr-11900	893	25	usual	usual	ADJ
cblr-11900	893	26	market	market	NOUN
cblr-11900	893	27	risks	risk	NOUN
cblr-11900	893	28	,	,	PUNCT
cblr-11900	893	29	”	"	PUNCT
cblr-11900	893	30	force	force	VERB
cblr-11900	893	31	them	they	PRON
cblr-11900	893	32	to	to	PART
cblr-11900	893	33	assume	assume	VERB
cblr-11900	893	34	“	"	PUNCT
cblr-11900	893	35	the	the	DET
cblr-11900	893	36	burden	burden	NOUN
cblr-11900	893	37	of	of	ADP
cblr-11900	893	38	negative	negative	ADJ
cblr-11900	893	39	carry	carry	NOUN
cblr-11900	893	40	,	,	PUNCT
cblr-11900	893	41	”	"	PUNCT
cblr-11900	893	42	leading	lead	VERB
cblr-11900	893	43	them	they	PRON
cblr-11900	893	44	to	to	PART
cblr-11900	893	45	“	"	PUNCT
cblr-11900	893	46	limit	limit	VERB
cblr-11900	893	47	their	their	PRON
cblr-11900	893	48	position	position	NOUN
cblr-11900	893	49	in	in	ADP
cblr-11900	893	50	the	the	DET
cblr-11900	893	51	market	market	NOUN
cblr-11900	893	52	”	"	PUNCT
cblr-11900	893	53	and	and	CCONJ
cblr-11900	893	54	prevents	prevent	VERB
cblr-11900	893	55	them	they	PRON
cblr-11900	893	56	from	from	ADP
cblr-11900	893	57	absorbing	absorb	VERB
cblr-11900	893	58	the	the	DET
cblr-11900	893	59	requisite	requisite	ADJ
cblr-11900	893	60	volume	volume	NOUN
cblr-11900	893	61	when	when	SCONJ
cblr-11900	893	62	“	"	PUNCT
cblr-11900	893	63	market	market	NOUN
cblr-11900	893	64	pressures	pressure	NOUN
cblr-11900	893	65	are	be	AUX
cblr-11900	893	66	most	most	ADV
cblr-11900	893	67	severe	severe	ADJ
cblr-11900	893	68	.	.	PUNCT
cblr-11900	893	69	”	"	PUNCT
cblr-11900	893	70	ad	ad	X
cblr-11900	893	71	hoc	hoc	X
cblr-11900	893	72	report	report	NOUN
cblr-11900	893	73	,	,	PUNCT
cblr-11900	893	74	supra	supra	PROPN
cblr-11900	893	75	note	note	NOUN
cblr-11900	893	76	139	139	NUM
cblr-11900	893	77	,	,	PUNCT
cblr-11900	893	78	at	at	ADP
cblr-11900	893	79	2053	2053	NUM
cblr-11900	893	80	.	.	PUNCT
cblr-11900	894	1	194	194	NUM
cblr-11900	894	2	lev	lev	PROPN
cblr-11900	894	3	menand	menand	PROPN
cblr-11900	894	4	,	,	PUNCT
cblr-11900	894	5	the	the	DET
cblr-11900	894	6	federal	federal	PROPN
cblr-11900	894	7	reserve	reserve	PROPN
cblr-11900	894	8	and	and	CCONJ
cblr-11900	894	9	the	the	DET
cblr-11900	894	10	2020	2020	NUM
cblr-11900	894	11	economic	economic	ADJ
cblr-11900	894	12	and	and	CCONJ
cblr-11900	894	13	financial	financial	ADJ
cblr-11900	894	14	crisis	crisis	NOUN
cblr-11900	894	15	,	,	PUNCT
cblr-11900	894	16	26	26	NUM
cblr-11900	894	17	stan	stan	PROPN
cblr-11900	894	18	.	.	PUNCT
cblr-11900	895	1	j.	j.	PROPN
cblr-11900	895	2	l.	l.	PROPN
cblr-11900	895	3	bus	bus	PROPN
cblr-11900	895	4	.	.	PUNCT
cblr-11900	895	5	&	&	CCONJ
cblr-11900	895	6	fin	fin	PROPN
cblr-11900	895	7	.	.	PROPN
cblr-11900	896	1	295	295	NUM
cblr-11900	896	2	,	,	PUNCT
cblr-11900	896	3	305–06	305–06	NUM
cblr-11900	896	4	,	,	PUNCT
cblr-11900	896	5	305	305	NUM
cblr-11900	896	6	n.32	n.32	NOUN
cblr-11900	896	7	(	(	PUNCT
cblr-11900	896	8	2021	2021	NUM
cblr-11900	896	9	)	)	PUNCT
cblr-11900	896	10	.	.	PUNCT
cblr-11900	897	1	272	272	NUM
cblr-11900	897	2	columbia	columbia	PROPN
cblr-11900	897	3	business	business	NOUN
cblr-11900	897	4	law	law	PROPN
cblr-11900	897	5	review	review	NOUN
cblr-11900	897	6	[	[	X
cblr-11900	897	7	vol	vol	NOUN
cblr-11900	897	8	.	.	PUNCT
cblr-11900	897	9	2023	2023	NUM
cblr-11900	898	1	their	their	PRON
cblr-11900	898	2	activities	activity	NOUN
cblr-11900	898	3	in	in	ADP
cblr-11900	898	4	a	a	DET
cblr-11900	898	5	market	market	NOUN
cblr-11900	898	6	still	still	ADV
cblr-11900	898	7	prone	prone	ADJ
cblr-11900	898	8	to	to	ADP
cblr-11900	898	9	“	"	PUNCT
cblr-11900	898	10	disorderly	disorderly	ADV
cblr-11900	898	11	situation[s].”195	situation[s].”195	VERB
cblr-11900	898	12	how	how	SCONJ
cblr-11900	898	13	precisely	precisely	ADV
cblr-11900	898	14	to	to	PART
cblr-11900	898	15	provide	provide	VERB
cblr-11900	898	16	that	that	DET
cblr-11900	898	17	financing	financing	NOUN
cblr-11900	898	18	,	,	PUNCT
cblr-11900	898	19	however	however	ADV
cblr-11900	898	20	,	,	PUNCT
cblr-11900	898	21	was	be	AUX
cblr-11900	898	22	the	the	DET
cblr-11900	898	23	subject	subject	NOUN
cblr-11900	898	24	of	of	ADP
cblr-11900	898	25	some	some	DET
cblr-11900	898	26	controversy	controversy	NOUN
cblr-11900	898	27	.	.	PUNCT
cblr-11900	899	1	the	the	DET
cblr-11900	899	2	problem	problem	NOUN
cblr-11900	899	3	lay	lie	VERB
cblr-11900	899	4	in	in	ADP
cblr-11900	899	5	the	the	DET
cblr-11900	899	6	fact	fact	NOUN
cblr-11900	899	7	that	that	SCONJ
cblr-11900	899	8	the	the	DET
cblr-11900	899	9	vast	vast	ADJ
cblr-11900	899	10	majority	majority	NOUN
cblr-11900	899	11	of	of	ADP
cblr-11900	899	12	dealing	deal	VERB
cblr-11900	899	13	in	in	ADP
cblr-11900	899	14	government	government	NOUN
cblr-11900	899	15	securities	security	NOUN
cblr-11900	899	16	in	in	ADP
cblr-11900	899	17	the	the	DET
cblr-11900	899	18	years	year	NOUN
cblr-11900	899	19	immediately	immediately	ADV
cblr-11900	899	20	following	follow	VERB
cblr-11900	899	21	the	the	DET
cblr-11900	899	22	accord	accord	NOUN
cblr-11900	899	23	was	be	AUX
cblr-11900	899	24	facilitated	facilitate	VERB
cblr-11900	899	25	by	by	ADP
cblr-11900	899	26	nonbank	nonbank	PROPN
cblr-11900	899	27	firms.196	firms.196	PROPN
cblr-11900	899	28	not	not	PART
cblr-11900	899	29	only	only	ADV
cblr-11900	899	30	did	do	AUX
cblr-11900	899	31	these	these	DET
cblr-11900	899	32	firms	firm	NOUN
cblr-11900	899	33	lack	lack	VERB
cblr-11900	899	34	access	access	NOUN
cblr-11900	899	35	to	to	ADP
cblr-11900	899	36	deposit	deposit	NOUN
cblr-11900	899	37	funding	funding	NOUN
cblr-11900	899	38	that	that	PRON
cblr-11900	899	39	supported	support	VERB
cblr-11900	899	40	traditional	traditional	ADJ
cblr-11900	899	41	banking	banking	NOUN
cblr-11900	899	42	activities	activity	NOUN
cblr-11900	899	43	,	,	PUNCT
cblr-11900	899	44	they	they	PRON
cblr-11900	899	45	also	also	ADV
cblr-11900	899	46	lacked	lack	VERB
cblr-11900	899	47	access	access	NOUN
cblr-11900	899	48	to	to	ADP
cblr-11900	899	49	the	the	DET
cblr-11900	899	50	fed	fed	PROPN
cblr-11900	899	51	’s	’s	PART
cblr-11900	899	52	discount	discount	NOUN
cblr-11900	899	53	window	window	NOUN
cblr-11900	899	54	.	.	PUNCT
cblr-11900	900	1	to	to	PART
cblr-11900	900	2	create	create	VERB
cblr-11900	900	3	the	the	DET
cblr-11900	900	4	sort	sort	NOUN
cblr-11900	900	5	of	of	ADP
cblr-11900	900	6	orderly	orderly	ADJ
cblr-11900	900	7	conditions	condition	NOUN
cblr-11900	900	8	fed	fed	PROPN
cblr-11900	900	9	officials	official	NOUN
cblr-11900	900	10	had	have	AUX
cblr-11900	900	11	guaranteed	guarantee	VERB
cblr-11900	900	12	the	the	DET
cblr-11900	900	13	treasury	treasury	NOUN
cblr-11900	900	14	,	,	PUNCT
cblr-11900	900	15	these	these	DET
cblr-11900	900	16	dealers	dealer	NOUN
cblr-11900	900	17	would	would	AUX
cblr-11900	900	18	need	need	VERB
cblr-11900	900	19	significantly	significantly	ADV
cblr-11900	900	20	more	more	ADJ
cblr-11900	900	21	balance	balance	NOUN
cblr-11900	900	22	sheet	sheet	NOUN
cblr-11900	900	23	elasticity	elasticity	NOUN
cblr-11900	900	24	on	on	ADP
cblr-11900	900	25	an	an	DET
cblr-11900	900	26	ongoing	ongoing	ADJ
cblr-11900	900	27	basis	basis	NOUN
cblr-11900	900	28	(	(	PUNCT
cblr-11900	900	29	i.e.	i.e.	X
cblr-11900	900	30	,	,	PUNCT
cblr-11900	900	31	not	not	PART
cblr-11900	900	32	just	just	ADV
cblr-11900	900	33	during	during	ADP
cblr-11900	900	34	periods	period	NOUN
cblr-11900	900	35	of	of	ADP
cblr-11900	900	36	acute	acute	ADJ
cblr-11900	900	37	stress	stress	NOUN
cblr-11900	900	38	)	)	PUNCT
cblr-11900	900	39	and	and	CCONJ
cblr-11900	900	40	at	at	ADP
cblr-11900	900	41	times	time	NOUN
cblr-11900	900	42	at	at	ADP
cblr-11900	900	43	rates	rate	NOUN
cblr-11900	900	44	below	below	ADP
cblr-11900	900	45	the	the	DET
cblr-11900	900	46	discount	discount	NOUN
cblr-11900	900	47	rate	rate	NOUN
cblr-11900	900	48	offered	offer	VERB
cblr-11900	900	49	to	to	PART
cblr-11900	900	50	member	member	NOUN
cblr-11900	900	51	banks	bank	NOUN
cblr-11900	900	52	.	.	PUNCT
cblr-11900	901	1	importantly	importantly	ADV
cblr-11900	901	2	,	,	PUNCT
cblr-11900	901	3	restrictions	restriction	NOUN
cblr-11900	901	4	on	on	ADP
cblr-11900	901	5	frb	frb	NOUN
cblr-11900	901	6	extensions	extension	NOUN
cblr-11900	901	7	of	of	ADP
cblr-11900	901	8	credit	credit	NOUN
cblr-11900	901	9	to	to	ADP
cblr-11900	901	10	nonbanks	nonbank	NOUN
cblr-11900	901	11	had	have	AUX
cblr-11900	901	12	been	be	AUX
cblr-11900	901	13	loosened	loosen	VERB
cblr-11900	901	14	in	in	ADP
cblr-11900	901	15	the	the	DET
cblr-11900	901	16	economic	economic	ADJ
cblr-11900	901	17	and	and	CCONJ
cblr-11900	901	18	financial	financial	ADJ
cblr-11900	901	19	crisis	crisis	NOUN
cblr-11900	901	20	of	of	ADP
cblr-11900	901	21	the	the	DET
cblr-11900	901	22	1930s	1930s	NUM
cblr-11900	901	23	.	.	PUNCT
cblr-11900	902	1	the	the	DET
cblr-11900	902	2	first	first	ADJ
cblr-11900	902	3	(	(	PUNCT
cblr-11900	902	4	and	and	CCONJ
cblr-11900	902	5	today	today	NOUN
cblr-11900	902	6	the	the	DET
cblr-11900	902	7	most	most	ADJ
cblr-11900	902	8	famous197	famous197	NOUN
cblr-11900	902	9	)	)	PUNCT
cblr-11900	902	10	such	such	ADJ
cblr-11900	902	11	amendment	amendment	NOUN
cblr-11900	902	12	was	be	AUX
cblr-11900	902	13	paragraph	paragraph	NOUN
cblr-11900	902	14	3	3	NUM
cblr-11900	902	15	,	,	PUNCT
cblr-11900	902	16	which	which	PRON
cblr-11900	902	17	was	be	AUX
cblr-11900	902	18	added	add	VERB
cblr-11900	902	19	to	to	ADP
cblr-11900	902	20	section	section	NOUN
cblr-11900	902	21	13	13	NUM
cblr-11900	902	22	of	of	ADP
cblr-11900	902	23	the	the	DET
cblr-11900	902	24	federal	federal	PROPN
cblr-11900	902	25	reserve	reserve	PROPN
cblr-11900	902	26	act	act	PROPN
cblr-11900	902	27	in	in	ADP
cblr-11900	902	28	the	the	DET
cblr-11900	902	29	emergency	emergency	NOUN
cblr-11900	902	30	relief	relief	NOUN
cblr-11900	902	31	and	and	CCONJ
cblr-11900	902	32	construction	construction	NOUN
cblr-11900	902	33	act	act	NOUN
cblr-11900	902	34	of	of	ADP
cblr-11900	902	35	1932	1932	NUM
cblr-11900	902	36	.	.	PUNCT
cblr-11900	903	1	section	section	NOUN
cblr-11900	903	2	13(3	13(3	NUM
cblr-11900	903	3	)	)	PUNCT
cblr-11900	903	4	authorized	authorize	VERB
cblr-11900	903	5	195	195	NUM
cblr-11900	903	6	fed	feed	VERB
cblr-11900	903	7	.	.	PUNCT
cblr-11900	904	1	open	open	PROPN
cblr-11900	904	2	mkt	mkt	PROPN
cblr-11900	904	3	.	.	PROPN
cblr-11900	904	4	comm	comm	NOUN
cblr-11900	904	5	.	.	PUNCT
cblr-11900	905	1	meeting	meet	VERB
cblr-11900	905	2	minutes	minute	NOUN
cblr-11900	905	3	(	(	PUNCT
cblr-11900	905	4	mar	mar	PROPN
cblr-11900	905	5	.	.	PROPN
cblr-11900	905	6	5	5	NUM
cblr-11900	905	7	,	,	PUNCT
cblr-11900	905	8	1953	1953	NUM
cblr-11900	905	9	)	)	PUNCT
cblr-11900	905	10	,	,	PUNCT
cblr-11900	906	1	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195303	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195303	PROPN
cblr-11900	906	2	05.pdf	05.pdf	PROPN
cblr-11900	907	1	[	[	X
cblr-11900	907	2	https://perma.cc/e79c-memh	https://perma.cc/e79c-memh	PROPN
cblr-11900	907	3	]	]	PUNCT
cblr-11900	907	4	.	.	PUNCT
cblr-11900	908	1	196	196	NUM
cblr-11900	908	2	more	more	ADV
cblr-11900	908	3	anecdotally	anecdotally	ADV
cblr-11900	908	4	,	,	PUNCT
cblr-11900	908	5	the	the	DET
cblr-11900	908	6	ad	ad	X
cblr-11900	908	7	hoc	hoc	X
cblr-11900	908	8	report	report	NOUN
cblr-11900	908	9	references	reference	NOUN
cblr-11900	908	10	“	"	PUNCT
cblr-11900	908	11	about	about	ADV
cblr-11900	908	12	20	20	NUM
cblr-11900	908	13	dealers	dealer	NOUN
cblr-11900	908	14	,	,	PUNCT
cblr-11900	908	15	including	include	VERB
cblr-11900	908	16	some	some	DET
cblr-11900	908	17	banks	bank	NOUN
cblr-11900	908	18	with	with	ADP
cblr-11900	908	19	trading	trading	NOUN
cblr-11900	908	20	departments	department	NOUN
cblr-11900	908	21	,	,	PUNCT
cblr-11900	908	22	”	"	PUNCT
cblr-11900	908	23	and	and	CCONJ
cblr-11900	908	24	a	a	DET
cblr-11900	908	25	later	later	ADJ
cblr-11900	908	26	report	report	NOUN
cblr-11900	908	27	quoting	quote	VERB
cblr-11900	908	28	congressional	congressional	ADJ
cblr-11900	908	29	testimony	testimony	NOUN
cblr-11900	908	30	from	from	ADP
cblr-11900	908	31	1959	1959	NUM
cblr-11900	908	32	notes	note	NOUN
cblr-11900	908	33	five	five	NUM
cblr-11900	908	34	out	out	ADP
cblr-11900	908	35	of	of	ADP
cblr-11900	908	36	the	the	DET
cblr-11900	908	37	seventeen	seventeen	NUM
cblr-11900	908	38	active	active	ADJ
cblr-11900	908	39	government	government	NOUN
cblr-11900	908	40	securities	security	NOUN
cblr-11900	908	41	dealers	dealer	NOUN
cblr-11900	908	42	were	be	AUX
cblr-11900	908	43	bank	bank	NOUN
cblr-11900	908	44	affiliates	affiliate	NOUN
cblr-11900	908	45	.	.	PUNCT
cblr-11900	909	1	ad	ad	NOUN
cblr-11900	909	2	hoc	hoc	X
cblr-11900	909	3	report	report	NOUN
cblr-11900	909	4	,	,	PUNCT
cblr-11900	909	5	supra	supra	PROPN
cblr-11900	909	6	note	note	NOUN
cblr-11900	909	7	139	139	NUM
cblr-11900	909	8	,	,	PUNCT
cblr-11900	909	9	at	at	ADP
cblr-11900	909	10	2009	2009	NUM
cblr-11900	909	11	;	;	PUNCT
cblr-11900	909	12	a	a	DET
cblr-11900	909	13	study	study	NOUN
cblr-11900	909	14	of	of	ADP
cblr-11900	909	15	the	the	DET
cblr-11900	909	16	dealer	dealer	NOUN
cblr-11900	909	17	market	market	NOUN
cblr-11900	909	18	for	for	ADP
cblr-11900	909	19	federal	federal	ADJ
cblr-11900	909	20	government	government	NOUN
cblr-11900	909	21	securities	security	NOUN
cblr-11900	909	22	:	:	PUNCT
cblr-11900	909	23	materials	material	NOUN
cblr-11900	909	24	prepared	prepare	VERB
cblr-11900	909	25	for	for	ADP
cblr-11900	909	26	the	the	DET
cblr-11900	909	27	joint	joint	ADJ
cblr-11900	909	28	econ	econ	NOUN
cblr-11900	909	29	.	.	PUNCT
cblr-11900	910	1	comm	comm	NOUN
cblr-11900	910	2	.	.	PUNCT
cblr-11900	910	3	,	,	PUNCT
cblr-11900	910	4	86th	86th	ADJ
cblr-11900	910	5	cong	cong	NOUN
cblr-11900	910	6	.	.	PROPN
cblr-11900	911	1	2	2	NUM
cblr-11900	911	2	(	(	PUNCT
cblr-11900	911	3	1960	1960	NUM
cblr-11900	911	4	)	)	PUNCT
cblr-11900	911	5	.	.	PUNCT
cblr-11900	912	1	statistics	statistic	NOUN
cblr-11900	912	2	of	of	ADP
cblr-11900	912	3	the	the	DET
cblr-11900	912	4	bank	bank	PROPN
cblr-11900	912	5	versus	versus	ADP
cblr-11900	912	6	non	non	ADJ
cblr-11900	912	7	-	-	ADJ
cblr-11900	912	8	bank	bank	ADJ
cblr-11900	912	9	share	share	NOUN
cblr-11900	912	10	of	of	ADP
cblr-11900	912	11	government	government	NOUN
cblr-11900	912	12	securities	security	NOUN
cblr-11900	912	13	dealing	deal	VERB
cblr-11900	912	14	are	be	AUX
cblr-11900	912	15	hard	hard	ADJ
cblr-11900	912	16	to	to	PART
cblr-11900	912	17	come	come	VERB
cblr-11900	912	18	by	by	ADP
cblr-11900	912	19	.	.	PUNCT
cblr-11900	913	1	the	the	DET
cblr-11900	913	2	first	first	ADJ
cblr-11900	913	3	concrete	concrete	ADJ
cblr-11900	913	4	statistics	statistic	NOUN
cblr-11900	913	5	to	to	PART
cblr-11900	913	6	clearly	clearly	ADV
cblr-11900	913	7	appear	appear	VERB
cblr-11900	913	8	in	in	ADP
cblr-11900	913	9	the	the	DET
cblr-11900	913	10	record	record	NOUN
cblr-11900	913	11	date	date	NOUN
cblr-11900	913	12	from	from	ADP
cblr-11900	913	13	a	a	DET
cblr-11900	913	14	1964	1964	NUM
cblr-11900	913	15	report	report	NOUN
cblr-11900	913	16	published	publish	VERB
cblr-11900	913	17	in	in	ADP
cblr-11900	913	18	fed	fed	PROPN
cblr-11900	913	19	.	.	PUNCT
cblr-11900	913	20	rsrv	rsrv	PROPN
cblr-11900	913	21	.	.	PUNCT
cblr-11900	914	1	bank	bank	PROPN
cblr-11900	914	2	of	of	ADP
cblr-11900	914	3	n.y	n.y	PROPN
cblr-11900	914	4	.	.	PROPN
cblr-11900	914	5	,	,	PUNCT
cblr-11900	914	6	monthly	monthly	ADJ
cblr-11900	914	7	review	review	NOUN
cblr-11900	914	8	:	:	PUNCT
cblr-11900	914	9	june	june	PROPN
cblr-11900	914	10	1964	1964	NUM
cblr-11900	914	11	,	,	PUNCT
cblr-11900	914	12	46	46	NUM
cblr-11900	914	13	fed	feed	VERB
cblr-11900	914	14	.	.	PUNCT
cblr-11900	915	1	rsrv	rsrv	PROPN
cblr-11900	915	2	.	.	PUNCT
cblr-11900	916	1	bank	bank	PROPN
cblr-11900	916	2	of	of	ADP
cblr-11900	916	3	n.y	n.y	PROPN
cblr-11900	916	4	.	.	PROPN
cblr-11900	916	5	monthly	monthly	ADJ
cblr-11900	916	6	pol’y	pol’y	NOUN
cblr-11900	916	7	rev	rev	VERB
cblr-11900	916	8	.	.	PROPN
cblr-11900	916	9	27	27	NUM
cblr-11900	916	10	(	(	PUNCT
cblr-11900	916	11	1964	1964	NUM
cblr-11900	916	12	)	)	PUNCT
cblr-11900	916	13	.	.	PUNCT
cblr-11900	917	1	197	197	NUM
cblr-11900	917	2	facilities	facility	NOUN
cblr-11900	917	3	authorized	authorize	VERB
cblr-11900	917	4	by	by	ADP
cblr-11900	917	5	§	§	PROPN
cblr-11900	917	6	13(3	13(3	NUM
cblr-11900	917	7	)	)	PUNCT
cblr-11900	917	8	were	be	AUX
cblr-11900	917	9	at	at	ADP
cblr-11900	917	10	an	an	DET
cblr-11900	917	11	important	important	ADJ
cblr-11900	917	12	part	part	NOUN
cblr-11900	917	13	of	of	ADP
cblr-11900	917	14	the	the	DET
cblr-11900	917	15	federal	federal	PROPN
cblr-11900	917	16	reserve	reserve	PROPN
cblr-11900	917	17	’s	’s	PART
cblr-11900	917	18	response	response	NOUN
cblr-11900	917	19	to	to	ADP
cblr-11900	917	20	both	both	CCONJ
cblr-11900	917	21	the	the	DET
cblr-11900	917	22	global	global	ADJ
cblr-11900	917	23	financial	financial	ADJ
cblr-11900	917	24	crisis	crisis	NOUN
cblr-11900	917	25	of	of	ADP
cblr-11900	917	26	2008	2008	NUM
cblr-11900	917	27	and	and	CCONJ
cblr-11900	917	28	the	the	DET
cblr-11900	917	29	2020	2020	NUM
cblr-11900	917	30	covid	covid	PROPN
cblr-11900	917	31	pandemic	pandemic	ADJ
cblr-11900	917	32	.	.	PUNCT
cblr-11900	918	1	see	see	VERB
cblr-11900	918	2	frederic	frederic	PROPN
cblr-11900	918	3	s.	s.	PROPN
cblr-11900	918	4	mishkin	mishkin	PROPN
cblr-11900	918	5	&	&	CCONJ
cblr-11900	918	6	eugene	eugene	PROPN
cblr-11900	918	7	n.	n.	PROPN
cblr-11900	918	8	white	white	PROPN
cblr-11900	918	9	,	,	PUNCT
cblr-11900	918	10	unprecedented	unprecedented	ADJ
cblr-11900	918	11	actions	action	NOUN
cblr-11900	918	12	:	:	PUNCT
cblr-11900	918	13	the	the	DET
cblr-11900	918	14	federal	federal	PROPN
cblr-11900	918	15	reserve	reserve	PROPN
cblr-11900	918	16	’s	’s	PART
cblr-11900	918	17	response	response	NOUN
cblr-11900	918	18	to	to	ADP
cblr-11900	918	19	the	the	DET
cblr-11900	918	20	global	global	ADJ
cblr-11900	918	21	financial	financial	ADJ
cblr-11900	918	22	crisis	crisis	NOUN
cblr-11900	918	23	in	in	ADP
cblr-11900	918	24	historical	historical	ADJ
cblr-11900	918	25	perspective	perspective	NOUN
cblr-11900	918	26	(	(	PUNCT
cblr-11900	918	27	nat’l	nat’l	NUM
cblr-11900	918	28	bureau	bureau	PROPN
cblr-11900	918	29	of	of	ADP
cblr-11900	918	30	econ	econ	PROPN
cblr-11900	918	31	.	.	PUNCT
cblr-11900	919	1	rsch	rsch	PROPN
cblr-11900	919	2	.	.	PUNCT
cblr-11900	919	3	,	,	PUNCT
cblr-11900	919	4	working	work	VERB
cblr-11900	919	5	paper	paper	NOUN
cblr-11900	919	6	no	no	NOUN
cblr-11900	919	7	.	.	PROPN
cblr-11900	919	8	20737	20737	NUM
cblr-11900	919	9	,	,	PUNCT
cblr-11900	919	10	2014	2014	NUM
cblr-11900	919	11	)	)	PUNCT
cblr-11900	919	12	.	.	PUNCT
cblr-11900	920	1	no	no	INTJ
cblr-11900	920	2	.	.	NOUN
cblr-11900	921	1	1	1	NUM
cblr-11900	921	2	]	]	ADJ
cblr-11900	921	3	money	money	NOUN
cblr-11900	921	4	and	and	CCONJ
cblr-11900	921	5	the	the	DET
cblr-11900	921	6	public	public	ADJ
cblr-11900	921	7	debt	debt	NOUN
cblr-11900	921	8	273	273	NUM
cblr-11900	921	9	lending	lending	NOUN
cblr-11900	921	10	(	(	PUNCT
cblr-11900	921	11	via	via	ADP
cblr-11900	921	12	discounting198	discounting198	PROPN
cblr-11900	921	13	)	)	PUNCT
cblr-11900	921	14	to	to	ADP
cblr-11900	921	15	“	"	PUNCT
cblr-11900	921	16	individuals	individual	NOUN
cblr-11900	921	17	,	,	PUNCT
cblr-11900	921	18	partnerships	partnership	NOUN
cblr-11900	921	19	and	and	CCONJ
cblr-11900	921	20	corporations	corporation	NOUN
cblr-11900	921	21	.	.	PUNCT
cblr-11900	921	22	”	"	PUNCT
cblr-11900	922	1	but	but	CCONJ
cblr-11900	922	2	congress	congress	PROPN
cblr-11900	922	3	required	require	VERB
cblr-11900	922	4	that	that	SCONJ
cblr-11900	922	5	the	the	DET
cblr-11900	922	6	fed	fed	PROPN
cblr-11900	922	7	invoke	invoke	VERB
cblr-11900	922	8	this	this	DET
cblr-11900	922	9	provision	provision	NOUN
cblr-11900	922	10	only	only	ADV
cblr-11900	922	11	following	follow	VERB
cblr-11900	922	12	a	a	DET
cblr-11900	922	13	determination	determination	NOUN
cblr-11900	922	14	by	by	ADP
cblr-11900	922	15	its	its	PRON
cblr-11900	922	16	board	board	NOUN
cblr-11900	922	17	of	of	ADP
cblr-11900	922	18	“	"	PUNCT
cblr-11900	922	19	unusual	unusual	ADJ
cblr-11900	922	20	and	and	CCONJ
cblr-11900	922	21	exigent	exigent	ADJ
cblr-11900	922	22	circumstances	circumstance	NOUN
cblr-11900	922	23	.	.	PUNCT
cblr-11900	922	24	”199	”199	PUNCT
cblr-11900	922	25	moreover	moreover	ADV
cblr-11900	922	26	,	,	PUNCT
cblr-11900	922	27	congress	congress	PROPN
cblr-11900	922	28	required	require	VERB
cblr-11900	922	29	that	that	SCONJ
cblr-11900	922	30	the	the	DET
cblr-11900	922	31	frbs	frb	NOUN
cblr-11900	922	32	secure	secure	VERB
cblr-11900	922	33	“	"	PUNCT
cblr-11900	922	34	evidence	evidence	NOUN
cblr-11900	922	35	”	"	PUNCT
cblr-11900	922	36	that	that	SCONJ
cblr-11900	922	37	prospective	prospective	ADJ
cblr-11900	922	38	borrowers	borrower	NOUN
cblr-11900	922	39	are	be	AUX
cblr-11900	922	40	not	not	PART
cblr-11900	922	41	able	able	ADJ
cblr-11900	922	42	to	to	PART
cblr-11900	922	43	“	"	PUNCT
cblr-11900	922	44	secure	secure	VERB
cblr-11900	922	45	adequate	adequate	ADJ
cblr-11900	922	46	credit	credit	NOUN
cblr-11900	922	47	accommodations	accommodation	NOUN
cblr-11900	922	48	from	from	ADP
cblr-11900	922	49	other	other	ADJ
cblr-11900	922	50	banking	banking	NOUN
cblr-11900	922	51	institutions	institution	NOUN
cblr-11900	922	52	”	"	PUNCT
cblr-11900	922	53	(	(	PUNCT
cblr-11900	922	54	the	the	DET
cblr-11900	922	55	socalled	socalled	ADJ
cblr-11900	922	56	credit	credit	NOUN
cblr-11900	922	57	availability	availability	NOUN
cblr-11900	922	58	proviso).200	proviso).200	PROPN
cblr-11900	922	59	these	these	DET
cblr-11900	922	60	showings	showing	NOUN
cblr-11900	922	61	were	be	AUX
cblr-11900	922	62	arguably	arguably	ADV
cblr-11900	922	63	nonstarters	nonstarter	NOUN
cblr-11900	922	64	in	in	ADP
cblr-11900	922	65	the	the	DET
cblr-11900	922	66	early	early	ADJ
cblr-11900	922	67	1950s	1950s	NUM
cblr-11900	922	68	,	,	PUNCT
cblr-11900	922	69	when	when	SCONJ
cblr-11900	922	70	conditions	condition	NOUN
cblr-11900	922	71	were	be	AUX
cblr-11900	922	72	far	far	ADV
cblr-11900	922	73	from	from	ADP
cblr-11900	922	74	“	"	PUNCT
cblr-11900	922	75	exigent	exigent	ADJ
cblr-11900	922	76	”	"	PUNCT
cblr-11900	922	77	and	and	CCONJ
cblr-11900	922	78	government	government	NOUN
cblr-11900	922	79	securities	security	NOUN
cblr-11900	922	80	dealers	dealer	NOUN
cblr-11900	922	81	generally	generally	ADV
cblr-11900	922	82	had	have	VERB
cblr-11900	922	83	access	access	NOUN
cblr-11900	922	84	to	to	ADP
cblr-11900	922	85	credit	credit	NOUN
cblr-11900	922	86	from	from	ADP
cblr-11900	922	87	the	the	DET
cblr-11900	922	88	private	private	ADJ
cblr-11900	922	89	market	market	NOUN
cblr-11900	922	90	at	at	ADP
cblr-11900	922	91	reasonable	reasonable	ADJ
cblr-11900	922	92	—	—	PUNCT
cblr-11900	922	93	if	if	SCONJ
cblr-11900	922	94	not	not	PART
cblr-11900	922	95	optimal	optimal	ADJ
cblr-11900	922	96	—	—	PUNCT
cblr-11900	922	97	prices.201	prices.201	ADJ
cblr-11900	922	98	broader	broad	ADJ
cblr-11900	922	99	lending	lending	NOUN
cblr-11900	922	100	powers	power	NOUN
cblr-11900	922	101	to	to	ADP
cblr-11900	922	102	nonbanks	nonbank	NOUN
cblr-11900	922	103	were	be	AUX
cblr-11900	922	104	also	also	ADV
cblr-11900	922	105	available	available	ADJ
cblr-11900	922	106	to	to	ADP
cblr-11900	922	107	the	the	DET
cblr-11900	922	108	federal	federal	PROPN
cblr-11900	922	109	reserve	reserve	PROPN
cblr-11900	922	110	banks	bank	NOUN
cblr-11900	922	111	under	under	ADP
cblr-11900	922	112	the	the	DET
cblr-11900	922	113	less	less	ADV
cblr-11900	922	114	well	well	ADV
cblr-11900	922	115	-	-	PUNCT
cblr-11900	922	116	known	know	VERB
cblr-11900	922	117	§	§	PROPN
cblr-11900	922	118	13(13).202	13(13).202	NUM
cblr-11900	922	119	congress	congress	PROPN
cblr-11900	922	120	added	add	VERB
cblr-11900	922	121	this	this	DET
cblr-11900	922	122	provision	provision	NOUN
cblr-11900	922	123	as	as	ADP
cblr-11900	922	124	part	part	NOUN
cblr-11900	922	125	of	of	ADP
cblr-11900	922	126	the	the	DET
cblr-11900	922	127	198	198	NUM
cblr-11900	922	128	advances	advance	NOUN
cblr-11900	922	129	involve	involve	VERB
cblr-11900	922	130	the	the	DET
cblr-11900	922	131	purchase	purchase	NOUN
cblr-11900	922	132	of	of	ADP
cblr-11900	922	133	promissory	promissory	NOUN
cblr-11900	922	134	notes	note	NOUN
cblr-11900	922	135	issued	issue	VERB
cblr-11900	922	136	by	by	ADP
cblr-11900	922	137	member	member	NOUN
cblr-11900	922	138	banks	bank	NOUN
cblr-11900	922	139	(	(	PUNCT
cblr-11900	922	140	often	often	ADV
cblr-11900	922	141	with	with	ADP
cblr-11900	922	142	attached	attached	ADJ
cblr-11900	922	143	collateral	collateral	ADJ
cblr-11900	922	144	agreements	agreement	NOUN
cblr-11900	922	145	,	,	PUNCT
cblr-11900	922	146	including	include	VERB
cblr-11900	922	147	treasuries	treasury	NOUN
cblr-11900	922	148	)	)	PUNCT
cblr-11900	922	149	by	by	ADP
cblr-11900	922	150	federal	federal	PROPN
cblr-11900	922	151	reserve	reserve	NOUN
cblr-11900	922	152	banks	bank	NOUN
cblr-11900	922	153	,	,	PUNCT
cblr-11900	922	154	whereas	whereas	SCONJ
cblr-11900	922	155	discounts	discount	NOUN
cblr-11900	922	156	involve	involve	VERB
cblr-11900	922	157	the	the	DET
cblr-11900	922	158	direct	direct	ADJ
cblr-11900	922	159	purchase	purchase	NOUN
cblr-11900	922	160	of	of	ADP
cblr-11900	922	161	securities	security	NOUN
cblr-11900	922	162	from	from	ADP
cblr-11900	922	163	those	those	DET
cblr-11900	922	164	same	same	ADJ
cblr-11900	922	165	member	member	NOUN
cblr-11900	922	166	banks	bank	NOUN
cblr-11900	922	167	.	.	PUNCT
cblr-11900	923	1	hackley	hackley	PROPN
cblr-11900	923	2	,	,	PUNCT
cblr-11900	923	3	supra	supra	PROPN
cblr-11900	923	4	note	note	PROPN
cblr-11900	923	5	195	195	NUM
cblr-11900	923	6	,	,	PUNCT
cblr-11900	923	7	at	at	ADP
cblr-11900	923	8	83	83	NUM
cblr-11900	923	9	.	.	PUNCT
cblr-11900	923	10	199	199	NUM
cblr-11900	923	11	letter	letter	NOUN
cblr-11900	923	12	from	from	ADP
cblr-11900	923	13	charles	charles	PROPN
cblr-11900	923	14	hamlin	hamlin	PROPN
cblr-11900	923	15	to	to	ADP
cblr-11900	923	16	carter	carter	PROPN
cblr-11900	923	17	glass	glass	PROPN
cblr-11900	923	18	(	(	PUNCT
cblr-11900	923	19	july	july	PROPN
cblr-11900	923	20	9	9	NUM
cblr-11900	923	21	,	,	PUNCT
cblr-11900	923	22	1932	1932	NUM
cblr-11900	923	23	)	)	PUNCT
cblr-11900	923	24	,	,	PUNCT
cblr-11900	923	25	in	in	ADP
cblr-11900	923	26	parinitha	parinitha	PROPN
cblr-11900	923	27	sastry	sastry	PROPN
cblr-11900	923	28	,	,	PUNCT
cblr-11900	923	29	the	the	DET
cblr-11900	923	30	political	political	ADJ
cblr-11900	923	31	origins	origin	NOUN
cblr-11900	923	32	of	of	ADP
cblr-11900	923	33	section	section	NOUN
cblr-11900	923	34	13(3	13(3	NUM
cblr-11900	923	35	)	)	PUNCT
cblr-11900	923	36	of	of	ADP
cblr-11900	923	37	the	the	DET
cblr-11900	923	38	federal	federal	PROPN
cblr-11900	923	39	reserve	reserve	PROPN
cblr-11900	923	40	act	act	PROPN
cblr-11900	923	41	,	,	PUNCT
cblr-11900	923	42	fed	fed	PROPN
cblr-11900	923	43	.	.	PUNCT
cblr-11900	924	1	rsrv	rsrv	PROPN
cblr-11900	924	2	.	.	PUNCT
cblr-11900	925	1	bank	bank	PROPN
cblr-11900	925	2	of	of	ADP
cblr-11900	925	3	n.y	n.y	PROPN
cblr-11900	925	4	.	.	PROPN
cblr-11900	925	5	econ	econ	PROPN
cblr-11900	925	6	.	.	PUNCT
cblr-11900	926	1	pol’y	pol’y	NOUN
cblr-11900	926	2	rev	rev	VERB
cblr-11900	926	3	.	.	PROPN
cblr-11900	926	4	,	,	PUNCT
cblr-11900	926	5	sept	sept	PROPN
cblr-11900	926	6	.	.	PROPN
cblr-11900	926	7	20	20	NUM
cblr-11900	926	8	,	,	PUNCT
cblr-11900	926	9	2018	2018	NUM
cblr-11900	926	10	,	,	PUNCT
cblr-11900	926	11	at	at	ADP
cblr-11900	926	12	1	1	NUM
cblr-11900	926	13	,	,	PUNCT
cblr-11900	926	14	20	20	NUM
cblr-11900	926	15	.	.	NOUN
cblr-11900	926	16	200	200	NUM
cblr-11900	926	17	12	12	NUM
cblr-11900	926	18	c.f.r	c.f.r	NOUN
cblr-11900	926	19	.	.	PUNCT
cblr-11900	927	1	§	§	PROPN
cblr-11900	927	2	201.4	201.4	NUM
cblr-11900	927	3	.	.	PUNCT
cblr-11900	927	4	201	201	NUM
cblr-11900	927	5	historically	historically	ADV
cblr-11900	927	6	,	,	PUNCT
cblr-11900	927	7	dealers	dealer	NOUN
cblr-11900	927	8	had	have	AUX
cblr-11900	927	9	relied	rely	VERB
cblr-11900	927	10	on	on	ADP
cblr-11900	927	11	money	money	NOUN
cblr-11900	927	12	market	market	NOUN
cblr-11900	927	13	loans	loan	NOUN
cblr-11900	927	14	offered	offer	VERB
cblr-11900	927	15	by	by	ADP
cblr-11900	927	16	commercial	commercial	ADJ
cblr-11900	927	17	banks	bank	NOUN
cblr-11900	927	18	to	to	PART
cblr-11900	927	19	finance	finance	VERB
cblr-11900	927	20	their	their	PRON
cblr-11900	927	21	activities	activity	NOUN
cblr-11900	927	22	(	(	PUNCT
cblr-11900	927	23	e.g.	e.g.	ADV
cblr-11900	927	24	,	,	PUNCT
cblr-11900	927	25	loans	loan	NOUN
cblr-11900	927	26	for	for	ADP
cblr-11900	927	27	carrying	carry	VERB
cblr-11900	927	28	and	and	CCONJ
cblr-11900	927	29	purchasing	purchase	VERB
cblr-11900	927	30	securities	security	NOUN
cblr-11900	927	31	)	)	PUNCT
cblr-11900	927	32	.	.	PUNCT
cblr-11900	928	1	bd	bd	PROPN
cblr-11900	928	2	.	.	PROPN
cblr-11900	928	3	of	of	ADP
cblr-11900	928	4	governors	governor	NOUN
cblr-11900	928	5	of	of	ADP
cblr-11900	928	6	the	the	DET
cblr-11900	928	7	fed	fed	PROPN
cblr-11900	928	8	.	.	PUNCT
cblr-11900	928	9	rsrv	rsrv	PROPN
cblr-11900	928	10	.	.	PUNCT
cblr-11900	929	1	sys	sys	PROPN
cblr-11900	929	2	.	.	PROPN
cblr-11900	929	3	,	,	PUNCT
cblr-11900	929	4	banking	banking	NOUN
cblr-11900	929	5	and	and	CCONJ
cblr-11900	929	6	monitoring	monitoring	NOUN
cblr-11900	929	7	statistics	statistic	NOUN
cblr-11900	929	8	1941–1970	1941–1970	NUM
cblr-11900	929	9	,	,	PUNCT
cblr-11900	929	10	at	at	ADP
cblr-11900	929	11	50	50	NUM
cblr-11900	929	12	(	(	PUNCT
cblr-11900	929	13	1976	1976	NUM
cblr-11900	929	14	)	)	PUNCT
cblr-11900	929	15	.	.	PUNCT
cblr-11900	930	1	a	a	DET
cblr-11900	930	2	report	report	NOUN
cblr-11900	930	3	on	on	ADP
cblr-11900	930	4	consultations	consultation	NOUN
cblr-11900	930	5	with	with	ADP
cblr-11900	930	6	dealers	dealer	NOUN
cblr-11900	930	7	published	publish	VERB
cblr-11900	930	8	in	in	ADP
cblr-11900	930	9	july	july	PROPN
cblr-11900	930	10	1959	1959	NUM
cblr-11900	930	11	notes	note	VERB
cblr-11900	930	12	that	that	SCONJ
cblr-11900	930	13	“	"	PUNCT
cblr-11900	930	14	two	two	NUM
cblr-11900	930	15	of	of	ADP
cblr-11900	930	16	the	the	DET
cblr-11900	930	17	large	large	ADJ
cblr-11900	930	18	new	new	PROPN
cblr-11900	930	19	york	york	PROPN
cblr-11900	930	20	city	city	PROPN
cblr-11900	930	21	banks	bank	NOUN
cblr-11900	930	22	generally	generally	ADV
cblr-11900	930	23	stand	stand	VERB
cblr-11900	930	24	ready	ready	ADJ
cblr-11900	930	25	to	to	PART
cblr-11900	930	26	finance	finance	VERB
cblr-11900	930	27	dealers	dealer	NOUN
cblr-11900	930	28	with	with	ADP
cblr-11900	930	29	call	call	NOUN
cblr-11900	930	30	loans	loan	NOUN
cblr-11900	930	31	”	"	PUNCT
cblr-11900	930	32	and	and	CCONJ
cblr-11900	930	33	“	"	PUNCT
cblr-11900	930	34	several	several	ADJ
cblr-11900	930	35	other	other	ADJ
cblr-11900	930	36	large	large	ADJ
cblr-11900	930	37	new	new	PROPN
cblr-11900	930	38	york	york	PROPN
cblr-11900	930	39	city	city	PROPN
cblr-11900	930	40	banks	bank	NOUN
cblr-11900	930	41	will	will	AUX
cblr-11900	930	42	also	also	ADV
cblr-11900	930	43	at	at	ADP
cblr-11900	930	44	times	time	NOUN
cblr-11900	930	45	make	make	VERB
cblr-11900	930	46	call	call	NOUN
cblr-11900	930	47	loans	loan	NOUN
cblr-11900	930	48	to	to	ADP
cblr-11900	930	49	dealers	dealer	NOUN
cblr-11900	930	50	at	at	ADP
cblr-11900	930	51	preferential	preferential	ADJ
cblr-11900	930	52	rates	rate	NOUN
cblr-11900	930	53	.	.	PUNCT
cblr-11900	930	54	”	"	PUNCT
cblr-11900	931	1	as	as	ADP
cblr-11900	931	2	a	a	DET
cblr-11900	931	3	result	result	NOUN
cblr-11900	931	4	,	,	PUNCT
cblr-11900	931	5	numerous	numerous	ADJ
cblr-11900	931	6	dealers	dealer	NOUN
cblr-11900	931	7	(	(	PUNCT
cblr-11900	931	8	preferentially	preferentially	ADV
cblr-11900	931	9	from	from	ADP
cblr-11900	931	10	“	"	PUNCT
cblr-11900	931	11	large	large	ADJ
cblr-11900	931	12	organizations	organization	NOUN
cblr-11900	931	13	”	"	PUNCT
cblr-11900	931	14	)	)	PUNCT
cblr-11900	931	15	had	have	VERB
cblr-11900	931	16	“	"	PUNCT
cblr-11900	931	17	no	no	DET
cblr-11900	931	18	problem	problem	NOUN
cblr-11900	931	19	in	in	ADP
cblr-11900	931	20	obtaining	obtain	VERB
cblr-11900	931	21	all	all	PRON
cblr-11900	931	22	of	of	ADP
cblr-11900	931	23	the	the	DET
cblr-11900	931	24	credit	credit	NOUN
cblr-11900	931	25	needed	need	VERB
cblr-11900	931	26	from	from	ADP
cblr-11900	931	27	money	money	NOUN
cblr-11900	931	28	market	market	NOUN
cblr-11900	931	29	banks	bank	NOUN
cblr-11900	931	30	(	(	PUNCT
cblr-11900	931	31	even	even	ADV
cblr-11900	931	32	in	in	ADP
cblr-11900	931	33	periods	period	NOUN
cblr-11900	931	34	of	of	ADP
cblr-11900	931	35	money	money	NOUN
cblr-11900	931	36	stringency	stringency	NOUN
cblr-11900	931	37	)	)	PUNCT
cblr-11900	931	38	.	.	PUNCT
cblr-11900	931	39	”	"	PUNCT
cblr-11900	932	1	us	we	PRON
cblr-11900	932	2	.	.	PUNCT
cblr-11900	933	1	dep’t	dep’t	NOUN
cblr-11900	933	2	of	of	ADP
cblr-11900	933	3	the	the	DET
cblr-11900	933	4	treasury	treasury	NOUN
cblr-11900	933	5	and	and	CCONJ
cblr-11900	933	6	the	the	DET
cblr-11900	933	7	fd	fd	PROPN
cblr-11900	933	8	.	.	PUNCT
cblr-11900	933	9	rsrv	rsrv	PROPN
cblr-11900	933	10	.	.	PUNCT
cblr-11900	934	1	sys	sys	PROPN
cblr-11900	934	2	.	.	PROPN
cblr-11900	934	3	,	,	PUNCT
cblr-11900	934	4	treasury	treasury	NOUN
cblr-11900	934	5	-	-	PUNCT
cblr-11900	934	6	federal	federal	PROPN
cblr-11900	934	7	reserve	reserve	NOUN
cblr-11900	934	8	study	study	NOUN
cblr-11900	934	9	of	of	ADP
cblr-11900	934	10	the	the	DET
cblr-11900	934	11	government	government	NOUN
cblr-11900	934	12	securities	security	NOUN
cblr-11900	934	13	market	market	NOUN
cblr-11900	934	14	:	:	PUNCT
cblr-11900	934	15	part	part	NOUN
cblr-11900	934	16	i	i	PRON
cblr-11900	934	17	,	,	PUNCT
cblr-11900	934	18	at	at	ADP
cblr-11900	934	19	31	31	NUM
cblr-11900	934	20	(	(	PUNCT
cblr-11900	934	21	1959	1959	NUM
cblr-11900	934	22	)	)	PUNCT
cblr-11900	934	23	.	.	PUNCT
cblr-11900	935	1	202	202	NUM
cblr-11900	935	2	sometimes	sometimes	ADV
cblr-11900	935	3	referred	refer	VERB
cblr-11900	935	4	to	to	ADP
cblr-11900	935	5	as	as	ADP
cblr-11900	935	6	“	"	PUNCT
cblr-11900	935	7	the	the	DET
cblr-11900	935	8	last	last	ADJ
cblr-11900	935	9	paragraph	paragraph	NOUN
cblr-11900	935	10	of	of	ADP
cblr-11900	935	11	section	section	NOUN
cblr-11900	935	12	13	13	NUM
cblr-11900	935	13	.	.	PUNCT
cblr-11900	935	14	”	"	PUNCT
cblr-11900	936	1	fed	fed	PROPN
cblr-11900	936	2	.	.	PUNCT
cblr-11900	937	1	rsrv	rsrv	PROPN
cblr-11900	937	2	.	.	PUNCT
cblr-11900	938	1	sys	sys	PROPN
cblr-11900	938	2	.	.	PROPN
cblr-11900	938	3	,	,	PUNCT
cblr-11900	938	4	federal	federal	ADJ
cblr-11900	938	5	open	open	ADJ
cblr-11900	938	6	market	market	NOUN
cblr-11900	938	7	committee	committee	NOUN
cblr-11900	938	8	rules	rule	NOUN
cblr-11900	938	9	and	and	CCONJ
cblr-11900	938	10	authorizations	authorization	NOUN
cblr-11900	938	11	13	13	NUM
cblr-11900	938	12	(	(	PUNCT
cblr-11900	938	13	2021	2021	NUM
cblr-11900	938	14	)	)	PUNCT
cblr-11900	938	15	.	.	PUNCT
cblr-11900	939	1	274	274	NUM
cblr-11900	939	2	columbia	columbia	PROPN
cblr-11900	939	3	business	business	NOUN
cblr-11900	939	4	law	law	PROPN
cblr-11900	939	5	review	review	NOUN
cblr-11900	940	1	[	[	X
cblr-11900	940	2	vol	vol	NOUN
cblr-11900	940	3	.	.	PUNCT
cblr-11900	940	4	2023	2023	NUM
cblr-11900	940	5	emergency	emergency	NOUN
cblr-11900	940	6	banking	banking	NOUN
cblr-11900	940	7	act	act	NOUN
cblr-11900	940	8	of	of	ADP
cblr-11900	940	9	1933.203	1933.203	NUM
cblr-11900	940	10	as	as	ADP
cblr-11900	940	11	with	with	ADP
cblr-11900	940	12	section	section	NOUN
cblr-11900	940	13	13(3	13(3	NUM
cblr-11900	940	14	)	)	PUNCT
cblr-11900	940	15	,	,	PUNCT
cblr-11900	940	16	section	section	NOUN
cblr-11900	940	17	13(13	13(13	NUM
cblr-11900	940	18	)	)	PUNCT
cblr-11900	940	19	allows	allow	VERB
cblr-11900	940	20	frbs	frb	NOUN
cblr-11900	940	21	to	to	PART
cblr-11900	940	22	lend	lend	VERB
cblr-11900	940	23	to	to	ADP
cblr-11900	940	24	“	"	PUNCT
cblr-11900	940	25	individuals	individual	NOUN
cblr-11900	940	26	,	,	PUNCT
cblr-11900	940	27	partnerships	partnership	NOUN
cblr-11900	940	28	,	,	PUNCT
cblr-11900	940	29	and	and	CCONJ
cblr-11900	940	30	corporations	corporation	NOUN
cblr-11900	940	31	,	,	PUNCT
cblr-11900	940	32	”	"	PUNCT
cblr-11900	940	33	but	but	CCONJ
cblr-11900	940	34	in	in	ADP
cblr-11900	940	35	this	this	DET
cblr-11900	940	36	case	case	NOUN
cblr-11900	940	37	through	through	ADP
cblr-11900	940	38	advances	advance	NOUN
cblr-11900	940	39	secured	secure	VERB
cblr-11900	940	40	by	by	ADP
cblr-11900	940	41	“	"	PUNCT
cblr-11900	940	42	direct	direct	ADJ
cblr-11900	940	43	obligations	obligation	NOUN
cblr-11900	940	44	of	of	ADP
cblr-11900	940	45	the	the	DET
cblr-11900	940	46	united	united	PROPN
cblr-11900	940	47	states”204	states”204	PROPN
cblr-11900	940	48	and	and	CCONJ
cblr-11900	940	49	without	without	ADP
cblr-11900	940	50	evidence	evidence	NOUN
cblr-11900	940	51	of	of	ADP
cblr-11900	940	52	unusual	unusual	ADJ
cblr-11900	940	53	or	or	CCONJ
cblr-11900	940	54	exigent	exigent	ADJ
cblr-11900	940	55	circumstances	circumstance	NOUN
cblr-11900	940	56	(	(	PUNCT
cblr-11900	940	57	or	or	CCONJ
cblr-11900	940	58	a	a	DET
cblr-11900	940	59	lack	lack	NOUN
cblr-11900	940	60	of	of	ADP
cblr-11900	940	61	credit	credit	NOUN
cblr-11900	940	62	availability	availability	NOUN
cblr-11900	940	63	)	)	PUNCT
cblr-11900	940	64	.	.	PUNCT
cblr-11900	941	1	section	section	NOUN
cblr-11900	941	2	13(13	13(13	NUM
cblr-11900	941	3	)	)	PUNCT
cblr-11900	941	4	in	in	ADP
cblr-11900	941	5	principle	principle	NOUN
cblr-11900	941	6	is	be	AUX
cblr-11900	941	7	open	open	ADJ
cblr-11900	941	8	to	to	ADP
cblr-11900	941	9	an	an	DET
cblr-11900	941	10	expansive	expansive	ADJ
cblr-11900	941	11	interpretation	interpretation	NOUN
cblr-11900	941	12	that	that	PRON
cblr-11900	941	13	would	would	AUX
cblr-11900	941	14	permit	permit	VERB
cblr-11900	941	15	ongoing	ongoing	ADJ
cblr-11900	941	16	lending	lending	NOUN
cblr-11900	941	17	to	to	AUX
cblr-11900	941	18	dealer	dealer	NOUN
cblr-11900	941	19	firms.205	firms.205	NOUN
cblr-11900	941	20	such	such	ADJ
cblr-11900	941	21	lending	lending	NOUN
cblr-11900	941	22	,	,	PUNCT
cblr-11900	941	23	however	however	ADV
cblr-11900	941	24	,	,	PUNCT
cblr-11900	941	25	would	would	AUX
cblr-11900	941	26	not	not	PART
cblr-11900	941	27	have	have	AUX
cblr-11900	941	28	been	be	AUX
cblr-11900	941	29	governed	govern	VERB
cblr-11900	941	30	by	by	ADP
cblr-11900	941	31	the	the	DET
cblr-11900	941	32	fomc	fomc	NOUN
cblr-11900	941	33	.	.	PUNCT
cblr-11900	942	1	instead	instead	ADV
cblr-11900	942	2	,	,	PUNCT
cblr-11900	942	3	it	it	PRON
cblr-11900	942	4	would	would	AUX
cblr-11900	942	5	have	have	AUX
cblr-11900	942	6	been	be	AUX
cblr-11900	942	7	a	a	DET
cblr-11900	942	8	matter	matter	NOUN
cblr-11900	942	9	for	for	ADP
cblr-11900	942	10	individual	individual	ADJ
cblr-11900	942	11	reserve	reserve	NOUN
cblr-11900	942	12	banks	bank	NOUN
cblr-11900	942	13	under	under	ADP
cblr-11900	942	14	the	the	DET
cblr-11900	942	15	supervision	supervision	NOUN
cblr-11900	942	16	of	of	ADP
cblr-11900	942	17	the	the	DET
cblr-11900	942	18	board	board	NOUN
cblr-11900	942	19	.	.	PUNCT
cblr-11900	943	1	the	the	DET
cblr-11900	943	2	fed	fed	PROPN
cblr-11900	943	3	had	have	AUX
cblr-11900	943	4	made	make	VERB
cblr-11900	943	5	little	little	ADJ
cblr-11900	943	6	use	use	NOUN
cblr-11900	943	7	of	of	ADP
cblr-11900	943	8	this	this	DET
cblr-11900	943	9	authority	authority	NOUN
cblr-11900	943	10	prior	prior	ADV
cblr-11900	943	11	to	to	ADP
cblr-11900	943	12	the	the	DET
cblr-11900	943	13	1953	1953	NUM
cblr-11900	943	14	breakdown,206	breakdown,206	PROPN
cblr-11900	943	15	and	and	CCONJ
cblr-11900	943	16	did	do	AUX
cblr-11900	943	17	not	not	PART
cblr-11900	943	18	explicitly	explicitly	ADV
cblr-11900	943	19	consider	consider	VERB
cblr-11900	943	20	it	it	PRON
cblr-11900	943	21	as	as	ADP
cblr-11900	943	22	a	a	DET
cblr-11900	943	23	way	way	NOUN
cblr-11900	943	24	to	to	PART
cblr-11900	943	25	support	support	VERB
cblr-11900	943	26	dealers	dealer	NOUN
cblr-11900	943	27	that	that	DET
cblr-11900	943	28	year	year	NOUN
cblr-11900	943	29	.	.	PUNCT
cblr-11900	944	1	moreover	moreover	ADV
cblr-11900	944	2	,	,	PUNCT
cblr-11900	944	3	in	in	ADP
cblr-11900	944	4	1955	1955	NUM
cblr-11900	944	5	,	,	PUNCT
cblr-11900	944	6	the	the	DET
cblr-11900	944	7	board	board	NOUN
cblr-11900	944	8	formally	formally	ADV
cblr-11900	944	9	restricted	restrict	VERB
cblr-11900	944	10	13(13	13(13	NUM
cblr-11900	944	11	)	)	PUNCT
cblr-11900	944	12	powers	power	NOUN
cblr-11900	944	13	by	by	ADP
cblr-11900	944	14	revising	revise	VERB
cblr-11900	944	15	its	its	PRON
cblr-11900	944	16	regulations207	regulations207	NOUN
cblr-11900	944	17	to	to	PART
cblr-11900	944	18	state	state	VERB
cblr-11900	944	19	that	that	SCONJ
cblr-11900	944	20	“	"	PUNCT
cblr-11900	944	21	it	it	PRON
cblr-11900	944	22	is	be	AUX
cblr-11900	944	23	not	not	PART
cblr-11900	944	24	the	the	DET
cblr-11900	944	25	practice	practice	NOUN
cblr-11900	944	26	to	to	PART
cblr-11900	944	27	make	make	VERB
cblr-11900	944	28	advances	advance	NOUN
cblr-11900	944	29	to	to	ADP
cblr-11900	944	30	others	other	NOUN
cblr-11900	944	31	than	than	ADP
cblr-11900	944	32	member	member	NOUN
cblr-11900	944	33	banks	bank	NOUN
cblr-11900	944	34	203	203	NUM
cblr-11900	944	35	emergency	emergency	NOUN
cblr-11900	944	36	banking	banking	NOUN
cblr-11900	944	37	relief	relief	NOUN
cblr-11900	944	38	act	act	NOUN
cblr-11900	944	39	,	,	PUNCT
cblr-11900	944	40	pub	pub	NOUN
cblr-11900	944	41	.	.	PUNCT
cblr-11900	945	1	l.	l.	PROPN
cblr-11900	945	2	no	no	INTJ
cblr-11900	945	3	.	.	PROPN
cblr-11900	946	1	73	73	NUM
cblr-11900	946	2	-	-	SYM
cblr-11900	946	3	1	1	NUM
cblr-11900	946	4	,	,	PUNCT
cblr-11900	946	5	public	public	ADJ
cblr-11900	946	6	law	law	NOUN
cblr-11900	946	7	73	73	NUM
cblr-11900	946	8	-	-	SYM
cblr-11900	946	9	1	1	NUM
cblr-11900	946	10	,	,	PUNCT
cblr-11900	946	11	48	48	NUM
cblr-11900	946	12	stat	stat	NOUN
cblr-11900	946	13	.	.	PUNCT
cblr-11900	947	1	1	1	NUM
cblr-11900	947	2	(	(	PUNCT
cblr-11900	947	3	1933	1933	NUM
cblr-11900	947	4	)	)	PUNCT
cblr-11900	947	5	.	.	PUNCT
cblr-11900	948	1	204	204	NUM
cblr-11900	949	1	i	i	PRON
cblr-11900	949	2	d.	d.	PROPN
cblr-11900	949	3	205	205	NUM
cblr-11900	949	4	as	as	SCONJ
cblr-11900	949	5	recounted	recount	VERB
cblr-11900	949	6	in	in	ADP
cblr-11900	949	7	hackley	hackley	NOUN
cblr-11900	949	8	,	,	PUNCT
cblr-11900	949	9	supra	supra	PROPN
cblr-11900	949	10	note	note	PROPN
cblr-11900	949	11	195	195	NUM
cblr-11900	949	12	,	,	PUNCT
cblr-11900	949	13	at	at	ADP
cblr-11900	949	14	122	122	NUM
cblr-11900	949	15	,	,	PUNCT
cblr-11900	949	16	public	public	ADJ
cblr-11900	949	17	comments	comment	NOUN
cblr-11900	949	18	at	at	ADP
cblr-11900	949	19	the	the	DET
cblr-11900	949	20	time	time	NOUN
cblr-11900	949	21	suggest	suggest	VERB
cblr-11900	949	22	the	the	DET
cblr-11900	949	23	original	original	ADJ
cblr-11900	949	24	intent	intent	NOUN
cblr-11900	949	25	of	of	ADP
cblr-11900	949	26	the	the	DET
cblr-11900	949	27	provision	provision	NOUN
cblr-11900	949	28	was	be	AUX
cblr-11900	949	29	to	to	PART
cblr-11900	949	30	provide	provide	VERB
cblr-11900	949	31	a	a	DET
cblr-11900	949	32	way	way	NOUN
cblr-11900	949	33	for	for	SCONJ
cblr-11900	949	34	state	state	NOUN
cblr-11900	949	35	banks	bank	NOUN
cblr-11900	949	36	to	to	PART
cblr-11900	949	37	secure	secure	VERB
cblr-11900	949	38	credit	credit	NOUN
cblr-11900	949	39	,	,	PUNCT
cblr-11900	949	40	see	see	VERB
cblr-11900	949	41	,	,	PUNCT
cblr-11900	949	42	e.g.	e.g.	ADV
cblr-11900	949	43	,	,	PUNCT
cblr-11900	949	44	i	i	PROPN
cblr-11900	949	45	d.	d.	PROPN
cblr-11900	949	46	(	(	PUNCT
cblr-11900	949	47	quoting	quote	VERB
cblr-11900	949	48	comments	comment	NOUN
cblr-11900	949	49	by	by	ADP
cblr-11900	949	50	senator	senator	PROPN
cblr-11900	949	51	carter	carter	PROPN
cblr-11900	949	52	glass	glass	PROPN
cblr-11900	949	53	during	during	ADP
cblr-11900	949	54	deliberations	deliberation	NOUN
cblr-11900	949	55	of	of	ADP
cblr-11900	949	56	the	the	DET
cblr-11900	949	57	emergency	emergency	NOUN
cblr-11900	949	58	banking	banking	NOUN
cblr-11900	949	59	act	act	NOUN
cblr-11900	949	60	of	of	ADP
cblr-11900	949	61	1933	1933	NUM
cblr-11900	949	62	)	)	PUNCT
cblr-11900	949	63	.	.	PUNCT
cblr-11900	950	1	however	however	ADV
cblr-11900	950	2	,	,	PUNCT
cblr-11900	950	3	the	the	DET
cblr-11900	950	4	language	language	NOUN
cblr-11900	950	5	used	use	VERB
cblr-11900	950	6	to	to	PART
cblr-11900	950	7	incorporate	incorporate	VERB
cblr-11900	950	8	these	these	DET
cblr-11900	950	9	expanded	expand	VERB
cblr-11900	950	10	lending	lending	NOUN
cblr-11900	950	11	powers	power	NOUN
cblr-11900	950	12	into	into	ADP
cblr-11900	950	13	regulation	regulation	NOUN
cblr-11900	950	14	a	a	PRON
cblr-11900	950	15	were	be	AUX
cblr-11900	950	16	somewhat	somewhat	ADV
cblr-11900	950	17	ambiguous	ambiguous	ADJ
cblr-11900	950	18	and	and	CCONJ
cblr-11900	950	19	allowed	allow	VERB
cblr-11900	950	20	for	for	ADP
cblr-11900	950	21	a	a	DET
cblr-11900	950	22	broader	broad	ADJ
cblr-11900	950	23	interpretation	interpretation	NOUN
cblr-11900	950	24	.	.	PUNCT
cblr-11900	951	1	bd	bd	PROPN
cblr-11900	951	2	.	.	PROPN
cblr-11900	951	3	of	of	ADP
cblr-11900	951	4	governors	governor	NOUN
cblr-11900	951	5	of	of	ADP
cblr-11900	951	6	the	the	DET
cblr-11900	951	7	fed	fed	PROPN
cblr-11900	951	8	.	.	PUNCT
cblr-11900	951	9	rsrv	rsrv	PROPN
cblr-11900	951	10	.	.	PUNCT
cblr-11900	952	1	sys	sys	PROPN
cblr-11900	952	2	.	.	PROPN
cblr-11900	952	3	,	,	PUNCT
cblr-11900	952	4	regulation	regulation	NOUN
cblr-11900	952	5	on	on	ADP
cblr-11900	952	6	discounts	discount	NOUN
cblr-11900	952	7	by	by	ADP
cblr-11900	952	8	federal	federal	ADJ
cblr-11900	952	9	reserve	reserve	PROPN
cblr-11900	952	10	banks	bank	NOUN
cblr-11900	952	11	,	,	PUNCT
cblr-11900	952	12	23	23	NUM
cblr-11900	952	13	fed	feed	VERB
cblr-11900	952	14	.	.	PUNCT
cblr-11900	953	1	rsrv	rsrv	PROPN
cblr-11900	953	2	.	.	PUNCT
cblr-11900	954	1	bull	bull	NOUN
cblr-11900	954	2	.	.	PUNCT
cblr-11900	955	1	986	986	NUM
cblr-11900	955	2	(	(	PUNCT
cblr-11900	955	3	1937	1937	NUM
cblr-11900	955	4	)	)	PUNCT
cblr-11900	955	5	.	.	PUNCT
cblr-11900	956	1	this	this	DET
cblr-11900	956	2	ambiguity	ambiguity	NOUN
cblr-11900	956	3	was	be	AUX
cblr-11900	956	4	clarified	clarify	VERB
cblr-11900	956	5	in	in	ADP
cblr-11900	956	6	the	the	DET
cblr-11900	956	7	1955	1955	NUM
cblr-11900	956	8	revisions	revision	NOUN
cblr-11900	956	9	which	which	PRON
cblr-11900	956	10	note	note	VERB
cblr-11900	956	11	it	it	PRON
cblr-11900	956	12	was	be	AUX
cblr-11900	956	13	“	"	PUNCT
cblr-11900	956	14	not	not	PART
cblr-11900	956	15	the	the	DET
cblr-11900	956	16	practice	practice	NOUN
cblr-11900	956	17	to	to	PART
cblr-11900	956	18	make	make	VERB
cblr-11900	956	19	advances	advance	NOUN
cblr-11900	956	20	to	to	ADP
cblr-11900	956	21	others	other	NOUN
cblr-11900	956	22	than	than	ADP
cblr-11900	956	23	member	member	NOUN
cblr-11900	956	24	banks	bank	NOUN
cblr-11900	956	25	except	except	SCONJ
cblr-11900	956	26	in	in	ADP
cblr-11900	956	27	unusual	unusual	ADJ
cblr-11900	956	28	or	or	CCONJ
cblr-11900	956	29	exigent	exigent	ADJ
cblr-11900	956	30	circumstances	circumstance	NOUN
cblr-11900	956	31	.	.	PUNCT
cblr-11900	956	32	”	"	PUNCT
cblr-11900	957	1	bd	bd	PROPN
cblr-11900	957	2	.	.	PROPN
cblr-11900	957	3	of	of	ADP
cblr-11900	957	4	governors	governor	NOUN
cblr-11900	957	5	of	of	ADP
cblr-11900	957	6	the	the	DET
cblr-11900	957	7	fed	fed	PROPN
cblr-11900	957	8	.	.	PUNCT
cblr-11900	957	9	rsrv	rsrv	PROPN
cblr-11900	957	10	.	.	PUNCT
cblr-11900	958	1	sys	sys	PROPN
cblr-11900	958	2	.	.	PROPN
cblr-11900	958	3	,	,	PUNCT
cblr-11900	958	4	law	law	NOUN
cblr-11900	958	5	department	department	PROPN
cblr-11900	958	6	review	review	NOUN
cblr-11900	958	7	of	of	ADP
cblr-11900	958	8	changes	change	NOUN
cblr-11900	958	9	to	to	PART
cblr-11900	958	10	regulation	regulation	VERB
cblr-11900	958	11	a	a	DET
cblr-11900	958	12	:	:	PUNCT
cblr-11900	958	13	advances	advance	NOUN
cblr-11900	958	14	and	and	CCONJ
cblr-11900	958	15	discounts	discount	NOUN
cblr-11900	958	16	by	by	ADP
cblr-11900	958	17	federal	federal	ADJ
cblr-11900	958	18	reserve	reserve	PROPN
cblr-11900	958	19	banks	bank	NOUN
cblr-11900	958	20	,	,	PUNCT
cblr-11900	958	21	41	41	NUM
cblr-11900	958	22	fed	feed	VERB
cblr-11900	958	23	.	.	PUNCT
cblr-11900	959	1	res	re	NOUN
cblr-11900	959	2	.	.	PUNCT
cblr-11900	960	1	bull	bull	NOUN
cblr-11900	960	2	.	.	PUNCT
cblr-11900	961	1	1	1	NUM
cblr-11900	961	2	,	,	PUNCT
cblr-11900	961	3	9	9	NUM
cblr-11900	961	4	&	&	CCONJ
cblr-11900	961	5	n.1	n.1	PROPN
cblr-11900	961	6	(	(	PUNCT
cblr-11900	961	7	1955	1955	NUM
cblr-11900	961	8	)	)	PUNCT
cblr-11900	961	9	.	.	PUNCT
cblr-11900	962	1	206	206	NUM
cblr-11900	962	2	the	the	DET
cblr-11900	962	3	fed	fed	PROPN
cblr-11900	962	4	used	use	VERB
cblr-11900	962	5	its	its	PRON
cblr-11900	962	6	newly	newly	ADV
cblr-11900	962	7	added	add	VERB
cblr-11900	962	8	nonbank	nonbank	NOUN
cblr-11900	962	9	lending	lending	NOUN
cblr-11900	962	10	powers	power	NOUN
cblr-11900	962	11	very	very	ADV
cblr-11900	962	12	sparingly	sparingly	ADV
cblr-11900	962	13	in	in	ADP
cblr-11900	962	14	the	the	DET
cblr-11900	962	15	1930s	1930	NOUN
cblr-11900	962	16	,	,	PUNCT
cblr-11900	962	17	with	with	ADP
cblr-11900	962	18	only	only	ADV
cblr-11900	962	19	$	$	SYM
cblr-11900	962	20	1.5	1.5	NUM
cblr-11900	962	21	million	million	NUM
cblr-11900	962	22	in	in	ADP
cblr-11900	962	23	total	total	ADJ
cblr-11900	962	24	lending	lending	NOUN
cblr-11900	962	25	from	from	ADP
cblr-11900	962	26	1932	1932	NUM
cblr-11900	962	27	to	to	ADP
cblr-11900	962	28	1936	1936	NUM
cblr-11900	962	29	,	,	PUNCT
cblr-11900	962	30	compared	compare	VERB
cblr-11900	962	31	to	to	ADP
cblr-11900	962	32	roughly	roughly	ADV
cblr-11900	962	33	$	$	SYM
cblr-11900	962	34	7	7	NUM
cblr-11900	962	35	billion	billion	NUM
cblr-11900	962	36	overall	overall	ADJ
cblr-11900	962	37	growth	growth	NOUN
cblr-11900	962	38	in	in	ADP
cblr-11900	962	39	the	the	DET
cblr-11900	962	40	size	size	NOUN
cblr-11900	962	41	of	of	ADP
cblr-11900	962	42	their	their	PRON
cblr-11900	962	43	balance	balance	NOUN
cblr-11900	962	44	sheet	sheet	NOUN
cblr-11900	962	45	over	over	ADP
cblr-11900	962	46	the	the	DET
cblr-11900	962	47	same	same	ADJ
cblr-11900	962	48	period	period	NOUN
cblr-11900	962	49	.	.	PUNCT
cblr-11900	963	1	bd	bd	PROPN
cblr-11900	963	2	.	.	PROPN
cblr-11900	963	3	of	of	ADP
cblr-11900	963	4	governors	governor	NOUN
cblr-11900	963	5	of	of	ADP
cblr-11900	963	6	the	the	DET
cblr-11900	963	7	fed	fed	PROPN
cblr-11900	963	8	.	.	PUNCT
cblr-11900	963	9	rsrv	rsrv	PROPN
cblr-11900	963	10	.	.	PUNCT
cblr-11900	964	1	sys	sys	PROPN
cblr-11900	964	2	.	.	PROPN
cblr-11900	964	3	,	,	PUNCT
cblr-11900	964	4	lending	lending	NOUN
cblr-11900	964	5	functions	function	NOUN
cblr-11900	964	6	of	of	ADP
cblr-11900	964	7	the	the	DET
cblr-11900	964	8	federal	federal	PROPN
cblr-11900	964	9	reserve	reserve	PROPN
cblr-11900	964	10	banks	bank	NOUN
cblr-11900	964	11	:	:	PUNCT
cblr-11900	964	12	a	a	DET
cblr-11900	964	13	history	history	NOUN
cblr-11900	964	14	(	(	PUNCT
cblr-11900	964	15	1973	1973	NUM
cblr-11900	964	16	)	)	PUNCT
cblr-11900	964	17	.	.	PUNCT
cblr-11900	965	1	207	207	NUM
cblr-11900	965	2	see	see	VERB
cblr-11900	965	3	regulation	regulation	NOUN
cblr-11900	965	4	a	a	PRON
cblr-11900	965	5	,	,	PUNCT
cblr-11900	965	6	“	"	PUNCT
cblr-11900	965	7	extensions	extension	NOUN
cblr-11900	965	8	of	of	ADP
cblr-11900	965	9	federal	federal	PROPN
cblr-11900	965	10	reserve	reserve	PROPN
cblr-11900	965	11	bank	bank	PROPN
cblr-11900	965	12	credit	credit	NOUN
cblr-11900	965	13	,	,	PUNCT
cblr-11900	965	14	”	"	PUNCT
cblr-11900	965	15	12	12	NUM
cblr-11900	965	16	c.f.r	c.f.r	NOUN
cblr-11900	965	17	.	.	PUNCT
cblr-11900	966	1	pt	pt	PROPN
cblr-11900	966	2	.	.	PROPN
cblr-11900	966	3	201	201	NUM
cblr-11900	966	4	.	.	PUNCT
cblr-11900	967	1	no	no	INTJ
cblr-11900	967	2	.	.	NOUN
cblr-11900	967	3	1	1	NUM
cblr-11900	967	4	]	]	ADJ
cblr-11900	967	5	money	money	NOUN
cblr-11900	967	6	and	and	CCONJ
cblr-11900	967	7	the	the	DET
cblr-11900	967	8	public	public	ADJ
cblr-11900	967	9	debt	debt	NOUN
cblr-11900	967	10	275	275	NUM
cblr-11900	967	11	except	except	SCONJ
cblr-11900	967	12	in	in	ADP
cblr-11900	967	13	unusual	unusual	ADJ
cblr-11900	967	14	or	or	CCONJ
cblr-11900	967	15	exigent	exigent	ADJ
cblr-11900	967	16	circumstances	circumstance	NOUN
cblr-11900	967	17	.	.	PUNCT
cblr-11900	968	1	”208	”208	ADJ
cblr-11900	968	2	and	and	CCONJ
cblr-11900	968	3	perhaps	perhaps	ADV
cblr-11900	968	4	more	more	ADV
cblr-11900	968	5	importantly	importantly	ADV
cblr-11900	968	6	,	,	PUNCT
cblr-11900	968	7	the	the	DET
cblr-11900	968	8	board	board	NOUN
cblr-11900	968	9	set	set	VERB
cblr-11900	968	10	the	the	DET
cblr-11900	968	11	minimum	minimum	ADJ
cblr-11900	968	12	rate	rate	NOUN
cblr-11900	968	13	on	on	ADP
cblr-11900	968	14	13(13	13(13	NUM
cblr-11900	968	15	)	)	PUNCT
cblr-11900	968	16	advances	advance	NOUN
cblr-11900	968	17	above	above	ADP
cblr-11900	968	18	the	the	DET
cblr-11900	968	19	highest	high	ADJ
cblr-11900	968	20	discount	discount	NOUN
cblr-11900	968	21	rate	rate	NOUN
cblr-11900	968	22	offered	offer	VERB
cblr-11900	968	23	to	to	PART
cblr-11900	968	24	member	member	NOUN
cblr-11900	968	25	banks	bank	NOUN
cblr-11900	968	26	,	,	PUNCT
cblr-11900	968	27	a	a	DET
cblr-11900	968	28	rate	rate	NOUN
cblr-11900	968	29	which	which	PRON
cblr-11900	968	30	would	would	AUX
cblr-11900	968	31	have	have	VERB
cblr-11900	968	32	to	to	PART
cblr-11900	968	33	be	be	AUX
cblr-11900	968	34	substantially	substantially	ADV
cblr-11900	968	35	lowered	lower	VERB
cblr-11900	968	36	to	to	PART
cblr-11900	968	37	address	address	VERB
cblr-11900	968	38	concerns	concern	NOUN
cblr-11900	968	39	around	around	ADP
cblr-11900	968	40	negative	negative	ADJ
cblr-11900	968	41	carry	carry	NOUN
cblr-11900	968	42	on	on	ADP
cblr-11900	968	43	dealer	dealer	NOUN
cblr-11900	968	44	inventories.209	inventories.209	NOUN
cblr-11900	968	45	accordingly	accordingly	ADV
cblr-11900	968	46	,	,	PUNCT
cblr-11900	968	47	when	when	SCONJ
cblr-11900	968	48	it	it	PRON
cblr-11900	968	49	came	come	VERB
cblr-11900	968	50	to	to	ADP
cblr-11900	968	51	providing	provide	VERB
cblr-11900	968	52	subsidized	subsidized	ADJ
cblr-11900	968	53	credit	credit	NOUN
cblr-11900	968	54	to	to	ADP
cblr-11900	968	55	government	government	NOUN
cblr-11900	968	56	securities	security	NOUN
cblr-11900	968	57	dealers	dealer	NOUN
cblr-11900	968	58	,	,	PUNCT
cblr-11900	968	59	officials	official	NOUN
cblr-11900	968	60	turned	turn	VERB
cblr-11900	968	61	to	to	ADP
cblr-11900	968	62	section	section	NOUN
cblr-11900	968	63	14	14	NUM
cblr-11900	968	64	.	.	PUNCT
cblr-11900	969	1	section	section	NOUN
cblr-11900	969	2	14	14	NUM
cblr-11900	969	3	authorizes	authorize	VERB
cblr-11900	969	4	the	the	DET
cblr-11900	969	5	federal	federal	PROPN
cblr-11900	969	6	reserve	reserve	PROPN
cblr-11900	969	7	banks	bank	NOUN
cblr-11900	969	8	to	to	PART
cblr-11900	969	9	“	"	PUNCT
cblr-11900	969	10	purchase	purchase	VERB
cblr-11900	969	11	and	and	CCONJ
cblr-11900	969	12	sell	sell	VERB
cblr-11900	969	13	”	"	PUNCT
cblr-11900	969	14	a	a	DET
cblr-11900	969	15	variety	variety	NOUN
cblr-11900	969	16	of	of	ADP
cblr-11900	969	17	securities	security	NOUN
cblr-11900	969	18	“	"	PUNCT
cblr-11900	969	19	in	in	ADP
cblr-11900	969	20	the	the	DET
cblr-11900	969	21	open	open	ADJ
cblr-11900	969	22	market	market	NOUN
cblr-11900	969	23	”	"	PUNCT
cblr-11900	969	24	(	(	PUNCT
cblr-11900	969	25	frequently	frequently	ADV
cblr-11900	969	26	referred	refer	VERB
cblr-11900	969	27	to	to	ADP
cblr-11900	969	28	as	as	ADP
cblr-11900	969	29	open	open	ADJ
cblr-11900	969	30	market	market	NOUN
cblr-11900	969	31	operations	operation	NOUN
cblr-11900	969	32	)	)	PUNCT
cblr-11900	969	33	with	with	ADP
cblr-11900	969	34	a	a	DET
cblr-11900	969	35	wide	wide	ADJ
cblr-11900	969	36	range	range	NOUN
cblr-11900	969	37	of	of	ADP
cblr-11900	969	38	market	market	NOUN
cblr-11900	969	39	participants	participant	NOUN
cblr-11900	969	40	—	—	PUNCT
cblr-11900	969	41	not	not	PART
cblr-11900	969	42	just	just	ADV
cblr-11900	969	43	banks	bank	NOUN
cblr-11900	969	44	.	.	PUNCT
cblr-11900	970	1	on	on	ADP
cblr-11900	970	2	its	its	PRON
cblr-11900	970	3	face	face	NOUN
cblr-11900	970	4	,	,	PUNCT
cblr-11900	970	5	section	section	NOUN
cblr-11900	970	6	14	14	NUM
cblr-11900	970	7	is	be	AUX
cblr-11900	970	8	not	not	PART
cblr-11900	970	9	a	a	DET
cblr-11900	970	10	lending	lending	NOUN
cblr-11900	970	11	authority	authority	NOUN
cblr-11900	970	12	.	.	PUNCT
cblr-11900	971	1	but	but	CCONJ
cblr-11900	971	2	in	in	ADP
cblr-11900	971	3	1917	1917	NUM
cblr-11900	971	4	,	,	PUNCT
cblr-11900	971	5	the	the	DET
cblr-11900	971	6	board	board	NOUN
cblr-11900	971	7	struck	strike	VERB
cblr-11900	971	8	on	on	ADP
cblr-11900	971	9	it	it	PRON
cblr-11900	971	10	as	as	SCONJ
cblr-11900	971	11	means	mean	VERB
cblr-11900	971	12	to	to	PART
cblr-11900	971	13	handle	handle	VERB
cblr-11900	971	14	the	the	DET
cblr-11900	971	15	unforeseen	unforeseen	ADJ
cblr-11900	971	16	consequences	consequence	NOUN
cblr-11900	971	17	of	of	ADP
cblr-11900	971	18	a	a	DET
cblr-11900	971	19	provision	provision	NOUN
cblr-11900	971	20	in	in	ADP
cblr-11900	971	21	the	the	DET
cblr-11900	971	22	war	war	NOUN
cblr-11900	971	23	revenue	revenue	NOUN
cblr-11900	971	24	act	act	NOUN
cblr-11900	971	25	that	that	PRON
cblr-11900	971	26	levied	levy	VERB
cblr-11900	971	27	a	a	DET
cblr-11900	971	28	stamp	stamp	NOUN
cblr-11900	971	29	tax	tax	NOUN
cblr-11900	971	30	on	on	ADP
cblr-11900	971	31	the	the	DET
cblr-11900	971	32	promissory	promissory	ADJ
cblr-11900	971	33	notes	note	NOUN
cblr-11900	971	34	of	of	ADP
cblr-11900	971	35	banks	bank	NOUN
cblr-11900	971	36	.	.	PUNCT
cblr-11900	972	1	when	when	SCONJ
cblr-11900	972	2	applied	apply	VERB
cblr-11900	972	3	to	to	ADP
cblr-11900	972	4	debt	debt	NOUN
cblr-11900	972	5	(	(	PUNCT
cblr-11900	972	6	including	include	VERB
cblr-11900	972	7	treasury	treasury	NOUN
cblr-11900	972	8	debt	debt	NOUN
cblr-11900	972	9	)	)	PUNCT
cblr-11900	972	10	used	use	VERB
cblr-11900	972	11	as	as	ADP
cblr-11900	972	12	collateral	collateral	NOUN
cblr-11900	972	13	in	in	ADP
cblr-11900	972	14	exchange	exchange	NOUN
cblr-11900	972	15	for	for	ADP
cblr-11900	972	16	short	short	ADJ
cblr-11900	972	17	-	-	PUNCT
cblr-11900	972	18	term	term	NOUN
cblr-11900	972	19	advances	advance	NOUN
cblr-11900	972	20	by	by	ADP
cblr-11900	972	21	the	the	DET
cblr-11900	972	22	reserve	reserve	NOUN
cblr-11900	972	23	banks,210	banks,210	PROPN
cblr-11900	972	24	the	the	DET
cblr-11900	972	25	stamp	stamp	NOUN
cblr-11900	972	26	tax	tax	NOUN
cblr-11900	972	27	made	make	VERB
cblr-11900	972	28	reserve	reserve	PROPN
cblr-11900	972	29	bank	bank	PROPN
cblr-11900	972	30	advances	advance	NOUN
cblr-11900	972	31	uneconomic	uneconomic	ADJ
cblr-11900	972	32	as	as	ADP
cblr-11900	972	33	a	a	DET
cblr-11900	972	34	source	source	NOUN
cblr-11900	972	35	of	of	ADP
cblr-11900	972	36	liquidity	liquidity	NOUN
cblr-11900	972	37	.	.	PUNCT
cblr-11900	973	1	this	this	DET
cblr-11900	973	2	consequence	consequence	NOUN
cblr-11900	973	3	threatened	threaten	VERB
cblr-11900	973	4	the	the	DET
cblr-11900	973	5	stability	stability	NOUN
cblr-11900	973	6	of	of	ADP
cblr-11900	973	7	the	the	DET
cblr-11900	973	8	government	government	NOUN
cblr-11900	973	9	bond	bond	NOUN
cblr-11900	973	10	market	market	NOUN
cblr-11900	973	11	,	,	PUNCT
cblr-11900	973	12	since	since	SCONJ
cblr-11900	973	13	subsidized	subsidized	ADJ
cblr-11900	973	14	lending	lending	NOUN
cblr-11900	973	15	to	to	ADP
cblr-11900	973	16	member	member	NOUN
cblr-11900	973	17	banks	bank	NOUN
cblr-11900	973	18	to	to	PART
cblr-11900	973	19	buy	buy	VERB
cblr-11900	973	20	treasuries	treasury	NOUN
cblr-11900	973	21	was	be	AUX
cblr-11900	973	22	a	a	DET
cblr-11900	973	23	significant	significant	ADJ
cblr-11900	973	24	component	component	NOUN
cblr-11900	973	25	of	of	ADP
cblr-11900	973	26	public	public	ADJ
cblr-11900	973	27	finance	finance	NOUN
cblr-11900	973	28	strategy	strategy	NOUN
cblr-11900	973	29	at	at	ADP
cblr-11900	973	30	the	the	DET
cblr-11900	973	31	time.211	time.211	PROPN
cblr-11900	973	32	208	208	NUM
cblr-11900	973	33	see	see	VERB
cblr-11900	973	34	bd	bd	PROPN
cblr-11900	973	35	.	.	PROPN
cblr-11900	973	36	of	of	ADP
cblr-11900	973	37	governors	governor	NOUN
cblr-11900	973	38	of	of	ADP
cblr-11900	973	39	the	the	DET
cblr-11900	973	40	fed	fed	PROPN
cblr-11900	973	41	.	.	PUNCT
cblr-11900	974	1	rsrv	rsrv	PROPN
cblr-11900	974	2	.	.	PUNCT
cblr-11900	975	1	sys	sys	PROPN
cblr-11900	975	2	,	,	PUNCT
cblr-11900	975	3	law	law	NOUN
cblr-11900	975	4	department	department	NOUN
cblr-11900	975	5	,	,	PUNCT
cblr-11900	975	6	41	41	NUM
cblr-11900	975	7	fed	fed	PROPN
cblr-11900	975	8	.	.	PUNCT
cblr-11900	975	9	rsrv	rsrv	PROPN
cblr-11900	975	10	.	.	PUNCT
cblr-11900	976	1	bull	bull	NOUN
cblr-11900	976	2	.	.	PUNCT
cblr-11900	977	1	8	8	NUM
cblr-11900	977	2	,	,	PUNCT
cblr-11900	977	3	11	11	NUM
cblr-11900	977	4	(	(	PUNCT
cblr-11900	977	5	1955	1955	NUM
cblr-11900	977	6	)	)	PUNCT
cblr-11900	977	7	.	.	PUNCT
cblr-11900	978	1	this	this	PRON
cblr-11900	978	2	is	be	AUX
cblr-11900	978	3	particularly	particularly	ADV
cblr-11900	978	4	notable	notable	ADJ
cblr-11900	978	5	considering	consider	VERB
cblr-11900	978	6	at	at	ADP
cblr-11900	978	7	this	this	DET
cblr-11900	978	8	point	point	NOUN
cblr-11900	978	9	,	,	PUNCT
cblr-11900	978	10	as	as	SCONJ
cblr-11900	978	11	is	be	AUX
cblr-11900	978	12	discussed	discuss	VERB
cblr-11900	978	13	herein	herein	NOUN
cblr-11900	978	14	,	,	PUNCT
cblr-11900	978	15	the	the	DET
cblr-11900	978	16	fed	fed	PROPN
cblr-11900	978	17	had	have	AUX
cblr-11900	978	18	already	already	ADV
cblr-11900	978	19	committed	commit	VERB
cblr-11900	978	20	to	to	PART
cblr-11900	978	21	support	support	VERB
cblr-11900	978	22	nonbank	nonbank	NOUN
cblr-11900	978	23	dealer	dealer	NOUN
cblr-11900	978	24	intermediation	intermediation	NOUN
cblr-11900	978	25	in	in	ADP
cblr-11900	978	26	government	government	NOUN
cblr-11900	978	27	bond	bond	NOUN
cblr-11900	978	28	markets	market	NOUN
cblr-11900	978	29	and	and	CCONJ
cblr-11900	978	30	was	be	AUX
cblr-11900	978	31	actively	actively	ADV
cblr-11900	978	32	expanding	expand	VERB
cblr-11900	978	33	its	its	PRON
cblr-11900	978	34	use	use	NOUN
cblr-11900	978	35	of	of	ADP
cblr-11900	978	36	repo	repo	NOUN
cblr-11900	978	37	funding	funding	NOUN
cblr-11900	978	38	under	under	ADP
cblr-11900	978	39	section	section	NOUN
cblr-11900	978	40	14	14	NUM
cblr-11900	978	41	.	.	PUNCT
cblr-11900	979	1	209	209	NUM
cblr-11900	979	2	bd	bd	PROPN
cblr-11900	979	3	.	.	PROPN
cblr-11900	979	4	of	of	ADP
cblr-11900	979	5	governors	governor	NOUN
cblr-11900	979	6	of	of	ADP
cblr-11900	979	7	the	the	DET
cblr-11900	979	8	fed	fed	PROPN
cblr-11900	979	9	.	.	PUNCT
cblr-11900	979	10	rsrv	rsrv	PROPN
cblr-11900	979	11	.	.	PUNCT
cblr-11900	980	1	sys	sys	PROPN
cblr-11900	980	2	.	.	PROPN
cblr-11900	980	3	,	,	PUNCT
cblr-11900	980	4	regulation	regulation	NOUN
cblr-11900	980	5	on	on	ADP
cblr-11900	980	6	discounts	discount	NOUN
cblr-11900	980	7	by	by	ADP
cblr-11900	980	8	federal	federal	ADJ
cblr-11900	980	9	reserve	reserve	PROPN
cblr-11900	980	10	banks	bank	NOUN
cblr-11900	980	11	,	,	PUNCT
cblr-11900	980	12	23	23	NUM
cblr-11900	980	13	fed	feed	VERB
cblr-11900	980	14	.	.	PUNCT
cblr-11900	981	1	res	re	NOUN
cblr-11900	981	2	.	.	PUNCT
cblr-11900	982	1	bull	bull	NOUN
cblr-11900	982	2	.	.	PUNCT
cblr-11900	983	1	965	965	NUM
cblr-11900	983	2	,	,	PUNCT
cblr-11900	983	3	978	978	NUM
cblr-11900	983	4	(	(	PUNCT
cblr-11900	983	5	oct	oct	PROPN
cblr-11900	983	6	.	.	PROPN
cblr-11900	983	7	1937	1937	NUM
cblr-11900	983	8	)	)	PUNCT
cblr-11900	983	9	.	.	PUNCT
cblr-11900	984	1	210	210	NUM
cblr-11900	984	2	fed	feed	VERB
cblr-11900	984	3	.	.	PUNCT
cblr-11900	985	1	res	re	NOUN
cblr-11900	985	2	.	.	PUNCT
cblr-11900	985	3	bank	bank	PROPN
cblr-11900	985	4	of	of	ADP
cblr-11900	985	5	n.y	n.y	PROPN
cblr-11900	985	6	.	.	PROPN
cblr-11900	985	7	,	,	PUNCT
cblr-11900	985	8	stamp	stamp	NOUN
cblr-11900	985	9	tax	tax	NOUN
cblr-11900	985	10	on	on	ADP
cblr-11900	985	11	promissory	promissory	ADJ
cblr-11900	985	12	notes	note	NOUN
cblr-11900	985	13	,	,	PUNCT
cblr-11900	985	14	92	92	NUM
cblr-11900	985	15	fed	feed	VERB
cblr-11900	985	16	.	.	PUNCT
cblr-11900	986	1	rsrv	rsrv	PROPN
cblr-11900	986	2	.	.	PUNCT
cblr-11900	987	1	bank	bank	PROPN
cblr-11900	987	2	of	of	ADP
cblr-11900	987	3	n.y	n.y	PROPN
cblr-11900	987	4	.	.	PROPN
cblr-11900	987	5	circulars	circular	NOUN
cblr-11900	987	6	(	(	PUNCT
cblr-11900	987	7	1917	1917	NUM
cblr-11900	987	8	)	)	PUNCT
cblr-11900	987	9	.	.	PUNCT
cblr-11900	988	1	211	211	NUM
cblr-11900	988	2	in	in	ADP
cblr-11900	988	3	december	december	PROPN
cblr-11900	988	4	1917	1917	NUM
cblr-11900	988	5	,	,	PUNCT
cblr-11900	988	6	motivated	motivate	VERB
cblr-11900	988	7	by	by	ADP
cblr-11900	988	8	the	the	DET
cblr-11900	988	9	“	"	PUNCT
cblr-11900	988	10	extensive	extensive	ADJ
cblr-11900	988	11	fiscal	fiscal	ADJ
cblr-11900	988	12	operations	operation	NOUN
cblr-11900	988	13	which	which	PRON
cblr-11900	988	14	will	will	AUX
cblr-11900	988	15	be	be	AUX
cblr-11900	988	16	undertaken	undertake	VERB
cblr-11900	988	17	by	by	ADP
cblr-11900	988	18	the	the	DET
cblr-11900	988	19	government	government	NOUN
cblr-11900	988	20	during	during	ADP
cblr-11900	988	21	the	the	DET
cblr-11900	988	22	period	period	NOUN
cblr-11900	988	23	of	of	ADP
cblr-11900	988	24	war	war	NOUN
cblr-11900	988	25	,	,	PUNCT
cblr-11900	988	26	”	"	PUNCT
cblr-11900	988	27	the	the	DET
cblr-11900	988	28	federal	federal	PROPN
cblr-11900	988	29	reserve	reserve	PROPN
cblr-11900	988	30	board	board	PROPN
cblr-11900	988	31	initiated	initiate	VERB
cblr-11900	988	32	weekly	weekly	ADJ
cblr-11900	988	33	collection	collection	NOUN
cblr-11900	988	34	of	of	ADP
cblr-11900	988	35	balance	balance	NOUN
cblr-11900	988	36	sheet	sheet	NOUN
cblr-11900	988	37	data	datum	NOUN
cblr-11900	988	38	from	from	ADP
cblr-11900	988	39	member	member	NOUN
cblr-11900	988	40	banks	bank	NOUN
cblr-11900	988	41	.	.	PUNCT
cblr-11900	989	1	see	see	VERB
cblr-11900	989	2	bd	bd	PROPN
cblr-11900	989	3	.	.	PROPN
cblr-11900	989	4	of	of	ADP
cblr-11900	989	5	governors	governor	NOUN
cblr-11900	989	6	of	of	ADP
cblr-11900	989	7	the	the	DET
cblr-11900	989	8	fed	fed	PROPN
cblr-11900	989	9	.	.	PUNCT
cblr-11900	990	1	rsrv	rsrv	PROPN
cblr-11900	990	2	.	.	PUNCT
cblr-11900	991	1	sys	sys	PROPN
cblr-11900	991	2	.	.	PROPN
cblr-11900	991	3	,	,	PUNCT
cblr-11900	991	4	review	review	NOUN
cblr-11900	991	5	of	of	ADP
cblr-11900	991	6	the	the	DET
cblr-11900	991	7	month	month	NOUN
cblr-11900	991	8	,	,	PUNCT
cblr-11900	991	9	3	3	NUM
cblr-11900	991	10	fed	feed	VERB
cblr-11900	991	11	.	.	PUNCT
cblr-11900	992	1	rsrv	rsrv	PROPN
cblr-11900	992	2	.	.	PUNCT
cblr-11900	993	1	bull	bull	NOUN
cblr-11900	993	2	.	.	PUNCT
cblr-11900	994	1	917	917	NUM
cblr-11900	994	2	,	,	PUNCT
cblr-11900	994	3	921	921	NUM
cblr-11900	994	4	(	(	PUNCT
cblr-11900	994	5	1917	1917	NUM
cblr-11900	994	6	)	)	PUNCT
cblr-11900	994	7	.	.	PUNCT
cblr-11900	995	1	the	the	DET
cblr-11900	995	2	first	first	ADJ
cblr-11900	995	3	report	report	NOUN
cblr-11900	995	4	showed	show	VERB
cblr-11900	995	5	member	member	NOUN
cblr-11900	995	6	banks	bank	NOUN
cblr-11900	995	7	owning	own	VERB
cblr-11900	995	8	roughly	roughly	ADV
cblr-11900	995	9	more	more	ADJ
cblr-11900	995	10	than	than	ADP
cblr-11900	995	11	$	$	SYM
cblr-11900	995	12	1.7	1.7	NUM
cblr-11900	995	13	billion	billion	NUM
cblr-11900	995	14	of	of	ADP
cblr-11900	995	15	u.s	u.s	PROPN
cblr-11900	995	16	.	.	PROPN
cblr-11900	995	17	government	government	NOUN
cblr-11900	995	18	debt	debt	NOUN
cblr-11900	995	19	and	and	CCONJ
cblr-11900	995	20	$	$	SYM
cblr-11900	995	21	374	374	NUM
cblr-11900	995	22	million	million	NUM
cblr-11900	995	23	of	of	ADP
cblr-11900	995	24	loans	loan	NOUN
cblr-11900	995	25	secured	secure	VERB
cblr-11900	995	26	by	by	ADP
cblr-11900	995	27	the	the	DET
cblr-11900	995	28	same	same	ADJ
cblr-11900	995	29	,	,	PUNCT
cblr-11900	995	30	or	or	CCONJ
cblr-11900	995	31	roughly	roughly	ADV
cblr-11900	995	32	25	25	NUM
cblr-11900	995	33	%	%	NOUN
cblr-11900	995	34	of	of	ADP
cblr-11900	995	35	all	all	DET
cblr-11900	995	36	interest	interest	NOUN
cblr-11900	995	37	-	-	PUNCT
cblr-11900	995	38	bearing	bear	VERB
cblr-11900	995	39	liabilities	liability	NOUN
cblr-11900	995	40	of	of	ADP
cblr-11900	995	41	the	the	DET
cblr-11900	995	42	federal	federal	ADJ
cblr-11900	995	43	government	government	NOUN
cblr-11900	995	44	.	.	PUNCT
cblr-11900	996	1	see	see	VERB
cblr-11900	996	2	scott	scott	PROPN
cblr-11900	996	3	konzem	konzem	PROPN
cblr-11900	996	4	.	.	PUNCT
cblr-11900	997	1	virginia	virginia	PROPN
cblr-11900	997	2	lewis	lewis	PROPN
cblr-11900	997	3	,	,	PUNCT
cblr-11900	997	4	suzanna	suzanna	PROPN
cblr-11900	997	5	stephens	stephen	NOUN
cblr-11900	997	6	,	,	PUNCT
cblr-11900	997	7	gretchen	gretchen	PROPN
cblr-11900	997	8	weinbach	weinbach	PROPN
cblr-11900	997	9	&	&	CCONJ
cblr-11900	997	10	michael	michael	PROPN
cblr-11900	997	11	zhang	zhang	PROPN
cblr-11900	997	12	,	,	PUNCT
cblr-11900	997	13	276	276	NUM
cblr-11900	997	14	columbia	columbia	PROPN
cblr-11900	997	15	business	business	NOUN
cblr-11900	997	16	law	law	PROPN
cblr-11900	997	17	review	review	NOUN
cblr-11900	997	18	[	[	X
cblr-11900	997	19	vol	vol	NOUN
cblr-11900	997	20	.	.	PUNCT
cblr-11900	997	21	2023	2023	NUM
cblr-11900	997	22	the	the	DET
cblr-11900	997	23	board	board	NOUN
cblr-11900	997	24	—	—	PUNCT
cblr-11900	997	25	while	while	SCONJ
cblr-11900	997	26	awaiting	await	VERB
cblr-11900	997	27	a	a	DET
cblr-11900	997	28	legislative	legislative	ADJ
cblr-11900	997	29	fix	fix	NOUN
cblr-11900	997	30	—	—	PUNCT
cblr-11900	997	31	identified	identify	VERB
cblr-11900	997	32	section	section	NOUN
cblr-11900	997	33	14	14	NUM
cblr-11900	997	34	as	as	ADP
cblr-11900	997	35	a	a	DET
cblr-11900	997	36	workaround	workaround	NOUN
cblr-11900	997	37	.	.	PUNCT
cblr-11900	998	1	the	the	DET
cblr-11900	998	2	frbs	frb	NOUN
cblr-11900	998	3	would	would	AUX
cblr-11900	998	4	purchase	purchase	VERB
cblr-11900	998	5	government	government	NOUN
cblr-11900	998	6	debt	debt	NOUN
cblr-11900	998	7	under	under	ADP
cblr-11900	998	8	an	an	DET
cblr-11900	998	9	agreement	agreement	NOUN
cblr-11900	998	10	to	to	PART
cblr-11900	998	11	resell	resell	VERB
cblr-11900	998	12	it	it	PRON
cblr-11900	998	13	to	to	ADP
cblr-11900	998	14	the	the	DET
cblr-11900	998	15	borrower	borrower	NOUN
cblr-11900	998	16	fifteen	fifteen	NUM
cblr-11900	998	17	days	day	NOUN
cblr-11900	998	18	later	later	ADV
cblr-11900	998	19	at	at	ADP
cblr-11900	998	20	a	a	DET
cblr-11900	998	21	slightly	slightly	ADV
cblr-11900	998	22	higher	high	ADJ
cblr-11900	998	23	price	price	NOUN
cblr-11900	998	24	—	—	PUNCT
cblr-11900	998	25	thus	thus	ADV
cblr-11900	998	26	providing	provide	VERB
cblr-11900	998	27	the	the	DET
cblr-11900	998	28	economic	economic	ADJ
cblr-11900	998	29	equivalent	equivalent	NOUN
cblr-11900	998	30	of	of	ADP
cblr-11900	998	31	financing	financing	NOUN
cblr-11900	998	32	secured	secure	VERB
cblr-11900	998	33	by	by	ADP
cblr-11900	998	34	the	the	DET
cblr-11900	998	35	underlying	underlie	VERB
cblr-11900	998	36	bond	bond	NOUN
cblr-11900	998	37	but	but	CCONJ
cblr-11900	998	38	without	without	ADP
cblr-11900	998	39	the	the	DET
cblr-11900	998	40	need	need	NOUN
cblr-11900	998	41	to	to	PART
cblr-11900	998	42	issue	issue	VERB
cblr-11900	998	43	a	a	DET
cblr-11900	998	44	promissory	promissory	NOUN
cblr-11900	998	45	note	note	NOUN
cblr-11900	998	46	(	(	PUNCT
cblr-11900	998	47	subject	subject	ADJ
cblr-11900	998	48	to	to	ADP
cblr-11900	998	49	the	the	DET
cblr-11900	998	50	tax).212	tax).212	NOUN
cblr-11900	998	51	although	although	SCONJ
cblr-11900	998	52	intended	intend	VERB
cblr-11900	998	53	to	to	PART
cblr-11900	998	54	support	support	VERB
cblr-11900	998	55	member	member	NOUN
cblr-11900	998	56	banks	bank	NOUN
cblr-11900	998	57	,	,	PUNCT
cblr-11900	998	58	some	some	DET
cblr-11900	998	59	frbs	frb	NOUN
cblr-11900	998	60	began	begin	VERB
cblr-11900	998	61	to	to	PART
cblr-11900	998	62	use	use	VERB
cblr-11900	998	63	repurchase	repurchase	NOUN
cblr-11900	998	64	agreements	agreement	NOUN
cblr-11900	998	65	also	also	ADV
cblr-11900	998	66	to	to	PART
cblr-11900	998	67	finance	finance	VERB
cblr-11900	998	68	nonmember	nonmember	PROPN
cblr-11900	998	69	banks	bank	NOUN
cblr-11900	998	70	that	that	PRON
cblr-11900	998	71	held	hold	VERB
cblr-11900	998	72	liberty	liberty	NOUN
cblr-11900	998	73	bonds.213	bonds.213	PROPN
cblr-11900	998	74	a	a	DET
cblr-11900	998	75	couple	couple	NOUN
cblr-11900	998	76	of	of	ADP
cblr-11900	998	77	years	year	NOUN
cblr-11900	998	78	after	after	ADP
cblr-11900	998	79	the	the	DET
cblr-11900	998	80	armistice	armistice	NOUN
cblr-11900	998	81	,	,	PUNCT
cblr-11900	998	82	as	as	SCONJ
cblr-11900	998	83	mcadoo	mcadoo	PROPN
cblr-11900	998	84	’s	’s	PART
cblr-11900	998	85	“	"	PUNCT
cblr-11900	998	86	powerful	powerful	ADJ
cblr-11900	998	87	stream	stream	NOUN
cblr-11900	998	88	of	of	ADP
cblr-11900	998	89	romanticism	romanticism	NOUN
cblr-11900	998	90	”	"	PUNCT
cblr-11900	998	91	had	have	AUX
cblr-11900	998	92	waned	wane	VERB
cblr-11900	998	93	but	but	CCONJ
cblr-11900	998	94	the	the	DET
cblr-11900	998	95	burdens	burden	NOUN
cblr-11900	998	96	of	of	ADP
cblr-11900	998	97	war	war	NOUN
cblr-11900	998	98	debt	debt	NOUN
cblr-11900	998	99	remained	remain	VERB
cblr-11900	998	100	,	,	PUNCT
cblr-11900	998	101	the	the	DET
cblr-11900	998	102	federal	federal	PROPN
cblr-11900	998	103	reserve	reserve	PROPN
cblr-11900	998	104	bank	bank	PROPN
cblr-11900	998	105	of	of	ADP
cblr-11900	998	106	new	new	PROPN
cblr-11900	998	107	york	york	PROPN
cblr-11900	998	108	in	in	ADP
cblr-11900	998	109	particular	particular	ADJ
cblr-11900	998	110	looked	look	VERB
cblr-11900	998	111	to	to	PART
cblr-11900	998	112	expand	expand	VERB
cblr-11900	998	113	repo	repo	ADP
cblr-11900	998	114	availability	availability	NOUN
cblr-11900	998	115	to	to	ADP
cblr-11900	998	116	non	non	ADJ
cblr-11900	998	117	-	-	ADJ
cblr-11900	998	118	bank	bank	ADJ
cblr-11900	998	119	dealers.214	dealers.214	VERB
cblr-11900	998	120	the	the	DET
cblr-11900	998	121	first	first	ADJ
cblr-11900	998	122	such	such	ADJ
cblr-11900	998	123	transaction	transaction	NOUN
cblr-11900	998	124	secured	secure	VERB
cblr-11900	998	125	by	by	ADP
cblr-11900	998	126	treasury	treasury	NOUN
cblr-11900	998	127	collateral	collateral	NOUN
cblr-11900	998	128	occurred	occur	VERB
cblr-11900	998	129	in	in	ADP
cblr-11900	998	130	april	april	PROPN
cblr-11900	998	131	1920	1920	NUM
cblr-11900	998	132	as	as	ADP
cblr-11900	998	133	part	part	NOUN
cblr-11900	998	134	of	of	ADP
cblr-11900	998	135	a	a	DET
cblr-11900	998	136	the	the	DET
cblr-11900	998	137	104th	104th	ADJ
cblr-11900	998	138	anniversary	anniversary	NOUN
cblr-11900	998	139	of	of	ADP
cblr-11900	998	140	the	the	DET
cblr-11900	998	141	federl	federl	PROPN
cblr-11900	998	142	reserve	reserve	PROPN
cblr-11900	998	143	’s	’s	PART
cblr-11900	998	144	oldest	old	ADJ
cblr-11900	998	145	data	datum	NOUN
cblr-11900	998	146	collection	collection	NOUN
cblr-11900	998	147	,	,	PUNCT
cblr-11900	998	148	bd	bd	PROPN
cblr-11900	998	149	.	.	PROPN
cblr-11900	998	150	of	of	ADP
cblr-11900	998	151	governors	governor	NOUN
cblr-11900	998	152	of	of	ADP
cblr-11900	998	153	the	the	DET
cblr-11900	998	154	fed	fed	PROPN
cblr-11900	998	155	.	.	PUNCT
cblr-11900	999	1	rsrv	rsrv	PROPN
cblr-11900	999	2	.	.	PUNCT
cblr-11900	1000	1	sys	sys	PROPN
cblr-11900	1000	2	.	.	PUNCT
cblr-11900	1001	1	(	(	PUNCT
cblr-11900	1001	2	june	june	PROPN
cblr-11900	1001	3	21	21	NUM
cblr-11900	1001	4	,	,	PUNCT
cblr-11900	1001	5	2021	2021	NUM
cblr-11900	1001	6	)	)	PUNCT
cblr-11900	1001	7	,	,	PUNCT
cblr-11900	1001	8	https://www.federalreserve.gov/econres/notes/feds-notes/the-104thanniversary-of-the-federal-reserves-oldest-data-collection-20210621.html	https://www.federalreserve.gov/econres/notes/feds-notes/the-104thanniversary-of-the-federal-reserves-oldest-data-collection-20210621.html	PROPN
cblr-11900	1002	1	[	[	X
cblr-11900	1002	2	https://perma.cc/swt3-akkq	https://perma.cc/swt3-akkq	PROPN
cblr-11900	1002	3	]	]	PUNCT
cblr-11900	1002	4	.	.	PUNCT
cblr-11900	1003	1	212	212	NUM
cblr-11900	1003	2	specifically	specifically	ADV
cblr-11900	1003	3	,	,	PUNCT
cblr-11900	1003	4	the	the	DET
cblr-11900	1003	5	board	board	NOUN
cblr-11900	1003	6	notified	notify	VERB
cblr-11900	1003	7	the	the	DET
cblr-11900	1003	8	regional	regional	ADJ
cblr-11900	1003	9	banks	bank	NOUN
cblr-11900	1003	10	that	that	SCONJ
cblr-11900	1003	11	“	"	PUNCT
cblr-11900	1003	12	eligible	eligible	ADJ
cblr-11900	1003	13	paper	paper	NOUN
cblr-11900	1003	14	”	"	PUNCT
cblr-11900	1003	15	may	may	AUX
cblr-11900	1003	16	be	be	AUX
cblr-11900	1003	17	rediscounted	rediscounte	VERB
cblr-11900	1003	18	“	"	PUNCT
cblr-11900	1003	19	without	without	ADP
cblr-11900	1003	20	additional	additional	ADJ
cblr-11900	1003	21	stamps	stamp	NOUN
cblr-11900	1003	22	”	"	PUNCT
cblr-11900	1003	23	and	and	CCONJ
cblr-11900	1003	24	that	that	SCONJ
cblr-11900	1003	25	“	"	PUNCT
cblr-11900	1003	26	if	if	SCONJ
cblr-11900	1003	27	they	they	PRON
cblr-11900	1003	28	desire	desire	VERB
cblr-11900	1003	29	to	to	PART
cblr-11900	1003	30	do	do	VERB
cblr-11900	1003	31	so	so	ADV
cblr-11900	1003	32	they	they	PRON
cblr-11900	1003	33	may	may	AUX
cblr-11900	1003	34	resell	resell	VERB
cblr-11900	1003	35	such	such	ADJ
cblr-11900	1003	36	paper	paper	NOUN
cblr-11900	1003	37	with	with	ADP
cblr-11900	1003	38	[	[	X
cblr-11900	1003	39	a	a	X
cblr-11900	1003	40	]	]	PUNCT
cblr-11900	1003	41	customary	customary	ADJ
cblr-11900	1003	42	rebate	rebate	NOUN
cblr-11900	1003	43	of	of	ADP
cblr-11900	1003	44	unearned	unearned	ADJ
cblr-11900	1003	45	discount	discount	NOUN
cblr-11900	1003	46	.	.	PUNCT
cblr-11900	1003	47	”	"	PUNCT
cblr-11900	1004	1	telegram	telegram	NOUN
cblr-11900	1004	2	of	of	ADP
cblr-11900	1004	3	gov	gov	PROPN
cblr-11900	1004	4	.	.	PROPN
cblr-11900	1004	5	harding	harding	PROPN
cblr-11900	1004	6	to	to	ADP
cblr-11900	1004	7	the	the	DET
cblr-11900	1004	8	federal	federal	PROPN
cblr-11900	1004	9	reserve	reserve	PROPN
cblr-11900	1004	10	agents	agent	NOUN
cblr-11900	1004	11	(	(	PUNCT
cblr-11900	1004	12	nov	nov	PROPN
cblr-11900	1004	13	.	.	PROPN
cblr-11900	1004	14	28	28	NUM
cblr-11900	1004	15	,	,	PUNCT
cblr-11900	1004	16	1917	1917	NUM
cblr-11900	1004	17	)	)	PUNCT
cblr-11900	1004	18	,	,	PUNCT
cblr-11900	1004	19	https://fraser.stlouisfed.org/archivalcollection/records-federal-reserve-system-1344/repurchase-paper-19171922-540595	https://fraser.stlouisfed.org/archivalcollection/records-federal-reserve-system-1344/repurchase-paper-19171922-540595	PROPN
cblr-11900	1005	1	[	[	X
cblr-11900	1005	2	https://perma.cc/e763-m2yy	https://perma.cc/e763-m2yy	NOUN
cblr-11900	1005	3	]	]	X
cblr-11900	1005	4	.	.	PUNCT
cblr-11900	1006	1	213	213	NUM
cblr-11900	1006	2	letter	letter	NOUN
cblr-11900	1006	3	from	from	ADP
cblr-11900	1006	4	the	the	DET
cblr-11900	1006	5	governor	governor	NOUN
cblr-11900	1006	6	of	of	ADP
cblr-11900	1006	7	the	the	DET
cblr-11900	1006	8	fed	fed	PROPN
cblr-11900	1006	9	.	.	PUNCT
cblr-11900	1006	10	rsrv	rsrv	PROPN
cblr-11900	1006	11	.	.	PUNCT
cblr-11900	1007	1	bd	bd	PROPN
cblr-11900	1007	2	.	.	PROPN
cblr-11900	1008	1	to	to	ADP
cblr-11900	1008	2	all	all	DET
cblr-11900	1008	3	governors	governor	NOUN
cblr-11900	1008	4	of	of	ADP
cblr-11900	1008	5	the	the	DET
cblr-11900	1008	6	fed	fed	PROPN
cblr-11900	1008	7	.	.	PUNCT
cblr-11900	1009	1	rsrv	rsrv	PROPN
cblr-11900	1009	2	.	.	PUNCT
cblr-11900	1010	1	bd	bd	PROPN
cblr-11900	1010	2	.	.	PROPN
cblr-11900	1010	3	,	,	PUNCT
cblr-11900	1010	4	(	(	PUNCT
cblr-11900	1010	5	july	july	PROPN
cblr-11900	1010	6	22	22	NUM
cblr-11900	1010	7	,	,	PUNCT
cblr-11900	1010	8	1918	1918	NUM
cblr-11900	1010	9	)	)	PUNCT
cblr-11900	1010	10	,	,	PUNCT
cblr-11900	1010	11	https://fraser.stlouisfed.org/archivalcollection/mimeograph-letters-statements-board-4957/letter-governorgovs-federal-reserve-banks-re-discount-commercial-paper-longermaturities-agreement-repurchase-within-15-days-512103	https://fraser.stlouisfed.org/archivalcollection/mimeograph-letters-statements-board-4957/letter-governorgovs-federal-reserve-banks-re-discount-commercial-paper-longermaturities-agreement-repurchase-within-15-days-512103	X
cblr-11900	1011	1	[	[	X
cblr-11900	1011	2	https://perma.cc/rt4a-chnf	https://perma.cc/rt4a-chnf	X
cblr-11900	1011	3	]	]	X
cblr-11900	1011	4	;	;	PUNCT
cblr-11900	1011	5	bd	bd	PROPN
cblr-11900	1011	6	.	.	PROPN
cblr-11900	1011	7	of	of	ADP
cblr-11900	1011	8	governors	governor	NOUN
cblr-11900	1011	9	of	of	ADP
cblr-11900	1011	10	the	the	DET
cblr-11900	1011	11	fed	fed	PROPN
cblr-11900	1011	12	.	.	PUNCT
cblr-11900	1011	13	rsrv	rsrv	PROPN
cblr-11900	1011	14	.	.	PUNCT
cblr-11900	1012	1	sys	sys	PROPN
cblr-11900	1012	2	.	.	PROPN
cblr-11900	1012	3	,	,	PUNCT
cblr-11900	1012	4	average	average	ADJ
cblr-11900	1012	5	rate	rate	NOUN
cblr-11900	1012	6	and	and	CCONJ
cblr-11900	1012	7	maturity	maturity	NOUN
cblr-11900	1012	8	of	of	ADP
cblr-11900	1012	9	paper	paper	NOUN
cblr-11900	1012	10	discounted	discount	VERB
cblr-11900	1012	11	by	by	ADP
cblr-11900	1012	12	the	the	DET
cblr-11900	1012	13	federal	federal	PROPN
cblr-11900	1012	14	reserve	reserve	PROPN
cblr-11900	1012	15	banks	bank	NOUN
cblr-11900	1012	16	each	each	DET
cblr-11900	1012	17	month	month	NOUN
cblr-11900	1012	18	,	,	PUNCT
cblr-11900	1012	19	4	4	NUM
cblr-11900	1012	20	fed	feed	VERB
cblr-11900	1012	21	.	.	PUNCT
cblr-11900	1012	22	rsrv	rsrv	PROPN
cblr-11900	1012	23	.	.	PUNCT
cblr-11900	1013	1	bull	bull	NOUN
cblr-11900	1013	2	.	.	PUNCT
cblr-11900	1014	1	551	551	NUM
cblr-11900	1014	2	(	(	PUNCT
cblr-11900	1014	3	1918	1918	NUM
cblr-11900	1014	4	)	)	PUNCT
cblr-11900	1014	5	.	.	PUNCT
cblr-11900	1015	1	214	214	NUM
cblr-11900	1015	2	the	the	DET
cblr-11900	1015	3	first	first	ADJ
cblr-11900	1015	4	dealer	dealer	NOUN
cblr-11900	1015	5	repos	repos	NOUN
cblr-11900	1015	6	were	be	AUX
cblr-11900	1015	7	focused	focus	VERB
cblr-11900	1015	8	on	on	ADP
cblr-11900	1015	9	the	the	DET
cblr-11900	1015	10	bankers	banker	NOUN
cblr-11900	1015	11	’	’	PART
cblr-11900	1015	12	acceptance	acceptance	NOUN
cblr-11900	1015	13	market	market	NOUN
cblr-11900	1015	14	.	.	PUNCT
cblr-11900	1016	1	fourth	fourth	ADJ
cblr-11900	1016	2	annual	annual	ADJ
cblr-11900	1016	3	report	report	NOUN
cblr-11900	1016	4	of	of	ADP
cblr-11900	1016	5	the	the	DET
cblr-11900	1016	6	federal	federal	PROPN
cblr-11900	1016	7	reserve	reserve	PROPN
cblr-11900	1016	8	bank	bank	PROPN
cblr-11900	1016	9	of	of	ADP
cblr-11900	1016	10	new	new	PROPN
cblr-11900	1016	11	york	york	PROPN
cblr-11900	1016	12	,	,	PUNCT
cblr-11900	1016	13	at	at	ADP
cblr-11900	1016	14	15	15	NUM
cblr-11900	1016	15	(	(	PUNCT
cblr-11900	1016	16	1919	1919	NUM
cblr-11900	1016	17	)	)	PUNCT
cblr-11900	1016	18	.	.	PUNCT
cblr-11900	1017	1	in	in	ADP
cblr-11900	1017	2	their	their	PRON
cblr-11900	1017	3	1920	1920	NUM
cblr-11900	1017	4	annual	annual	ADJ
cblr-11900	1017	5	report	report	NOUN
cblr-11900	1017	6	,	,	PUNCT
cblr-11900	1017	7	the	the	DET
cblr-11900	1017	8	board	board	NOUN
cblr-11900	1017	9	of	of	ADP
cblr-11900	1017	10	directors	director	NOUN
cblr-11900	1017	11	also	also	ADV
cblr-11900	1017	12	recalled	recall	VERB
cblr-11900	1017	13	that	that	SCONJ
cblr-11900	1017	14	,	,	PUNCT
cblr-11900	1017	15	“	"	PUNCT
cblr-11900	1017	16	in	in	ADP
cblr-11900	1017	17	the	the	DET
cblr-11900	1017	18	early	early	ADJ
cblr-11900	1017	19	spring	spring	NOUN
cblr-11900	1017	20	of	of	ADP
cblr-11900	1017	21	that	that	DET
cblr-11900	1017	22	year	year	NOUN
cblr-11900	1017	23	,	,	PUNCT
cblr-11900	1017	24	”	"	PUNCT
cblr-11900	1017	25	the	the	DET
cblr-11900	1017	26	new	new	PROPN
cblr-11900	1017	27	york	york	PROPN
cblr-11900	1017	28	fed	fed	PROPN
cblr-11900	1017	29	began	begin	VERB
cblr-11900	1017	30	facilitating	facilitate	VERB
cblr-11900	1017	31	dealer	dealer	NOUN
cblr-11900	1017	32	operations	operation	NOUN
cblr-11900	1017	33	“	"	PUNCT
cblr-11900	1017	34	by	by	ADP
cblr-11900	1017	35	means	mean	NOUN
cblr-11900	1017	36	of	of	ADP
cblr-11900	1017	37	purchase	purchase	NOUN
cblr-11900	1017	38	and	and	CCONJ
cblr-11900	1017	39	resale	resale	NOUN
cblr-11900	1017	40	agreements	agreement	NOUN
cblr-11900	1017	41	.	.	PUNCT
cblr-11900	1017	42	.	.	PUNCT
cblr-11900	1017	43	.	.	PUNCT
cblr-11900	1018	1	making	make	VERB
cblr-11900	1018	2	moderate	moderate	ADJ
cblr-11900	1018	3	advances	advance	NOUN
cblr-11900	1018	4	against	against	ADP
cblr-11900	1018	5	certificates	certificate	NOUN
cblr-11900	1018	6	.	.	PUNCT
cblr-11900	1018	7	”	"	PUNCT
cblr-11900	1019	1	fifth	fifth	ADJ
cblr-11900	1019	2	annual	annual	ADJ
cblr-11900	1019	3	report	report	NOUN
cblr-11900	1019	4	of	of	ADP
cblr-11900	1019	5	the	the	DET
cblr-11900	1019	6	federal	federal	PROPN
cblr-11900	1019	7	reserve	reserve	PROPN
cblr-11900	1019	8	bank	bank	PROPN
cblr-11900	1019	9	of	of	ADP
cblr-11900	1019	10	new	new	PROPN
cblr-11900	1019	11	york	york	PROPN
cblr-11900	1019	12	,	,	PUNCT
cblr-11900	1019	13	at	at	ADP
cblr-11900	1019	14	17	17	NUM
cblr-11900	1019	15	(	(	PUNCT
cblr-11900	1019	16	1920	1920	NUM
cblr-11900	1019	17	)	)	PUNCT
cblr-11900	1019	18	.	.	PUNCT
cblr-11900	1020	1	no	no	INTJ
cblr-11900	1020	2	.	.	NOUN
cblr-11900	1021	1	1	1	NUM
cblr-11900	1021	2	]	]	ADJ
cblr-11900	1021	3	money	money	NOUN
cblr-11900	1021	4	and	and	CCONJ
cblr-11900	1021	5	the	the	DET
cblr-11900	1021	6	public	public	ADJ
cblr-11900	1021	7	debt	debt	NOUN
cblr-11900	1021	8	277	277	NUM
cblr-11900	1021	9	concerted	concerted	ADJ
cblr-11900	1021	10	effort	effort	NOUN
cblr-11900	1021	11	to	to	PART
cblr-11900	1021	12	improve	improve	VERB
cblr-11900	1021	13	the	the	DET
cblr-11900	1021	14	functioning	functioning	NOUN
cblr-11900	1021	15	of	of	ADP
cblr-11900	1021	16	the	the	DET
cblr-11900	1021	17	government	government	NOUN
cblr-11900	1021	18	bond	bond	NOUN
cblr-11900	1021	19	market	market	NOUN
cblr-11900	1021	20	in	in	ADP
cblr-11900	1021	21	anticipation	anticipation	NOUN
cblr-11900	1021	22	of	of	ADP
cblr-11900	1021	23	upcoming	upcoming	ADJ
cblr-11900	1021	24	maturities	maturity	NOUN
cblr-11900	1021	25	of	of	ADP
cblr-11900	1021	26	large	large	ADJ
cblr-11900	1021	27	wartime	wartime	ADJ
cblr-11900	1021	28	bond	bond	NOUN
cblr-11900	1021	29	issues	issue	NOUN
cblr-11900	1021	30	—	—	PUNCT
cblr-11900	1021	31	and	and	CCONJ
cblr-11900	1021	32	at	at	ADP
cblr-11900	1021	33	rates	rate	NOUN
cblr-11900	1021	34	noticeably	noticeably	ADV
cblr-11900	1021	35	below	below	ADP
cblr-11900	1021	36	discounts	discount	NOUN
cblr-11900	1021	37	at	at	ADP
cblr-11900	1021	38	the	the	DET
cblr-11900	1021	39	time.215	time.215	NOUN
cblr-11900	1021	40	this	this	DET
cblr-11900	1021	41	new	new	ADJ
cblr-11900	1021	42	use	use	NOUN
cblr-11900	1021	43	sparked	spark	VERB
cblr-11900	1021	44	controversy,216	controversy,216	NOUN
cblr-11900	1021	45	but	but	CCONJ
cblr-11900	1021	46	after	after	ADP
cblr-11900	1021	47	several	several	ADJ
cblr-11900	1021	48	years	year	NOUN
cblr-11900	1021	49	of	of	ADP
cblr-11900	1021	50	struggle	struggle	NOUN
cblr-11900	1021	51	between	between	ADP
cblr-11900	1021	52	fed	fed	PROPN
cblr-11900	1021	53	officials	official	NOUN
cblr-11900	1021	54	,	,	PUNCT
cblr-11900	1021	55	in	in	ADP
cblr-11900	1021	56	1925	1925	NUM
cblr-11900	1021	57	,	,	PUNCT
cblr-11900	1021	58	the	the	DET
cblr-11900	1021	59	board	board	NOUN
cblr-11900	1021	60	reaffirmed	reaffirm	VERB
cblr-11900	1021	61	its	its	PRON
cblr-11900	1021	62	view	view	NOUN
cblr-11900	1021	63	that	that	SCONJ
cblr-11900	1021	64	these	these	DET
cblr-11900	1021	65	transactions	transaction	NOUN
cblr-11900	1021	66	were	be	AUX
cblr-11900	1021	67	legally	legally	ADV
cblr-11900	1021	68	authorized217	authorized217	VERB
cblr-11900	1021	69	—	—	PUNCT
cblr-11900	1021	70	in	in	ADP
cblr-11900	1021	71	contrast	contrast	NOUN
cblr-11900	1021	72	to	to	ADP
cblr-11900	1021	73	views	view	NOUN
cblr-11900	1021	74	previously	previously	ADV
cblr-11900	1021	75	expressed	express	VERB
cblr-11900	1021	76	by	by	ADP
cblr-11900	1021	77	215	215	NUM
cblr-11900	1021	78	data	datum	NOUN
cblr-11900	1021	79	compiled	compile	VERB
cblr-11900	1021	80	for	for	ADP
cblr-11900	1021	81	a	a	DET
cblr-11900	1021	82	congressional	congressional	ADJ
cblr-11900	1021	83	hearing	hearing	NOUN
cblr-11900	1021	84	in	in	ADP
cblr-11900	1021	85	1931	1931	NUM
cblr-11900	1021	86	indicates	indicate	VERB
cblr-11900	1021	87	that	that	SCONJ
cblr-11900	1021	88	the	the	DET
cblr-11900	1021	89	first	first	ADJ
cblr-11900	1021	90	“	"	PUNCT
cblr-11900	1021	91	sales	sale	NOUN
cblr-11900	1021	92	contract	contract	NOUN
cblr-11900	1021	93	agreement	agreement	NOUN
cblr-11900	1021	94	with	with	ADP
cblr-11900	1021	95	dealers	dealer	NOUN
cblr-11900	1021	96	”	"	PUNCT
cblr-11900	1021	97	in	in	ADP
cblr-11900	1021	98	government	government	NOUN
cblr-11900	1021	99	securities	security	NOUN
cblr-11900	1021	100	was	be	AUX
cblr-11900	1021	101	offered	offer	VERB
cblr-11900	1021	102	on	on	ADP
cblr-11900	1021	103	april	april	PROPN
cblr-11900	1021	104	13	13	NUM
cblr-11900	1021	105	,	,	PUNCT
cblr-11900	1021	106	1920	1920	NUM
cblr-11900	1021	107	at	at	ADP
cblr-11900	1021	108	a	a	DET
cblr-11900	1021	109	rate	rate	NOUN
cblr-11900	1021	110	of	of	ADP
cblr-11900	1021	111	5	5	NUM
cblr-11900	1021	112	-	-	PUNCT
cblr-11900	1021	113	1/8	1/8	NUM
cblr-11900	1021	114	%	%	NOUN
cblr-11900	1021	115	and	and	CCONJ
cblr-11900	1021	116	remained	remain	VERB
cblr-11900	1021	117	there	there	ADV
cblr-11900	1021	118	even	even	ADV
cblr-11900	1021	119	as	as	SCONJ
cblr-11900	1021	120	discount	discount	NOUN
cblr-11900	1021	121	rates	rate	NOUN
cblr-11900	1021	122	were	be	AUX
cblr-11900	1021	123	increased	increase	VERB
cblr-11900	1021	124	from	from	ADP
cblr-11900	1021	125	6	6	NUM
cblr-11900	1021	126	%	%	NOUN
cblr-11900	1021	127	(	(	PUNCT
cblr-11900	1021	128	set	set	VERB
cblr-11900	1021	129	on	on	ADP
cblr-11900	1021	130	january	january	PROPN
cblr-11900	1021	131	23	23	NUM
cblr-11900	1021	132	,	,	PUNCT
cblr-11900	1021	133	1920	1920	NUM
cblr-11900	1021	134	)	)	PUNCT
cblr-11900	1021	135	to	to	ADP
cblr-11900	1021	136	7	7	NUM
cblr-11900	1021	137	%	%	NOUN
cblr-11900	1021	138	(	(	PUNCT
cblr-11900	1021	139	as	as	ADP
cblr-11900	1021	140	of	of	ADP
cblr-11900	1021	141	june	june	PROPN
cblr-11900	1021	142	1	1	NUM
cblr-11900	1021	143	,	,	PUNCT
cblr-11900	1021	144	1920	1920	NUM
cblr-11900	1021	145	)	)	PUNCT
cblr-11900	1021	146	.	.	PUNCT
cblr-11900	1022	1	operation	operation	NOUN
cblr-11900	1022	2	of	of	ADP
cblr-11900	1022	3	the	the	DET
cblr-11900	1022	4	national	national	ADJ
cblr-11900	1022	5	and	and	CCONJ
cblr-11900	1022	6	federal	federal	PROPN
cblr-11900	1022	7	reserve	reserve	PROPN
cblr-11900	1022	8	banking	banking	NOUN
cblr-11900	1022	9	systems	system	NOUN
cblr-11900	1022	10	,	,	PUNCT
cblr-11900	1022	11	hearing	hear	VERB
cblr-11900	1022	12	on	on	ADP
cblr-11900	1022	13	s.	s.	PROPN
cblr-11900	1022	14	res	res	PROPN
cblr-11900	1022	15	.	.	PROPN
cblr-11900	1022	16	71	71	NUM
cblr-11900	1022	17	before	before	ADP
cblr-11900	1022	18	a	a	DET
cblr-11900	1022	19	subcomm	subcomm	NOUN
cblr-11900	1022	20	.	.	PUNCT
cblr-11900	1023	1	of	of	ADP
cblr-11900	1023	2	the	the	DET
cblr-11900	1023	3	comm	comm	NOUN
cblr-11900	1023	4	.	.	PUNCT
cblr-11900	1024	1	on	on	ADP
cblr-11900	1024	2	banking	banking	NOUN
cblr-11900	1024	3	and	and	CCONJ
cblr-11900	1024	4	currency	currency	NOUN
cblr-11900	1024	5	,	,	PUNCT
cblr-11900	1024	6	71st	71st	ADJ
cblr-11900	1024	7	cong	cong	NOUN
cblr-11900	1024	8	.	.	PUNCT
cblr-11900	1025	1	821	821	NUM
cblr-11900	1025	2	(	(	PUNCT
cblr-11900	1025	3	1931	1931	NUM
cblr-11900	1025	4	)	)	PUNCT
cblr-11900	1025	5	.	.	PUNCT
cblr-11900	1026	1	216	216	NUM
cblr-11900	1026	2	in	in	ADP
cblr-11900	1026	3	late-1921	late-1921	NOUN
cblr-11900	1026	4	,	,	PUNCT
cblr-11900	1026	5	in	in	ADP
cblr-11900	1026	6	response	response	NOUN
cblr-11900	1026	7	to	to	ADP
cblr-11900	1026	8	a	a	DET
cblr-11900	1026	9	suggestion	suggestion	NOUN
cblr-11900	1026	10	by	by	ADP
cblr-11900	1026	11	benjamin	benjamin	PROPN
cblr-11900	1026	12	strong	strong	PROPN
cblr-11900	1026	13	,	,	PUNCT
cblr-11900	1026	14	then	then	ADV
cblr-11900	1026	15	the	the	DET
cblr-11900	1026	16	governor	governor	NOUN
cblr-11900	1026	17	of	of	ADP
cblr-11900	1026	18	the	the	DET
cblr-11900	1026	19	new	new	PROPN
cblr-11900	1026	20	york	york	PROPN
cblr-11900	1026	21	fed	fed	PROPN
cblr-11900	1026	22	,	,	PUNCT
cblr-11900	1026	23	that	that	DET
cblr-11900	1026	24	dealer	dealer	NOUN
cblr-11900	1026	25	repo	repo	NOUN
cblr-11900	1026	26	be	be	AUX
cblr-11900	1026	27	expanded	expand	VERB
cblr-11900	1026	28	across	across	ADP
cblr-11900	1026	29	the	the	DET
cblr-11900	1026	30	system	system	NOUN
cblr-11900	1026	31	,	,	PUNCT
cblr-11900	1026	32	governor	governor	NOUN
cblr-11900	1026	33	crissinger	crissinger	NOUN
cblr-11900	1026	34	asked	ask	VERB
cblr-11900	1026	35	the	the	DET
cblr-11900	1026	36	board	board	NOUN
cblr-11900	1026	37	’s	’s	PART
cblr-11900	1026	38	general	general	ADJ
cblr-11900	1026	39	counsel	counsel	NOUN
cblr-11900	1026	40	,	,	PUNCT
cblr-11900	1026	41	walter	walter	PROPN
cblr-11900	1026	42	wyatt	wyatt	PROPN
cblr-11900	1026	43	to	to	PART
cblr-11900	1026	44	opine	opine	VERB
cblr-11900	1026	45	on	on	ADP
cblr-11900	1026	46	their	their	PRON
cblr-11900	1026	47	“	"	PUNCT
cblr-11900	1026	48	legality	legality	NOUN
cblr-11900	1026	49	.	.	PUNCT
cblr-11900	1026	50	”	"	PUNCT
cblr-11900	1027	1	in	in	ADP
cblr-11900	1027	2	an	an	DET
cblr-11900	1027	3	opinion	opinion	NOUN
cblr-11900	1027	4	issued	issue	VERB
cblr-11900	1027	5	august	august	PROPN
cblr-11900	1027	6	18	18	NUM
cblr-11900	1027	7	,	,	PUNCT
cblr-11900	1027	8	1923	1923	NUM
cblr-11900	1027	9	,	,	PUNCT
cblr-11900	1027	10	walter	walter	PROPN
cblr-11900	1027	11	wyatt	wyatt	PROPN
cblr-11900	1027	12	(	(	PUNCT
cblr-11900	1027	13	general	general	ADJ
cblr-11900	1027	14	counsel	counsel	NOUN
cblr-11900	1027	15	to	to	ADP
cblr-11900	1027	16	the	the	DET
cblr-11900	1027	17	board	board	NOUN
cblr-11900	1027	18	of	of	ADP
cblr-11900	1027	19	governors	governor	NOUN
cblr-11900	1027	20	)	)	PUNCT
cblr-11900	1027	21	concluded	conclude	VERB
cblr-11900	1027	22	that	that	SCONJ
cblr-11900	1027	23	the	the	DET
cblr-11900	1027	24	mandatory	mandatory	ADJ
cblr-11900	1027	25	nature	nature	NOUN
cblr-11900	1027	26	of	of	ADP
cblr-11900	1027	27	the	the	DET
cblr-11900	1027	28	closing	closing	NOUN
cblr-11900	1027	29	leg	leg	NOUN
cblr-11900	1027	30	of	of	ADP
cblr-11900	1027	31	a	a	DET
cblr-11900	1027	32	repo	repo	NOUN
cblr-11900	1027	33	rendered	render	VERB
cblr-11900	1027	34	the	the	DET
cblr-11900	1027	35	initial	initial	ADJ
cblr-11900	1027	36	transaction	transaction	NOUN
cblr-11900	1027	37	in	in	ADP
cblr-11900	1027	38	a	a	DET
cblr-11900	1027	39	repo	repo	NOUN
cblr-11900	1027	40	a	a	DET
cblr-11900	1027	41	“	"	PUNCT
cblr-11900	1027	42	loan	loan	NOUN
cblr-11900	1027	43	”	"	PUNCT
cblr-11900	1027	44	rather	rather	ADV
cblr-11900	1027	45	than	than	ADP
cblr-11900	1027	46	a	a	DET
cblr-11900	1027	47	“	"	PUNCT
cblr-11900	1027	48	purchase	purchase	NOUN
cblr-11900	1027	49	,	,	PUNCT
cblr-11900	1027	50	”	"	PUNCT
cblr-11900	1027	51	and	and	CCONJ
cblr-11900	1027	52	furthermore	furthermore	ADV
cblr-11900	1027	53	that	that	DET
cblr-11900	1027	54	repurchase	repurchase	NOUN
cblr-11900	1027	55	agreements	agreement	NOUN
cblr-11900	1027	56	could	could	AUX
cblr-11900	1027	57	not	not	PART
cblr-11900	1027	58	be	be	AUX
cblr-11900	1027	59	construed	construe	VERB
cblr-11900	1027	60	as	as	ADP
cblr-11900	1027	61	promissory	promissory	ADJ
cblr-11900	1027	62	notes	note	NOUN
cblr-11900	1027	63	under	under	ADP
cblr-11900	1027	64	§	§	PROPN
cblr-11900	1027	65	13	13	NUM
cblr-11900	1027	66	of	of	ADP
cblr-11900	1027	67	the	the	DET
cblr-11900	1027	68	federal	federal	PROPN
cblr-11900	1027	69	reserve	reserve	PROPN
cblr-11900	1027	70	act	act	PROPN
cblr-11900	1027	71	.	.	PUNCT
cblr-11900	1028	1	according	accord	VERB
cblr-11900	1028	2	to	to	ADP
cblr-11900	1028	3	wyatt	wyatt	PROPN
cblr-11900	1028	4	,	,	PUNCT
cblr-11900	1028	5	repos	repos	PROPN
cblr-11900	1028	6	were	be	AUX
cblr-11900	1028	7	very	very	ADV
cblr-11900	1028	8	likely	likely	ADJ
cblr-11900	1028	9	“	"	PUNCT
cblr-11900	1028	10	in	in	ADP
cblr-11900	1028	11	legal	legal	ADJ
cblr-11900	1028	12	effect	effect	NOUN
cblr-11900	1028	13	merely	merely	ADV
cblr-11900	1028	14	a	a	DET
cblr-11900	1028	15	loan	loan	NOUN
cblr-11900	1028	16	secured	secure	VERB
cblr-11900	1028	17	by	by	ADP
cblr-11900	1028	18	collateral	collateral	NOUN
cblr-11900	1028	19	,	,	PUNCT
cblr-11900	1028	20	and	and	CCONJ
cblr-11900	1028	21	not	not	PART
cblr-11900	1028	22	a	a	DET
cblr-11900	1028	23	sale	sale	NOUN
cblr-11900	1028	24	”	"	PUNCT
cblr-11900	1028	25	and	and	CCONJ
cblr-11900	1028	26	their	their	PRON
cblr-11900	1028	27	use	use	NOUN
cblr-11900	1028	28	in	in	ADP
cblr-11900	1028	29	the	the	DET
cblr-11900	1028	30	way	way	NOUN
cblr-11900	1028	31	that	that	PRON
cblr-11900	1028	32	new	new	PROPN
cblr-11900	1028	33	york	york	PROPN
cblr-11900	1028	34	was	be	AUX
cblr-11900	1028	35	contemplating	contemplate	VERB
cblr-11900	1028	36	was	be	AUX
cblr-11900	1028	37	“	"	PUNCT
cblr-11900	1028	38	manifestly	manifestly	ADV
cblr-11900	1028	39	inconsistent	inconsistent	ADJ
cblr-11900	1028	40	with	with	ADP
cblr-11900	1028	41	the	the	DET
cblr-11900	1028	42	purposes	purpose	NOUN
cblr-11900	1028	43	of	of	ADP
cblr-11900	1028	44	the	the	DET
cblr-11900	1028	45	[	[	X
cblr-11900	1028	46	federal	federal	ADJ
cblr-11900	1028	47	reserve	reserve	PROPN
cblr-11900	1028	48	]	]	PUNCT
cblr-11900	1028	49	act	act	PROPN
cblr-11900	1028	50	.	.	PUNCT
cblr-11900	1028	51	”	"	PUNCT
cblr-11900	1029	1	memorandum	memorandum	NOUN
cblr-11900	1029	2	from	from	ADP
cblr-11900	1029	3	walter	walter	PROPN
cblr-11900	1029	4	wyatt	wyatt	PROPN
cblr-11900	1029	5	,	,	PUNCT
cblr-11900	1029	6	general	general	ADJ
cblr-11900	1029	7	counsel	counsel	NOUN
cblr-11900	1029	8	of	of	ADP
cblr-11900	1029	9	the	the	DET
cblr-11900	1029	10	federal	federal	PROPN
cblr-11900	1029	11	reserve	reserve	PROPN
cblr-11900	1029	12	board	board	PROPN
cblr-11900	1029	13	,	,	PUNCT
cblr-11900	1029	14	to	to	ADP
cblr-11900	1029	15	daniel	daniel	PROPN
cblr-11900	1029	16	crissinger	crissinger	PROPN
cblr-11900	1029	17	,	,	PUNCT
cblr-11900	1029	18	governor	governor	NOUN
cblr-11900	1029	19	of	of	ADP
cblr-11900	1029	20	the	the	DET
cblr-11900	1029	21	federal	federal	PROPN
cblr-11900	1029	22	reserve	reserve	PROPN
cblr-11900	1029	23	board	board	PROPN
cblr-11900	1029	24	10	10	NUM
cblr-11900	1029	25	(	(	PUNCT
cblr-11900	1029	26	aug	aug	PROPN
cblr-11900	1029	27	.	.	PROPN
cblr-11900	1029	28	18	18	NUM
cblr-11900	1029	29	,	,	PUNCT
cblr-11900	1029	30	1923	1923	NUM
cblr-11900	1029	31	)	)	PUNCT
cblr-11900	1029	32	(	(	PUNCT
cblr-11900	1029	33	on	on	ADP
cblr-11900	1029	34	file	file	NOUN
cblr-11900	1029	35	with	with	ADP
cblr-11900	1029	36	the	the	DET
cblr-11900	1029	37	columbia	columbia	PROPN
cblr-11900	1029	38	business	business	PROPN
cblr-11900	1029	39	law	law	PROPN
cblr-11900	1029	40	review	review	PROPN
cblr-11900	1029	41	)	)	PUNCT
cblr-11900	1029	42	;	;	PUNCT
cblr-11900	1029	43	letter	letter	NOUN
cblr-11900	1029	44	from	from	ADP
cblr-11900	1029	45	george	george	PROPN
cblr-11900	1029	46	vest	vest	PROPN
cblr-11900	1029	47	,	,	PUNCT
cblr-11900	1029	48	general	general	ADJ
cblr-11900	1029	49	counsel	counsel	NOUN
cblr-11900	1029	50	to	to	ADP
cblr-11900	1029	51	the	the	DET
cblr-11900	1029	52	bd	bd	PROPN
cblr-11900	1029	53	.	.	PROPN
cblr-11900	1029	54	of	of	ADP
cblr-11900	1029	55	governors	governor	NOUN
cblr-11900	1029	56	of	of	ADP
cblr-11900	1029	57	the	the	DET
cblr-11900	1029	58	fed	fed	PROPN
cblr-11900	1029	59	.	.	PUNCT
cblr-11900	1030	1	rsrv	rsrv	PROPN
cblr-11900	1030	2	.	.	PUNCT
cblr-11900	1031	1	,	,	PUNCT
cblr-11900	1031	2	to	to	ADP
cblr-11900	1031	3	exec	exec	PROPN
cblr-11900	1031	4	.	.	PUNCT
cblr-11900	1032	1	committee	committee	PROPN
cblr-11900	1032	2	of	of	ADP
cblr-11900	1032	3	the	the	DET
cblr-11900	1032	4	fed	fed	PROPN
cblr-11900	1032	5	.	.	PUNCT
cblr-11900	1033	1	open	open	PROPN
cblr-11900	1033	2	mkt	mkt	PROPN
cblr-11900	1033	3	.	.	PROPN
cblr-11900	1033	4	comm	comm	NOUN
cblr-11900	1033	5	.	.	PROPN
cblr-11900	1033	6	,	,	PUNCT
cblr-11900	1033	7	oct	oct	PROPN
cblr-11900	1033	8	.	.	PROPN
cblr-11900	1033	9	1	1	NUM
cblr-11900	1033	10	,	,	PUNCT
cblr-11900	1033	11	1954	1954	NUM
cblr-11900	1033	12	,	,	PUNCT
cblr-11900	1033	13	available	available	ADJ
cblr-11900	1033	14	at	at	ADP
cblr-11900	1033	15	https://fraser.stlouisfed.org/archival-collection/records-federal-reservesystem-1344/discount-rates-operations-fr-banks-repurchase-paper-19421958-540597	https://fraser.stlouisfed.org/archival-collection/records-federal-reservesystem-1344/discount-rates-operations-fr-banks-repurchase-paper-19421958-540597	PROPN
cblr-11900	1033	16	.	.	PUNCT
cblr-11900	1034	1	wyatt	wyatt	PROPN
cblr-11900	1034	2	’s	’s	PART
cblr-11900	1034	3	views	view	NOUN
cblr-11900	1034	4	were	be	AUX
cblr-11900	1034	5	not	not	PART
cblr-11900	1034	6	shared	share	VERB
cblr-11900	1034	7	by	by	ADP
cblr-11900	1034	8	some	some	DET
cblr-11900	1034	9	reserve	reserve	PROPN
cblr-11900	1034	10	bank	bank	PROPN
cblr-11900	1034	11	legal	legal	ADJ
cblr-11900	1034	12	departments	department	NOUN
cblr-11900	1034	13	(	(	PUNCT
cblr-11900	1034	14	“	"	PUNCT
cblr-11900	1034	15	i	i	PRON
cblr-11900	1034	16	have	have	AUX
cblr-11900	1034	17	been	be	AUX
cblr-11900	1034	18	advised	advise	VERB
cblr-11900	1034	19	by	by	ADP
cblr-11900	1034	20	counsel	counsel	NOUN
cblr-11900	1034	21	for	for	ADP
cblr-11900	1034	22	several	several	ADJ
cblr-11900	1034	23	of	of	ADP
cblr-11900	1034	24	the	the	DET
cblr-11900	1034	25	federal	federal	PROPN
cblr-11900	1034	26	reserve	reserve	PROPN
cblr-11900	1034	27	banks	bank	NOUN
cblr-11900	1034	28	that	that	PRON
cblr-11900	1034	29	they	they	PRON
cblr-11900	1034	30	concur	concur	VERB
cblr-11900	1034	31	in	in	ADP
cblr-11900	1034	32	this	this	DET
cblr-11900	1034	33	view	view	NOUN
cblr-11900	1034	34	,	,	PUNCT
cblr-11900	1034	35	though	though	SCONJ
cblr-11900	1034	36	some	some	PRON
cblr-11900	1034	37	of	of	ADP
cblr-11900	1034	38	the	the	DET
cblr-11900	1034	39	other	other	ADJ
cblr-11900	1034	40	counsel	counsel	NOUN
cblr-11900	1034	41	disagree	disagree	VERB
cblr-11900	1034	42	with	with	ADP
cblr-11900	1034	43	me	i	PRON
cblr-11900	1034	44	.	.	PUNCT
cblr-11900	1034	45	”	"	PUNCT
cblr-11900	1034	46	)	)	PUNCT
cblr-11900	1034	47	,	,	PUNCT
cblr-11900	1034	48	but	but	CCONJ
cblr-11900	1034	49	he	he	PRON
cblr-11900	1034	50	held	hold	VERB
cblr-11900	1034	51	firm	firm	NOUN
cblr-11900	1034	52	.	.	PUNCT
cblr-11900	1035	1	memorandum	memorandum	NOUN
cblr-11900	1035	2	from	from	ADP
cblr-11900	1035	3	walter	walter	PROPN
cblr-11900	1035	4	wyatt	wyatt	PROPN
cblr-11900	1035	5	,	,	PUNCT
cblr-11900	1035	6	general	general	ADJ
cblr-11900	1035	7	counsel	counsel	NOUN
cblr-11900	1035	8	of	of	ADP
cblr-11900	1035	9	the	the	DET
cblr-11900	1035	10	federal	federal	PROPN
cblr-11900	1035	11	reserve	reserve	PROPN
cblr-11900	1035	12	board	board	PROPN
cblr-11900	1035	13	,	,	PUNCT
cblr-11900	1035	14	to	to	ADP
cblr-11900	1035	15	daniel	daniel	PROPN
cblr-11900	1035	16	crissinger	crissinger	PROPN
cblr-11900	1035	17	,	,	PUNCT
cblr-11900	1035	18	governor	governor	NOUN
cblr-11900	1035	19	of	of	ADP
cblr-11900	1035	20	the	the	DET
cblr-11900	1035	21	federal	federal	PROPN
cblr-11900	1035	22	reserve	reserve	PROPN
cblr-11900	1035	23	board	board	PROPN
cblr-11900	1035	24	2	2	NUM
cblr-11900	1035	25	,	,	PUNCT
cblr-11900	1035	26	4–5	4–5	PROPN
cblr-11900	1035	27	(	(	PUNCT
cblr-11900	1035	28	nov	nov	PROPN
cblr-11900	1035	29	.	.	PROPN
cblr-11900	1035	30	3	3	NUM
cblr-11900	1035	31	,	,	PUNCT
cblr-11900	1035	32	1923	1923	NUM
cblr-11900	1035	33	)	)	PUNCT
cblr-11900	1035	34	(	(	PUNCT
cblr-11900	1035	35	on	on	ADP
cblr-11900	1035	36	file	file	NOUN
cblr-11900	1035	37	with	with	ADP
cblr-11900	1035	38	the	the	DET
cblr-11900	1035	39	columbia	columbia	PROPN
cblr-11900	1035	40	business	business	PROPN
cblr-11900	1035	41	law	law	PROPN
cblr-11900	1035	42	review	review	PROPN
cblr-11900	1035	43	)	)	PUNCT
cblr-11900	1035	44	.	.	PUNCT
cblr-11900	1036	1	217	217	NUM
cblr-11900	1036	2	bd	bd	PROPN
cblr-11900	1036	3	.	.	PROPN
cblr-11900	1036	4	of	of	ADP
cblr-11900	1036	5	governors	governor	NOUN
cblr-11900	1036	6	of	of	ADP
cblr-11900	1036	7	the	the	DET
cblr-11900	1036	8	fed	fed	PROPN
cblr-11900	1036	9	.	.	PUNCT
cblr-11900	1036	10	rsrv	rsrv	PROPN
cblr-11900	1036	11	.	.	PUNCT
cblr-11900	1037	1	sys	sys	PROPN
cblr-11900	1037	2	.	.	PROPN
cblr-11900	1037	3	meeting	meeting	NOUN
cblr-11900	1037	4	minutes	minute	NOUN
cblr-11900	1037	5	,	,	PUNCT
cblr-11900	1037	6	at	at	ADP
cblr-11900	1037	7	5	5	NUM
cblr-11900	1037	8	(	(	PUNCT
cblr-11900	1037	9	mar	mar	PROPN
cblr-11900	1037	10	.	.	PROPN
cblr-11900	1037	11	5	5	NUM
cblr-11900	1037	12	,	,	PUNCT
cblr-11900	1037	13	1925	1925	NUM
cblr-11900	1037	14	)	)	PUNCT
cblr-11900	1037	15	,	,	PUNCT
cblr-11900	1037	16	278	278	NUM
cblr-11900	1037	17	columbia	columbia	PROPN
cblr-11900	1037	18	business	business	NOUN
cblr-11900	1037	19	law	law	PROPN
cblr-11900	1037	20	review	review	NOUN
cblr-11900	1038	1	[	[	X
cblr-11900	1038	2	vol	vol	NOUN
cblr-11900	1038	3	.	.	PUNCT
cblr-11900	1038	4	2023	2023	NUM
cblr-11900	1038	5	its	its	PRON
cblr-11900	1038	6	own	own	ADJ
cblr-11900	1038	7	general	general	ADJ
cblr-11900	1038	8	counsel.218	counsel.218	NOUN
cblr-11900	1038	9	the	the	DET
cblr-11900	1038	10	fed	fed	PROPN
cblr-11900	1038	11	’s	’s	PART
cblr-11900	1038	12	use	use	NOUN
cblr-11900	1038	13	of	of	ADP
cblr-11900	1038	14	this	this	DET
cblr-11900	1038	15	de	de	X
cblr-11900	1038	16	facto	facto	X
cblr-11900	1038	17	lending	lending	NOUN
cblr-11900	1038	18	power	power	NOUN
cblr-11900	1038	19	expanded	expand	VERB
cblr-11900	1038	20	into	into	ADP
cblr-11900	1038	21	the	the	DET
cblr-11900	1038	22	early-1930s	early-1930	NOUN
cblr-11900	1038	23	,	,	PUNCT
cblr-11900	1038	24	driven	drive	VERB
cblr-11900	1038	25	by	by	ADP
cblr-11900	1038	26	the	the	DET
cblr-11900	1038	27	federal	federal	PROPN
cblr-11900	1038	28	reserve	reserve	PROPN
cblr-11900	1038	29	bank	bank	PROPN
cblr-11900	1038	30	of	of	ADP
cblr-11900	1038	31	new	new	ADJ
cblr-11900	1038	32	york.219	york.219	PROPN
cblr-11900	1038	33	then	then	ADV
cblr-11900	1038	34	,	,	PUNCT
cblr-11900	1038	35	in	in	ADP
cblr-11900	1038	36	1933	1933	NUM
cblr-11900	1038	37	,	,	PUNCT
cblr-11900	1038	38	the	the	DET
cblr-11900	1038	39	fed	fed	PROPN
cblr-11900	1038	40	suspended	suspend	VERB
cblr-11900	1038	41	repo	repo	NOUN
cblr-11900	1038	42	in	in	ADP
cblr-11900	1038	43	bills	bill	NOUN
cblr-11900	1038	44	,	,	PUNCT
cblr-11900	1038	45	and	and	CCONJ
cblr-11900	1038	46	by	by	ADP
cblr-11900	1038	47	1935	1935	NUM
cblr-11900	1038	48	it	it	PRON
cblr-11900	1038	49	stopped	stop	VERB
cblr-11900	1038	50	the	the	DET
cblr-11900	1038	51	practice	practice	NOUN
cblr-11900	1038	52	in	in	ADP
cblr-11900	1038	53	government	government	NOUN
cblr-11900	1038	54	securities	security	NOUN
cblr-11900	1038	55	entirely.220	entirely.220	VERB
cblr-11900	1038	56	repos	repos	NOUN
cblr-11900	1038	57	were	be	AUX
cblr-11900	1038	58	revived	revive	VERB
cblr-11900	1038	59	by	by	ADP
cblr-11900	1038	60	the	the	DET
cblr-11900	1038	61	fomc	fomc	NOUN
cblr-11900	1038	62	in	in	ADP
cblr-11900	1038	63	the	the	DET
cblr-11900	1038	64	post	post	ADJ
cblr-11900	1038	65	-	-	ADJ
cblr-11900	1038	66	war	war	ADJ
cblr-11900	1038	67	interregnum	interregnum	NOUN
cblr-11900	1038	68	that	that	PRON
cblr-11900	1038	69	preceded	precede	VERB
cblr-11900	1038	70	the	the	DET
cblr-11900	1038	71	accord	accord	NOUN
cblr-11900	1038	72	.	.	PUNCT
cblr-11900	1039	1	their	their	PRON
cblr-11900	1039	2	use	use	NOUN
cblr-11900	1039	3	was	be	AUX
cblr-11900	1039	4	justified	justify	VERB
cblr-11900	1039	5	primarily	primarily	ADV
cblr-11900	1039	6	to	to	PART
cblr-11900	1039	7	manage	manage	VERB
cblr-11900	1039	8	liquidity	liquidity	NOUN
cblr-11900	1039	9	in	in	ADP
cblr-11900	1039	10	the	the	DET
cblr-11900	1039	11	financial	financial	ADJ
cblr-11900	1039	12	system	system	NOUN
cblr-11900	1039	13	—	—	PUNCT
cblr-11900	1039	14	as	as	ADP
cblr-11900	1039	15	one	one	NUM
cblr-11900	1039	16	of	of	ADP
cblr-11900	1039	17	the	the	DET
cblr-11900	1039	18	more	more	ADV
cblr-11900	1039	19	effective	effective	ADJ
cblr-11900	1039	20	tools	tool	NOUN
cblr-11900	1039	21	by	by	ADP
cblr-11900	1039	22	which	which	PRON
cblr-11900	1039	23	to	to	PART
cblr-11900	1039	24	target	target	VERB
cblr-11900	1039	25	free	free	ADJ
cblr-11900	1039	26	reserves221	reserves221	PROPN
cblr-11900	1039	27	https://fraser.stlouisfed.org/files/docs/historical/nara/bog_minutes/1925030	https://fraser.stlouisfed.org/files/docs/historical/nara/bog_minutes/1925030	PROPN
cblr-11900	1039	28	5_minutes.pdf?utm_source=direct_download	5_minutes.pdf?utm_source=direct_download	NUM
cblr-11900	1040	1	[	[	X
cblr-11900	1040	2	https://perma.cc/98vqqln2	https://perma.cc/98vqqln2	X
cblr-11900	1040	3	]	]	X
cblr-11900	1040	4	.	.	PUNCT
cblr-11900	1041	1	218	218	NUM
cblr-11900	1042	1	the	the	DET
cblr-11900	1042	2	board	board	NOUN
cblr-11900	1042	3	never	never	ADV
cblr-11900	1042	4	formally	formally	ADV
cblr-11900	1042	5	endorsed	endorse	VERB
cblr-11900	1042	6	wyatt	wyatt	PROPN
cblr-11900	1042	7	’s	’s	PART
cblr-11900	1042	8	original	original	ADJ
cblr-11900	1042	9	memo	memo	NOUN
cblr-11900	1042	10	.	.	PUNCT
cblr-11900	1043	1	nor	nor	CCONJ
cblr-11900	1043	2	does	do	AUX
cblr-11900	1043	3	it	it	PRON
cblr-11900	1043	4	seem	seem	VERB
cblr-11900	1043	5	the	the	DET
cblr-11900	1043	6	memo	memo	NOUN
cblr-11900	1043	7	was	be	AUX
cblr-11900	1043	8	ever	ever	ADV
cblr-11900	1043	9	provided	provide	VERB
cblr-11900	1043	10	to	to	ADP
cblr-11900	1043	11	the	the	DET
cblr-11900	1043	12	new	new	PROPN
cblr-11900	1043	13	york	york	PROPN
cblr-11900	1043	14	fed	feed	VERB
cblr-11900	1043	15	directly	directly	ADV
cblr-11900	1043	16	.	.	PUNCT
cblr-11900	1044	1	letter	letter	NOUN
cblr-11900	1044	2	from	from	ADP
cblr-11900	1044	3	george	george	PROPN
cblr-11900	1044	4	l.	l.	PROPN
cblr-11900	1044	5	harrison	harrison	PROPN
cblr-11900	1044	6	,	,	PUNCT
cblr-11900	1044	7	deputy	deputy	NOUN
cblr-11900	1044	8	governor	governor	NOUN
cblr-11900	1044	9	of	of	ADP
cblr-11900	1044	10	the	the	DET
cblr-11900	1044	11	federal	federal	PROPN
cblr-11900	1044	12	reserve	reserve	PROPN
cblr-11900	1044	13	bank	bank	PROPN
cblr-11900	1044	14	of	of	ADP
cblr-11900	1044	15	new	new	PROPN
cblr-11900	1044	16	york	york	PROPN
cblr-11900	1044	17	,	,	PUNCT
cblr-11900	1044	18	to	to	ADP
cblr-11900	1044	19	c.	c.	PROPN
cblr-11900	1044	20	s.	s.	PROPN
cblr-11900	1044	21	hamlin	hamlin	PROPN
cblr-11900	1044	22	(	(	PUNCT
cblr-11900	1044	23	feb	feb	PROPN
cblr-11900	1044	24	.	.	PROPN
cblr-11900	1044	25	11	11	NUM
cblr-11900	1044	26	,	,	PUNCT
cblr-11900	1044	27	1925	1925	NUM
cblr-11900	1044	28	)	)	PUNCT
cblr-11900	1044	29	(	(	PUNCT
cblr-11900	1044	30	on	on	ADP
cblr-11900	1044	31	file	file	NOUN
cblr-11900	1044	32	with	with	ADP
cblr-11900	1044	33	the	the	DET
cblr-11900	1044	34	columbia	columbia	PROPN
cblr-11900	1044	35	business	business	PROPN
cblr-11900	1044	36	law	law	PROPN
cblr-11900	1044	37	review	review	PROPN
cblr-11900	1044	38	)	)	PUNCT
cblr-11900	1044	39	.	.	PUNCT
cblr-11900	1045	1	meanwhile	meanwhile	ADV
cblr-11900	1045	2	the	the	DET
cblr-11900	1045	3	fed	fed	PROPN
cblr-11900	1045	4	conference	conference	NOUN
cblr-11900	1045	5	of	of	ADP
cblr-11900	1045	6	governors	governor	NOUN
cblr-11900	1045	7	worked	work	VERB
cblr-11900	1045	8	to	to	PART
cblr-11900	1045	9	find	find	VERB
cblr-11900	1045	10	a	a	DET
cblr-11900	1045	11	way	way	NOUN
cblr-11900	1045	12	for	for	SCONJ
cblr-11900	1045	13	dealer	dealer	NOUN
cblr-11900	1045	14	repo	repo	NOUN
cblr-11900	1045	15	to	to	PART
cblr-11900	1045	16	persist	persist	VERB
cblr-11900	1045	17	“	"	PUNCT
cblr-11900	1045	18	on	on	ADP
cblr-11900	1045	19	substantially	substantially	ADV
cblr-11900	1045	20	the	the	DET
cblr-11900	1045	21	same	same	ADJ
cblr-11900	1045	22	basis	basis	NOUN
cblr-11900	1045	23	as	as	ADP
cblr-11900	1045	24	at	at	ADP
cblr-11900	1045	25	present	present	NOUN
cblr-11900	1045	26	,	,	PUNCT
cblr-11900	1045	27	but	but	CCONJ
cblr-11900	1045	28	in	in	ADP
cblr-11900	1045	29	such	such	ADJ
cblr-11900	1045	30	form	form	NOUN
cblr-11900	1045	31	as	as	SCONJ
cblr-11900	1045	32	may	may	AUX
cblr-11900	1045	33	be	be	AUX
cblr-11900	1045	34	decided	decide	VERB
cblr-11900	1045	35	proper	proper	ADJ
cblr-11900	1045	36	under	under	ADP
cblr-11900	1045	37	advice	advice	NOUN
cblr-11900	1045	38	of	of	ADP
cblr-11900	1045	39	counsel	counsel	NOUN
cblr-11900	1045	40	.	.	PUNCT
cblr-11900	1045	41	”	"	PUNCT
cblr-11900	1046	1	i	i	PRON
cblr-11900	1046	2	d.	d.	PROPN
cblr-11900	1046	3	the	the	DET
cblr-11900	1046	4	board	board	NOUN
cblr-11900	1046	5	ultimately	ultimately	ADV
cblr-11900	1046	6	rejected	reject	VERB
cblr-11900	1046	7	wyatt	wyatt	PROPN
cblr-11900	1046	8	’s	’s	PART
cblr-11900	1046	9	position	position	NOUN
cblr-11900	1046	10	,	,	PUNCT
cblr-11900	1046	11	voting	vote	VERB
cblr-11900	1046	12	on	on	ADP
cblr-11900	1046	13	march	march	PROPN
cblr-11900	1046	14	19	19	NUM
cblr-11900	1046	15	,	,	PUNCT
cblr-11900	1046	16	1925	1925	NUM
cblr-11900	1046	17	to	to	PART
cblr-11900	1046	18	“	"	PUNCT
cblr-11900	1046	19	reaffirm	reaffirm	VERB
cblr-11900	1046	20	previous	previous	ADJ
cblr-11900	1046	21	decisions	decision	NOUN
cblr-11900	1046	22	authorizing	authorize	VERB
cblr-11900	1046	23	the	the	DET
cblr-11900	1046	24	practice	practice	NOUN
cblr-11900	1046	25	,	,	PUNCT
cblr-11900	1046	26	long	long	ADV
cblr-11900	1046	27	continued	continue	VERB
cblr-11900	1046	28	,	,	PUNCT
cblr-11900	1046	29	of	of	ADP
cblr-11900	1046	30	purchase	purchase	NOUN
cblr-11900	1046	31	and	and	CCONJ
cblr-11900	1046	32	sale	sale	NOUN
cblr-11900	1046	33	in	in	ADP
cblr-11900	1046	34	the	the	DET
cblr-11900	1046	35	open	open	ADJ
cblr-11900	1046	36	market	market	NOUN
cblr-11900	1046	37	of	of	ADP
cblr-11900	1046	38	bankers	banker	NOUN
cblr-11900	1046	39	acceptances	acceptance	NOUN
cblr-11900	1046	40	and	and	CCONJ
cblr-11900	1046	41	government	government	NOUN
cblr-11900	1046	42	securities	security	NOUN
cblr-11900	1046	43	,	,	PUNCT
cblr-11900	1046	44	by	by	ADP
cblr-11900	1046	45	federal	federal	PROPN
cblr-11900	1046	46	reserve	reserve	NOUN
cblr-11900	1046	47	banks	bank	NOUN
cblr-11900	1046	48	from	from	ADP
cblr-11900	1046	49	banks	bank	NOUN
cblr-11900	1046	50	and	and	CCONJ
cblr-11900	1046	51	qualified	qualified	ADJ
cblr-11900	1046	52	dealers	dealer	NOUN
cblr-11900	1046	53	,	,	PUNCT
cblr-11900	1046	54	under	under	ADP
cblr-11900	1046	55	15	15	NUM
cblr-11900	1046	56	day	day	NOUN
cblr-11900	1046	57	‘	'	PUNCT
cblr-11900	1046	58	repurchase	repurchase	NOUN
cblr-11900	1046	59	agreements	agreement	NOUN
cblr-11900	1046	60	.	.	PUNCT
cblr-11900	1046	61	’	'	PUNCT
cblr-11900	1046	62	”	"	PUNCT
cblr-11900	1047	1	bd	bd	AUX
cblr-11900	1047	2	.	.	PROPN
cblr-11900	1047	3	of	of	ADP
cblr-11900	1047	4	governors	governor	NOUN
cblr-11900	1047	5	of	of	ADP
cblr-11900	1047	6	the	the	DET
cblr-11900	1047	7	fed	fed	PROPN
cblr-11900	1047	8	.	.	PUNCT
cblr-11900	1047	9	rsrv	rsrv	PROPN
cblr-11900	1047	10	.	.	PUNCT
cblr-11900	1048	1	sys	sys	PROPN
cblr-11900	1048	2	.	.	PROPN
cblr-11900	1048	3	meeting	meeting	NOUN
cblr-11900	1048	4	minutes	minute	NOUN
cblr-11900	1048	5	,	,	PUNCT
cblr-11900	1048	6	at	at	ADP
cblr-11900	1048	7	8	8	NUM
cblr-11900	1048	8	(	(	PUNCT
cblr-11900	1048	9	mar	mar	PROPN
cblr-11900	1048	10	.	.	PROPN
cblr-11900	1048	11	19	19	NUM
cblr-11900	1048	12	,	,	PUNCT
cblr-11900	1048	13	1925	1925	NUM
cblr-11900	1048	14	)	)	PUNCT
cblr-11900	1048	15	,	,	PUNCT
cblr-11900	1048	16	https://fraser.stlouisfed.org/title/minutes-board-governors-federal-reservesystem-821/meeting-minutes-march-19-1925-27479	https://fraser.stlouisfed.org/title/minutes-board-governors-federal-reservesystem-821/meeting-minutes-march-19-1925-27479	VERB
cblr-11900	1049	1	[	[	X
cblr-11900	1049	2	https://perma.cc/8f62nzzh	https://perma.cc/8f62nzzh	X
cblr-11900	1049	3	]	]	X
cblr-11900	1049	4	.	.	PUNCT
cblr-11900	1050	1	219	219	NUM
cblr-11900	1050	2	new	new	PROPN
cblr-11900	1050	3	york	york	PROPN
cblr-11900	1050	4	dominated	dominate	VERB
cblr-11900	1050	5	this	this	DET
cblr-11900	1050	6	practice	practice	NOUN
cblr-11900	1050	7	,	,	PUNCT
cblr-11900	1050	8	as	as	SCONJ
cblr-11900	1050	9	indicated	indicate	VERB
cblr-11900	1050	10	in	in	ADP
cblr-11900	1050	11	musgrave	musgrave	PROPN
cblr-11900	1050	12	,	,	PUNCT
cblr-11900	1050	13	richard	richard	PROPN
cblr-11900	1050	14	,	,	PUNCT
cblr-11900	1050	15	memorandum	memorandum	NOUN
cblr-11900	1050	16	from	from	ADP
cblr-11900	1050	17	richard	richard	PROPN
cblr-11900	1050	18	musgrave	musgrave	PROPN
cblr-11900	1050	19	to	to	ADP
cblr-11900	1050	20	emanuel	emanuel	PROPN
cblr-11900	1050	21	goldweiser	goldweiser	PROPN
cblr-11900	1050	22	(	(	PUNCT
cblr-11900	1050	23	nov	nov	PROPN
cblr-11900	1050	24	.	.	PROPN
cblr-11900	1050	25	29	29	NUM
cblr-11900	1050	26	,	,	PUNCT
cblr-11900	1050	27	1941	1941	NUM
cblr-11900	1050	28	)	)	PUNCT
cblr-11900	1050	29	,	,	PUNCT
cblr-11900	1050	30	https://fraser.stlouisfed.org/archival-collection/recordsfederal-reserve-system-1344/discount-rates-operations-fr-banksrepurchase-paper-1942-1958-540597	https://fraser.stlouisfed.org/archival-collection/recordsfederal-reserve-system-1344/discount-rates-operations-fr-banksrepurchase-paper-1942-1958-540597	NOUN
cblr-11900	1051	1	[	[	X
cblr-11900	1051	2	https://perma.cc/6gem-w35	https://perma.cc/6gem-w35	NOUN
cblr-11900	1051	3	t	t	NOUN
cblr-11900	1051	4	]	]	PUNCT
cblr-11900	1051	5	.	.	PUNCT
cblr-11900	1052	1	220	220	NUM
cblr-11900	1052	2	office	office	NOUN
cblr-11900	1052	3	correspondence	correspondence	NOUN
cblr-11900	1052	4	from	from	ADP
cblr-11900	1052	5	miss	miss	PROPN
cblr-11900	1052	6	goheen	goheen	VERB
cblr-11900	1052	7	to	to	ADP
cblr-11900	1052	8	mr	mr	PROPN
cblr-11900	1052	9	.	.	PROPN
cblr-11900	1052	10	leonard	leonard	PROPN
cblr-11900	1052	11	,	,	PUNCT
cblr-11900	1052	12	director	director	NOUN
cblr-11900	1052	13	,	,	PUNCT
cblr-11900	1052	14	division	division	NOUN
cblr-11900	1052	15	of	of	ADP
cblr-11900	1052	16	bank	bank	NOUN
cblr-11900	1052	17	operations	operation	NOUN
cblr-11900	1052	18	of	of	ADP
cblr-11900	1052	19	the	the	DET
cblr-11900	1052	20	federal	federal	PROPN
cblr-11900	1052	21	reserve	reserve	PROPN
cblr-11900	1052	22	system	system	NOUN
cblr-11900	1052	23	,	,	PUNCT
cblr-11900	1052	24	and	and	CCONJ
cblr-11900	1052	25	mr	mr	PROPN
cblr-11900	1052	26	.	.	PROPN
cblr-11900	1052	27	myrick	myrick	PROPN
cblr-11900	1052	28	(	(	PUNCT
cblr-11900	1052	29	june	june	PROPN
cblr-11900	1052	30	.	.	PROPN
cblr-11900	1052	31	20	20	NUM
cblr-11900	1052	32	,	,	PUNCT
cblr-11900	1052	33	1949	1949	NUM
cblr-11900	1052	34	)	)	PUNCT
cblr-11900	1052	35	,	,	PUNCT
cblr-11900	1052	36	https://fraser.stlouisfed.org/archival-collection/recordsfederal-reserve-system-1344/discount-rates-operations-fr-banksrepurchase-paper-1942-1958-540597	https://fraser.stlouisfed.org/archival-collection/recordsfederal-reserve-system-1344/discount-rates-operations-fr-banksrepurchase-paper-1942-1958-540597	NOUN
cblr-11900	1053	1	[	[	X
cblr-11900	1053	2	https://perma.cc/t7u5-falr	https://perma.cc/t7u5-falr	NOUN
cblr-11900	1053	3	]	]	PUNCT
cblr-11900	1053	4	.	.	PUNCT
cblr-11900	1054	1	221	221	NUM
cblr-11900	1054	2	see	see	VERB
cblr-11900	1054	3	,	,	PUNCT
cblr-11900	1054	4	e.g.	e.g.	ADV
cblr-11900	1054	5	,	,	PUNCT
cblr-11900	1054	6	significance	significance	NOUN
cblr-11900	1054	7	and	and	CCONJ
cblr-11900	1054	8	limitations	limitation	NOUN
cblr-11900	1054	9	of	of	ADP
cblr-11900	1054	10	free	free	ADJ
cblr-11900	1054	11	reserves	reserve	NOUN
cblr-11900	1054	12	,	,	PUNCT
cblr-11900	1054	13	40	40	NUM
cblr-11900	1054	14	fed	feed	VERB
cblr-11900	1054	15	.	.	PUNCT
cblr-11900	1055	1	rsrv	rsrv	PROPN
cblr-11900	1055	2	.	.	PUNCT
cblr-11900	1056	1	bank	bank	PROPN
cblr-11900	1056	2	of	of	ADP
cblr-11900	1056	3	n.y	n.y	PROPN
cblr-11900	1056	4	.	.	PROPN
cblr-11900	1056	5	econ	econ	PROPN
cblr-11900	1056	6	.	.	PUNCT
cblr-11900	1057	1	pol’y	pol’y	NOUN
cblr-11900	1057	2	rev	rev	PROPN
cblr-11900	1057	3	.	.	PROPN
cblr-11900	1057	4	10–15	10–15	NUM
cblr-11900	1057	5	(	(	PUNCT
cblr-11900	1057	6	1958	1958	NUM
cblr-11900	1057	7	)	)	PUNCT
cblr-11900	1057	8	.	.	PUNCT
cblr-11900	1058	1	for	for	ADP
cblr-11900	1058	2	a	a	DET
cblr-11900	1058	3	more	more	ADV
cblr-11900	1058	4	extended	extended	ADJ
cblr-11900	1058	5	discussion	discussion	NOUN
cblr-11900	1058	6	,	,	PUNCT
cblr-11900	1058	7	see	see	VERB
cblr-11900	1058	8	james	james	PROPN
cblr-11900	1058	9	a.	a.	PROPN
cblr-11900	1058	10	meigs	meigs	PROPN
cblr-11900	1058	11	,	,	PUNCT
cblr-11900	1058	12	free	free	ADJ
cblr-11900	1058	13	reserves	reserve	NOUN
cblr-11900	1058	14	and	and	CCONJ
cblr-11900	1058	15	the	the	DET
cblr-11900	1058	16	money	money	NOUN
cblr-11900	1058	17	supply	supply	NOUN
cblr-11900	1058	18	(	(	PUNCT
cblr-11900	1058	19	1968	1968	NUM
cblr-11900	1058	20	)	)	PUNCT
cblr-11900	1058	21	.	.	PUNCT
cblr-11900	1059	1	no	no	INTJ
cblr-11900	1059	2	.	.	NOUN
cblr-11900	1060	1	1	1	NUM
cblr-11900	1060	2	]	]	ADJ
cblr-11900	1060	3	money	money	NOUN
cblr-11900	1060	4	and	and	CCONJ
cblr-11900	1060	5	the	the	DET
cblr-11900	1060	6	public	public	ADJ
cblr-11900	1060	7	debt	debt	NOUN
cblr-11900	1060	8	279	279	NUM
cblr-11900	1060	9	and	and	CCONJ
cblr-11900	1060	10	implement	implement	VERB
cblr-11900	1060	11	monetary	monetary	ADJ
cblr-11900	1060	12	policy.222	policy.222	NOUN
cblr-11900	1060	13	but	but	CCONJ
cblr-11900	1060	14	there	there	PRON
cblr-11900	1060	15	were	be	VERB
cblr-11900	1060	16	other	other	ADJ
cblr-11900	1060	17	important	important	ADJ
cblr-11900	1060	18	motivations	motivation	NOUN
cblr-11900	1060	19	as	as	ADV
cblr-11900	1060	20	well	well	ADV
cblr-11900	1060	21	,	,	PUNCT
cblr-11900	1060	22	including	include	VERB
cblr-11900	1060	23	support	support	NOUN
cblr-11900	1060	24	for	for	ADP
cblr-11900	1060	25	the	the	DET
cblr-11900	1060	26	intermediation	intermediation	NOUN
cblr-11900	1060	27	of	of	ADP
cblr-11900	1060	28	government	government	NOUN
cblr-11900	1060	29	securities.223	securities.223	NOUN
cblr-11900	1060	30	for	for	ADP
cblr-11900	1060	31	example	example	NOUN
cblr-11900	1060	32	,	,	PUNCT
cblr-11900	1060	33	at	at	ADP
cblr-11900	1060	34	an	an	DET
cblr-11900	1060	35	executive	executive	ADJ
cblr-11900	1060	36	committee	committee	NOUN
cblr-11900	1060	37	meeting	meeting	NOUN
cblr-11900	1060	38	in	in	ADP
cblr-11900	1060	39	december	december	PROPN
cblr-11900	1060	40	1947	1947	NUM
cblr-11900	1060	41	,	,	PUNCT
cblr-11900	1060	42	allan	allan	PROPN
cblr-11900	1060	43	sproul	sproul	PROPN
cblr-11900	1060	44	noted	note	VERB
cblr-11900	1060	45	that	that	SCONJ
cblr-11900	1060	46	dealers	dealer	NOUN
cblr-11900	1060	47	would	would	AUX
cblr-11900	1060	48	struggle	struggle	VERB
cblr-11900	1060	49	to	to	PART
cblr-11900	1060	50	hold	hold	VERB
cblr-11900	1060	51	inventory	inventory	NOUN
cblr-11900	1060	52	when	when	SCONJ
cblr-11900	1060	53	money	money	NOUN
cblr-11900	1060	54	market	market	NOUN
cblr-11900	1060	55	rates	rate	NOUN
cblr-11900	1060	56	were	be	AUX
cblr-11900	1060	57	above	above	ADP
cblr-11900	1060	58	their	their	PRON
cblr-11900	1060	59	carrying	carry	VERB
cblr-11900	1060	60	yield	yield	NOUN
cblr-11900	1060	61	(	(	PUNCT
cblr-11900	1060	62	negative	negative	ADJ
cblr-11900	1060	63	carry),224	carry),224	NOUN
cblr-11900	1060	64	and	and	CCONJ
cblr-11900	1060	65	that	that	SCONJ
cblr-11900	1060	66	a	a	DET
cblr-11900	1060	67	reinstated	reinstate	VERB
cblr-11900	1060	68	repo	repo	NOUN
cblr-11900	1060	69	authority	authority	NOUN
cblr-11900	1060	70	could	could	AUX
cblr-11900	1060	71	help	help	VERB
cblr-11900	1060	72	stabilize	stabilize	VERB
cblr-11900	1060	73	this	this	PRON
cblr-11900	1060	74	dynamic.225	dynamic.225	INTJ
cblr-11900	1060	75	he	he	PRON
cblr-11900	1060	76	also	also	ADV
cblr-11900	1060	77	alluded	allude	VERB
cblr-11900	1060	78	to	to	ADP
cblr-11900	1060	79	tactical	tactical	ADJ
cblr-11900	1060	80	advantages	advantage	NOUN
cblr-11900	1060	81	of	of	ADP
cblr-11900	1060	82	repos	repos	NOUN
cblr-11900	1060	83	over	over	ADP
cblr-11900	1060	84	other	other	ADJ
cblr-11900	1060	85	forms	form	NOUN
cblr-11900	1060	86	of	of	ADP
cblr-11900	1060	87	federal	federal	ADJ
cblr-11900	1060	88	reserve	reserve	PROPN
cblr-11900	1060	89	credit	credit	NOUN
cblr-11900	1060	90	and	and	CCONJ
cblr-11900	1060	91	short	short	ADJ
cblr-11900	1060	92	-	-	PUNCT
cblr-11900	1060	93	term	term	NOUN
cblr-11900	1060	94	lending	lending	NOUN
cblr-11900	1060	95	,	,	PUNCT
cblr-11900	1060	96	potentially	potentially	ADV
cblr-11900	1060	97	including	include	VERB
cblr-11900	1060	98	§	§	NOUN
cblr-11900	1060	99	13(13	13(13	NUM
cblr-11900	1060	100	)	)	PUNCT
cblr-11900	1060	101	advances.226	advances.226	NOUN
cblr-11900	1060	102	although	although	SCONJ
cblr-11900	1060	103	sproul	sproul	PROPN
cblr-11900	1060	104	did	do	AUX
cblr-11900	1060	105	not	not	PART
cblr-11900	1060	106	mention	mention	VERB
cblr-11900	1060	107	it	it	PRON
cblr-11900	1060	108	,	,	PUNCT
cblr-11900	1060	109	to	to	ADP
cblr-11900	1060	110	the	the	DET
cblr-11900	1060	111	extent	extent	NOUN
cblr-11900	1060	112	222	222	NUM
cblr-11900	1060	113	see	see	VERB
cblr-11900	1060	114	,	,	PUNCT
cblr-11900	1060	115	for	for	ADP
cblr-11900	1060	116	example	example	NOUN
cblr-11900	1060	117	,	,	PUNCT
cblr-11900	1060	118	discussion	discussion	NOUN
cblr-11900	1060	119	at	at	ADP
cblr-11900	1060	120	the	the	DET
cblr-11900	1060	121	july	july	PROPN
cblr-11900	1060	122	12	12	NUM
cblr-11900	1060	123	,	,	PUNCT
cblr-11900	1060	124	1955	1955	NUM
cblr-11900	1060	125	federal	federal	ADJ
cblr-11900	1060	126	open	open	ADJ
cblr-11900	1060	127	market	market	NOUN
cblr-11900	1060	128	committee	committee	NOUN
cblr-11900	1060	129	meeting	meeting	NOUN
cblr-11900	1060	130	.	.	PUNCT
cblr-11900	1061	1	fed	fed	PROPN
cblr-11900	1061	2	open	open	ADJ
cblr-11900	1061	3	mkt	mkt	PROPN
cblr-11900	1061	4	.	.	PROPN
cblr-11900	1062	1	comm	comm	NOUN
cblr-11900	1062	2	.	.	PUNCT
cblr-11900	1063	1	meeting	meet	VERB
cblr-11900	1063	2	minutes	minute	NOUN
cblr-11900	1063	3	(	(	PUNCT
cblr-11900	1063	4	jul	jul	PROPN
cblr-11900	1063	5	.	.	PROPN
cblr-11900	1063	6	12	12	NUM
cblr-11900	1063	7	,	,	PUNCT
cblr-11900	1063	8	1955	1955	NUM
cblr-11900	1063	9	)	)	PUNCT
cblr-11900	1063	10	,	,	PUNCT
cblr-11900	1064	1	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195507	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195507	PROPN
cblr-11900	1064	2	12.pdf	12.pdf	PROPN
cblr-11900	1064	3	[	[	X
cblr-11900	1064	4	https://perma.cc/q6zh-8qsu	https://perma.cc/q6zh-8qsu	PROPN
cblr-11900	1064	5	]	]	X
cblr-11900	1064	6	.	.	PUNCT
cblr-11900	1064	7	223	223	NUM
cblr-11900	1064	8	garbade	garbade	NOUN
cblr-11900	1064	9	,	,	PUNCT
cblr-11900	1064	10	supra	supra	PROPN
cblr-11900	1064	11	note	note	PROPN
cblr-11900	1064	12	180	180	NUM
cblr-11900	1064	13	.	.	PUNCT
cblr-11900	1065	1	224	224	NUM
cblr-11900	1065	2	“	"	PUNCT
cblr-11900	1065	3	negative	negative	ADJ
cblr-11900	1065	4	carry	carry	NOUN
cblr-11900	1065	5	”	"	PUNCT
cblr-11900	1065	6	refers	refer	VERB
cblr-11900	1065	7	to	to	ADP
cblr-11900	1065	8	a	a	DET
cblr-11900	1065	9	situation	situation	NOUN
cblr-11900	1065	10	in	in	ADP
cblr-11900	1065	11	which	which	PRON
cblr-11900	1065	12	the	the	DET
cblr-11900	1065	13	cost	cost	NOUN
cblr-11900	1065	14	of	of	ADP
cblr-11900	1065	15	borrowed	borrow	VERB
cblr-11900	1065	16	funds	fund	NOUN
cblr-11900	1065	17	used	use	VERB
cblr-11900	1065	18	to	to	PART
cblr-11900	1065	19	carry	carry	VERB
cblr-11900	1065	20	fixed	fix	VERB
cblr-11900	1065	21	income	income	NOUN
cblr-11900	1065	22	securities	security	NOUN
cblr-11900	1065	23	that	that	PRON
cblr-11900	1065	24	are	be	AUX
cblr-11900	1065	25	higher	high	ADJ
cblr-11900	1065	26	than	than	ADP
cblr-11900	1065	27	the	the	DET
cblr-11900	1065	28	coupon	coupon	NOUN
cblr-11900	1065	29	accrual	accrual	ADJ
cblr-11900	1065	30	earned	earn	VERB
cblr-11900	1065	31	by	by	ADP
cblr-11900	1065	32	those	those	DET
cblr-11900	1065	33	asset	asset	NOUN
cblr-11900	1065	34	.	.	PUNCT
cblr-11900	1066	1	that	that	PRON
cblr-11900	1066	2	results	result	VERB
cblr-11900	1066	3	in	in	ADP
cblr-11900	1066	4	negative	negative	ADJ
cblr-11900	1066	5	returns	return	NOUN
cblr-11900	1066	6	(	(	PUNCT
cblr-11900	1066	7	often	often	ADV
cblr-11900	1066	8	referred	refer	VERB
cblr-11900	1066	9	to	to	ADP
cblr-11900	1066	10	as	as	ADP
cblr-11900	1066	11	“	"	PUNCT
cblr-11900	1066	12	rent	rent	NOUN
cblr-11900	1066	13	”	"	PUNCT
cblr-11900	1066	14	or	or	CCONJ
cblr-11900	1066	15	“	"	PUNCT
cblr-11900	1066	16	bleed	bleed	VERB
cblr-11900	1066	17	”	"	PUNCT
cblr-11900	1066	18	)	)	PUNCT
cblr-11900	1066	19	as	as	SCONJ
cblr-11900	1066	20	time	time	NOUN
cblr-11900	1066	21	passes	pass	VERB
cblr-11900	1066	22	.	.	PUNCT
cblr-11900	1067	1	in	in	ADP
cblr-11900	1067	2	the	the	DET
cblr-11900	1067	3	case	case	NOUN
cblr-11900	1067	4	of	of	ADP
cblr-11900	1067	5	a	a	DET
cblr-11900	1067	6	market	market	NOUN
cblr-11900	1067	7	maker	maker	NOUN
cblr-11900	1067	8	,	,	PUNCT
cblr-11900	1067	9	which	which	PRON
cblr-11900	1067	10	typically	typically	ADV
cblr-11900	1067	11	operates	operate	VERB
cblr-11900	1067	12	with	with	ADP
cblr-11900	1067	13	a	a	DET
cblr-11900	1067	14	relatively	relatively	ADV
cblr-11900	1067	15	thin	thin	ADJ
cblr-11900	1067	16	capital	capital	NOUN
cblr-11900	1067	17	cushion	cushion	NOUN
cblr-11900	1067	18	,	,	PUNCT
cblr-11900	1067	19	this	this	PRON
cblr-11900	1067	20	could	could	AUX
cblr-11900	1067	21	quickly	quickly	ADV
cblr-11900	1067	22	erode	erode	VERB
cblr-11900	1067	23	the	the	DET
cblr-11900	1067	24	profitability	profitability	NOUN
cblr-11900	1067	25	of	of	ADP
cblr-11900	1067	26	their	their	PRON
cblr-11900	1067	27	enterprise	enterprise	NOUN
cblr-11900	1067	28	,	,	PUNCT
cblr-11900	1067	29	especially	especially	ADV
cblr-11900	1067	30	in	in	ADP
cblr-11900	1067	31	assets	asset	NOUN
cblr-11900	1067	32	like	like	ADP
cblr-11900	1067	33	treasury	treasury	PROPN
cblr-11900	1067	34	securities	security	NOUN
cblr-11900	1067	35	which	which	PRON
cblr-11900	1067	36	are	be	AUX
cblr-11900	1067	37	typically	typically	ADV
cblr-11900	1067	38	traded	trade	VERB
cblr-11900	1067	39	with	with	ADP
cblr-11900	1067	40	very	very	ADV
cblr-11900	1067	41	low	low	ADJ
cblr-11900	1067	42	transaction	transaction	NOUN
cblr-11900	1067	43	costs	cost	NOUN
cblr-11900	1067	44	.	.	PUNCT
cblr-11900	1068	1	225	225	NUM
cblr-11900	1068	2	as	as	SCONJ
cblr-11900	1068	3	noted	note	VERB
cblr-11900	1068	4	in	in	ADP
cblr-11900	1068	5	a	a	DET
cblr-11900	1068	6	late	late	ADJ
cblr-11900	1068	7	1947	1947	NUM
cblr-11900	1068	8	executive	executive	NOUN
cblr-11900	1068	9	committee	committee	NOUN
cblr-11900	1068	10	meeting	meeting	NOUN
cblr-11900	1068	11	:	:	PUNCT
cblr-11900	1068	12	“	"	PUNCT
cblr-11900	1068	13	there	there	PRON
cblr-11900	1068	14	were	be	VERB
cblr-11900	1068	15	times	time	NOUN
cblr-11900	1068	16	in	in	ADP
cblr-11900	1068	17	the	the	DET
cblr-11900	1068	18	market	market	NOUN
cblr-11900	1068	19	when	when	SCONJ
cblr-11900	1068	20	the	the	DET
cblr-11900	1068	21	rates	rate	NOUN
cblr-11900	1068	22	at	at	ADP
cblr-11900	1068	23	which	which	PRON
cblr-11900	1068	24	dealers	dealer	NOUN
cblr-11900	1068	25	were	be	AUX
cblr-11900	1068	26	able	able	ADJ
cblr-11900	1068	27	to	to	PART
cblr-11900	1068	28	borrow	borrow	VERB
cblr-11900	1068	29	were	be	AUX
cblr-11900	1068	30	higher	high	ADJ
cblr-11900	1068	31	than	than	ADP
cblr-11900	1068	32	the	the	DET
cblr-11900	1068	33	rates	rate	NOUN
cblr-11900	1068	34	on	on	ADP
cblr-11900	1068	35	the	the	DET
cblr-11900	1068	36	securities	security	NOUN
cblr-11900	1068	37	held	hold	VERB
cblr-11900	1068	38	by	by	ADP
cblr-11900	1068	39	them	they	PRON
cblr-11900	1068	40	with	with	ADP
cblr-11900	1068	41	the	the	DET
cblr-11900	1068	42	result	result	NOUN
cblr-11900	1068	43	that	that	SCONJ
cblr-11900	1068	44	they	they	PRON
cblr-11900	1068	45	were	be	AUX
cblr-11900	1068	46	unwilling	unwilling	ADJ
cblr-11900	1068	47	to	to	PART
cblr-11900	1068	48	carry	carry	VERB
cblr-11900	1068	49	the	the	DET
cblr-11900	1068	50	securities	security	NOUN
cblr-11900	1068	51	.	.	PUNCT
cblr-11900	1068	52	”	"	PUNCT
cblr-11900	1069	1	fed	fed	PROPN
cblr-11900	1069	2	.	.	PUNCT
cblr-11900	1070	1	open	open	PROPN
cblr-11900	1070	2	mkt	mkt	PROPN
cblr-11900	1070	3	.	.	PROPN
cblr-11900	1070	4	comm	comm	NOUN
cblr-11900	1070	5	.	.	PUNCT
cblr-11900	1071	1	meeting	meet	VERB
cblr-11900	1071	2	minutes	minute	NOUN
cblr-11900	1071	3	4	4	NUM
cblr-11900	1071	4	(	(	PUNCT
cblr-11900	1071	5	dec	dec	PROPN
cblr-11900	1071	6	.	.	PROPN
cblr-11900	1071	7	9	9	NUM
cblr-11900	1071	8	,	,	PUNCT
cblr-11900	1071	9	1947	1947	NUM
cblr-11900	1071	10	)	)	PUNCT
cblr-11900	1071	11	,	,	PUNCT
cblr-11900	1071	12	https://www.federalreserve.gov/monetarypolicy/files/fomchminec1194712	https://www.federalreserve.gov/monetarypolicy/files/fomchminec1194712	VERB
cblr-11900	1071	13	09.pdf	09.pdf	PROPN
cblr-11900	1072	1	[	[	X
cblr-11900	1072	2	https://perma.cc/d39f-b4cv	https://perma.cc/d39f-b4cv	PROPN
cblr-11900	1072	3	]	]	PUNCT
cblr-11900	1072	4	.	.	PUNCT
cblr-11900	1073	1	226	226	NUM
cblr-11900	1073	2	i	i	PRON
cblr-11900	1073	3	d.	d.	NOUN
cblr-11900	1073	4	at	at	ADP
cblr-11900	1073	5	4	4	NUM
cblr-11900	1073	6	(	(	PUNCT
cblr-11900	1073	7	“	"	PUNCT
cblr-11900	1073	8	he	he	PRON
cblr-11900	1073	9	added	add	VERB
cblr-11900	1073	10	that	that	SCONJ
cblr-11900	1073	11	there	there	PRON
cblr-11900	1073	12	were	be	VERB
cblr-11900	1073	13	also	also	ADV
cblr-11900	1073	14	situations	situation	NOUN
cblr-11900	1073	15	in	in	ADP
cblr-11900	1073	16	which	which	PRON
cblr-11900	1073	17	the	the	DET
cblr-11900	1073	18	dealers	dealer	NOUN
cblr-11900	1073	19	needed	need	VERB
cblr-11900	1073	20	immediate	immediate	ADJ
cblr-11900	1073	21	funds	fund	NOUN
cblr-11900	1073	22	and	and	CCONJ
cblr-11900	1073	23	that	that	SCONJ
cblr-11900	1073	24	when	when	SCONJ
cblr-11900	1073	25	securities	security	NOUN
cblr-11900	1073	26	were	be	AUX
cblr-11900	1073	27	sold	sell	VERB
cblr-11900	1073	28	they	they	PRON
cblr-11900	1073	29	were	be	AUX
cblr-11900	1073	30	not	not	PART
cblr-11900	1073	31	delivered	deliver	VERB
cblr-11900	1073	32	and	and	CCONJ
cblr-11900	1073	33	the	the	DET
cblr-11900	1073	34	proceeds	proceed	NOUN
cblr-11900	1073	35	of	of	ADP
cblr-11900	1073	36	the	the	DET
cblr-11900	1073	37	sale	sale	NOUN
cblr-11900	1073	38	were	be	AUX
cblr-11900	1073	39	not	not	PART
cblr-11900	1073	40	available	available	ADJ
cblr-11900	1073	41	until	until	ADP
cblr-11900	1073	42	the	the	DET
cblr-11900	1073	43	following	following	ADJ
cblr-11900	1073	44	day	day	NOUN
cblr-11900	1073	45	.	.	PUNCT
cblr-11900	1073	46	”	"	PUNCT
cblr-11900	1073	47	)	)	PUNCT
cblr-11900	1073	48	.	.	PUNCT
cblr-11900	1074	1	a	a	DET
cblr-11900	1074	2	joint	joint	ADJ
cblr-11900	1074	3	study	study	NOUN
cblr-11900	1074	4	from	from	ADP
cblr-11900	1074	5	the	the	DET
cblr-11900	1074	6	federal	federal	PROPN
cblr-11900	1074	7	reserve	reserve	PROPN
cblr-11900	1074	8	and	and	CCONJ
cblr-11900	1074	9	treasury	treasury	PROPN
cblr-11900	1074	10	department	department	PROPN
cblr-11900	1074	11	later	later	ADV
cblr-11900	1074	12	described	describe	VERB
cblr-11900	1074	13	the	the	DET
cblr-11900	1074	14	complexities	complexity	NOUN
cblr-11900	1074	15	of	of	ADP
cblr-11900	1074	16	intraday	intraday	NOUN
cblr-11900	1074	17	cash	cash	NOUN
cblr-11900	1074	18	management	management	NOUN
cblr-11900	1074	19	among	among	ADP
cblr-11900	1074	20	government	government	NOUN
cblr-11900	1074	21	securities	security	NOUN
cblr-11900	1074	22	dealers	dealer	NOUN
cblr-11900	1074	23	using	use	VERB
cblr-11900	1074	24	collateralized	collateralized	ADJ
cblr-11900	1074	25	money	money	NOUN
cblr-11900	1074	26	market	market	NOUN
cblr-11900	1074	27	loans	loan	NOUN
cblr-11900	1074	28	from	from	ADP
cblr-11900	1074	29	commercial	commercial	ADJ
cblr-11900	1074	30	banks	bank	NOUN
cblr-11900	1074	31	.	.	PUNCT
cblr-11900	1075	1	joint	joint	ADJ
cblr-11900	1075	2	econ	econ	PROPN
cblr-11900	1075	3	.	.	PUNCT
cblr-11900	1075	4	comm	comm	NOUN
cblr-11900	1075	5	.	.	PUNCT
cblr-11900	1075	6	,	,	PUNCT
cblr-11900	1075	7	86th	86th	ADJ
cblr-11900	1075	8	cong	cong	PROPN
cblr-11900	1075	9	.	.	PROPN
cblr-11900	1075	10	,	,	PUNCT
cblr-11900	1075	11	a	a	DET
cblr-11900	1075	12	study	study	NOUN
cblr-11900	1075	13	of	of	ADP
cblr-11900	1075	14	the	the	DET
cblr-11900	1075	15	dealer	dealer	NOUN
cblr-11900	1075	16	market	market	NOUN
cblr-11900	1075	17	for	for	ADP
cblr-11900	1075	18	federal	federal	ADJ
cblr-11900	1075	19	government	government	NOUN
cblr-11900	1075	20	securities	security	NOUN
cblr-11900	1075	21	74–74	74–74	NUM
cblr-11900	1075	22	(	(	PUNCT
cblr-11900	1075	23	comm	comm	NOUN
cblr-11900	1075	24	.	.	PUNCT
cblr-11900	1076	1	print	print	NOUN
cblr-11900	1076	2	1960	1960	NUM
cblr-11900	1076	3	)	)	PUNCT
cblr-11900	1076	4	.	.	PUNCT
cblr-11900	1077	1	these	these	DET
cblr-11900	1077	2	descriptions	description	NOUN
cblr-11900	1077	3	highlight	highlight	VERB
cblr-11900	1077	4	the	the	DET
cblr-11900	1077	5	tactical	tactical	ADJ
cblr-11900	1077	6	advantage	advantage	NOUN
cblr-11900	1077	7	of	of	ADP
cblr-11900	1077	8	repos	repos	NOUN
cblr-11900	1077	9	in	in	ADP
cblr-11900	1077	10	managing	manage	VERB
cblr-11900	1077	11	intraday	intraday	NOUN
cblr-11900	1077	12	funding	funding	NOUN
cblr-11900	1077	13	needs	need	NOUN
cblr-11900	1077	14	(	(	PUNCT
cblr-11900	1077	15	or	or	CCONJ
cblr-11900	1077	16	excesses	excess	NOUN
cblr-11900	1077	17	)	)	PUNCT
cblr-11900	1077	18	related	relate	VERB
cblr-11900	1077	19	to	to	ADP
cblr-11900	1077	20	volatile	volatile	ADJ
cblr-11900	1077	21	dealer	dealer	NOUN
cblr-11900	1077	22	inventories	inventory	NOUN
cblr-11900	1077	23	which	which	PRON
cblr-11900	1077	24	were	be	AUX
cblr-11900	1077	25	arguably	arguably	ADV
cblr-11900	1077	26	impractical	impractical	ADJ
cblr-11900	1077	27	or	or	CCONJ
cblr-11900	1077	28	potentially	potentially	ADV
cblr-11900	1077	29	impossible	impossible	ADJ
cblr-11900	1077	30	using	use	VERB
cblr-11900	1077	31	280	280	NUM
cblr-11900	1077	32	columbia	columbia	PROPN
cblr-11900	1077	33	business	business	NOUN
cblr-11900	1077	34	law	law	NOUN
cblr-11900	1077	35	review	review	NOUN
cblr-11900	1077	36	[	[	X
cblr-11900	1077	37	vol	vol	NOUN
cblr-11900	1077	38	.	.	PUNCT
cblr-11900	1078	1	2023	2023	NUM
cblr-11900	1078	2	these	these	DET
cblr-11900	1078	3	transactions	transaction	NOUN
cblr-11900	1078	4	could	could	AUX
cblr-11900	1078	5	be	be	AUX
cblr-11900	1078	6	regarded	regard	VERB
cblr-11900	1078	7	as	as	ADP
cblr-11900	1078	8	a	a	DET
cblr-11900	1078	9	true	true	ADJ
cblr-11900	1078	10	sale	sale	NOUN
cblr-11900	1078	11	,	,	PUNCT
cblr-11900	1078	12	they	they	PRON
cblr-11900	1078	13	were	be	AUX
cblr-11900	1078	14	arguably	arguably	ADV
cblr-11900	1078	15	consistent	consistent	ADJ
cblr-11900	1078	16	with	with	ADP
cblr-11900	1078	17	the	the	DET
cblr-11900	1078	18	fed	fed	PROPN
cblr-11900	1078	19	’s	’s	PART
cblr-11900	1078	20	§	§	PROPN
cblr-11900	1078	21	14	14	NUM
cblr-11900	1078	22	authority	authority	NOUN
cblr-11900	1078	23	to	to	PART
cblr-11900	1078	24	transact	transact	VERB
cblr-11900	1078	25	in	in	ADP
cblr-11900	1078	26	securities	security	NOUN
cblr-11900	1078	27	markets	market	NOUN
cblr-11900	1078	28	without	without	ADP
cblr-11900	1078	29	the	the	DET
cblr-11900	1078	30	need	need	NOUN
cblr-11900	1078	31	to	to	PART
cblr-11900	1078	32	identify	identify	VERB
cblr-11900	1078	33	“	"	PUNCT
cblr-11900	1078	34	unusual	unusual	ADJ
cblr-11900	1078	35	and	and	CCONJ
cblr-11900	1078	36	exigent	exigent	ADJ
cblr-11900	1078	37	circumstances	circumstance	NOUN
cblr-11900	1078	38	”	"	PUNCT
cblr-11900	1078	39	or	or	CCONJ
cblr-11900	1078	40	comply	comply	VERB
cblr-11900	1078	41	with	with	ADP
cblr-11900	1078	42	the	the	DET
cblr-11900	1078	43	credit	credit	NOUN
cblr-11900	1078	44	availability	availability	NOUN
cblr-11900	1078	45	proviso	proviso	NOUN
cblr-11900	1078	46	.	.	PUNCT
cblr-11900	1079	1	this	this	PRON
cblr-11900	1079	2	generated	generate	VERB
cblr-11900	1079	3	a	a	DET
cblr-11900	1079	4	need	need	NOUN
cblr-11900	1079	5	to	to	PART
cblr-11900	1079	6	clarify	clarify	VERB
cblr-11900	1079	7	the	the	DET
cblr-11900	1079	8	legal	legal	ADJ
cblr-11900	1079	9	bases	basis	NOUN
cblr-11900	1079	10	under	under	ADP
cblr-11900	1079	11	which	which	PRON
cblr-11900	1079	12	these	these	DET
cblr-11900	1079	13	transactions	transaction	NOUN
cblr-11900	1079	14	were	be	AUX
cblr-11900	1079	15	performed	perform	VERB
cblr-11900	1079	16	,	,	PUNCT
cblr-11900	1079	17	which	which	PRON
cblr-11900	1079	18	was	be	AUX
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cblr-11900	1079	20	and	and	CCONJ
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cblr-11900	1079	22	in	in	ADP
cblr-11900	1079	23	the	the	DET
cblr-11900	1079	24	1920s.227	1920s.227	NUM
cblr-11900	1079	25	several	several	ADJ
cblr-11900	1079	26	internal	internal	ADJ
cblr-11900	1079	27	legal	legal	ADJ
cblr-11900	1079	28	memos	memo	NOUN
cblr-11900	1079	29	blessed	bless	VERB
cblr-11900	1079	30	the	the	DET
cblr-11900	1079	31	practice	practice	NOUN
cblr-11900	1079	32	as	as	ADP
cblr-11900	1079	33	authorized228	authorized228	PROPN
cblr-11900	1079	34	by	by	ADP
cblr-11900	1079	35	section	section	NOUN
cblr-11900	1079	36	14	14	NUM
cblr-11900	1079	37	,	,	PUNCT
cblr-11900	1079	38	and	and	CCONJ
cblr-11900	1079	39	the	the	DET
cblr-11900	1079	40	board	board	NOUN
cblr-11900	1079	41	voted	vote	VERB
cblr-11900	1079	42	explicitly	explicitly	ADV
cblr-11900	1079	43	to	to	PART
cblr-11900	1079	44	authorize	authorize	VERB
cblr-11900	1079	45	repos	repos	NOUN
cblr-11900	1079	46	to	to	ADP
cblr-11900	1079	47	primary	primary	ADJ
cblr-11900	1079	48	dealers	dealer	NOUN
cblr-11900	1079	49	(	(	PUNCT
cblr-11900	1079	50	including	include	VERB
cblr-11900	1079	51	nonbanks	nonbank	NOUN
cblr-11900	1079	52	)	)	PUNCT
cblr-11900	1079	53	by	by	ADP
cblr-11900	1079	54	reserve	reserve	NOUN
cblr-11900	1079	55	banks	bank	NOUN
cblr-11900	1079	56	directly	directly	ADV
cblr-11900	1079	57	—	—	PUNCT
cblr-11900	1079	58	though	though	SCONJ
cblr-11900	1079	59	still	still	ADV
cblr-11900	1079	60	at	at	ADP
cblr-11900	1079	61	a	a	DET
cblr-11900	1079	62	penalty	penalty	NOUN
cblr-11900	1079	63	rate	rate	NOUN
cblr-11900	1079	64	relative	relative	ADJ
cblr-11900	1079	65	to	to	ADP
cblr-11900	1079	66	all	all	DET
cblr-11900	1079	67	prevailing	prevail	VERB
cblr-11900	1079	68	discounts	discount	NOUN
cblr-11900	1079	69	offered	offer	VERB
cblr-11900	1079	70	to	to	PART
cblr-11900	1079	71	member	member	NOUN
cblr-11900	1079	72	banks	bank	NOUN
cblr-11900	1079	73	,	,	PUNCT
cblr-11900	1079	74	not	not	PART
cblr-11900	1079	75	for	for	ADP
cblr-11900	1079	76	longer	long	ADJ
cblr-11900	1079	77	terms	term	NOUN
cblr-11900	1079	78	than	than	ADP
cblr-11900	1079	79	fifteen	fifteen	NUM
cblr-11900	1079	80	days	day	NOUN
cblr-11900	1079	81	,	,	PUNCT
cblr-11900	1079	82	and	and	CCONJ
cblr-11900	1079	83	some	some	DET
cblr-11900	1079	84	other	other	ADJ
cblr-11900	1079	85	limits.229	limits.229	NOUN
cblr-11900	1079	86	later	later	ADV
cblr-11900	1079	87	,	,	PUNCT
cblr-11900	1079	88	the	the	DET
cblr-11900	1079	89	advances	advance	NOUN
cblr-11900	1079	90	including	include	VERB
cblr-11900	1079	91	explicit	explicit	ADJ
cblr-11900	1079	92	collateral	collateral	ADJ
cblr-11900	1079	93	agreements	agreement	NOUN
cblr-11900	1079	94	and	and	CCONJ
cblr-11900	1079	95	the	the	DET
cblr-11900	1079	96	issuance	issuance	NOUN
cblr-11900	1079	97	of	of	ADP
cblr-11900	1079	98	promissory	promissory	NOUN
cblr-11900	1079	99	notes	note	NOUN
cblr-11900	1079	100	.	.	PUNCT
cblr-11900	1080	1	227	227	NUM
cblr-11900	1080	2	in	in	ADP
cblr-11900	1080	3	subsequent	subsequent	ADJ
cblr-11900	1080	4	communications	communication	NOUN
cblr-11900	1080	5	,	,	PUNCT
cblr-11900	1080	6	the	the	DET
cblr-11900	1080	7	board	board	NOUN
cblr-11900	1080	8	appeared	appear	VERB
cblr-11900	1080	9	to	to	PART
cblr-11900	1080	10	consider	consider	VERB
cblr-11900	1080	11	these	these	DET
cblr-11900	1080	12	transactions	transaction	NOUN
cblr-11900	1080	13	to	to	PART
cblr-11900	1080	14	be	be	AUX
cblr-11900	1080	15	§	§	NOUN
cblr-11900	1080	16	13	13	NUM
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cblr-11900	1080	18	by	by	ADP
cblr-11900	1080	19	member	member	NOUN
cblr-11900	1080	20	banks	bank	NOUN
cblr-11900	1080	21	,	,	PUNCT
cblr-11900	1080	22	rather	rather	ADV
cblr-11900	1080	23	than	than	ADP
cblr-11900	1080	24	§	§	PROPN
cblr-11900	1080	25	14	14	NUM
cblr-11900	1080	26	open	open	ADJ
cblr-11900	1080	27	market	market	NOUN
cblr-11900	1080	28	transactions	transaction	NOUN
cblr-11900	1080	29	directed	direct	VERB
cblr-11900	1080	30	by	by	ADP
cblr-11900	1080	31	the	the	DET
cblr-11900	1080	32	fomc	fomc	NOUN
cblr-11900	1080	33	.	.	PUNCT
cblr-11900	1081	1	see	see	VERB
cblr-11900	1081	2	letter	letter	NOUN
cblr-11900	1081	3	from	from	ADP
cblr-11900	1081	4	w.p.g	w.p.g	PROPN
cblr-11900	1081	5	.	.	PUNCT
cblr-11900	1082	1	harding	harding	PROPN
cblr-11900	1082	2	,	,	PUNCT
cblr-11900	1082	3	fed	fed	PROPN
cblr-11900	1082	4	.	.	PUNCT
cblr-11900	1082	5	rsrv	rsrv	PROPN
cblr-11900	1082	6	.	.	PUNCT
cblr-11900	1083	1	bank	bank	NOUN
cblr-11900	1083	2	governor	governor	NOUN
cblr-11900	1083	3	,	,	PUNCT
cblr-11900	1083	4	to	to	PART
cblr-11900	1083	5	wold	wold	PRON
cblr-11900	1083	6	,	,	PUNCT
cblr-11900	1083	7	fed	fed	PROPN
cblr-11900	1083	8	.	.	PUNCT
cblr-11900	1083	9	rsrv	rsrv	PROPN
cblr-11900	1083	10	.	.	PUNCT
cblr-11900	1084	1	bank	bank	NOUN
cblr-11900	1084	2	governor	governor	NOUN
cblr-11900	1084	3	(	(	PUNCT
cblr-11900	1084	4	jan	jan	PROPN
cblr-11900	1084	5	.	.	PROPN
cblr-11900	1084	6	26	26	NUM
cblr-11900	1084	7	,	,	PUNCT
cblr-11900	1084	8	1918	1918	NUM
cblr-11900	1084	9	)	)	PUNCT
cblr-11900	1084	10	,	,	PUNCT
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cblr-11900	1084	12	[	[	X
cblr-11900	1084	13	https://perma.cc/49ur-mub2	https://perma.cc/49ur-mub2	X
cblr-11900	1084	14	]	]	X
cblr-11900	1084	15	(	(	PUNCT
cblr-11900	1084	16	“	"	PUNCT
cblr-11900	1084	17	sale	sale	NOUN
cblr-11900	1084	18	and	and	CCONJ
cblr-11900	1084	19	repurchase	repurchase	NOUN
cblr-11900	1084	20	agreement	agreement	NOUN
cblr-11900	1084	21	suggested	suggest	VERB
cblr-11900	1084	22	by	by	ADP
cblr-11900	1084	23	board	board	NOUN
cblr-11900	1084	24	was	be	AUX
cblr-11900	1084	25	intended	intend	VERB
cblr-11900	1084	26	to	to	PART
cblr-11900	1084	27	avoid	avoid	VERB
cblr-11900	1084	28	use	use	NOUN
cblr-11900	1084	29	of	of	ADP
cblr-11900	1084	30	revenue	revenue	NOUN
cblr-11900	1084	31	stamps	stamp	NOUN
cblr-11900	1084	32	on	on	ADP
cblr-11900	1084	33	short	short	ADJ
cblr-11900	1084	34	loans	loan	NOUN
cblr-11900	1084	35	maturing	mature	VERB
cblr-11900	1084	36	within	within	ADP
cblr-11900	1084	37	fifteen	fifteen	NUM
cblr-11900	1084	38	days	day	NOUN
cblr-11900	1084	39	.	.	PUNCT
cblr-11900	1084	40	”	"	PUNCT
cblr-11900	1084	41	)	)	PUNCT
cblr-11900	1084	42	.	.	PUNCT
cblr-11900	1085	1	this	this	PRON
cblr-11900	1085	2	was	be	AUX
cblr-11900	1085	3	reinforced	reinforce	VERB
cblr-11900	1085	4	in	in	ADP
cblr-11900	1085	5	april	april	PROPN
cblr-11900	1085	6	1918	1918	NUM
cblr-11900	1085	7	,	,	PUNCT
cblr-11900	1085	8	after	after	SCONJ
cblr-11900	1085	9	the	the	DET
cblr-11900	1085	10	relevant	relevant	ADJ
cblr-11900	1085	11	provision	provision	NOUN
cblr-11900	1085	12	was	be	AUX
cblr-11900	1085	13	repealed	repeal	VERB
cblr-11900	1085	14	.	.	PUNCT
cblr-11900	1086	1	william	william	PROPN
cblr-11900	1086	2	mcadoo	mcadoo	PROPN
cblr-11900	1086	3	,	,	PUNCT
cblr-11900	1086	4	sec’y	sec’y	NUM
cblr-11900	1086	5	of	of	ADP
cblr-11900	1086	6	the	the	DET
cblr-11900	1086	7	treasury	treasury	NOUN
cblr-11900	1086	8	,	,	PUNCT
cblr-11900	1086	9	to	to	ADP
cblr-11900	1086	10	edw	edw	PROPN
cblr-11900	1086	11	.	.	PUNCT
cblr-11900	1087	1	t.	t.	PROPN
cblr-11900	1087	2	brown	brown	PROPN
cblr-11900	1087	3	,	,	PUNCT
cblr-11900	1087	4	deputy	deputy	NOUN
cblr-11900	1087	5	chairman	chairman	NOUN
cblr-11900	1087	6	of	of	ADP
cblr-11900	1087	7	the	the	DET
cblr-11900	1087	8	bd	bd	PROPN
cblr-11900	1087	9	.	.	PUNCT
cblr-11900	1087	10	(	(	PUNCT
cblr-11900	1087	11	apr	apr	PROPN
cblr-11900	1087	12	.	.	PROPN
cblr-11900	1087	13	6	6	NUM
cblr-11900	1087	14	,	,	PUNCT
cblr-11900	1087	15	1918	1918	NUM
cblr-11900	1087	16	)	)	PUNCT
cblr-11900	1087	17	,	,	PUNCT
cblr-11900	1087	18	https://fraser.stlouisfed.org/archival-collection/records-federal-reservesystem-1344/repurchase-paper-1917-1922-540595	https://fraser.stlouisfed.org/archival-collection/records-federal-reservesystem-1344/repurchase-paper-1917-1922-540595	PROPN
cblr-11900	1088	1	[	[	X
cblr-11900	1088	2	https://perma.cc/s2klrdej	https://perma.cc/s2klrdej	PROPN
cblr-11900	1088	3	]	]	X
cblr-11900	1088	4	.	.	PUNCT
cblr-11900	1089	1	228	228	NUM
cblr-11900	1089	2	interestingly	interestingly	ADV
cblr-11900	1089	3	,	,	PUNCT
cblr-11900	1089	4	at	at	ADP
cblr-11900	1089	5	least	least	ADJ
cblr-11900	1089	6	in	in	ADP
cblr-11900	1089	7	part	part	NOUN
cblr-11900	1089	8	as	as	SCONJ
cblr-11900	1089	9	implied	imply	VERB
cblr-11900	1089	10	by	by	ADP
cblr-11900	1089	11	the	the	DET
cblr-11900	1089	12	advances	advance	NOUN
cblr-11900	1089	13	permitted	permit	VERB
cblr-11900	1089	14	by	by	ADP
cblr-11900	1089	15	§	§	NOUN
cblr-11900	1089	16	13(13	13(13	NUM
cblr-11900	1089	17	)	)	PUNCT
cblr-11900	1089	18	.	.	PUNCT
cblr-11900	1090	1	see	see	VERB
cblr-11900	1090	2	letter	letter	NOUN
cblr-11900	1090	3	from	from	ADP
cblr-11900	1090	4	george	george	PROPN
cblr-11900	1090	5	vest	vest	PROPN
cblr-11900	1090	6	,	,	PUNCT
cblr-11900	1090	7	general	general	ADJ
cblr-11900	1090	8	counsel	counsel	NOUN
cblr-11900	1090	9	to	to	ADP
cblr-11900	1090	10	the	the	DET
cblr-11900	1090	11	bd	bd	PROPN
cblr-11900	1090	12	.	.	PROPN
cblr-11900	1090	13	of	of	ADP
cblr-11900	1090	14	governors	governor	NOUN
cblr-11900	1090	15	of	of	ADP
cblr-11900	1090	16	the	the	DET
cblr-11900	1090	17	fed	fed	PROPN
cblr-11900	1090	18	.	.	PUNCT
cblr-11900	1091	1	rsrv	rsrv	PROPN
cblr-11900	1091	2	.	.	PUNCT
cblr-11900	1092	1	,	,	PUNCT
cblr-11900	1092	2	to	to	ADP
cblr-11900	1092	3	exec	exec	PROPN
cblr-11900	1092	4	.	.	PUNCT
cblr-11900	1093	1	committee	committee	PROPN
cblr-11900	1093	2	of	of	ADP
cblr-11900	1093	3	the	the	DET
cblr-11900	1093	4	fed	fed	PROPN
cblr-11900	1093	5	.	.	PUNCT
cblr-11900	1094	1	open	open	PROPN
cblr-11900	1094	2	mkt	mkt	PROPN
cblr-11900	1094	3	.	.	PROPN
cblr-11900	1094	4	comm	comm	NOUN
cblr-11900	1094	5	.	.	PROPN
cblr-11900	1094	6	,	,	PUNCT
cblr-11900	1094	7	oct	oct	PROPN
cblr-11900	1094	8	.	.	PROPN
cblr-11900	1094	9	1	1	NUM
cblr-11900	1094	10	,	,	PUNCT
cblr-11900	1094	11	1954	1954	NUM
cblr-11900	1094	12	,	,	PUNCT
cblr-11900	1094	13	available	available	ADJ
cblr-11900	1094	14	at	at	ADP
cblr-11900	1094	15	https://fraser.stlouisfed.org/archivalcollection/records-federal-reserve-system-1344/discount-rates-operationsfr-banks-repurchase-paper-1942-1958-540597	https://fraser.stlouisfed.org/archivalcollection/records-federal-reserve-system-1344/discount-rates-operationsfr-banks-repurchase-paper-1942-1958-540597	PROPN
cblr-11900	1094	16	.	.	PROPN
cblr-11900	1094	17	229	229	NUM
cblr-11900	1094	18	fed	fed	PROPN
cblr-11900	1094	19	.	.	PUNCT
cblr-11900	1095	1	open	open	PROPN
cblr-11900	1095	2	mkt	mkt	PROPN
cblr-11900	1095	3	.	.	PROPN
cblr-11900	1095	4	comm	comm	NOUN
cblr-11900	1095	5	.	.	PUNCT
cblr-11900	1096	1	meeting	meet	VERB
cblr-11900	1096	2	minutes	minute	NOUN
cblr-11900	1096	3	10	10	NUM
cblr-11900	1096	4	(	(	PUNCT
cblr-11900	1096	5	jan	jan	PROPN
cblr-11900	1096	6	.	.	PROPN
cblr-11900	1096	7	20	20	NUM
cblr-11900	1096	8	,	,	PUNCT
cblr-11900	1096	9	1948	1948	NUM
cblr-11900	1096	10	)	)	PUNCT
cblr-11900	1096	11	,	,	PUNCT
cblr-11900	1096	12	https://www.federalreserve.gov/monetarypolicy/files/fomchminec1194801	https://www.federalreserve.gov/monetarypolicy/files/fomchminec1194801	VERB
cblr-11900	1097	1	20.pdf	20.pdf	PROPN
cblr-11900	1097	2	[	[	X
cblr-11900	1097	3	https://perma.cc/kv9e-bcz8	https://perma.cc/kv9e-bcz8	X
cblr-11900	1097	4	]	]	X
cblr-11900	1097	5	.	.	PUNCT
cblr-11900	1098	1	no	no	INTJ
cblr-11900	1098	2	.	.	NOUN
cblr-11900	1098	3	1	1	NUM
cblr-11900	1098	4	]	]	ADJ
cblr-11900	1098	5	money	money	NOUN
cblr-11900	1098	6	and	and	CCONJ
cblr-11900	1098	7	the	the	DET
cblr-11900	1098	8	public	public	ADJ
cblr-11900	1098	9	debt	debt	NOUN
cblr-11900	1098	10	281	281	NUM
cblr-11900	1098	11	pricing	pricing	NOUN
cblr-11900	1098	12	of	of	ADP
cblr-11900	1098	13	these	these	DET
cblr-11900	1098	14	repos	repos	NOUN
cblr-11900	1098	15	was	be	AUX
cblr-11900	1098	16	relaxed	relax	VERB
cblr-11900	1098	17	to	to	PART
cblr-11900	1098	18	allow	allow	VERB
cblr-11900	1098	19	direct	direct	ADJ
cblr-11900	1098	20	offerings	offering	NOUN
cblr-11900	1098	21	to	to	ADP
cblr-11900	1098	22	qualified	qualified	ADJ
cblr-11900	1098	23	nonbank	nonbank	NOUN
cblr-11900	1098	24	dealers	dealer	NOUN
cblr-11900	1098	25	below	below	ADP
cblr-11900	1098	26	the	the	DET
cblr-11900	1098	27	discount	discount	NOUN
cblr-11900	1098	28	rate.230	rate.230	VERB
cblr-11900	1098	29	that	that	PRON
cblr-11900	1098	30	was	be	AUX
cblr-11900	1098	31	not	not	PART
cblr-11900	1098	32	,	,	PUNCT
cblr-11900	1098	33	however	however	ADV
cblr-11900	1098	34	,	,	PUNCT
cblr-11900	1098	35	the	the	DET
cblr-11900	1098	36	end	end	NOUN
cblr-11900	1098	37	of	of	ADP
cblr-11900	1098	38	the	the	DET
cblr-11900	1098	39	matter	matter	NOUN
cblr-11900	1098	40	.	.	PUNCT
cblr-11900	1099	1	in	in	ADP
cblr-11900	1099	2	1954	1954	NUM
cblr-11900	1099	3	,	,	PUNCT
cblr-11900	1099	4	governor	governor	NOUN
cblr-11900	1099	5	robertson	robertson	PROPN
cblr-11900	1099	6	objected	object	VERB
cblr-11900	1099	7	to	to	ADP
cblr-11900	1099	8	the	the	DET
cblr-11900	1099	9	use	use	NOUN
cblr-11900	1099	10	of	of	ADP
cblr-11900	1099	11	repos	repos	NOUN
cblr-11900	1099	12	to	to	PART
cblr-11900	1099	13	fund	fund	VERB
cblr-11900	1099	14	nonbank	nonbank	NOUN
cblr-11900	1099	15	dealer	dealer	NOUN
cblr-11900	1099	16	activity231	activity231	PROPN
cblr-11900	1099	17	on	on	ADP
cblr-11900	1099	18	the	the	DET
cblr-11900	1099	19	basis	basis	NOUN
cblr-11900	1099	20	of	of	ADP
cblr-11900	1099	21	his	his	PRON
cblr-11900	1099	22	views	view	NOUN
cblr-11900	1099	23	on	on	ADP
cblr-11900	1099	24	its	its	PRON
cblr-11900	1099	25	legality232	legality232	PROPN
cblr-11900	1099	26	as	as	ADV
cblr-11900	1099	27	well	well	ADV
cblr-11900	1099	28	as	as	ADP
cblr-11900	1099	29	the	the	DET
cblr-11900	1099	30	market	market	NOUN
cblr-11900	1099	31	implications	implication	NOUN
cblr-11900	1099	32	of	of	ADP
cblr-11900	1099	33	offering	offer	VERB
cblr-11900	1099	34	advantageous	advantageous	ADJ
cblr-11900	1099	35	funding	funding	NOUN
cblr-11900	1099	36	to	to	ADP
cblr-11900	1099	37	nonbank	nonbank	PROPN
cblr-11900	1099	38	dealers.233	dealers.233	PROPN
cblr-11900	1099	39	facing	face	VERB
cblr-11900	1099	40	pushback	pushback	NOUN
cblr-11900	1099	41	,	,	PUNCT
cblr-11900	1099	42	robertson	robertson	PROPN
cblr-11900	1099	43	took	take	VERB
cblr-11900	1099	44	the	the	DET
cblr-11900	1099	45	unusual	unusual	ADJ
cblr-11900	1099	46	step	step	NOUN
cblr-11900	1099	47	of	of	ADP
cblr-11900	1099	48	reading	read	VERB
cblr-11900	1099	49	a	a	DET
cblr-11900	1099	50	lengthy	lengthy	ADJ
cblr-11900	1099	51	statement	statement	NOUN
cblr-11900	1099	52	detailing	detail	VERB
cblr-11900	1099	53	his	his	PRON
cblr-11900	1099	54	objections	objection	NOUN
cblr-11900	1099	55	at	at	ADP
cblr-11900	1099	56	a	a	DET
cblr-11900	1099	57	subsequent	subsequent	ADJ
cblr-11900	1099	58	meeting.234	meeting.234	PROPN
cblr-11900	1099	59	george	george	PROPN
cblr-11900	1099	60	vest	vest	PROPN
cblr-11900	1099	61	,	,	PUNCT
cblr-11900	1099	62	general	general	ADJ
cblr-11900	1099	63	counsel	counsel	NOUN
cblr-11900	1099	64	to	to	ADP
cblr-11900	1099	65	the	the	DET
cblr-11900	1099	66	board	board	NOUN
cblr-11900	1099	67	of	of	ADP
cblr-11900	1099	68	governors	governor	NOUN
cblr-11900	1099	69	at	at	ADP
cblr-11900	1099	70	the	the	DET
cblr-11900	1099	71	time	time	NOUN
cblr-11900	1099	72	,	,	PUNCT
cblr-11900	1099	73	took	take	VERB
cblr-11900	1099	74	up	up	ADP
cblr-11900	1099	75	the	the	DET
cblr-11900	1099	76	issue	issue	NOUN
cblr-11900	1099	77	shortly	shortly	ADV
cblr-11900	1099	78	thereafter	thereafter	ADV
cblr-11900	1099	79	in	in	ADP
cblr-11900	1099	80	a	a	DET
cblr-11900	1099	81	memorandum	memorandum	NOUN
cblr-11900	1099	82	to	to	ADP
cblr-11900	1099	83	the	the	DET
cblr-11900	1099	84	executive	executive	PROPN
cblr-11900	1099	85	committee	committee	NOUN
cblr-11900	1099	86	distributed	distribute	VERB
cblr-11900	1099	87	in	in	ADP
cblr-11900	1099	88	october	october	PROPN
cblr-11900	1099	89	1954.235	1954.235	NUM
cblr-11900	1099	90	from	from	ADP
cblr-11900	1099	91	a	a	DET
cblr-11900	1099	92	legal	legal	ADJ
cblr-11900	1099	93	perspective	perspective	NOUN
cblr-11900	1099	94	,	,	PUNCT
cblr-11900	1099	95	he	he	PRON
cblr-11900	1099	96	argued	argue	VERB
cblr-11900	1099	97	,	,	PUNCT
cblr-11900	1099	98	although	although	SCONJ
cblr-11900	1099	99	repos	repos	NOUN
cblr-11900	1099	100	resembled	resemble	VERB
cblr-11900	1099	101	loans	loan	NOUN
cblr-11900	1099	102	in	in	ADP
cblr-11900	1099	103	certain	certain	ADJ
cblr-11900	1099	104	respects	respect	NOUN
cblr-11900	1099	105	,	,	PUNCT
cblr-11900	1099	106	they	they	PRON
cblr-11900	1099	107	were	be	AUX
cblr-11900	1099	108	“	"	PUNCT
cblr-11900	1099	109	justified	justified	ADJ
cblr-11900	1099	110	”	"	PUNCT
cblr-11900	1099	111	under	under	ADP
cblr-11900	1099	112	section	section	NOUN
cblr-11900	1099	113	14	14	NUM
cblr-11900	1099	114	because	because	SCONJ
cblr-11900	1099	115	their	their	PRON
cblr-11900	1099	116	“	"	PUNCT
cblr-11900	1099	117	primary	primary	ADJ
cblr-11900	1099	118	purpose	purpose	NOUN
cblr-11900	1099	119	[	[	X
cblr-11900	1099	120	was	be	AUX
cblr-11900	1099	121	]	]	PUNCT
cblr-11900	1099	122	implementing	implement	VERB
cblr-11900	1099	123	open	open	ADJ
cblr-11900	1099	124	market	market	NOUN
cblr-11900	1099	125	policies	policy	NOUN
cblr-11900	1099	126	”	"	PUNCT
cblr-11900	1099	127	rather	rather	ADV
cblr-11900	1099	128	than	than	ADP
cblr-11900	1099	129	“	"	PUNCT
cblr-11900	1099	130	providing	provide	VERB
cblr-11900	1099	131	credit	credit	NOUN
cblr-11900	1099	132	accommodations	accommodation	NOUN
cblr-11900	1099	133	to	to	ADP
cblr-11900	1099	134	particular	particular	ADJ
cblr-11900	1099	135	institutions	institution	NOUN
cblr-11900	1099	136	.	.	PUNCT
cblr-11900	1099	137	”	"	PUNCT
cblr-11900	1100	1	this	this	PRON
cblr-11900	1100	2	was	be	AUX
cblr-11900	1100	3	strengthened	strengthen	VERB
cblr-11900	1100	4	,	,	PUNCT
cblr-11900	1100	5	in	in	ADP
cblr-11900	1100	6	his	his	PRON
cblr-11900	1100	7	view	view	NOUN
cblr-11900	1100	8	,	,	PUNCT
cblr-11900	1100	9	by	by	ADP
cblr-11900	1100	10	what	what	PRON
cblr-11900	1100	11	he	he	PRON
cblr-11900	1100	12	termed	term	VERB
cblr-11900	1100	13	the	the	DET
cblr-11900	1100	14	230	230	NUM
cblr-11900	1100	15	fed	fed	PROPN
cblr-11900	1100	16	.	.	PUNCT
cblr-11900	1101	1	open	open	PROPN
cblr-11900	1101	2	mkt	mkt	PROPN
cblr-11900	1101	3	.	.	PROPN
cblr-11900	1101	4	comm	comm	NOUN
cblr-11900	1101	5	.	.	PUNCT
cblr-11900	1102	1	meeting	meeting	NOUN
cblr-11900	1102	2	minutes	minute	NOUN
cblr-11900	1102	3	17	17	NUM
cblr-11900	1102	4	(	(	PUNCT
cblr-11900	1102	5	aug	aug	PROPN
cblr-11900	1102	6	.	.	PROPN
cblr-11900	1102	7	5	5	NUM
cblr-11900	1102	8	,	,	PUNCT
cblr-11900	1102	9	1949	1949	NUM
cblr-11900	1102	10	)	)	PUNCT
cblr-11900	1102	11	,	,	PUNCT
cblr-11900	1102	12	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin194908	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin194908	NOUN
cblr-11900	1103	1	05.pdf	05.pdf	PROPN
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cblr-11900	1104	3	]	]	PUNCT
cblr-11900	1104	4	.	.	PUNCT
cblr-11900	1104	5	231	231	NUM
cblr-11900	1104	6	garbade	garbade	NOUN
cblr-11900	1104	7	,	,	PUNCT
cblr-11900	1104	8	supra	supra	PROPN
cblr-11900	1104	9	note	note	PROPN
cblr-11900	1104	10	180	180	NUM
cblr-11900	1104	11	.	.	NUM
cblr-11900	1105	1	232	232	NUM
cblr-11900	1105	2	robertson	robertson	PROPN
cblr-11900	1105	3	thought	think	VERB
cblr-11900	1105	4	that	that	SCONJ
cblr-11900	1105	5	repos	repos	NOUN
cblr-11900	1105	6	“	"	PUNCT
cblr-11900	1105	7	constituted	constitute	VERB
cblr-11900	1105	8	a	a	DET
cblr-11900	1105	9	loan	loan	NOUN
cblr-11900	1105	10	”	"	PUNCT
cblr-11900	1105	11	and	and	CCONJ
cblr-11900	1105	12	therefore	therefore	ADV
cblr-11900	1105	13	were	be	AUX
cblr-11900	1105	14	“	"	PUNCT
cblr-11900	1105	15	originally	originally	ADV
cblr-11900	1105	16	.	.	PUNCT
cblr-11900	1105	17	.	.	PUNCT
cblr-11900	1105	18	.	.	PUNCT
cblr-11900	1106	1	an	an	DET
cblr-11900	1106	2	illegal	illegal	ADJ
cblr-11900	1106	3	arrangement	arrangement	NOUN
cblr-11900	1106	4	.	.	PUNCT
cblr-11900	1106	5	”	"	PUNCT
cblr-11900	1107	1	his	his	PRON
cblr-11900	1107	2	only	only	ADJ
cblr-11900	1107	3	hesitance	hesitance	NOUN
cblr-11900	1107	4	to	to	PART
cblr-11900	1107	5	push	push	VERB
cblr-11900	1107	6	the	the	DET
cblr-11900	1107	7	issue	issue	NOUN
cblr-11900	1107	8	further	far	ADV
cblr-11900	1107	9	was	be	AUX
cblr-11900	1107	10	their	their	PRON
cblr-11900	1107	11	“	"	PUNCT
cblr-11900	1107	12	many	many	ADJ
cblr-11900	1107	13	years	year	NOUN
cblr-11900	1107	14	of	of	ADP
cblr-11900	1107	15	legal	legal	ADJ
cblr-11900	1107	16	support	support	NOUN
cblr-11900	1107	17	”	"	PUNCT
cblr-11900	1107	18	and	and	CCONJ
cblr-11900	1107	19	the	the	DET
cblr-11900	1107	20	fact	fact	NOUN
cblr-11900	1107	21	that	that	SCONJ
cblr-11900	1107	22	the	the	DET
cblr-11900	1107	23	matter	matter	NOUN
cblr-11900	1107	24	had	have	AUX
cblr-11900	1107	25	already	already	ADV
cblr-11900	1107	26	been	be	AUX
cblr-11900	1107	27	referred	refer	VERB
cblr-11900	1107	28	to	to	ADP
cblr-11900	1107	29	the	the	DET
cblr-11900	1107	30	legal	legal	ADJ
cblr-11900	1107	31	department	department	NOUN
cblr-11900	1107	32	for	for	ADP
cblr-11900	1107	33	review	review	PROPN
cblr-11900	1107	34	.	.	PUNCT
cblr-11900	1108	1	fed	fed	PROPN
cblr-11900	1108	2	.	.	PUNCT
cblr-11900	1109	1	open	open	PROPN
cblr-11900	1109	2	mkt	mkt	PROPN
cblr-11900	1109	3	.	.	PROPN
cblr-11900	1109	4	comm	comm	NOUN
cblr-11900	1109	5	.	.	PUNCT
cblr-11900	1110	1	meeting	meeting	NOUN
cblr-11900	1110	2	minutes	minute	NOUN
cblr-11900	1110	3	3	3	NUM
cblr-11900	1110	4	(	(	PUNCT
cblr-11900	1110	5	sept	sept	PROPN
cblr-11900	1110	6	.	.	PROPN
cblr-11900	1110	7	22	22	NUM
cblr-11900	1110	8	,	,	PUNCT
cblr-11900	1110	9	1954	1954	NUM
cblr-11900	1110	10	)	)	PUNCT
cblr-11900	1110	11	,	,	PUNCT
cblr-11900	1110	12	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195409	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195409	NOUN
cblr-11900	1111	1	22.pdf	22.pdf	PROPN
cblr-11900	1112	1	[	[	X
cblr-11900	1112	2	https://perma.cc/fa85-lpv5	https://perma.cc/fa85-lpv5	PROPN
cblr-11900	1112	3	]	]	PUNCT
cblr-11900	1112	4	.	.	PUNCT
cblr-11900	1113	1	233	233	NUM
cblr-11900	1113	2	robertson	robertson	PROPN
cblr-11900	1113	3	believed	believe	VERB
cblr-11900	1113	4	that	that	SCONJ
cblr-11900	1113	5	“	"	PUNCT
cblr-11900	1113	6	dealers	dealer	NOUN
cblr-11900	1113	7	in	in	ADP
cblr-11900	1113	8	government	government	NOUN
cblr-11900	1113	9	securities	security	NOUN
cblr-11900	1113	10	should	should	AUX
cblr-11900	1113	11	not	not	PART
cblr-11900	1113	12	be	be	AUX
cblr-11900	1113	13	given	give	VERB
cblr-11900	1113	14	an	an	DET
cblr-11900	1113	15	advantage	advantage	NOUN
cblr-11900	1113	16	which	which	PRON
cblr-11900	1113	17	was	be	AUX
cblr-11900	1113	18	not	not	PART
cblr-11900	1113	19	given	give	VERB
cblr-11900	1113	20	to	to	ADP
cblr-11900	1113	21	member	member	NOUN
cblr-11900	1113	22	banks	bank	NOUN
cblr-11900	1113	23	”	"	PUNCT
cblr-11900	1113	24	and	and	CCONJ
cblr-11900	1113	25	that	that	SCONJ
cblr-11900	1113	26	,	,	PUNCT
cblr-11900	1113	27	if	if	SCONJ
cblr-11900	1113	28	the	the	DET
cblr-11900	1113	29	fed	fed	PROPN
cblr-11900	1113	30	were	be	AUX
cblr-11900	1113	31	to	to	PART
cblr-11900	1113	32	persist	persist	VERB
cblr-11900	1113	33	in	in	ADP
cblr-11900	1113	34	offering	offer	VERB
cblr-11900	1113	35	financing	financing	NOUN
cblr-11900	1113	36	via	via	ADP
cblr-11900	1113	37	repos	repos	NOUN
cblr-11900	1113	38	,	,	PUNCT
cblr-11900	1113	39	they	they	PRON
cblr-11900	1113	40	should	should	AUX
cblr-11900	1113	41	at	at	ADP
cblr-11900	1113	42	a	a	DET
cblr-11900	1113	43	minimum	minimum	NOUN
cblr-11900	1113	44	do	do	VERB
cblr-11900	1113	45	so	so	ADV
cblr-11900	1113	46	at	at	ADP
cblr-11900	1113	47	a	a	DET
cblr-11900	1113	48	rate	rate	NOUN
cblr-11900	1113	49	no	no	ADV
cblr-11900	1113	50	lower	low	ADJ
cblr-11900	1113	51	than	than	ADP
cblr-11900	1113	52	discounts	discount	NOUN
cblr-11900	1113	53	.	.	PUNCT
cblr-11900	1114	1	i	i	PRON
cblr-11900	1114	2	d.	d.	PROPN
cblr-11900	1114	3	at	at	ADP
cblr-11900	1114	4	4	4	NUM
cblr-11900	1114	5	.	.	NOUN
cblr-11900	1114	6	234	234	NUM
cblr-11900	1114	7	see	see	VERB
cblr-11900	1114	8	fed	fed	PROPN
cblr-11900	1114	9	.	.	PUNCT
cblr-11900	1115	1	open	open	PROPN
cblr-11900	1115	2	mkt	mkt	PROPN
cblr-11900	1115	3	.	.	PROPN
cblr-11900	1115	4	comm	comm	NOUN
cblr-11900	1115	5	.	.	PUNCT
cblr-11900	1116	1	meeting	meet	VERB
cblr-11900	1116	2	minutes	minute	NOUN
cblr-11900	1116	3	11	11	NUM
cblr-11900	1116	4	(	(	PUNCT
cblr-11900	1116	5	sept	sept	PROPN
cblr-11900	1116	6	.	.	PROPN
cblr-11900	1116	7	22	22	NUM
cblr-11900	1116	8	,	,	PUNCT
cblr-11900	1116	9	1954	1954	NUM
cblr-11900	1116	10	)	)	PUNCT
cblr-11900	1116	11	,	,	PUNCT
cblr-11900	1116	12	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195409	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195409	NOUN
cblr-11900	1117	1	22.pdf	22.pdf	PROPN
cblr-11900	1117	2	[	[	X
cblr-11900	1117	3	https://perma.cc/4bmx-gml9	https://perma.cc/4bmx-gml9	PROPN
cblr-11900	1117	4	]	]	PUNCT
cblr-11900	1117	5	.	.	PUNCT
cblr-11900	1118	1	see	see	AUX
cblr-11900	1118	2	also	also	ADV
cblr-11900	1118	3	garbade	garbade	NOUN
cblr-11900	1118	4	,	,	PUNCT
cblr-11900	1118	5	supra	supra	PROPN
cblr-11900	1118	6	note	note	VERB
cblr-11900	1118	7	180	180	NUM
cblr-11900	1118	8	for	for	ADP
cblr-11900	1118	9	the	the	DET
cblr-11900	1118	10	full	full	ADJ
cblr-11900	1118	11	text	text	NOUN
cblr-11900	1118	12	.	.	PUNCT
cblr-11900	1119	1	235	235	NUM
cblr-11900	1119	2	vest	vest	ADJ
cblr-11900	1119	3	,	,	PUNCT
cblr-11900	1119	4	supra	supra	PROPN
cblr-11900	1119	5	note	note	NOUN
cblr-11900	1119	6	231	231	NUM
cblr-11900	1119	7	.	.	X
cblr-11900	1119	8	282	282	NUM
cblr-11900	1119	9	columbia	columbia	PROPN
cblr-11900	1119	10	business	business	NOUN
cblr-11900	1119	11	law	law	PROPN
cblr-11900	1119	12	review	review	NOUN
cblr-11900	1120	1	[	[	X
cblr-11900	1120	2	vol	vol	NOUN
cblr-11900	1120	3	.	.	PUNCT
cblr-11900	1120	4	2023	2023	NUM
cblr-11900	1120	5	“	"	PUNCT
cblr-11900	1120	6	weight	weight	NOUN
cblr-11900	1120	7	of	of	ADP
cblr-11900	1120	8	long	long	ADJ
cblr-11900	1120	9	administrative	administrative	ADJ
cblr-11900	1120	10	interpretation”236	interpretation”236	ADJ
cblr-11900	1120	11	in	in	ADP
cblr-11900	1120	12	which	which	PRON
cblr-11900	1120	13	repos	repos	NOUN
cblr-11900	1120	14	had	have	AUX
cblr-11900	1120	15	been	be	AUX
cblr-11900	1120	16	used	use	VERB
cblr-11900	1120	17	for	for	ADP
cblr-11900	1120	18	many	many	ADJ
cblr-11900	1120	19	years	year	NOUN
cblr-11900	1120	20	with	with	ADP
cblr-11900	1120	21	full	full	ADJ
cblr-11900	1120	22	knowledge	knowledge	NOUN
cblr-11900	1120	23	of	of	ADP
cblr-11900	1120	24	both	both	DET
cblr-11900	1120	25	congress	congress	PROPN
cblr-11900	1120	26	and	and	CCONJ
cblr-11900	1120	27	the	the	DET
cblr-11900	1120	28	board	board	NOUN
cblr-11900	1120	29	.	.	PUNCT
cblr-11900	1121	1	he	he	PRON
cblr-11900	1121	2	further	far	ADV
cblr-11900	1121	3	argued	argue	VERB
cblr-11900	1121	4	that	that	SCONJ
cblr-11900	1121	5	the	the	DET
cblr-11900	1121	6	fed	fed	PROPN
cblr-11900	1121	7	was	be	AUX
cblr-11900	1121	8	within	within	ADP
cblr-11900	1121	9	its	its	PRON
cblr-11900	1121	10	authority	authority	NOUN
cblr-11900	1121	11	to	to	PART
cblr-11900	1121	12	offer	offer	VERB
cblr-11900	1121	13	repos	repos	NOUN
cblr-11900	1121	14	below	below	ADP
cblr-11900	1121	15	the	the	DET
cblr-11900	1121	16	discount	discount	NOUN
cblr-11900	1121	17	rate	rate	NOUN
cblr-11900	1121	18	and	and	CCONJ
cblr-11900	1121	19	exclusively	exclusively	ADV
cblr-11900	1121	20	to	to	ADP
cblr-11900	1121	21	nonbank	nonbank	NOUN
cblr-11900	1121	22	dealers	dealer	NOUN
cblr-11900	1121	23	.	.	PUNCT
cblr-11900	1122	1	robertson	robertson	PROPN
cblr-11900	1122	2	persisted	persist	VERB
cblr-11900	1122	3	,	,	PUNCT
cblr-11900	1122	4	bringing	bring	VERB
cblr-11900	1122	5	an	an	DET
cblr-11900	1122	6	alternative	alternative	ADJ
cblr-11900	1122	7	framework	framework	NOUN
cblr-11900	1122	8	for	for	ADP
cblr-11900	1122	9	“	"	PUNCT
cblr-11900	1122	10	open	open	ADJ
cblr-11900	1122	11	window	window	NOUN
cblr-11900	1122	12	”	"	PUNCT
cblr-11900	1122	13	lending	lending	NOUN
cblr-11900	1122	14	to	to	ADP
cblr-11900	1122	15	the	the	DET
cblr-11900	1122	16	fomc	fomc	NOUN
cblr-11900	1122	17	in	in	ADP
cblr-11900	1122	18	march	march	PROPN
cblr-11900	1122	19	of	of	ADP
cblr-11900	1122	20	1955	1955	NUM
cblr-11900	1122	21	.	.	PUNCT
cblr-11900	1123	1	he	he	PRON
cblr-11900	1123	2	was	be	AUX
cblr-11900	1123	3	,	,	PUNCT
cblr-11900	1123	4	however	however	ADV
cblr-11900	1123	5	,	,	PUNCT
cblr-11900	1123	6	the	the	DET
cblr-11900	1123	7	only	only	ADJ
cblr-11900	1123	8	member	member	NOUN
cblr-11900	1123	9	of	of	ADP
cblr-11900	1123	10	the	the	DET
cblr-11900	1123	11	committee	committee	NOUN
cblr-11900	1123	12	in	in	ADP
cblr-11900	1123	13	favor	favor	NOUN
cblr-11900	1123	14	—	—	PUNCT
cblr-11900	1123	15	armed	arm	VERB
cblr-11900	1123	16	with	with	ADP
cblr-11900	1123	17	the	the	DET
cblr-11900	1123	18	support	support	NOUN
cblr-11900	1123	19	of	of	ADP
cblr-11900	1123	20	the	the	DET
cblr-11900	1123	21	legal	legal	ADJ
cblr-11900	1123	22	department	department	NOUN
cblr-11900	1123	23	,	,	PUNCT
cblr-11900	1123	24	all	all	DET
cblr-11900	1123	25	the	the	DET
cblr-11900	1123	26	others	other	NOUN
cblr-11900	1123	27	voted	vote	VERB
cblr-11900	1123	28	against.237	against.237	PROPN
cblr-11900	1123	29	the	the	DET
cblr-11900	1123	30	plan	plan	NOUN
cblr-11900	1123	31	was	be	AUX
cblr-11900	1123	32	soundly	soundly	ADV
cblr-11900	1123	33	rejected	reject	VERB
cblr-11900	1123	34	in	in	ADP
cblr-11900	1123	35	favor	favor	NOUN
cblr-11900	1123	36	of	of	ADP
cblr-11900	1123	37	the	the	DET
cblr-11900	1123	38	existing	exist	VERB
cblr-11900	1123	39	repo	repo	NOUN
cblr-11900	1123	40	authority	authority	NOUN
cblr-11900	1123	41	.	.	PUNCT
cblr-11900	1124	1	likely	likely	ADJ
cblr-11900	1124	2	as	as	ADP
cblr-11900	1124	3	a	a	DET
cblr-11900	1124	4	result	result	NOUN
cblr-11900	1124	5	of	of	ADP
cblr-11900	1124	6	the	the	DET
cblr-11900	1124	7	fed	fed	PROPN
cblr-11900	1124	8	’s	’s	PART
cblr-11900	1124	9	new	new	ADJ
cblr-11900	1124	10	policy	policy	NOUN
cblr-11900	1124	11	(	(	PUNCT
cblr-11900	1124	12	that	that	SCONJ
cblr-11900	1124	13	it	it	PRON
cblr-11900	1124	14	would	would	AUX
cblr-11900	1124	15	backstop	backstop	VERB
cblr-11900	1124	16	nonbank	nonbank	NOUN
cblr-11900	1124	17	dealers	dealer	NOUN
cblr-11900	1124	18	through	through	ADP
cblr-11900	1124	19	repo	repo	ADP
cblr-11900	1124	20	lending	lending	NOUN
cblr-11900	1124	21	)	)	PUNCT
cblr-11900	1124	22	nonbank	nonbank	NOUN
cblr-11900	1124	23	dealers	dealer	NOUN
cblr-11900	1124	24	began	begin	VERB
cblr-11900	1124	25	to	to	PART
cblr-11900	1124	26	fund	fund	VERB
cblr-11900	1124	27	themselves	themselves	PRON
cblr-11900	1124	28	much	much	ADJ
cblr-11900	1124	29	of	of	ADP
cblr-11900	1124	30	the	the	DET
cblr-11900	1124	31	time	time	NOUN
cblr-11900	1124	32	by	by	ADP
cblr-11900	1124	33	entering	enter	VERB
cblr-11900	1124	34	into	into	ADP
cblr-11900	1124	35	repo	repo	NOUN
cblr-11900	1124	36	agreements	agreement	NOUN
cblr-11900	1124	37	with	with	ADP
cblr-11900	1124	38	the	the	DET
cblr-11900	1124	39	corporate	corporate	ADJ
cblr-11900	1124	40	sector	sector	NOUN
cblr-11900	1124	41	.	.	PUNCT
cblr-11900	1125	1	indeed	indeed	ADV
cblr-11900	1125	2	,	,	PUNCT
cblr-11900	1125	3	such	such	ADJ
cblr-11900	1125	4	repurchase	repurchase	NOUN
cblr-11900	1125	5	agreements	agreement	NOUN
cblr-11900	1125	6	quickly	quickly	ADV
cblr-11900	1125	7	became	become	VERB
cblr-11900	1125	8	the	the	DET
cblr-11900	1125	9	primary	primary	ADJ
cblr-11900	1125	10	means	mean	NOUN
cblr-11900	1125	11	by	by	ADP
cblr-11900	1125	12	which	which	PRON
cblr-11900	1125	13	government	government	NOUN
cblr-11900	1125	14	securities	security	NOUN
cblr-11900	1125	15	dealers	dealer	NOUN
cblr-11900	1125	16	financed	finance	VERB
cblr-11900	1125	17	their	their	PRON
cblr-11900	1125	18	activity	activity	NOUN
cblr-11900	1125	19	.	.	PUNCT
cblr-11900	1126	1	comprehensive	comprehensive	ADJ
cblr-11900	1126	2	and	and	CCONJ
cblr-11900	1126	3	reliable	reliable	ADJ
cblr-11900	1126	4	data	datum	NOUN
cblr-11900	1126	5	are	be	AUX
cblr-11900	1126	6	hard	hard	ADJ
cblr-11900	1126	7	to	to	PART
cblr-11900	1126	8	come	come	VERB
cblr-11900	1126	9	by	by	ADV
cblr-11900	1126	10	,	,	PUNCT
cblr-11900	1126	11	but	but	CCONJ
cblr-11900	1126	12	research	research	NOUN
cblr-11900	1126	13	conducted	conduct	VERB
cblr-11900	1126	14	at	at	ADP
cblr-11900	1126	15	the	the	DET
cblr-11900	1126	16	time	time	NOUN
cblr-11900	1126	17	offers	offer	VERB
cblr-11900	1126	18	some	some	DET
cblr-11900	1126	19	context	context	NOUN
cblr-11900	1126	20	.	.	PUNCT
cblr-11900	1127	1	for	for	ADP
cblr-11900	1127	2	example	example	NOUN
cblr-11900	1127	3	,	,	PUNCT
cblr-11900	1127	4	a	a	DET
cblr-11900	1127	5	joint	joint	ADJ
cblr-11900	1127	6	treasury	treasury	NOUN
cblr-11900	1127	7	-	-	PUNCT
cblr-11900	1127	8	federal	federal	PROPN
cblr-11900	1127	9	reserve	reserve	NOUN
cblr-11900	1127	10	study	study	NOUN
cblr-11900	1127	11	conducted	conduct	VERB
cblr-11900	1127	12	in	in	ADP
cblr-11900	1127	13	the	the	DET
cblr-11900	1127	14	late	late	ADJ
cblr-11900	1127	15	1950s	1950	NOUN
cblr-11900	1127	16	noted	note	VERB
cblr-11900	1127	17	that	that	SCONJ
cblr-11900	1127	18	,	,	PUNCT
cblr-11900	1127	19	though	though	SCONJ
cblr-11900	1127	20	the	the	DET
cblr-11900	1127	21	composition	composition	NOUN
cblr-11900	1127	22	of	of	ADP
cblr-11900	1127	23	their	their	PRON
cblr-11900	1127	24	funding	funding	NOUN
cblr-11900	1127	25	mix	mix	NOUN
cblr-11900	1127	26	varied	varied	ADJ
cblr-11900	1127	27	quite	quite	DET
cblr-11900	1127	28	a	a	DET
cblr-11900	1127	29	bit	bit	NOUN
cblr-11900	1127	30	,	,	PUNCT
cblr-11900	1127	31	repo	repo	AUX
cblr-11900	1127	32	generally	generally	ADV
cblr-11900	1127	33	accounted	account	VERB
cblr-11900	1127	34	for	for	ADP
cblr-11900	1127	35	“	"	PUNCT
cblr-11900	1127	36	55–70	55–70	PROPN
cblr-11900	1127	37	per	per	ADP
cblr-11900	1127	38	cent	cent	NOUN
cblr-11900	1127	39	”	"	PUNCT
cblr-11900	1127	40	of	of	ADP
cblr-11900	1127	41	total	total	ADJ
cblr-11900	1127	42	dealer	dealer	NOUN
cblr-11900	1127	43	financing	financing	NOUN
cblr-11900	1127	44	,	,	PUNCT
cblr-11900	1127	45	and	and	CCONJ
cblr-11900	1127	46	sometimes	sometimes	ADV
cblr-11900	1127	47	as	as	ADV
cblr-11900	1127	48	high	high	ADJ
cblr-11900	1127	49	as	as	ADP
cblr-11900	1127	50	85%.238	85%.238	NUM
cblr-11900	1127	51	around	around	ADP
cblr-11900	1127	52	the	the	DET
cblr-11900	1127	53	same	same	ADJ
cblr-11900	1127	54	time	time	NOUN
cblr-11900	1127	55	,	,	PUNCT
cblr-11900	1127	56	a	a	DET
cblr-11900	1127	57	study	study	NOUN
cblr-11900	1127	58	produced	produce	VERB
cblr-11900	1127	59	by	by	ADP
cblr-11900	1127	60	236	236	NUM
cblr-11900	1127	61	i	i	PROPN
cblr-11900	1127	62	d.	d.	PROPN
cblr-11900	1127	63	(	(	PUNCT
cblr-11900	1127	64	“	"	PUNCT
cblr-11900	1127	65	whatever	whatever	PRON
cblr-11900	1127	66	may	may	AUX
cblr-11900	1127	67	have	have	AUX
cblr-11900	1127	68	been	be	AUX
cblr-11900	1127	69	the	the	DET
cblr-11900	1127	70	situation	situation	NOUN
cblr-11900	1127	71	in	in	ADP
cblr-11900	1127	72	the	the	DET
cblr-11900	1127	73	early	early	ADJ
cblr-11900	1127	74	1920	1920	NUM
cblr-11900	1127	75	’s	’	VERB
cblr-11900	1127	76	when	when	SCONJ
cblr-11900	1127	77	the	the	DET
cblr-11900	1127	78	legal	legal	ADJ
cblr-11900	1127	79	authority	authority	NOUN
cblr-11900	1127	80	of	of	ADP
cblr-11900	1127	81	the	the	DET
cblr-11900	1127	82	reserve	reserve	NOUN
cblr-11900	1127	83	banks	bank	NOUN
cblr-11900	1127	84	to	to	PART
cblr-11900	1127	85	enter	enter	VERB
cblr-11900	1127	86	into	into	ADP
cblr-11900	1127	87	repurchase	repurchase	NOUN
cblr-11900	1127	88	agreements	agreement	NOUN
cblr-11900	1127	89	was	be	AUX
cblr-11900	1127	90	under	under	ADP
cblr-11900	1127	91	consideration	consideration	NOUN
cblr-11900	1127	92	,	,	PUNCT
cblr-11900	1127	93	the	the	DET
cblr-11900	1127	94	legal	legal	ADJ
cblr-11900	1127	95	status	status	NOUN
cblr-11900	1127	96	of	of	ADP
cblr-11900	1127	97	such	such	ADJ
cblr-11900	1127	98	agreements	agreement	NOUN
cblr-11900	1127	99	as	as	ADP
cblr-11900	1127	100	purchases	purchase	NOUN
cblr-11900	1127	101	under	under	ADP
cblr-11900	1127	102	section	section	NOUN
cblr-11900	1127	103	14	14	NUM
cblr-11900	1127	104	is	be	AUX
cblr-11900	1127	105	now	now	ADV
cblr-11900	1127	106	given	give	VERB
cblr-11900	1127	107	strong	strong	ADJ
cblr-11900	1127	108	support	support	NOUN
cblr-11900	1127	109	by	by	ADP
cblr-11900	1127	110	long	long	ADJ
cblr-11900	1127	111	years	year	NOUN
cblr-11900	1127	112	of	of	ADP
cblr-11900	1127	113	administrative	administrative	ADJ
cblr-11900	1127	114	interpretation	interpretation	NOUN
cblr-11900	1127	115	.	.	PUNCT
cblr-11900	1127	116	”	"	PUNCT
cblr-11900	1127	117	)	)	PUNCT
cblr-11900	1127	118	.	.	PUNCT
cblr-11900	1128	1	vest	vest	NOUN
cblr-11900	1128	2	highlighted	highlight	VERB
cblr-11900	1128	3	the	the	DET
cblr-11900	1128	4	voluntary	voluntary	ADJ
cblr-11900	1128	5	nature	nature	NOUN
cblr-11900	1128	6	of	of	ADP
cblr-11900	1128	7	the	the	DET
cblr-11900	1128	8	closing	closing	NOUN
cblr-11900	1128	9	leg	leg	NOUN
cblr-11900	1128	10	of	of	ADP
cblr-11900	1128	11	the	the	DET
cblr-11900	1128	12	transaction	transaction	NOUN
cblr-11900	1128	13	,	,	PUNCT
cblr-11900	1128	14	with	with	ADP
cblr-11900	1128	15	the	the	DET
cblr-11900	1128	16	fed	fed	PROPN
cblr-11900	1128	17	holding	hold	VERB
cblr-11900	1128	18	the	the	DET
cblr-11900	1128	19	option	option	NOUN
cblr-11900	1128	20	but	but	CCONJ
cblr-11900	1128	21	not	not	PART
cblr-11900	1128	22	the	the	DET
cblr-11900	1128	23	obligation	obligation	NOUN
cblr-11900	1128	24	to	to	PART
cblr-11900	1128	25	resell	resell	VERB
cblr-11900	1128	26	,	,	PUNCT
cblr-11900	1128	27	which	which	PRON
cblr-11900	1128	28	was	be	AUX
cblr-11900	1128	29	noted	note	VERB
cblr-11900	1128	30	in	in	ADP
cblr-11900	1128	31	an	an	DET
cblr-11900	1128	32	early	early	ADJ
cblr-11900	1128	33	but	but	CCONJ
cblr-11900	1128	34	ultimately	ultimately	ADV
cblr-11900	1128	35	rejected	reject	VERB
cblr-11900	1128	36	legal	legal	ADJ
cblr-11900	1128	37	opinion	opinion	NOUN
cblr-11900	1128	38	from	from	ADP
cblr-11900	1128	39	1923	1923	NUM
cblr-11900	1128	40	.	.	PUNCT
cblr-11900	1129	1	i	i	PRON
cblr-11900	1129	2	d.	d.	PROPN
cblr-11900	1129	3	237	237	NUM
cblr-11900	1129	4	only	only	ADV
cblr-11900	1129	5	robertson	robertson	PROPN
cblr-11900	1129	6	voted	vote	VERB
cblr-11900	1129	7	in	in	ADP
cblr-11900	1129	8	in	in	ADP
cblr-11900	1129	9	favor	favor	NOUN
cblr-11900	1129	10	,	,	PUNCT
cblr-11900	1129	11	though	though	SCONJ
cblr-11900	1129	12	he	he	PRON
cblr-11900	1129	13	had	have	VERB
cblr-11900	1129	14	verbal	verbal	ADJ
cblr-11900	1129	15	support	support	NOUN
cblr-11900	1129	16	of	of	ADP
cblr-11900	1129	17	malcom	malcom	PROPN
cblr-11900	1129	18	bryan	bryan	PROPN
cblr-11900	1129	19	,	,	PUNCT
cblr-11900	1129	20	president	president	NOUN
cblr-11900	1129	21	of	of	ADP
cblr-11900	1129	22	the	the	DET
cblr-11900	1129	23	federal	federal	PROPN
cblr-11900	1129	24	reserve	reserve	PROPN
cblr-11900	1129	25	bank	bank	PROPN
cblr-11900	1129	26	of	of	ADP
cblr-11900	1129	27	atlanta	atlanta	PROPN
cblr-11900	1129	28	but	but	CCONJ
cblr-11900	1129	29	a	a	DET
cblr-11900	1129	30	nonvoting	nonvoting	ADJ
cblr-11900	1129	31	member	member	NOUN
cblr-11900	1129	32	at	at	ADP
cblr-11900	1129	33	the	the	DET
cblr-11900	1129	34	time	time	NOUN
cblr-11900	1129	35	.	.	PUNCT
cblr-11900	1130	1	fed	fed	PROPN
cblr-11900	1130	2	.	.	PUNCT
cblr-11900	1131	1	open	open	PROPN
cblr-11900	1131	2	mkt	mkt	PROPN
cblr-11900	1131	3	.	.	PROPN
cblr-11900	1131	4	comm	comm	NOUN
cblr-11900	1131	5	.	.	PUNCT
cblr-11900	1132	1	meeting	meet	VERB
cblr-11900	1132	2	minutes	minute	NOUN
cblr-11900	1132	3	12	12	NUM
cblr-11900	1132	4	(	(	PUNCT
cblr-11900	1132	5	july	july	PROPN
cblr-11900	1132	6	12	12	NUM
cblr-11900	1132	7	,	,	PUNCT
cblr-11900	1132	8	1955	1955	NUM
cblr-11900	1132	9	)	)	PUNCT
cblr-11900	1132	10	,	,	PUNCT
cblr-11900	1132	11	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195507	https://www.federalreserve.gov/monetarypolicy/files/fomchistmin195507	NOUN
cblr-11900	1132	12	12.pdf	12.pdf	PROPN
cblr-11900	1132	13	[	[	X
cblr-11900	1132	14	https://perma.cc/2qkw-d4yu	https://perma.cc/2qkw-d4yu	X
cblr-11900	1132	15	]	]	X
cblr-11900	1132	16	.	.	PUNCT
cblr-11900	1133	1	238	238	NUM
cblr-11900	1133	2	u.s	u.s	PROPN
cblr-11900	1133	3	.	.	PROPN
cblr-11900	1133	4	dep’t	dep’t	NOUN
cblr-11900	1133	5	of	of	ADP
cblr-11900	1133	6	the	the	DET
cblr-11900	1133	7	treasury	treasury	PROPN
cblr-11900	1133	8	&	&	CCONJ
cblr-11900	1133	9	the	the	DET
cblr-11900	1133	10	bd	bd	PROPN
cblr-11900	1133	11	.	.	PROPN
cblr-11900	1133	12	of	of	ADP
cblr-11900	1133	13	governors	governor	NOUN
cblr-11900	1133	14	of	of	ADP
cblr-11900	1133	15	the	the	DET
cblr-11900	1133	16	fed	fed	PROPN
cblr-11900	1133	17	.	.	PUNCT
cblr-11900	1134	1	reserve	reserve	PROPN
cblr-11900	1134	2	sys	sys	PROPN
cblr-11900	1134	3	.	.	PROPN
cblr-11900	1134	4	,	,	PUNCT
cblr-11900	1134	5	part	part	NOUN
cblr-11900	1134	6	iii	iii	PROPN
cblr-11900	1134	7	:	:	PUNCT
cblr-11900	1134	8	supplementary	supplementary	ADJ
cblr-11900	1134	9	studies	study	NOUN
cblr-11900	1134	10	,	,	PUNCT
cblr-11900	1134	11	in	in	ADP
cblr-11900	1134	12	treasury	treasury	NOUN
cblr-11900	1134	13	-	-	PUNCT
cblr-11900	1134	14	federal	federal	PROPN
cblr-11900	1134	15	reserve	reserve	NOUN
cblr-11900	1134	16	study	study	NOUN
cblr-11900	1134	17	of	of	ADP
cblr-11900	1134	18	the	the	DET
cblr-11900	1134	19	government	government	NOUN
cblr-11900	1134	20	securities	security	NOUN
cblr-11900	1134	21	market	market	NOUN
cblr-11900	1134	22	70	70	NUM
cblr-11900	1134	23	(	(	PUNCT
cblr-11900	1134	24	1960	1960	NUM
cblr-11900	1134	25	)	)	PUNCT
cblr-11900	1134	26	.	.	PUNCT
cblr-11900	1135	1	no	no	INTJ
cblr-11900	1135	2	.	.	NOUN
cblr-11900	1136	1	1	1	NUM
cblr-11900	1136	2	]	]	ADJ
cblr-11900	1136	3	money	money	NOUN
cblr-11900	1136	4	and	and	CCONJ
cblr-11900	1136	5	the	the	DET
cblr-11900	1136	6	public	public	ADJ
cblr-11900	1136	7	debt	debt	NOUN
cblr-11900	1136	8	283	283	NUM
cblr-11900	1136	9	the	the	DET
cblr-11900	1136	10	new	new	PROPN
cblr-11900	1136	11	york	york	PROPN
cblr-11900	1136	12	clearing	clearing	PROPN
cblr-11900	1136	13	house	house	PROPN
cblr-11900	1136	14	association	association	PROPN
cblr-11900	1136	15	detailed	detail	VERB
cblr-11900	1136	16	the	the	DET
cblr-11900	1136	17	expansion	expansion	NOUN
cblr-11900	1136	18	of	of	ADP
cblr-11900	1136	19	dealer	dealer	NOUN
cblr-11900	1136	20	repo	repo	NOUN
cblr-11900	1136	21	and	and	CCONJ
cblr-11900	1136	22	worried	worry	VERB
cblr-11900	1136	23	that	that	SCONJ
cblr-11900	1136	24	“	"	PUNCT
cblr-11900	1136	25	frequent	frequent	ADJ
cblr-11900	1136	26	use	use	NOUN
cblr-11900	1136	27	of	of	ADP
cblr-11900	1136	28	the	the	DET
cblr-11900	1136	29	[	[	X
cblr-11900	1136	30	fed	fed	PROPN
cblr-11900	1136	31	’s	’s	PART
cblr-11900	1136	32	repo	repo	NOUN
cblr-11900	1136	33	]	]	PUNCT
cblr-11900	1136	34	facility	facility	NOUN
cblr-11900	1136	35	,	,	PUNCT
cblr-11900	1136	36	at	at	ADP
cblr-11900	1136	37	relatively	relatively	ADV
cblr-11900	1136	38	cheap	cheap	ADJ
cblr-11900	1136	39	rates	rate	NOUN
cblr-11900	1136	40	,	,	PUNCT
cblr-11900	1136	41	encourages	encourage	VERB
cblr-11900	1136	42	dealers	dealer	NOUN
cblr-11900	1136	43	to	to	PART
cblr-11900	1136	44	borrow	borrow	VERB
cblr-11900	1136	45	from	from	ADP
cblr-11900	1136	46	the	the	DET
cblr-11900	1136	47	federal	federal	PROPN
cblr-11900	1136	48	reserve	reserve	PROPN
cblr-11900	1136	49	whenever	whenever	SCONJ
cblr-11900	1136	50	possible	possible	ADJ
cblr-11900	1136	51	and	and	CCONJ
cblr-11900	1136	52	tempts	tempt	VERB
cblr-11900	1136	53	banks	bank	NOUN
cblr-11900	1136	54	to	to	PART
cblr-11900	1136	55	wash	wash	VERB
cblr-11900	1136	56	their	their	PRON
cblr-11900	1136	57	hands	hand	NOUN
cblr-11900	1136	58	of	of	ADP
cblr-11900	1136	59	responsibility	responsibility	NOUN
cblr-11900	1136	60	for	for	ADP
cblr-11900	1136	61	dealer	dealer	NOUN
cblr-11900	1136	62	financing	financing	NOUN
cblr-11900	1136	63	requirements	requirement	NOUN
cblr-11900	1136	64	.	.	PUNCT
cblr-11900	1137	1	”239	”239	NUM
cblr-11900	1138	1	another	another	DET
cblr-11900	1138	2	study	study	NOUN
cblr-11900	1138	3	by	by	ADP
cblr-11900	1138	4	the	the	DET
cblr-11900	1138	5	federal	federal	PROPN
cblr-11900	1138	6	reserve	reserve	PROPN
cblr-11900	1138	7	bank	bank	PROPN
cblr-11900	1138	8	of	of	ADP
cblr-11900	1138	9	new	new	PROPN
cblr-11900	1138	10	york	york	PROPN
cblr-11900	1138	11	found	find	VERB
cblr-11900	1138	12	that	that	SCONJ
cblr-11900	1138	13	repo	repo	NOUN
cblr-11900	1138	14	made	make	VERB
cblr-11900	1138	15	up	up	ADP
cblr-11900	1138	16	two	two	NUM
cblr-11900	1138	17	-	-	PUNCT
cblr-11900	1138	18	thirds	third	NOUN
cblr-11900	1138	19	of	of	ADP
cblr-11900	1138	20	dealer	dealer	NOUN
cblr-11900	1138	21	funding	funding	NOUN
cblr-11900	1138	22	in	in	ADP
cblr-11900	1138	23	the	the	DET
cblr-11900	1138	24	early	early	ADJ
cblr-11900	1138	25	1960s.240	1960s.240	NUM
cblr-11900	1138	26	if	if	SCONJ
cblr-11900	1138	27	anything	anything	PRON
cblr-11900	1138	28	,	,	PUNCT
cblr-11900	1138	29	these	these	DET
cblr-11900	1138	30	statistics	statistic	NOUN
cblr-11900	1138	31	understate	understate	VERB
cblr-11900	1138	32	the	the	DET
cblr-11900	1138	33	centrality	centrality	NOUN
cblr-11900	1138	34	of	of	ADP
cblr-11900	1138	35	this	this	DET
cblr-11900	1138	36	new	new	ADJ
cblr-11900	1138	37	funding	funding	NOUN
cblr-11900	1138	38	mechanism	mechanism	NOUN
cblr-11900	1138	39	to	to	ADP
cblr-11900	1138	40	the	the	DET
cblr-11900	1138	41	nonbank	nonbank	NOUN
cblr-11900	1138	42	dealers	dealer	NOUN
cblr-11900	1138	43	which	which	PRON
cblr-11900	1138	44	dominated	dominate	VERB
cblr-11900	1138	45	activity	activity	NOUN
cblr-11900	1138	46	(	(	PUNCT
cblr-11900	1138	47	e.g.	e.g.	ADV
cblr-11900	1138	48	,	,	PUNCT
cblr-11900	1138	49	80	80	NUM
cblr-11900	1138	50	%	%	NOUN
cblr-11900	1138	51	of	of	ADP
cblr-11900	1138	52	the	the	DET
cblr-11900	1138	53	total	total	NOUN
cblr-11900	1138	54	from	from	ADP
cblr-11900	1138	55	1961–’64).241	1961–’64).241	PRON
cblr-11900	1138	56	the	the	DET
cblr-11900	1138	57	fed	fed	PROPN
cblr-11900	1138	58	’s	’s	PART
cblr-11900	1138	59	involvement	involvement	NOUN
cblr-11900	1138	60	developing	develop	VERB
cblr-11900	1138	61	the	the	DET
cblr-11900	1138	62	legal	legal	ADJ
cblr-11900	1138	63	structure	structure	NOUN
cblr-11900	1138	64	for	for	ADP
cblr-11900	1138	65	repurchase	repurchase	NOUN
cblr-11900	1138	66	agreements	agreement	NOUN
cblr-11900	1138	67	as	as	ADV
cblr-11900	1138	68	well	well	ADV
cblr-11900	1138	69	as	as	ADP
cblr-11900	1138	70	using	use	VERB
cblr-11900	1138	71	them	they	PRON
cblr-11900	1138	72	as	as	ADP
cblr-11900	1138	73	a	a	DET
cblr-11900	1138	74	backstop	backstop	NOUN
cblr-11900	1138	75	for	for	ADP
cblr-11900	1138	76	nonbank	nonbank	NOUN
cblr-11900	1138	77	dealer	dealer	NOUN
cblr-11900	1138	78	firms	firm	NOUN
cblr-11900	1138	79	gave	give	VERB
cblr-11900	1138	80	corporate	corporate	ADJ
cblr-11900	1138	81	cash	cash	NOUN
cblr-11900	1138	82	providers	provider	NOUN
cblr-11900	1138	83	greater	great	ADJ
cblr-11900	1138	84	comfort	comfort	NOUN
cblr-11900	1138	85	with	with	ADP
cblr-11900	1138	86	“	"	PUNCT
cblr-11900	1138	87	depositing	deposit	VERB
cblr-11900	1138	88	”	"	PUNCT
cblr-11900	1138	89	their	their	PRON
cblr-11900	1138	90	money	money	NOUN
cblr-11900	1138	91	in	in	ADP
cblr-11900	1138	92	the	the	DET
cblr-11900	1138	93	form	form	NOUN
cblr-11900	1138	94	of	of	ADP
cblr-11900	1138	95	repurchase	repurchase	NOUN
cblr-11900	1138	96	agreements	agreement	NOUN
cblr-11900	1138	97	with	with	ADP
cblr-11900	1138	98	nonbank	nonbank	NOUN
cblr-11900	1138	99	dealer	dealer	NOUN
cblr-11900	1138	100	firms	firm	NOUN
cblr-11900	1138	101	.	.	PUNCT
cblr-11900	1139	1	facilitating	facilitate	VERB
cblr-11900	1139	2	the	the	DET
cblr-11900	1139	3	growth	growth	NOUN
cblr-11900	1139	4	of	of	ADP
cblr-11900	1139	5	this	this	DET
cblr-11900	1139	6	non	non	ADJ
cblr-11900	1139	7	-	-	ADJ
cblr-11900	1139	8	deposit	deposit	ADJ
cblr-11900	1139	9	instrument	instrument	NOUN
cblr-11900	1139	10	,	,	PUNCT
cblr-11900	1139	11	which	which	PRON
cblr-11900	1139	12	could	could	AUX
cblr-11900	1139	13	be	be	AUX
cblr-11900	1139	14	held	hold	VERB
cblr-11900	1139	15	by	by	ADP
cblr-11900	1139	16	the	the	DET
cblr-11900	1139	17	private	private	ADJ
cblr-11900	1139	18	sector	sector	NOUN
cblr-11900	1139	19	,	,	PUNCT
cblr-11900	1139	20	was	be	AUX
cblr-11900	1139	21	one	one	NUM
cblr-11900	1139	22	of	of	ADP
cblr-11900	1139	23	the	the	DET
cblr-11900	1139	24	most	most	ADV
cblr-11900	1139	25	important	important	ADJ
cblr-11900	1139	26	consequences	consequence	NOUN
cblr-11900	1139	27	of	of	ADP
cblr-11900	1139	28	the	the	DET
cblr-11900	1139	29	fed	fed	PROPN
cblr-11900	1139	30	’s	’s	PART
cblr-11900	1139	31	relying	rely	VERB
cblr-11900	1139	32	on	on	ADP
cblr-11900	1139	33	repo	repo	NOUN
cblr-11900	1139	34	to	to	PART
cblr-11900	1139	35	subsidize	subsidize	VERB
cblr-11900	1139	36	government	government	NOUN
cblr-11900	1139	37	securities	security	NOUN
cblr-11900	1139	38	dealers	dealer	NOUN
cblr-11900	1139	39	rather	rather	ADV
cblr-11900	1139	40	than	than	ADP
cblr-11900	1139	41	on	on	ADP
cblr-11900	1139	42	discounts	discount	NOUN
cblr-11900	1139	43	or	or	CCONJ
cblr-11900	1139	44	advances	advance	NOUN
cblr-11900	1139	45	.	.	PUNCT
cblr-11900	1140	1	direct	direct	ADJ
cblr-11900	1140	2	extensions	extension	NOUN
cblr-11900	1140	3	of	of	ADP
cblr-11900	1140	4	credit	credit	NOUN
cblr-11900	1140	5	by	by	ADP
cblr-11900	1140	6	the	the	DET
cblr-11900	1140	7	fed	fed	PROPN
cblr-11900	1140	8	—	—	PUNCT
cblr-11900	1140	9	including	include	VERB
cblr-11900	1140	10	§	§	NOUN
cblr-11900	1140	11	13(3	13(3	NUM
cblr-11900	1140	12	)	)	PUNCT
cblr-11900	1140	13	and	and	CCONJ
cblr-11900	1140	14	§	§	PROPN
cblr-11900	1140	15	13(13	13(13	NUM
cblr-11900	1140	16	)	)	PUNCT
cblr-11900	1140	17	loans	loan	NOUN
cblr-11900	1140	18	—	—	PUNCT
cblr-11900	1140	19	were	be	AUX
cblr-11900	1140	20	the	the	DET
cblr-11900	1140	21	exclusive	exclusive	ADJ
cblr-11900	1140	22	purview	purview	NOUN
cblr-11900	1140	23	of	of	ADP
cblr-11900	1140	24	the	the	DET
cblr-11900	1140	25	central	central	ADJ
cblr-11900	1140	26	bank	bank	NOUN
cblr-11900	1140	27	;	;	PUNCT
cblr-11900	1140	28	there	there	PRON
cblr-11900	1140	29	were	be	VERB
cblr-11900	1140	30	no	no	DET
cblr-11900	1140	31	coattails	coattail	NOUN
cblr-11900	1140	32	to	to	PART
cblr-11900	1140	33	ride	ride	VERB
cblr-11900	1140	34	.	.	PUNCT
cblr-11900	1141	1	the	the	DET
cblr-11900	1141	2	fed	fed	PROPN
cblr-11900	1141	3	’s	’s	PART
cblr-11900	1141	4	repo	repo	PROPN
cblr-11900	1141	5	operations	operation	NOUN
cblr-11900	1141	6	,	,	PUNCT
cblr-11900	1141	7	by	by	ADP
cblr-11900	1141	8	contrast	contrast	NOUN
cblr-11900	1141	9	,	,	PUNCT
cblr-11900	1141	10	seeded	seed	VERB
cblr-11900	1141	11	the	the	DET
cblr-11900	1141	12	growth	growth	NOUN
cblr-11900	1141	13	of	of	ADP
cblr-11900	1141	14	a	a	DET
cblr-11900	1141	15	new	new	ADJ
cblr-11900	1141	16	market	market	NOUN
cblr-11900	1141	17	for	for	ADP
cblr-11900	1141	18	short	short	ADJ
cblr-11900	1141	19	-	-	PUNCT
cblr-11900	1141	20	term	term	NOUN
cblr-11900	1141	21	borrowing	borrowing	NOUN
cblr-11900	1141	22	and	and	CCONJ
cblr-11900	1141	23	lending	lending	NOUN
cblr-11900	1141	24	with	with	ADP
cblr-11900	1141	25	an	an	DET
cblr-11900	1141	26	implicit	implicit	ADJ
cblr-11900	1141	27	fed	feed	VERB
cblr-11900	1141	28	backstop	backstop	NOUN
cblr-11900	1141	29	.	.	PUNCT
cblr-11900	1142	1	that	that	PRON
cblr-11900	1142	2	allowed	allow	VERB
cblr-11900	1142	3	for	for	ADP
cblr-11900	1142	4	much	much	ADV
cblr-11900	1142	5	more	more	ADJ
cblr-11900	1142	6	supply	supply	NOUN
cblr-11900	1142	7	elasticity	elasticity	NOUN
cblr-11900	1142	8	and	and	CCONJ
cblr-11900	1142	9	arguably	arguably	ADV
cblr-11900	1142	10	avoided	avoid	VERB
cblr-11900	1142	11	the	the	DET
cblr-11900	1142	12	political	political	ADJ
cblr-11900	1142	13	ramifications	ramification	NOUN
cblr-11900	1142	14	of	of	ADP
cblr-11900	1142	15	a	a	DET
cblr-11900	1142	16	239	239	NUM
cblr-11900	1142	17	n.y	n.y	PROPN
cblr-11900	1142	18	.	.	PROPN
cblr-11900	1142	19	clearing	clear	VERB
cblr-11900	1142	20	house	house	PROPN
cblr-11900	1142	21	ass’n	ass’n	NOUN
cblr-11900	1142	22	,	,	PUNCT
cblr-11900	1142	23	a	a	DET
cblr-11900	1142	24	study	study	NOUN
cblr-11900	1142	25	of	of	ADP
cblr-11900	1142	26	the	the	DET
cblr-11900	1142	27	interrelations	interrelation	NOUN
cblr-11900	1142	28	of	of	ADP
cblr-11900	1142	29	the	the	DET
cblr-11900	1142	30	money	money	NOUN
cblr-11900	1142	31	market	market	NOUN
cblr-11900	1142	32	and	and	CCONJ
cblr-11900	1142	33	government	government	NOUN
cblr-11900	1142	34	securities	security	NOUN
cblr-11900	1142	35	market	market	NOUN
cblr-11900	1142	36	:	:	PUNCT
cblr-11900	1142	37	report	report	NOUN
cblr-11900	1142	38	to	to	ADP
cblr-11900	1142	39	the	the	DET
cblr-11900	1142	40	federal	federal	PROPN
cblr-11900	1142	41	reserve	reserve	PROPN
cblr-11900	1142	42	bank	bank	PROPN
cblr-11900	1142	43	of	of	ADP
cblr-11900	1142	44	new	new	PROPN
cblr-11900	1142	45	york	york	PROPN
cblr-11900	1142	46	37	37	NUM
cblr-11900	1142	47	(	(	PUNCT
cblr-11900	1142	48	1957	1957	NUM
cblr-11900	1142	49	)	)	PUNCT
cblr-11900	1142	50	.	.	PUNCT
cblr-11900	1143	1	240	240	NUM
cblr-11900	1143	2	fed	fed	PROPN
cblr-11900	1143	3	.	.	PUNCT
cblr-11900	1143	4	rsrv	rsrv	PROPN
cblr-11900	1143	5	.	.	PUNCT
cblr-11900	1144	1	bank	bank	PROPN
cblr-11900	1144	2	of	of	ADP
cblr-11900	1144	3	n.y	n.y	PROPN
cblr-11900	1144	4	.	.	PROPN
cblr-11900	1144	5	,	,	PUNCT
cblr-11900	1144	6	the	the	DET
cblr-11900	1144	7	financing	financing	NOUN
cblr-11900	1144	8	of	of	ADP
cblr-11900	1144	9	government	government	NOUN
cblr-11900	1144	10	securities	security	NOUN
cblr-11900	1144	11	dealers	dealer	NOUN
cblr-11900	1144	12	,	,	PUNCT
cblr-11900	1144	13	46	46	NUM
cblr-11900	1144	14	fed	fed	PROPN
cblr-11900	1144	15	.	.	PUNCT
cblr-11900	1145	1	rsrv	rsrv	PROPN
cblr-11900	1145	2	.	.	PUNCT
cblr-11900	1146	1	bank	bank	PROPN
cblr-11900	1146	2	of	of	ADP
cblr-11900	1146	3	n.y	n.y	PROPN
cblr-11900	1146	4	.	.	PROPN
cblr-11900	1146	5	monthly	monthly	PROPN
cblr-11900	1146	6	rev	rev	X
cblr-11900	1146	7	.	.	PROPN
cblr-11900	1146	8	107	107	NUM
cblr-11900	1146	9	,	,	PUNCT
cblr-11900	1146	10	107	107	NUM
cblr-11900	1146	11	(	(	PUNCT
cblr-11900	1146	12	1964	1964	NUM
cblr-11900	1146	13	)	)	PUNCT
cblr-11900	1146	14	;	;	PUNCT
cblr-11900	1146	15	see	see	VERB
cblr-11900	1146	16	also	also	ADV
cblr-11900	1146	17	hyman	hyman	PROPN
cblr-11900	1146	18	p.	p.	PROPN
cblr-11900	1146	19	minsky	minsky	PROPN
cblr-11900	1146	20	,	,	PUNCT
cblr-11900	1146	21	central	central	ADJ
cblr-11900	1146	22	banking	banking	NOUN
cblr-11900	1146	23	and	and	CCONJ
cblr-11900	1146	24	money	money	NOUN
cblr-11900	1146	25	market	market	NOUN
cblr-11900	1146	26	changes	change	NOUN
cblr-11900	1146	27	,	,	PUNCT
cblr-11900	1146	28	71	71	NUM
cblr-11900	1146	29	q.	q.	PROPN
cblr-11900	1146	30	j.	j.	PROPN
cblr-11900	1146	31	econ	econ	PROPN
cblr-11900	1146	32	.	.	PROPN
cblr-11900	1147	1	171	171	NUM
cblr-11900	1147	2	,	,	PUNCT
cblr-11900	1147	3	176–81	176–81	PROPN
cblr-11900	1147	4	(	(	PUNCT
cblr-11900	1147	5	1957	1957	NUM
cblr-11900	1147	6	)	)	PUNCT
cblr-11900	1147	7	.	.	PUNCT
cblr-11900	1148	1	241	241	NUM
cblr-11900	1148	2	taking	take	VERB
cblr-11900	1148	3	1961	1961	NUM
cblr-11900	1148	4	as	as	ADP
cblr-11900	1148	5	an	an	DET
cblr-11900	1148	6	example	example	NOUN
cblr-11900	1148	7	,	,	PUNCT
cblr-11900	1148	8	“	"	PUNCT
cblr-11900	1148	9	collateral	collateral	ADJ
cblr-11900	1148	10	loans	loan	NOUN
cblr-11900	1148	11	and	and	CCONJ
cblr-11900	1148	12	own	own	ADJ
cblr-11900	1148	13	bank	bank	NOUN
cblr-11900	1148	14	funds	fund	NOUN
cblr-11900	1148	15	”	"	PUNCT
cblr-11900	1148	16	were	be	AUX
cblr-11900	1148	17	37	37	NUM
cblr-11900	1148	18	%	%	NOUN
cblr-11900	1148	19	of	of	ADP
cblr-11900	1148	20	all	all	DET
cblr-11900	1148	21	dealer	dealer	NOUN
cblr-11900	1148	22	financing	financing	NOUN
cblr-11900	1148	23	,	,	PUNCT
cblr-11900	1148	24	and	and	CCONJ
cblr-11900	1148	25	banks	bank	NOUN
cblr-11900	1148	26	were	be	AUX
cblr-11900	1148	27	19	19	NUM
cblr-11900	1148	28	%	%	NOUN
cblr-11900	1148	29	of	of	ADP
cblr-11900	1148	30	the	the	DET
cblr-11900	1148	31	same	same	ADJ
cblr-11900	1148	32	total	total	NOUN
cblr-11900	1148	33	.	.	PUNCT
cblr-11900	1149	1	if	if	SCONJ
cblr-11900	1149	2	we	we	PRON
cblr-11900	1149	3	assume	assume	VERB
cblr-11900	1149	4	all	all	DET
cblr-11900	1149	5	bank	bank	NOUN
cblr-11900	1149	6	dealers	dealer	NOUN
cblr-11900	1149	7	were	be	AUX
cblr-11900	1149	8	financed	finance	VERB
cblr-11900	1149	9	by	by	ADP
cblr-11900	1149	10	their	their	PRON
cblr-11900	1149	11	affiliated	affiliate	VERB
cblr-11900	1149	12	depository	depository	NOUN
cblr-11900	1149	13	institution	institution	NOUN
cblr-11900	1149	14	,	,	PUNCT
cblr-11900	1149	15	then	then	ADV
cblr-11900	1149	16	repo	repo	VERB
cblr-11900	1149	17	would	would	AUX
cblr-11900	1149	18	implicitly	implicitly	ADV
cblr-11900	1149	19	make	make	VERB
cblr-11900	1149	20	up	up	ADP
cblr-11900	1149	21	76	76	NUM
cblr-11900	1149	22	%	%	NOUN
cblr-11900	1149	23	of	of	ADP
cblr-11900	1149	24	nonbank	nonbank	NOUN
cblr-11900	1149	25	financing	financing	NOUN
cblr-11900	1149	26	.	.	PUNCT
cblr-11900	1150	1	fed	fed	PROPN
cblr-11900	1150	2	.	.	PUNCT
cblr-11900	1151	1	rsrv	rsrv	PROPN
cblr-11900	1151	2	.	.	PUNCT
cblr-11900	1152	1	bank	bank	PROPN
cblr-11900	1152	2	of	of	ADP
cblr-11900	1152	3	n.y	n.y	PROPN
cblr-11900	1152	4	.	.	PROPN
cblr-11900	1152	5	,	,	PUNCT
cblr-11900	1152	6	supra	supra	PROPN
cblr-11900	1152	7	note	note	PROPN
cblr-11900	1152	8	243	243	NUM
cblr-11900	1152	9	.	.	NOUN
cblr-11900	1152	10	284	284	NUM
cblr-11900	1152	11	columbia	columbia	PROPN
cblr-11900	1152	12	business	business	NOUN
cblr-11900	1152	13	law	law	PROPN
cblr-11900	1152	14	review	review	NOUN
cblr-11900	1153	1	[	[	X
cblr-11900	1153	2	vol	vol	NOUN
cblr-11900	1153	3	.	.	PUNCT
cblr-11900	1154	1	2023	2023	NUM
cblr-11900	1154	2	large	large	ADJ
cblr-11900	1154	3	and	and	CCONJ
cblr-11900	1154	4	ongoing	ongoing	ADJ
cblr-11900	1154	5	fed	fed	PROPN
cblr-11900	1154	6	footprint	footprint	NOUN
cblr-11900	1154	7	in	in	ADP
cblr-11900	1154	8	the	the	DET
cblr-11900	1154	9	dealer	dealer	NOUN
cblr-11900	1154	10	financing	financing	NOUN
cblr-11900	1154	11	market	market	NOUN
cblr-11900	1154	12	.	.	PUNCT
cblr-11900	1155	1	a	a	DET
cblr-11900	1155	2	new	new	ADJ
cblr-11900	1155	3	money	money	NOUN
cblr-11900	1155	4	-	-	PUNCT
cblr-11900	1155	5	like	like	ADJ
cblr-11900	1155	6	asset	asset	NOUN
cblr-11900	1155	7	with	with	ADP
cblr-11900	1155	8	implicit	implicit	ADJ
cblr-11900	1155	9	fed	fed	PROPN
cblr-11900	1155	10	support	support	NOUN
cblr-11900	1155	11	came	come	VERB
cblr-11900	1155	12	at	at	ADP
cblr-11900	1155	13	an	an	DET
cblr-11900	1155	14	opportune	opportune	ADJ
cblr-11900	1155	15	time	time	NOUN
cblr-11900	1155	16	.	.	PUNCT
cblr-11900	1156	1	corporate	corporate	ADJ
cblr-11900	1156	2	america	america	PROPN
cblr-11900	1156	3	in	in	ADP
cblr-11900	1156	4	the	the	DET
cblr-11900	1156	5	1950s	1950	NOUN
cblr-11900	1156	6	was	be	AUX
cblr-11900	1156	7	cashrich242	cashrich242	PROPN
cblr-11900	1156	8	but	but	CCONJ
cblr-11900	1156	9	had	have	VERB
cblr-11900	1156	10	few	few	ADJ
cblr-11900	1156	11	attractive	attractive	ADJ
cblr-11900	1156	12	options	option	NOUN
cblr-11900	1156	13	for	for	ADP
cblr-11900	1156	14	managing	manage	VERB
cblr-11900	1156	15	its	its	PRON
cblr-11900	1156	16	liquidity	liquidity	NOUN
cblr-11900	1156	17	.	.	PUNCT
cblr-11900	1157	1	bank	bank	NOUN
cblr-11900	1157	2	deposits	deposit	NOUN
cblr-11900	1157	3	were	be	AUX
cblr-11900	1157	4	both	both	PRON
cblr-11900	1157	5	largely	largely	ADV
cblr-11900	1157	6	uninsured243	uninsured243	PROPN
cblr-11900	1157	7	and	and	CCONJ
cblr-11900	1157	8	yielding	yield	VERB
cblr-11900	1157	9	very	very	ADV
cblr-11900	1157	10	unattractive	unattractive	ADJ
cblr-11900	1157	11	rates	rate	NOUN
cblr-11900	1157	12	compared	compare	VERB
cblr-11900	1157	13	to	to	ADP
cblr-11900	1157	14	money	money	NOUN
cblr-11900	1157	15	markets	market	NOUN
cblr-11900	1157	16	(	(	PUNCT
cblr-11900	1157	17	zero	zero	NUM
cblr-11900	1157	18	in	in	ADP
cblr-11900	1157	19	many	many	ADJ
cblr-11900	1157	20	cases)244	cases)244	NUM
cblr-11900	1157	21	due	due	ADJ
cblr-11900	1157	22	in	in	ADP
cblr-11900	1157	23	large	large	ADJ
cblr-11900	1157	24	part	part	NOUN
cblr-11900	1157	25	to	to	ADP
cblr-11900	1157	26	strict	strict	ADJ
cblr-11900	1157	27	limits	limit	NOUN
cblr-11900	1157	28	on	on	ADP
cblr-11900	1157	29	competition	competition	NOUN
cblr-11900	1157	30	among	among	ADP
cblr-11900	1157	31	banks	bank	NOUN
cblr-11900	1157	32	imposed	impose	VERB
cblr-11900	1157	33	by	by	ADP
cblr-11900	1157	34	a	a	DET
cblr-11900	1157	35	government	government	NOUN
cblr-11900	1157	36	rule	rule	NOUN
cblr-11900	1157	37	known	know	VERB
cblr-11900	1157	38	as	as	ADP
cblr-11900	1157	39	regulation	regulation	NOUN
cblr-11900	1157	40	q.245	q.245	ADP
cblr-11900	1157	41	although	although	SCONJ
cblr-11900	1157	42	corporations	corporation	NOUN
cblr-11900	1157	43	could	could	AUX
cblr-11900	1157	44	,	,	PUNCT
cblr-11900	1157	45	in	in	ADP
cblr-11900	1157	46	principle	principle	NOUN
cblr-11900	1157	47	,	,	PUNCT
cblr-11900	1157	48	transact	transact	NOUN
cblr-11900	1157	49	in	in	ADP
cblr-11900	1157	50	money	money	NOUN
cblr-11900	1157	51	markets	market	NOUN
cblr-11900	1157	52	directly	directly	ADV
cblr-11900	1157	53	,	,	PUNCT
cblr-11900	1157	54	access	access	NOUN
cblr-11900	1157	55	and	and	CCONJ
cblr-11900	1157	56	capacity	capacity	NOUN
cblr-11900	1157	57	were	be	AUX
cblr-11900	1157	58	an	an	DET
cblr-11900	1157	59	issue	issue	NOUN
cblr-11900	1157	60	:	:	PUNCT
cblr-11900	1157	61	in	in	ADP
cblr-11900	1157	62	1950	1950	NUM
cblr-11900	1157	63	,	,	PUNCT
cblr-11900	1157	64	total	total	ADJ
cblr-11900	1157	65	t	t	PROPN
cblr-11900	1157	66	-	-	PUNCT
cblr-11900	1157	67	bills	bill	NOUN
cblr-11900	1157	68	outstanding	outstanding	ADJ
cblr-11900	1157	69	were	be	AUX
cblr-11900	1157	70	242	242	NUM
cblr-11900	1157	71	as	as	ADP
cblr-11900	1157	72	of	of	ADP
cblr-11900	1157	73	the	the	DET
cblr-11900	1157	74	late	late	ADJ
cblr-11900	1157	75	1950s	1950s	NUM
cblr-11900	1157	76	,	,	PUNCT
cblr-11900	1157	77	the	the	DET
cblr-11900	1157	78	fed	fed	PROPN
cblr-11900	1157	79	-	-	PUNCT
cblr-11900	1157	80	treasury	treasury	PROPN
cblr-11900	1157	81	joint	joint	ADJ
cblr-11900	1157	82	report	report	NOUN
cblr-11900	1157	83	refers	refer	VERB
cblr-11900	1157	84	to	to	ADP
cblr-11900	1157	85	dealers	dealer	NOUN
cblr-11900	1157	86	as	as	ADP
cblr-11900	1157	87	relying	rely	VERB
cblr-11900	1157	88	on	on	ADP
cblr-11900	1157	89	internal	internal	ADJ
cblr-11900	1157	90	“	"	PUNCT
cblr-11900	1157	91	money	money	NOUN
cblr-11900	1157	92	desks	desk	NOUN
cblr-11900	1157	93	”	"	PUNCT
cblr-11900	1157	94	to	to	PART
cblr-11900	1157	95	source	source	VERB
cblr-11900	1157	96	funding	funding	NOUN
cblr-11900	1157	97	from	from	ADP
cblr-11900	1157	98	a	a	DET
cblr-11900	1157	99	variety	variety	NOUN
cblr-11900	1157	100	of	of	ADP
cblr-11900	1157	101	sources	source	NOUN
cblr-11900	1157	102	,	,	PUNCT
cblr-11900	1157	103	including	include	VERB
cblr-11900	1157	104	“	"	PUNCT
cblr-11900	1157	105	repurchase	repurchase	NOUN
cblr-11900	1157	106	agreements	agreement	NOUN
cblr-11900	1157	107	.	.	PUNCT
cblr-11900	1157	108	.	.	PUNCT
cblr-11900	1157	109	.	.	PUNCT
cblr-11900	1158	1	with	with	ADP
cblr-11900	1158	2	corporations	corporation	NOUN
cblr-11900	1158	3	throughout	throughout	ADP
cblr-11900	1158	4	the	the	DET
cblr-11900	1158	5	country	country	NOUN
cblr-11900	1158	6	.	.	PUNCT
cblr-11900	1158	7	”	"	PUNCT
cblr-11900	1158	8	staff	staff	NOUN
cblr-11900	1158	9	of	of	ADP
cblr-11900	1158	10	joint	joint	ADJ
cblr-11900	1158	11	econ	econ	PROPN
cblr-11900	1158	12	.	.	PUNCT
cblr-11900	1158	13	comm	comm	NOUN
cblr-11900	1158	14	.	.	PUNCT
cblr-11900	1158	15	,	,	PUNCT
cblr-11900	1158	16	86th	86th	ADJ
cblr-11900	1158	17	cong	cong	PROPN
cblr-11900	1158	18	.	.	PROPN
cblr-11900	1158	19	,	,	PUNCT
cblr-11900	1158	20	a	a	DET
cblr-11900	1158	21	study	study	NOUN
cblr-11900	1158	22	of	of	ADP
cblr-11900	1158	23	the	the	DET
cblr-11900	1158	24	dealer	dealer	NOUN
cblr-11900	1158	25	market	market	NOUN
cblr-11900	1158	26	for	for	ADP
cblr-11900	1158	27	federal	federal	ADJ
cblr-11900	1158	28	government	government	NOUN
cblr-11900	1158	29	securities	security	NOUN
cblr-11900	1158	30	:	:	PUNCT
cblr-11900	1158	31	materials	material	NOUN
cblr-11900	1158	32	prepared	prepare	VERB
cblr-11900	1158	33	for	for	ADP
cblr-11900	1158	34	the	the	DET
cblr-11900	1158	35	joint	joint	ADJ
cblr-11900	1158	36	economic	economic	ADJ
cblr-11900	1158	37	committee	committee	NOUN
cblr-11900	1158	38	12	12	NUM
cblr-11900	1158	39	(	(	PUNCT
cblr-11900	1158	40	dec	dec	PROPN
cblr-11900	1158	41	.	.	PROPN
cblr-11900	1158	42	1960	1960	NUM
cblr-11900	1158	43	)	)	PUNCT
cblr-11900	1158	44	.	.	PUNCT
cblr-11900	1159	1	243	243	NUM
cblr-11900	1159	2	the	the	DET
cblr-11900	1159	3	fdic	fdic	PROPN
cblr-11900	1159	4	increased	increase	VERB
cblr-11900	1159	5	their	their	PRON
cblr-11900	1159	6	deposit	deposit	NOUN
cblr-11900	1159	7	insurance	insurance	NOUN
cblr-11900	1159	8	limit	limit	NOUN
cblr-11900	1159	9	from	from	ADP
cblr-11900	1159	10	$	$	SYM
cblr-11900	1159	11	5,000	5,000	NUM
cblr-11900	1159	12	to	to	PART
cblr-11900	1159	13	$	$	SYM
cblr-11900	1159	14	10,000	10,000	NUM
cblr-11900	1159	15	in	in	ADP
cblr-11900	1159	16	1950	1950	NUM
cblr-11900	1159	17	.	.	PUNCT
cblr-11900	1160	1	fed	fed	PROPN
cblr-11900	1160	2	.	.	PUNCT
cblr-11900	1161	1	deposit	deposit	PROPN
cblr-11900	1161	2	ins	ins	PROPN
cblr-11900	1161	3	.	.	PUNCT
cblr-11900	1161	4	corp	corp	PROPN
cblr-11900	1161	5	.	.	PROPN
cblr-11900	1161	6	,	,	PUNCT
cblr-11900	1161	7	the	the	DET
cblr-11900	1161	8	first	first	ADJ
cblr-11900	1161	9	fifty	fifty	NUM
cblr-11900	1161	10	years	year	NOUN
cblr-11900	1161	11	:	:	PUNCT
cblr-11900	1161	12	a	a	DET
cblr-11900	1161	13	history	history	NOUN
cblr-11900	1161	14	of	of	ADP
cblr-11900	1161	15	the	the	DET
cblr-11900	1161	16	fdic	fdic	PROPN
cblr-11900	1161	17	1933–1983	1933–1983	NUM
cblr-11900	1161	18	,	,	PUNCT
cblr-11900	1161	19	at	at	ADP
cblr-11900	1161	20	55	55	NUM
cblr-11900	1161	21	(	(	PUNCT
cblr-11900	1161	22	1984	1984	NUM
cblr-11900	1161	23	)	)	PUNCT
cblr-11900	1161	24	.	.	PUNCT
cblr-11900	1162	1	however	however	ADV
cblr-11900	1162	2	,	,	PUNCT
cblr-11900	1162	3	that	that	PRON
cblr-11900	1162	4	corresponds	correspond	VERB
cblr-11900	1162	5	to	to	ADP
cblr-11900	1162	6	only	only	ADV
cblr-11900	1162	7	$	$	SYM
cblr-11900	1162	8	122,000	122,000	NUM
cblr-11900	1162	9	today	today	NOUN
cblr-11900	1162	10	(	(	PUNCT
cblr-11900	1162	11	compared	compare	VERB
cblr-11900	1162	12	to	to	ADP
cblr-11900	1162	13	the	the	DET
cblr-11900	1162	14	current	current	ADJ
cblr-11900	1162	15	limit	limit	NOUN
cblr-11900	1162	16	of	of	ADP
cblr-11900	1162	17	$	$	SYM
cblr-11900	1162	18	250,000	250,000	NUM
cblr-11900	1162	19	)	)	PUNCT
cblr-11900	1162	20	.	.	PUNCT
cblr-11900	1163	1	see	see	VERB
cblr-11900	1163	2	fed	fed	PROPN
cblr-11900	1163	3	.	.	PUNCT
cblr-11900	1164	1	rsrv	rsrv	PROPN
cblr-11900	1164	2	.	.	PUNCT
cblr-11900	1165	1	bank	bank	PROPN
cblr-11900	1165	2	of	of	ADP
cblr-11900	1165	3	minneapolis	minneapolis	PROPN
cblr-11900	1165	4	,	,	PUNCT
cblr-11900	1165	5	consumer	consumer	NOUN
cblr-11900	1165	6	price	price	NOUN
cblr-11900	1165	7	index	index	NOUN
cblr-11900	1165	8	,	,	PUNCT
cblr-11900	1165	9	1913	1913	NUM
cblr-11900	1165	10	,	,	PUNCT
cblr-11900	1165	11	https://www.minneapolisfed.org/about-us/monetary-policy/inflationcalculator/consumer-price-index-1913[https://perma.cc/bfu8-ghbl	https://www.minneapolisfed.org/about-us/monetary-policy/inflationcalculator/consumer-price-index-1913[https://perma.cc/bfu8-ghbl	PROPN
cblr-11900	1165	12	]	]	PUNCT
cblr-11900	1165	13	.	.	PUNCT
cblr-11900	1166	1	244	244	NUM
cblr-11900	1166	2	data	datum	NOUN
cblr-11900	1166	3	collected	collect	VERB
cblr-11900	1166	4	by	by	ADP
cblr-11900	1166	5	the	the	DET
cblr-11900	1166	6	“	"	PUNCT
cblr-11900	1166	7	hunt	hunt	NOUN
cblr-11900	1166	8	report	report	NOUN
cblr-11900	1166	9	”	"	PUNCT
cblr-11900	1166	10	suggests	suggest	VERB
cblr-11900	1166	11	overall	overall	ADJ
cblr-11900	1166	12	commercial	commercial	ADJ
cblr-11900	1166	13	bank	bank	NOUN
cblr-11900	1166	14	deposit	deposit	NOUN
cblr-11900	1166	15	rates	rate	NOUN
cblr-11900	1166	16	paid	pay	VERB
cblr-11900	1166	17	were	be	AUX
cblr-11900	1166	18	roughly	roughly	ADV
cblr-11900	1166	19	1.15	1.15	NUM
cblr-11900	1166	20	%	%	NOUN
cblr-11900	1166	21	in	in	ADP
cblr-11900	1166	22	1952	1952	NUM
cblr-11900	1166	23	(	(	PUNCT
cblr-11900	1166	24	the	the	DET
cblr-11900	1166	25	year	year	NOUN
cblr-11900	1166	26	following	follow	VERB
cblr-11900	1166	27	the	the	DET
cblr-11900	1166	28	accord	accord	NOUN
cblr-11900	1166	29	)	)	PUNCT
cblr-11900	1166	30	,	,	PUNCT
cblr-11900	1166	31	see	see	VERB
cblr-11900	1166	32	fed	fed	PROPN
cblr-11900	1167	1	.	.	PUNCT
cblr-11900	1167	2	rsrv	rsrv	PROPN
cblr-11900	1167	3	.	.	PUNCT
cblr-11900	1168	1	bank	bank	PROPN
cblr-11900	1168	2	of	of	ADP
cblr-11900	1168	3	n.y	n.y	PROPN
cblr-11900	1168	4	.	.	PROPN
cblr-11900	1168	5	,	,	PUNCT
cblr-11900	1168	6	report	report	NOUN
cblr-11900	1168	7	of	of	ADP
cblr-11900	1168	8	the	the	DET
cblr-11900	1168	9	president	president	NOUN
cblr-11900	1168	10	’s	’s	PART
cblr-11900	1168	11	commission	commission	PROPN
cblr-11900	1168	12	on	on	ADP
cblr-11900	1168	13	financial	financial	ADJ
cblr-11900	1168	14	structure	structure	NOUN
cblr-11900	1168	15	and	and	CCONJ
cblr-11900	1168	16	regulation	regulation	NOUN
cblr-11900	1168	17	146	146	NUM
cblr-11900	1168	18	(	(	PUNCT
cblr-11900	1168	19	1972	1972	NUM
cblr-11900	1168	20	)	)	PUNCT
cblr-11900	1168	21	,	,	PUNCT
cblr-11900	1168	22	compared	compare	VERB
cblr-11900	1168	23	to	to	ADP
cblr-11900	1168	24	3	3	NUM
cblr-11900	1168	25	-	-	PUNCT
cblr-11900	1168	26	month	month	NOUN
cblr-11900	1168	27	bill	bill	NOUN
cblr-11900	1168	28	yields	yield	VERB
cblr-11900	1168	29	around	around	ADP
cblr-11900	1168	30	1.7	1.7	NUM
cblr-11900	1168	31	%	%	NOUN
cblr-11900	1168	32	and	and	CCONJ
cblr-11900	1168	33	discount	discount	NOUN
cblr-11900	1168	34	rates	rate	NOUN
cblr-11900	1168	35	at	at	ADP
cblr-11900	1168	36	1.75	1.75	NUM
cblr-11900	1168	37	%	%	NOUN
cblr-11900	1168	38	.	.	PUNCT
cblr-11900	1169	1	int’l	int’l	NUM
cblr-11900	1169	2	monetary	monetary	ADJ
cblr-11900	1169	3	fund	fund	NOUN
cblr-11900	1169	4	,	,	PUNCT
cblr-11900	1169	5	interest	interest	NOUN
cblr-11900	1169	6	rates	rate	NOUN
cblr-11900	1169	7	,	,	PUNCT
cblr-11900	1169	8	discount	discount	NOUN
cblr-11900	1169	9	rat	rat	NOUN
cblr-11900	1169	10	for	for	ADP
cblr-11900	1169	11	united	united	PROPN
cblr-11900	1169	12	states	states	PROPN
cblr-11900	1169	13	,	,	PUNCT
cblr-11900	1169	14	fed	fed	PROPN
cblr-11900	1169	15	.	.	PUNCT
cblr-11900	1169	16	rsrv	rsrv	PROPN
cblr-11900	1169	17	.	.	PUNCT
cblr-11900	1170	1	econ	econ	PROPN
cblr-11900	1170	2	.	.	PUNCT
cblr-11900	1171	1	data	data	PROPN
cblr-11900	1171	2	(	(	PUNCT
cblr-11900	1171	3	oct	oct	PROPN
cblr-11900	1171	4	.	.	PROPN
cblr-11900	1171	5	4	4	NUM
cblr-11900	1171	6	,	,	PUNCT
cblr-11900	1171	7	2021	2021	NUM
cblr-11900	1171	8	)	)	PUNCT
cblr-11900	1171	9	,	,	PUNCT
cblr-11900	1171	10	https://fred.stlouisfed.org/series/intdsrusm193n	https://fred.stlouisfed.org/series/intdsrusm193n	NUM
cblr-11900	1172	1	[	[	X
cblr-11900	1172	2	https://perma.cc/sf99-n6fg	https://perma.cc/sf99-n6fg	X
cblr-11900	1172	3	]	]	X
cblr-11900	1172	4	.	.	PUNCT
cblr-11900	1173	1	though	though	SCONJ
cblr-11900	1173	2	banks	bank	NOUN
cblr-11900	1173	3	used	use	VERB
cblr-11900	1173	4	“	"	PUNCT
cblr-11900	1173	5	innovations	innovation	NOUN
cblr-11900	1173	6	in	in	ADP
cblr-11900	1173	7	the	the	DET
cblr-11900	1173	8	techniques	technique	NOUN
cblr-11900	1173	9	to	to	PART
cblr-11900	1173	10	acquire	acquire	VERB
cblr-11900	1173	11	funds	fund	NOUN
cblr-11900	1173	12	”	"	PUNCT
cblr-11900	1173	13	in	in	ADP
cblr-11900	1173	14	the	the	DET
cblr-11900	1173	15	more	more	ADV
cblr-11900	1173	16	restrictive	restrictive	ADJ
cblr-11900	1173	17	monetary	monetary	ADJ
cblr-11900	1173	18	policy	policy	NOUN
cblr-11900	1173	19	environment	environment	NOUN
cblr-11900	1173	20	of	of	ADP
cblr-11900	1173	21	the	the	DET
cblr-11900	1173	22	late-1960s	late-1960	NOUN
cblr-11900	1173	23	,	,	PUNCT
cblr-11900	1173	24	the	the	DET
cblr-11900	1173	25	gap	gap	NOUN
cblr-11900	1173	26	between	between	ADP
cblr-11900	1173	27	deposit	deposit	NOUN
cblr-11900	1173	28	rates	rate	NOUN
cblr-11900	1173	29	and	and	CCONJ
cblr-11900	1173	30	bill	bill	NOUN
cblr-11900	1173	31	yields	yield	NOUN
cblr-11900	1173	32	only	only	ADV
cblr-11900	1173	33	widened	widen	VERB
cblr-11900	1173	34	,	,	PUNCT
cblr-11900	1173	35	reaching	reach	VERB
cblr-11900	1173	36	1.8	1.8	NUM
cblr-11900	1173	37	%	%	NOUN
cblr-11900	1173	38	in	in	ADP
cblr-11900	1173	39	1969	1969	NUM
cblr-11900	1173	40	.	.	PUNCT
cblr-11900	1174	1	comm’n	comm’n	NOUN
cblr-11900	1174	2	on	on	ADP
cblr-11900	1174	3	fin	fin	NOUN
cblr-11900	1174	4	.	.	PUNCT
cblr-11900	1175	1	structure	structure	NOUN
cblr-11900	1175	2	and	and	CCONJ
cblr-11900	1175	3	reg	reg	NOUN
cblr-11900	1175	4	.	.	PROPN
cblr-11900	1175	5	,	,	PUNCT
cblr-11900	1175	6	the	the	DET
cblr-11900	1175	7	report	report	NOUN
cblr-11900	1175	8	of	of	ADP
cblr-11900	1175	9	the	the	DET
cblr-11900	1175	10	president	president	NOUN
cblr-11900	1175	11	’s	’s	PART
cblr-11900	1175	12	commission	commission	PROPN
cblr-11900	1175	13	on	on	ADP
cblr-11900	1175	14	financial	financial	ADJ
cblr-11900	1175	15	structure	structure	NOUN
cblr-11900	1175	16	and	and	CCONJ
cblr-11900	1175	17	regulation	regulation	NOUN
cblr-11900	1175	18	(	(	PUNCT
cblr-11900	1175	19	1971	1971	NUM
cblr-11900	1175	20	)	)	PUNCT
cblr-11900	1175	21	.	.	PUNCT
cblr-11900	1176	1	245	245	NUM
cblr-11900	1176	2	r.	r.	PROPN
cblr-11900	1176	3	alton	alton	PROPN
cblr-11900	1176	4	gilbert	gilbert	PROPN
cblr-11900	1176	5	,	,	PUNCT
cblr-11900	1176	6	requiem	requiem	NOUN
cblr-11900	1176	7	for	for	ADP
cblr-11900	1176	8	regulation	regulation	NOUN
cblr-11900	1176	9	q	q	NOUN
cblr-11900	1176	10	:	:	PUNCT
cblr-11900	1176	11	what	what	PRON
cblr-11900	1176	12	it	it	PRON
cblr-11900	1176	13	did	do	VERB
cblr-11900	1176	14	and	and	CCONJ
cblr-11900	1176	15	why	why	SCONJ
cblr-11900	1176	16	it	it	PRON
cblr-11900	1176	17	passed	pass	VERB
cblr-11900	1176	18	away	away	ADP
cblr-11900	1176	19	,	,	PUNCT
cblr-11900	1176	20	68	68	NUM
cblr-11900	1176	21	fed	feed	VERB
cblr-11900	1176	22	.	.	PUNCT
cblr-11900	1176	23	rsrv	rsrv	PROPN
cblr-11900	1176	24	.	.	PUNCT
cblr-11900	1177	1	bank	bank	PROPN
cblr-11900	1177	2	of	of	ADP
cblr-11900	1177	3	st	st	PROPN
cblr-11900	1177	4	.	.	PROPN
cblr-11900	1177	5	louis	louis	PROPN
cblr-11900	1177	6	rev	rev	PROPN
cblr-11900	1177	7	.	.	PROPN
cblr-11900	1177	8	22	22	NUM
cblr-11900	1177	9	,	,	PUNCT
cblr-11900	1177	10	28	28	NUM
cblr-11900	1177	11	(	(	PUNCT
cblr-11900	1177	12	feb	feb	PROPN
cblr-11900	1177	13	.	.	PROPN
cblr-11900	1177	14	1986	1986	NUM
cblr-11900	1177	15	)	)	PUNCT
cblr-11900	1177	16	.	.	PUNCT
cblr-11900	1178	1	no	no	INTJ
cblr-11900	1178	2	.	.	NOUN
cblr-11900	1179	1	1	1	NUM
cblr-11900	1179	2	]	]	ADJ
cblr-11900	1179	3	money	money	NOUN
cblr-11900	1179	4	and	and	CCONJ
cblr-11900	1179	5	the	the	DET
cblr-11900	1179	6	public	public	ADJ
cblr-11900	1179	7	debt	debt	NOUN
cblr-11900	1179	8	285	285	NUM
cblr-11900	1179	9	a	a	DET
cblr-11900	1179	10	bit	bit	NOUN
cblr-11900	1179	11	more	more	ADJ
cblr-11900	1179	12	than	than	ADP
cblr-11900	1179	13	$	$	SYM
cblr-11900	1179	14	13	13	NUM
cblr-11900	1179	15	billion246	billion246	PROPN
cblr-11900	1179	16	(	(	PUNCT
cblr-11900	1179	17	of	of	ADP
cblr-11900	1179	18	which	which	PRON
cblr-11900	1179	19	$	$	SYM
cblr-11900	1179	20	4	4	NUM
cblr-11900	1179	21	billion	billion	NUM
cblr-11900	1179	22	were	be	AUX
cblr-11900	1179	23	held	hold	VERB
cblr-11900	1179	24	by	by	ADP
cblr-11900	1179	25	the	the	DET
cblr-11900	1179	26	fed247	fed247	PROPN
cblr-11900	1179	27	)	)	PUNCT
cblr-11900	1179	28	and	and	CCONJ
cblr-11900	1179	29	commercial	commercial	ADJ
cblr-11900	1179	30	paper	paper	NOUN
cblr-11900	1179	31	outstanding	outstanding	ADJ
cblr-11900	1179	32	at	at	ADP
cblr-11900	1179	33	the	the	DET
cblr-11900	1179	34	time	time	NOUN
cblr-11900	1179	35	was	be	AUX
cblr-11900	1179	36	roughly	roughly	ADV
cblr-11900	1179	37	$	$	SYM
cblr-11900	1179	38	1	1	NUM
cblr-11900	1179	39	billion,248	billion,248	ADP
cblr-11900	1179	40	compared	compare	VERB
cblr-11900	1179	41	to	to	ADP
cblr-11900	1179	42	$	$	SYM
cblr-11900	1179	43	24	24	NUM
cblr-11900	1179	44	billion	billion	NUM
cblr-11900	1179	45	of	of	ADP
cblr-11900	1179	46	checkable	checkable	ADJ
cblr-11900	1179	47	deposits	deposit	NOUN
cblr-11900	1179	48	and	and	CCONJ
cblr-11900	1179	49	currency	currency	NOUN
cblr-11900	1179	50	held	hold	VERB
cblr-11900	1179	51	by	by	ADP
cblr-11900	1179	52	nonfinancial	nonfinancial	ADJ
cblr-11900	1179	53	corporate	corporate	ADJ
cblr-11900	1179	54	business.249	business.249	NOUN
cblr-11900	1179	55	the	the	DET
cblr-11900	1179	56	new	new	ADJ
cblr-11900	1179	57	repo	repo	NOUN
cblr-11900	1179	58	instrument	instrument	NOUN
cblr-11900	1179	59	issued	issue	VERB
cblr-11900	1179	60	by	by	ADP
cblr-11900	1179	61	dealer	dealer	NOUN
cblr-11900	1179	62	firms	firm	NOUN
cblr-11900	1179	63	was	be	AUX
cblr-11900	1179	64	an	an	DET
cblr-11900	1179	65	attractive	attractive	ADJ
cblr-11900	1179	66	alternative	alternative	NOUN
cblr-11900	1179	67	to	to	ADP
cblr-11900	1179	68	deposits	deposit	NOUN
cblr-11900	1179	69	and	and	CCONJ
cblr-11900	1179	70	t	t	PROPN
cblr-11900	1179	71	-	-	PUNCT
cblr-11900	1179	72	bills250	bills250	PROPN
cblr-11900	1179	73	due	due	ADP
cblr-11900	1179	74	to	to	ADP
cblr-11900	1179	75	its	its	PRON
cblr-11900	1179	76	short	short	ADJ
cblr-11900	1179	77	maturity	maturity	NOUN
cblr-11900	1179	78	(	(	PUNCT
cblr-11900	1179	79	typically	typically	ADV
cblr-11900	1179	80	overnight	overnight	ADV
cblr-11900	1179	81	)	)	PUNCT
cblr-11900	1179	82	and	and	CCONJ
cblr-11900	1179	83	high	high	ADJ
cblr-11900	1179	84	level	level	NOUN
cblr-11900	1179	85	of	of	ADP
cblr-11900	1179	86	security	security	NOUN
cblr-11900	1179	87	provided	provide	VERB
cblr-11900	1179	88	by	by	ADP
cblr-11900	1179	89	treasury	treasury	NOUN
cblr-11900	1179	90	collateral	collateral	NOUN
cblr-11900	1179	91	(	(	PUNCT
cblr-11900	1179	92	depending	depend	VERB
cblr-11900	1179	93	on	on	ADP
cblr-11900	1179	94	the	the	DET
cblr-11900	1179	95	terms	term	NOUN
cblr-11900	1179	96	,	,	PUNCT
cblr-11900	1179	97	close	close	ADJ
cblr-11900	1179	98	to	to	ADP
cblr-11900	1179	99	the	the	DET
cblr-11900	1179	100	economic	economic	ADJ
cblr-11900	1179	101	equivalent	equivalent	NOUN
cblr-11900	1179	102	to	to	ADP
cblr-11900	1179	103	federal	federal	ADJ
cblr-11900	1179	104	deposit	deposit	NOUN
cblr-11900	1179	105	insurance).251	insurance).251	PROPN
cblr-11900	1179	106	as	as	ADP
cblr-11900	1179	107	the	the	DET
cblr-11900	1179	108	new	new	PROPN
cblr-11900	1179	109	york	york	PROPN
cblr-11900	1179	110	clearinghouse	clearinghouse	PROPN
cblr-11900	1179	111	association	association	PROPN
cblr-11900	1179	112	—	—	PUNCT
cblr-11900	1179	113	an	an	DET
cblr-11900	1179	114	organization	organization	NOUN
cblr-11900	1179	115	of	of	ADP
cblr-11900	1179	116	large	large	ADJ
cblr-11900	1179	117	banks	bank	NOUN
cblr-11900	1179	118	—	—	PUNCT
cblr-11900	1179	119	observed	observe	VERB
cblr-11900	1179	120	at	at	ADP
cblr-11900	1179	121	the	the	DET
cblr-11900	1179	122	time	time	NOUN
cblr-11900	1179	123	:	:	PUNCT
cblr-11900	1179	124	“	"	PUNCT
cblr-11900	1179	125	in	in	ADP
cblr-11900	1179	126	the	the	DET
cblr-11900	1179	127	whole	whole	ADJ
cblr-11900	1179	128	gamut	gamut	NOUN
cblr-11900	1179	129	of	of	ADP
cblr-11900	1179	130	liquid	liquid	ADJ
cblr-11900	1179	131	assets	asset	NOUN
cblr-11900	1179	132	created	create	VERB
cblr-11900	1179	133	by	by	ADP
cblr-11900	1179	134	financial	financial	ADJ
cblr-11900	1179	135	intermediaries	intermediary	NOUN
cblr-11900	1179	136	,	,	PUNCT
cblr-11900	1179	137	none	none	NOUN
cblr-11900	1179	138	approximates	approximate	VERB
cblr-11900	1179	139	cash	cash	NOUN
cblr-11900	1179	140	more	more	ADV
cblr-11900	1179	141	closely	closely	ADV
cblr-11900	1179	142	than	than	SCONJ
cblr-11900	1179	143	the	the	DET
cblr-11900	1179	144	repurchase	repurchase	NOUN
cblr-11900	1179	145	agreement	agreement	NOUN
cblr-11900	1179	146	renewed	renew	VERB
cblr-11900	1179	147	day	day	NOUN
cblr-11900	1179	148	-	-	PUNCT
cblr-11900	1179	149	to	to	ADP
cblr-11900	1179	150	-	-	PUNCT
cblr-11900	1179	151	day	day	NOUN
cblr-11900	1179	152	or	or	CCONJ
cblr-11900	1179	153	running	run	VERB
cblr-11900	1179	154	at	at	ADP
cblr-11900	1179	155	the	the	DET
cblr-11900	1179	156	option	option	NOUN
cblr-11900	1179	157	of	of	ADP
cblr-11900	1179	158	the	the	DET
cblr-11900	1179	159	246	246	NUM
cblr-11900	1179	160	monthly	monthly	ADJ
cblr-11900	1179	161	statement	statement	NOUN
cblr-11900	1179	162	of	of	ADP
cblr-11900	1179	163	the	the	DET
cblr-11900	1179	164	public	public	ADJ
cblr-11900	1179	165	debt	debt	NOUN
cblr-11900	1179	166	,	,	PUNCT
cblr-11900	1179	167	u.s	u.s	PROPN
cblr-11900	1179	168	.	.	PROPN
cblr-11900	1179	169	dept	dept	PROPN
cblr-11900	1179	170	.	.	PROPN
cblr-11900	1180	1	of	of	ADP
cblr-11900	1180	2	the	the	DET
cblr-11900	1180	3	treasury	treasury	PROPN
cblr-11900	1180	4	(	(	PUNCT
cblr-11900	1180	5	january	january	PROPN
cblr-11900	1180	6	31	31	NUM
cblr-11900	1180	7	,	,	PUNCT
cblr-11900	1180	8	1950	1950	NUM
cblr-11900	1180	9	)	)	PUNCT
cblr-11900	1181	1	https://www.treasurydirect.gov/govt/reports/pd/mspd/1950/opdm011950.pd	https://www.treasurydirect.gov/govt/reports/pd/mspd/1950/opdm011950.pd	INTJ
cblr-11900	1181	2	f	f	X
cblr-11900	1182	1	[	[	X
cblr-11900	1182	2	https://perma.cc/99q7-k5s9	https://perma.cc/99q7-k5s9	X
cblr-11900	1182	3	]	]	X
cblr-11900	1182	4	.	.	PUNCT
cblr-11900	1183	1	247	247	NUM
cblr-11900	1183	2	bd	bd	NOUN
cblr-11900	1183	3	.	.	PROPN
cblr-11900	1183	4	of	of	ADP
cblr-11900	1183	5	governors	governor	NOUN
cblr-11900	1183	6	of	of	ADP
cblr-11900	1183	7	the	the	DET
cblr-11900	1183	8	fed	fed	PROPN
cblr-11900	1183	9	.	.	PUNCT
cblr-11900	1183	10	rsrv	rsrv	PROPN
cblr-11900	1183	11	.	.	PUNCT
cblr-11900	1184	1	sys	sys	PROPN
cblr-11900	1184	2	.	.	PROPN
cblr-11900	1184	3	,	,	PUNCT
cblr-11900	1184	4	factors	factor	NOUN
cblr-11900	1184	5	affecting	affect	VERB
cblr-11900	1184	6	reserve	reserve	NOUN
cblr-11900	1184	7	balances	balance	NOUN
cblr-11900	1184	8	of	of	ADP
cblr-11900	1184	9	depository	depository	NOUN
cblr-11900	1184	10	institutions	institution	NOUN
cblr-11900	1184	11	and	and	CCONJ
cblr-11900	1184	12	condition	condition	NOUN
cblr-11900	1184	13	statement	statement	NOUN
cblr-11900	1184	14	of	of	ADP
cblr-11900	1184	15	federal	federal	PROPN
cblr-11900	1184	16	reserve	reserve	PROPN
cblr-11900	1184	17	banks	bank	NOUN
cblr-11900	1184	18	1	1	NUM
cblr-11900	1184	19	(	(	PUNCT
cblr-11900	1184	20	1950	1950	NUM
cblr-11900	1184	21	)	)	PUNCT
cblr-11900	1184	22	,	,	PUNCT
cblr-11900	1184	23	https://fraser.stlouisfed.org/title/h41factors-affecting-bank-reserves-condition-statement-fr-banks-83/january12-1950-491802	https://fraser.stlouisfed.org/title/h41factors-affecting-bank-reserves-condition-statement-fr-banks-83/january12-1950-491802	VERB
cblr-11900	1184	24	[	[	X
cblr-11900	1184	25	https://perma.cc/3kx7-g997	https://perma.cc/3kx7-g997	X
cblr-11900	1184	26	]	]	X
cblr-11900	1184	27	.	.	PUNCT
cblr-11900	1185	1	248	248	NUM
cblr-11900	1185	2	richard	richard	PROPN
cblr-11900	1185	3	t.	t.	PROPN
cblr-11900	1185	4	selden	selden	PROPN
cblr-11900	1185	5	,	,	PUNCT
cblr-11900	1185	6	four	four	NUM
cblr-11900	1185	7	decades	decade	NOUN
cblr-11900	1185	8	of	of	ADP
cblr-11900	1185	9	change	change	NOUN
cblr-11900	1185	10	in	in	ADP
cblr-11900	1185	11	the	the	DET
cblr-11900	1185	12	commercial	commercial	ADJ
cblr-11900	1185	13	paper	paper	NOUN
cblr-11900	1185	14	market	market	NOUN
cblr-11900	1185	15	,	,	PUNCT
cblr-11900	1185	16	in	in	ADP
cblr-11900	1185	17	trends	trend	NOUN
cblr-11900	1185	18	and	and	CCONJ
cblr-11900	1185	19	cycles	cycle	NOUN
cblr-11900	1185	20	in	in	ADP
cblr-11900	1185	21	the	the	DET
cblr-11900	1185	22	commercial	commercial	ADJ
cblr-11900	1185	23	paper	paper	NOUN
cblr-11900	1185	24	market	market	NOUN
cblr-11900	1185	25	,	,	PUNCT
cblr-11900	1185	26	12	12	NUM
cblr-11900	1185	27	,	,	PUNCT
cblr-11900	1185	28	12	12	NUM
cblr-11900	1185	29	(	(	PUNCT
cblr-11900	1185	30	richard	richard	PROPN
cblr-11900	1185	31	t.	t.	PROPN
cblr-11900	1185	32	selden	selden	PROPN
cblr-11900	1186	1	ed	ed	PROPN
cblr-11900	1186	2	.	.	PROPN
cblr-11900	1186	3	,	,	PUNCT
cblr-11900	1186	4	1963	1963	NUM
cblr-11900	1186	5	)	)	PUNCT
cblr-11900	1186	6	.	.	PUNCT
cblr-11900	1187	1	249	249	NUM
cblr-11900	1187	2	bd	bd	PROPN
cblr-11900	1187	3	.	.	PROPN
cblr-11900	1187	4	of	of	ADP
cblr-11900	1187	5	governors	governor	NOUN
cblr-11900	1187	6	of	of	ADP
cblr-11900	1187	7	the	the	DET
cblr-11900	1187	8	fed	fed	PROPN
cblr-11900	1187	9	.	.	PUNCT
cblr-11900	1187	10	rsrv	rsrv	PROPN
cblr-11900	1187	11	.	.	PUNCT
cblr-11900	1188	1	sys	sys	PROPN
cblr-11900	1188	2	.	.	PROPN
cblr-11900	1188	3	,	,	PUNCT
cblr-11900	1188	4	nonfinancial	nonfinancial	ADJ
cblr-11900	1188	5	corporate	corporate	ADJ
cblr-11900	1188	6	business	business	NOUN
cblr-11900	1188	7	;	;	PUNCT
cblr-11900	1188	8	checkable	checkable	ADJ
cblr-11900	1188	9	deposits	deposit	NOUN
cblr-11900	1188	10	and	and	CCONJ
cblr-11900	1188	11	currency	currency	NOUN
cblr-11900	1188	12	;	;	PUNCT
cblr-11900	1188	13	asset	asset	NOUN
cblr-11900	1188	14	,	,	PUNCT
cblr-11900	1188	15	level	level	NOUN
cblr-11900	1188	16	,	,	PUNCT
cblr-11900	1188	17	fed	fed	PROPN
cblr-11900	1188	18	.	.	PUNCT
cblr-11900	1188	19	rsrv	rsrv	PROPN
cblr-11900	1188	20	.	.	PUNCT
cblr-11900	1189	1	econ	econ	PROPN
cblr-11900	1189	2	.	.	PUNCT
cblr-11900	1190	1	data	data	PROPN
cblr-11900	1190	2	(	(	PUNCT
cblr-11900	1190	3	dec	dec	PROPN
cblr-11900	1190	4	.	.	PROPN
cblr-11900	1190	5	9	9	NUM
cblr-11900	1190	6	,	,	PUNCT
cblr-11900	1190	7	2022	2022	NUM
cblr-11900	1190	8	)	)	PUNCT
cblr-11900	1190	9	,	,	PUNCT
cblr-11900	1190	10	https://fred.stlouisfed.org/series/ncbdcaa027n	https://fred.stlouisfed.org/series/ncbdcaa027n	PROPN
cblr-11900	1191	1	[	[	X
cblr-11900	1191	2	https://perma.cc/cyk6-g7yy	https://perma.cc/cyk6-g7yy	X
cblr-11900	1191	3	]	]	X
cblr-11900	1191	4	.	.	PUNCT
cblr-11900	1192	1	250	250	NUM
cblr-11900	1192	2	the	the	DET
cblr-11900	1192	3	treasury	treasury	NOUN
cblr-11900	1192	4	-	-	PUNCT
cblr-11900	1192	5	federal	federal	PROPN
cblr-11900	1192	6	reserve	reserve	NOUN
cblr-11900	1192	7	joint	joint	ADJ
cblr-11900	1192	8	study	study	NOUN
cblr-11900	1192	9	of	of	ADP
cblr-11900	1192	10	1958	1958	NUM
cblr-11900	1192	11	notes	note	VERB
cblr-11900	1192	12	that	that	SCONJ
cblr-11900	1192	13	,	,	PUNCT
cblr-11900	1192	14	“	"	PUNCT
cblr-11900	1192	15	through	through	ADP
cblr-11900	1192	16	their	their	PRON
cblr-11900	1192	17	repurchase	repurchase	NOUN
cblr-11900	1192	18	operations	operation	NOUN
cblr-11900	1192	19	,	,	PUNCT
cblr-11900	1192	20	dealers	dealer	NOUN
cblr-11900	1192	21	have	have	AUX
cblr-11900	1192	22	,	,	PUNCT
cblr-11900	1192	23	in	in	ADP
cblr-11900	1192	24	effect	effect	NOUN
cblr-11900	1192	25	,	,	PUNCT
cblr-11900	1192	26	created	create	VERB
cblr-11900	1192	27	a	a	DET
cblr-11900	1192	28	new	new	ADJ
cblr-11900	1192	29	form	form	NOUN
cblr-11900	1192	30	of	of	ADP
cblr-11900	1192	31	financial	financial	ADJ
cblr-11900	1192	32	asset	asset	NOUN
cblr-11900	1192	33	that	that	PRON
cblr-11900	1192	34	has	have	AUX
cblr-11900	1192	35	been	be	AUX
cblr-11900	1192	36	welcomed	welcome	VERB
cblr-11900	1192	37	by	by	ADP
cblr-11900	1192	38	many	many	ADJ
cblr-11900	1192	39	investors	investor	NOUN
cblr-11900	1192	40	[	[	X
cblr-11900	1192	41	including	include	VERB
cblr-11900	1192	42	nonfinancial	nonfinancial	ADJ
cblr-11900	1192	43	corporations	corporation	NOUN
cblr-11900	1192	44	]	]	PUNCT
cblr-11900	1192	45	as	as	ADP
cblr-11900	1192	46	an	an	DET
cblr-11900	1192	47	almost	almost	ADV
cblr-11900	1192	48	riskless	riskless	NOUN
cblr-11900	1192	49	interest	interest	NOUN
cblr-11900	1192	50	-	-	PUNCT
cblr-11900	1192	51	bearing	bear	VERB
cblr-11900	1192	52	outlet	outlet	NOUN
cblr-11900	1192	53	for	for	ADP
cblr-11900	1192	54	short	short	ADJ
cblr-11900	1192	55	-	-	PUNCT
cblr-11900	1192	56	term	term	NOUN
cblr-11900	1192	57	funds	fund	NOUN
cblr-11900	1192	58	.	.	PUNCT
cblr-11900	1192	59	”	"	PUNCT
cblr-11900	1193	1	u.s	u.s	PROPN
cblr-11900	1193	2	.	.	PROPN
cblr-11900	1193	3	dep’t	dep’t	NOUN
cblr-11900	1193	4	of	of	ADP
cblr-11900	1193	5	the	the	DET
cblr-11900	1193	6	treasury	treasury	NOUN
cblr-11900	1193	7	,	,	PUNCT
cblr-11900	1193	8	supra	supra	PROPN
cblr-11900	1193	9	note	note	PROPN
cblr-11900	1193	10	241	241	NUM
cblr-11900	1193	11	,	,	PUNCT
cblr-11900	1193	12	at	at	ADP
cblr-11900	1193	13	71	71	NUM
cblr-11900	1193	14	.	.	PUNCT
cblr-11900	1193	15	251	251	NUM
cblr-11900	1193	16	whereas	whereas	SCONJ
cblr-11900	1193	17	with	with	ADP
cblr-11900	1193	18	an	an	DET
cblr-11900	1193	19	insured	insured	ADJ
cblr-11900	1193	20	bank	bank	NOUN
cblr-11900	1193	21	deposit	deposit	NOUN
cblr-11900	1193	22	,	,	PUNCT
cblr-11900	1193	23	the	the	DET
cblr-11900	1193	24	credit	credit	NOUN
cblr-11900	1193	25	of	of	ADP
cblr-11900	1193	26	the	the	DET
cblr-11900	1193	27	federal	federal	ADJ
cblr-11900	1193	28	government	government	NOUN
cblr-11900	1193	29	stands	stand	VERB
cblr-11900	1193	30	behind	behind	ADP
cblr-11900	1193	31	the	the	DET
cblr-11900	1193	32	credit	credit	NOUN
cblr-11900	1193	33	of	of	ADP
cblr-11900	1193	34	the	the	DET
cblr-11900	1193	35	bank	bank	NOUN
cblr-11900	1193	36	through	through	ADP
cblr-11900	1193	37	the	the	DET
cblr-11900	1193	38	instrument	instrument	NOUN
cblr-11900	1193	39	of	of	ADP
cblr-11900	1193	40	the	the	DET
cblr-11900	1193	41	federal	federal	ADJ
cblr-11900	1193	42	deposit	deposit	NOUN
cblr-11900	1193	43	insurance	insurance	NOUN
cblr-11900	1193	44	fund	fund	NOUN
cblr-11900	1193	45	,	,	PUNCT
cblr-11900	1193	46	see	see	VERB
cblr-11900	1193	47	12	12	NUM
cblr-11900	1193	48	u.s.c	u.s.c	ADJ
cblr-11900	1193	49	.	.	PUNCT
cblr-11900	1194	1	§	§	PROPN
cblr-11900	1194	2	§	§	PROPN
cblr-11900	1194	3	1815	1815	NUM
cblr-11900	1194	4	,	,	PUNCT
cblr-11900	1194	5	1821	1821	NUM
cblr-11900	1194	6	,	,	PUNCT
cblr-11900	1194	7	in	in	ADP
cblr-11900	1194	8	a	a	DET
cblr-11900	1194	9	repurchase	repurchase	NOUN
cblr-11900	1194	10	agreement	agreement	NOUN
cblr-11900	1194	11	,	,	PUNCT
cblr-11900	1194	12	the	the	DET
cblr-11900	1194	13	credit	credit	NOUN
cblr-11900	1194	14	of	of	ADP
cblr-11900	1194	15	the	the	DET
cblr-11900	1194	16	federal	federal	ADJ
cblr-11900	1194	17	government	government	NOUN
cblr-11900	1194	18	stands	stand	VERB
cblr-11900	1194	19	behind	behind	ADP
cblr-11900	1194	20	the	the	DET
cblr-11900	1194	21	credit	credit	NOUN
cblr-11900	1194	22	of	of	ADP
cblr-11900	1194	23	the	the	DET
cblr-11900	1194	24	cash	cash	NOUN
cblr-11900	1194	25	borrower	borrower	NOUN
cblr-11900	1194	26	through	through	ADP
cblr-11900	1194	27	the	the	DET
cblr-11900	1194	28	instrument	instrument	NOUN
cblr-11900	1194	29	of	of	ADP
cblr-11900	1194	30	a	a	DET
cblr-11900	1194	31	direct	direct	ADJ
cblr-11900	1194	32	claim	claim	NOUN
cblr-11900	1194	33	on	on	ADP
cblr-11900	1194	34	the	the	DET
cblr-11900	1194	35	united	united	PROPN
cblr-11900	1194	36	states	states	PROPN
cblr-11900	1194	37	,	,	PUNCT
cblr-11900	1194	38	see	see	VERB
cblr-11900	1194	39	31	31	NUM
cblr-11900	1194	40	u.s.c	u.s.c	ADJ
cblr-11900	1194	41	.	.	PUNCT
cblr-11900	1195	1	§	§	PROPN
cblr-11900	1195	2	3101	3101	NUM
cblr-11900	1195	3	.	.	PUNCT
cblr-11900	1196	1	286	286	NUM
cblr-11900	1196	2	columbia	columbia	PROPN
cblr-11900	1196	3	business	business	NOUN
cblr-11900	1196	4	law	law	NOUN
cblr-11900	1196	5	review	review	NOUN
cblr-11900	1196	6	[	[	X
cblr-11900	1196	7	vol	vol	NOUN
cblr-11900	1196	8	.	.	PUNCT
cblr-11900	1196	9	2023	2023	NUM
cblr-11900	1196	10	buyer	buyer	NOUN
cblr-11900	1196	11	.	.	PUNCT
cblr-11900	1196	12	.	.	PUNCT
cblr-11900	1196	13	.	.	PUNCT
cblr-11900	1197	1	in	in	ADP
cblr-11900	1197	2	a	a	DET
cblr-11900	1197	3	nutshell	nutshell	NOUN
cblr-11900	1197	4	,	,	PUNCT
cblr-11900	1197	5	the	the	DET
cblr-11900	1197	6	dealer	dealer	NOUN
cblr-11900	1197	7	has	have	AUX
cblr-11900	1197	8	recreated	recreate	VERB
cblr-11900	1197	9	in	in	ADP
cblr-11900	1197	10	the	the	DET
cblr-11900	1197	11	market	market	NOUN
cblr-11900	1197	12	the	the	DET
cblr-11900	1197	13	interest	interest	NOUN
cblr-11900	1197	14	-	-	PUNCT
cblr-11900	1197	15	bearing	bear	VERB
cblr-11900	1197	16	deposit	deposit	NOUN
cblr-11900	1197	17	supposed	suppose	VERB
cblr-11900	1197	18	to	to	PART
cblr-11900	1197	19	have	have	AUX
cblr-11900	1197	20	been	be	AUX
cblr-11900	1197	21	exorcized	exorcize	VERB
cblr-11900	1197	22	by	by	ADP
cblr-11900	1197	23	the	the	DET
cblr-11900	1197	24	banking	banking	NOUN
cblr-11900	1197	25	act	act	NOUN
cblr-11900	1197	26	of	of	ADP
cblr-11900	1197	27	1933	1933	NUM
cblr-11900	1197	28	[	[	X
cblr-11900	1197	29	and	and	CCONJ
cblr-11900	1197	30	regulation	regulation	NOUN
cblr-11900	1197	31	q].”252	q].”252	NOUN
cblr-11900	1197	32	importantly	importantly	ADV
cblr-11900	1197	33	,	,	PUNCT
cblr-11900	1197	34	repo	repo	PROPN
cblr-11900	1197	35	was	be	AUX
cblr-11900	1197	36	also	also	ADV
cblr-11900	1197	37	much	much	ADV
cblr-11900	1197	38	more	more	ADV
cblr-11900	1197	39	scalable	scalable	ADJ
cblr-11900	1197	40	—	—	PUNCT
cblr-11900	1197	41	these	these	DET
cblr-11900	1197	42	transactions	transaction	NOUN
cblr-11900	1197	43	could	could	AUX
cblr-11900	1197	44	be	be	AUX
cblr-11900	1197	45	used	use	VERB
cblr-11900	1197	46	to	to	PART
cblr-11900	1197	47	transform	transform	VERB
cblr-11900	1197	48	any	any	PRON
cblr-11900	1197	49	of	of	ADP
cblr-11900	1197	50	the	the	DET
cblr-11900	1197	51	more	more	ADJ
cblr-11900	1197	52	than	than	ADP
cblr-11900	1197	53	$	$	SYM
cblr-11900	1197	54	150	150	NUM
cblr-11900	1197	55	billion	billion	NUM
cblr-11900	1197	56	in	in	ADP
cblr-11900	1197	57	marketable	marketable	ADJ
cblr-11900	1197	58	treasury	treasury	NOUN
cblr-11900	1197	59	debt	debt	NOUN
cblr-11900	1197	60	outstanding	outstanding	ADJ
cblr-11900	1197	61	in	in	ADP
cblr-11900	1197	62	the	the	DET
cblr-11900	1197	63	mid-1950s,253	mid-1950s,253	NOUN
cblr-11900	1197	64	not	not	PART
cblr-11900	1197	65	to	to	PART
cblr-11900	1197	66	mention	mention	VERB
cblr-11900	1197	67	corporate	corporate	ADJ
cblr-11900	1197	68	and	and	CCONJ
cblr-11900	1197	69	other	other	ADJ
cblr-11900	1197	70	financial	financial	ADJ
cblr-11900	1197	71	assets,254	assets,254	PROPN
cblr-11900	1197	72	into	into	ADP
cblr-11900	1197	73	a	a	DET
cblr-11900	1197	74	deposit	deposit	NOUN
cblr-11900	1197	75	substitute	substitute	NOUN
cblr-11900	1197	76	from	from	ADP
cblr-11900	1197	77	the	the	DET
cblr-11900	1197	78	point	point	NOUN
cblr-11900	1197	79	of	of	ADP
cblr-11900	1197	80	view	view	NOUN
cblr-11900	1197	81	of	of	ADP
cblr-11900	1197	82	the	the	DET
cblr-11900	1197	83	lender	lender	NOUN
cblr-11900	1197	84	.	.	PUNCT
cblr-11900	1198	1	it	it	PRON
cblr-11900	1198	2	should	should	AUX
cblr-11900	1198	3	come	come	VERB
cblr-11900	1198	4	as	as	ADP
cblr-11900	1198	5	little	little	ADJ
cblr-11900	1198	6	surprise	surprise	NOUN
cblr-11900	1198	7	,	,	PUNCT
cblr-11900	1198	8	therefore	therefore	ADV
cblr-11900	1198	9	,	,	PUNCT
cblr-11900	1198	10	that	that	SCONJ
cblr-11900	1198	11	the	the	DET
cblr-11900	1198	12	vast	vast	ADJ
cblr-11900	1198	13	majority	majority	NOUN
cblr-11900	1198	14	of	of	ADP
cblr-11900	1198	15	repo	repo	NOUN
cblr-11900	1198	16	funding	funding	NOUN
cblr-11900	1198	17	for	for	ADP
cblr-11900	1198	18	government	government	NOUN
cblr-11900	1198	19	securities	security	NOUN
cblr-11900	1198	20	dealers	dealer	NOUN
cblr-11900	1198	21	in	in	ADP
cblr-11900	1198	22	those	those	DET
cblr-11900	1198	23	early	early	ADJ
cblr-11900	1198	24	years	year	NOUN
cblr-11900	1198	25	came	come	VERB
cblr-11900	1198	26	from	from	ADP
cblr-11900	1198	27	non	non	ADJ
cblr-11900	1198	28	-	-	ADJ
cblr-11900	1198	29	financial	financial	ADJ
cblr-11900	1198	30	corporations.255	corporations.255	NOUN
cblr-11900	1198	31	although	although	SCONJ
cblr-11900	1198	32	the	the	DET
cblr-11900	1198	33	fed	fed	PROPN
cblr-11900	1198	34	was	be	AUX
cblr-11900	1198	35	an	an	DET
cblr-11900	1198	36	infrequent	infrequent	ADJ
cblr-11900	1198	37	creditor	creditor	NOUN
cblr-11900	1198	38	to	to	ADP
cblr-11900	1198	39	dealers	dealer	NOUN
cblr-11900	1198	40	,	,	PUNCT
cblr-11900	1198	41	it	it	PRON
cblr-11900	1198	42	was	be	AUX
cblr-11900	1198	43	particularly	particularly	ADV
cblr-11900	1198	44	important	important	ADJ
cblr-11900	1198	45	during	during	ADP
cblr-11900	1198	46	periods	period	NOUN
cblr-11900	1198	47	of	of	ADP
cblr-11900	1198	48	monetary	monetary	ADJ
cblr-11900	1198	49	tightness	tightness	NOUN
cblr-11900	1198	50	and	and	CCONJ
cblr-11900	1198	51	therefore	therefore	ADV
cblr-11900	1198	52	served	serve	VERB
cblr-11900	1198	53	as	as	ADP
cblr-11900	1198	54	a	a	DET
cblr-11900	1198	55	liquidity	liquidity	NOUN
cblr-11900	1198	56	backstop	backstop	NOUN
cblr-11900	1198	57	for	for	ADP
cblr-11900	1198	58	the	the	DET
cblr-11900	1198	59	repo	repo	NOUN
cblr-11900	1198	60	market	market	NOUN
cblr-11900	1198	61	more	more	ADV
cblr-11900	1198	62	generally	generally	ADV
cblr-11900	1198	63	,	,	PUNCT
cblr-11900	1198	64	rather	rather	ADV
cblr-11900	1198	65	than	than	ADP
cblr-11900	1198	66	a	a	DET
cblr-11900	1198	67	regular	regular	ADJ
cblr-11900	1198	68	source	source	NOUN
cblr-11900	1198	69	of	of	ADP
cblr-11900	1198	70	funding.256	funding.256	PROPN
cblr-11900	1198	71	as	as	ADP
cblr-11900	1198	72	new	new	PROPN
cblr-11900	1198	73	york	york	PROPN
cblr-11900	1198	74	banks	bank	NOUN
cblr-11900	1198	75	warned	warn	VERB
cblr-11900	1198	76	,	,	PUNCT
cblr-11900	1198	77	this	this	DET
cblr-11900	1198	78	252	252	NUM
cblr-11900	1198	79	n.y	n.y	PROPN
cblr-11900	1198	80	.	.	PROPN
cblr-11900	1198	81	clearing	clear	VERB
cblr-11900	1198	82	house	house	PROPN
cblr-11900	1198	83	ass’n	ass’n	NOUN
cblr-11900	1198	84	,	,	PUNCT
cblr-11900	1198	85	a	a	DET
cblr-11900	1198	86	study	study	NOUN
cblr-11900	1198	87	of	of	ADP
cblr-11900	1198	88	the	the	DET
cblr-11900	1198	89	interrelations	interrelation	NOUN
cblr-11900	1198	90	of	of	ADP
cblr-11900	1198	91	the	the	DET
cblr-11900	1198	92	money	money	NOUN
cblr-11900	1198	93	market	market	NOUN
cblr-11900	1198	94	and	and	CCONJ
cblr-11900	1198	95	government	government	NOUN
cblr-11900	1198	96	securities	security	NOUN
cblr-11900	1198	97	market	market	NOUN
cblr-11900	1198	98	:	:	PUNCT
cblr-11900	1198	99	report	report	NOUN
cblr-11900	1198	100	to	to	ADP
cblr-11900	1198	101	the	the	DET
cblr-11900	1198	102	federal	federal	PROPN
cblr-11900	1198	103	reserve	reserve	PROPN
cblr-11900	1198	104	bank	bank	PROPN
cblr-11900	1198	105	of	of	ADP
cblr-11900	1198	106	new	new	PROPN
cblr-11900	1198	107	york	york	PROPN
cblr-11900	1198	108	34	34	NUM
cblr-11900	1198	109	(	(	PUNCT
cblr-11900	1198	110	1957	1957	NUM
cblr-11900	1198	111	)	)	PUNCT
cblr-11900	1198	112	.	.	PUNCT
cblr-11900	1199	1	253	253	NUM
cblr-11900	1199	2	fed	fed	PROPN
cblr-11900	1199	3	.	.	PUNCT
cblr-11900	1200	1	rsrv	rsrv	PROPN
cblr-11900	1200	2	.	.	PUNCT
cblr-11900	1201	1	bank	bank	PROPN
cblr-11900	1201	2	of	of	ADP
cblr-11900	1201	3	dallas	dallas	PROPN
cblr-11900	1201	4	,	,	PUNCT
cblr-11900	1201	5	market	market	NOUN
cblr-11900	1201	6	value	value	NOUN
cblr-11900	1201	7	of	of	ADP
cblr-11900	1201	8	marketable	marketable	ADJ
cblr-11900	1201	9	treasury	treasury	NOUN
cblr-11900	1201	10	debt	debt	NOUN
cblr-11900	1201	11	,	,	PUNCT
cblr-11900	1201	12	fed	fed	PROPN
cblr-11900	1201	13	.	.	PUNCT
cblr-11900	1201	14	rsrv	rsrv	PROPN
cblr-11900	1201	15	.	.	PUNCT
cblr-11900	1202	1	econ	econ	PROPN
cblr-11900	1202	2	.	.	PUNCT
cblr-11900	1202	3	data	data	PROPN
cblr-11900	1202	4	(	(	PUNCT
cblr-11900	1202	5	feb	feb	PROPN
cblr-11900	1202	6	.	.	PROPN
cblr-11900	1202	7	15	15	NUM
cblr-11900	1202	8	,	,	PUNCT
cblr-11900	1202	9	2023	2023	NUM
cblr-11900	1202	10	)	)	PUNCT
cblr-11900	1202	11	,	,	PUNCT
cblr-11900	1202	12	https://fred.stlouisfed.org/series/mvmtd027mnfrbdal	https://fred.stlouisfed.org/series/mvmtd027mnfrbdal	ADJ
cblr-11900	1202	13	[	[	X
cblr-11900	1202	14	https://perma.cc/rh7j-qh8f	https://perma.cc/rh7j-qh8f	NOUN
cblr-11900	1202	15	]	]	X
cblr-11900	1202	16	.	.	PUNCT
cblr-11900	1203	1	254	254	NUM
cblr-11900	1203	2	u.s	u.s	PROPN
cblr-11900	1203	3	.	.	PROPN
cblr-11900	1203	4	dep’t	dep’t	NOUN
cblr-11900	1203	5	of	of	ADP
cblr-11900	1203	6	the	the	DET
cblr-11900	1203	7	treasury	treasury	NOUN
cblr-11900	1203	8	,	,	PUNCT
cblr-11900	1203	9	supra	supra	PROPN
cblr-11900	1203	10	note	note	NOUN
cblr-11900	1203	11	241	241	NUM
cblr-11900	1203	12	(	(	PUNCT
cblr-11900	1203	13	“	"	PUNCT
cblr-11900	1203	14	the	the	DET
cblr-11900	1203	15	use	use	NOUN
cblr-11900	1203	16	of	of	ADP
cblr-11900	1203	17	repurchase	repurchase	NOUN
cblr-11900	1203	18	agreements	agreement	NOUN
cblr-11900	1203	19	has	have	AUX
cblr-11900	1203	20	not	not	PART
cblr-11900	1203	21	been	be	AUX
cblr-11900	1203	22	confined	confine	VERB
cblr-11900	1203	23	to	to	ADP
cblr-11900	1203	24	government	government	NOUN
cblr-11900	1203	25	securities	security	NOUN
cblr-11900	1203	26	but	but	CCONJ
cblr-11900	1203	27	has	have	AUX
cblr-11900	1203	28	included	include	VERB
cblr-11900	1203	29	,	,	PUNCT
cblr-11900	1203	30	much	much	ADV
cblr-11900	1203	31	less	less	ADV
cblr-11900	1203	32	frequently	frequently	ADV
cblr-11900	1203	33	,	,	PUNCT
cblr-11900	1203	34	corporate	corporate	ADJ
cblr-11900	1203	35	and	and	CCONJ
cblr-11900	1203	36	municipal	municipal	ADJ
cblr-11900	1203	37	securities	security	NOUN
cblr-11900	1203	38	and	and	CCONJ
cblr-11900	1203	39	even	even	ADV
cblr-11900	1203	40	mortgages	mortgage	NOUN
cblr-11900	1203	41	.	.	PUNCT
cblr-11900	1203	42	”	"	PUNCT
cblr-11900	1203	43	)	)	PUNCT
cblr-11900	1203	44	.	.	PUNCT
cblr-11900	1204	1	255	255	NUM
cblr-11900	1204	2	roughly	roughly	ADV
cblr-11900	1204	3	90	90	NUM
cblr-11900	1204	4	-	-	SYM
cblr-11900	1204	5	95	95	NUM
cblr-11900	1204	6	%	%	NOUN
cblr-11900	1204	7	of	of	ADP
cblr-11900	1204	8	the	the	DET
cblr-11900	1204	9	total	total	NOUN
cblr-11900	1204	10	in	in	ADP
cblr-11900	1204	11	the	the	DET
cblr-11900	1204	12	late	late	ADJ
cblr-11900	1204	13	1950s	1950s	NUM
cblr-11900	1204	14	.	.	PUNCT
cblr-11900	1205	1	i	i	PRON
cblr-11900	1205	2	d.	d.	PROPN
cblr-11900	1205	3	;	;	PUNCT
cblr-11900	1205	4	see	see	AUX
cblr-11900	1205	5	also	also	ADV
cblr-11900	1205	6	fed	feed	VERB
cblr-11900	1205	7	.	.	PUNCT
cblr-11900	1206	1	rsrv	rsrv	PROPN
cblr-11900	1206	2	.	.	PUNCT
cblr-11900	1207	1	bank	bank	PROPN
cblr-11900	1207	2	of	of	ADP
cblr-11900	1207	3	n.y	n.y	PROPN
cblr-11900	1207	4	.	.	PROPN
cblr-11900	1207	5	,	,	PUNCT
cblr-11900	1207	6	monthly	monthly	ADJ
cblr-11900	1207	7	review	review	NOUN
cblr-11900	1207	8	:	:	PUNCT
cblr-11900	1207	9	october	october	PROPN
cblr-11900	1207	10	1964	1964	NUM
cblr-11900	1207	11	,	,	PUNCT
cblr-11900	1207	12	46	46	NUM
cblr-11900	1207	13	fed	feed	VERB
cblr-11900	1207	14	.	.	PUNCT
cblr-11900	1208	1	rsrv	rsrv	PROPN
cblr-11900	1208	2	.	.	PUNCT
cblr-11900	1209	1	bank	bank	PROPN
cblr-11900	1209	2	of	of	ADP
cblr-11900	1209	3	n.y	n.y	PROPN
cblr-11900	1209	4	.	.	PROPN
cblr-11900	1209	5	monthly	monthly	PROPN
cblr-11900	1209	6	rev	rev	X
cblr-11900	1209	7	.	.	PROPN
cblr-11900	1209	8	27	27	NUM
cblr-11900	1209	9	(	(	PUNCT
cblr-11900	1209	10	1964	1964	NUM
cblr-11900	1209	11	)	)	PUNCT
cblr-11900	1209	12	.	.	PUNCT
cblr-11900	1210	1	256	256	NUM
cblr-11900	1210	2	the	the	DET
cblr-11900	1210	3	treasury	treasury	NOUN
cblr-11900	1210	4	-	-	PUNCT
cblr-11900	1210	5	fed	feed	VERB
cblr-11900	1210	6	joint	joint	ADJ
cblr-11900	1210	7	study	study	NOUN
cblr-11900	1210	8	,	,	PUNCT
cblr-11900	1210	9	covering	cover	VERB
cblr-11900	1210	10	the	the	DET
cblr-11900	1210	11	late	late	ADJ
cblr-11900	1210	12	1950s	1950s	NUM
cblr-11900	1210	13	,	,	PUNCT
cblr-11900	1210	14	notes	note	VERB
cblr-11900	1210	15	that	that	SCONJ
cblr-11900	1210	16	,	,	PUNCT
cblr-11900	1210	17	“	"	PUNCT
cblr-11900	1210	18	[	[	X
cblr-11900	1210	19	f]rom	f]rom	ADP
cblr-11900	1210	20	time	time	NOUN
cblr-11900	1210	21	to	to	ADP
cblr-11900	1210	22	time	time	NOUN
cblr-11900	1210	23	nonbank	nonbank	NOUN
cblr-11900	1210	24	dealers	dealer	NOUN
cblr-11900	1210	25	may	may	AUX
cblr-11900	1210	26	also	also	ADV
cblr-11900	1210	27	obtain	obtain	VERB
cblr-11900	1210	28	financing	financing	NOUN
cblr-11900	1210	29	through	through	ADP
cblr-11900	1210	30	repurchase	repurchase	NOUN
cblr-11900	1210	31	agreements	agreement	NOUN
cblr-11900	1210	32	from	from	ADP
cblr-11900	1210	33	the	the	DET
cblr-11900	1210	34	federal	federal	PROPN
cblr-11900	1210	35	reserve	reserve	PROPN
cblr-11900	1210	36	bank	bank	PROPN
cblr-11900	1210	37	of	of	ADP
cblr-11900	1210	38	new	new	PROPN
cblr-11900	1210	39	york	york	PROPN
cblr-11900	1210	40	.	.	PUNCT
cblr-11900	1210	41	”	"	PUNCT
cblr-11900	1211	1	that	that	PRON
cblr-11900	1211	2	said	say	VERB
cblr-11900	1211	3	,	,	PUNCT
cblr-11900	1211	4	the	the	DET
cblr-11900	1211	5	authors	author	NOUN
cblr-11900	1211	6	also	also	ADV
cblr-11900	1211	7	note	note	VERB
cblr-11900	1211	8	that	that	SCONJ
cblr-11900	1211	9	,	,	PUNCT
cblr-11900	1211	10	“	"	PUNCT
cblr-11900	1211	11	[	[	X
cblr-11900	1211	12	i]n	i]n	NOUN
cblr-11900	1211	13	periods	period	NOUN
cblr-11900	1211	14	of	of	ADP
cblr-11900	1211	15	credit	credit	NOUN
cblr-11900	1211	16	restraint	restraint	NOUN
cblr-11900	1211	17	,	,	PUNCT
cblr-11900	1211	18	this	this	DET
cblr-11900	1211	19	rate	rate	NOUN
cblr-11900	1212	1	[	[	X
cblr-11900	1212	2	direct	direct	ADJ
cblr-11900	1212	3	repo	repo	NOUN
cblr-11900	1212	4	with	with	ADP
cblr-11900	1212	5	the	the	DET
cblr-11900	1212	6	federal	federal	PROPN
cblr-11900	1212	7	reserve	reserve	PROPN
cblr-11900	1212	8	bank	bank	PROPN
cblr-11900	1212	9	of	of	ADP
cblr-11900	1212	10	new	new	PROPN
cblr-11900	1212	11	york	york	PROPN
cblr-11900	1212	12	]	]	PUNCT
cblr-11900	1212	13	has	have	AUX
cblr-11900	1212	14	generally	generally	ADV
cblr-11900	1212	15	been	be	AUX
cblr-11900	1212	16	lower	low	ADJ
cblr-11900	1212	17	than	than	ADP
cblr-11900	1212	18	lending	lend	VERB
cblr-11900	1212	19	rates	rate	NOUN
cblr-11900	1212	20	at	at	ADP
cblr-11900	1212	21	the	the	DET
cblr-11900	1212	22	new	new	PROPN
cblr-11900	1212	23	york	york	PROPN
cblr-11900	1212	24	city	city	PROPN
cblr-11900	1212	25	banks	bank	NOUN
cblr-11900	1212	26	,	,	PUNCT
cblr-11900	1212	27	but	but	CCONJ
cblr-11900	1212	28	in	in	ADP
cblr-11900	1212	29	conditions	condition	NOUN
cblr-11900	1212	30	of	of	ADP
cblr-11900	1212	31	credit	credit	NOUN
cblr-11900	1212	32	ease	ease	NOUN
cblr-11900	1212	33	,	,	PUNCT
cblr-11900	1212	34	it	it	PRON
cblr-11900	1212	35	has	have	AUX
cblr-11900	1212	36	generally	generally	ADV
cblr-11900	1212	37	been	be	AUX
cblr-11900	1212	38	higher	high	ADJ
cblr-11900	1212	39	.	.	PUNCT
cblr-11900	1212	40	”	"	PUNCT
cblr-11900	1213	1	u.s	u.s	PROPN
cblr-11900	1213	2	.	.	PROPN
cblr-11900	1213	3	dep’t	dep’t	NOUN
cblr-11900	1213	4	of	of	ADP
cblr-11900	1213	5	the	the	DET
cblr-11900	1213	6	treasury	treasury	PROPN
cblr-11900	1213	7	&	&	CCONJ
cblr-11900	1213	8	the	the	DET
cblr-11900	1213	9	bd	bd	PROPN
cblr-11900	1213	10	.	.	PROPN
cblr-11900	1213	11	of	of	ADP
cblr-11900	1213	12	governors	governor	NOUN
cblr-11900	1213	13	of	of	ADP
cblr-11900	1213	14	the	the	DET
cblr-11900	1213	15	fed	fed	PROPN
cblr-11900	1213	16	.	.	PUNCT
cblr-11900	1214	1	reserve	reserve	PROPN
cblr-11900	1214	2	sys	sys	PROPN
cblr-11900	1214	3	.	.	PROPN
cblr-11900	1214	4	,	,	PUNCT
cblr-11900	1214	5	part	part	NOUN
cblr-11900	1214	6	iii	iii	PROPN
cblr-11900	1214	7	:	:	PUNCT
cblr-11900	1214	8	supplementary	supplementary	ADJ
cblr-11900	1214	9	studies	study	NOUN
cblr-11900	1214	10	,	,	PUNCT
cblr-11900	1214	11	in	in	ADP
cblr-11900	1214	12	treasury	treasury	NOUN
cblr-11900	1214	13	-	-	PUNCT
cblr-11900	1214	14	federal	federal	PROPN
cblr-11900	1214	15	reserve	reserve	NOUN
cblr-11900	1214	16	study	study	NOUN
cblr-11900	1214	17	of	of	ADP
cblr-11900	1214	18	the	the	DET
cblr-11900	1214	19	government	government	NOUN
cblr-11900	1214	20	securities	security	NOUN
cblr-11900	1214	21	market	market	NOUN
cblr-11900	1214	22	70	70	NUM
cblr-11900	1214	23	,	,	PUNCT
cblr-11900	1214	24	70	70	NUM
cblr-11900	1214	25	(	(	PUNCT
cblr-11900	1214	26	1960	1960	NUM
cblr-11900	1214	27	)	)	PUNCT
cblr-11900	1214	28	,	,	PUNCT
cblr-11900	1214	29	https://fraser.stlouisfed.org/title/317/item/6280	https://fraser.stlouisfed.org/title/317/item/6280	X
cblr-11900	1215	1	[	[	X
cblr-11900	1215	2	https://perma.cc/6gvr5x79	https://perma.cc/6gvr5x79	X
cblr-11900	1215	3	]	]	X
cblr-11900	1215	4	.	.	PUNCT
cblr-11900	1216	1	no	no	INTJ
cblr-11900	1216	2	.	.	NOUN
cblr-11900	1216	3	1	1	NUM
cblr-11900	1216	4	]	]	ADJ
cblr-11900	1216	5	money	money	NOUN
cblr-11900	1216	6	and	and	CCONJ
cblr-11900	1216	7	the	the	DET
cblr-11900	1216	8	public	public	ADJ
cblr-11900	1216	9	debt	debt	NOUN
cblr-11900	1216	10	287	287	NUM
cblr-11900	1216	11	support	support	NOUN
cblr-11900	1216	12	risked	risk	VERB
cblr-11900	1216	13	“	"	PUNCT
cblr-11900	1216	14	a	a	DET
cblr-11900	1216	15	nullification	nullification	NOUN
cblr-11900	1216	16	of	of	ADP
cblr-11900	1216	17	the	the	DET
cblr-11900	1216	18	intent	intent	NOUN
cblr-11900	1216	19	of	of	ADP
cblr-11900	1216	20	the	the	DET
cblr-11900	1216	21	banking	banking	NOUN
cblr-11900	1216	22	act	act	NOUN
cblr-11900	1216	23	of	of	ADP
cblr-11900	1216	24	1933	1933	NUM
cblr-11900	1216	25	.	.	PUNCT
cblr-11900	1216	26	.	.	PUNCT
cblr-11900	1216	27	.	.	PUNCT
cblr-11900	1217	1	to	to	PART
cblr-11900	1217	2	forbid	forbid	VERB
cblr-11900	1217	3	banking	banking	NOUN
cblr-11900	1217	4	activities	activity	NOUN
cblr-11900	1217	5	outside	outside	ADP
cblr-11900	1217	6	the	the	DET
cblr-11900	1217	7	supervised	supervised	ADJ
cblr-11900	1217	8	banking	banking	NOUN
cblr-11900	1217	9	system	system	NOUN
cblr-11900	1217	10	.	.	PUNCT
cblr-11900	1218	1	”257	”257	VERB
cblr-11900	1218	2	the	the	DET
cblr-11900	1218	3	banks	bank	NOUN
cblr-11900	1218	4	’	’	PART
cblr-11900	1218	5	warning	warning	NOUN
cblr-11900	1218	6	was	be	AUX
cblr-11900	1218	7	vindicated	vindicate	VERB
cblr-11900	1218	8	by	by	ADP
cblr-11900	1218	9	events	event	NOUN
cblr-11900	1218	10	.	.	PUNCT
cblr-11900	1219	1	in	in	ADP
cblr-11900	1219	2	the	the	DET
cblr-11900	1219	3	1970s	1970	NOUN
cblr-11900	1219	4	,	,	PUNCT
cblr-11900	1219	5	the	the	DET
cblr-11900	1219	6	pool	pool	NOUN
cblr-11900	1219	7	of	of	ADP
cblr-11900	1219	8	repo	repo	NOUN
cblr-11900	1219	9	depositors	depositor	NOUN
cblr-11900	1219	10	at	at	ADP
cblr-11900	1219	11	nonbank	nonbank	PROPN
cblr-11900	1219	12	dealers	dealer	NOUN
cblr-11900	1219	13	expanded	expand	VERB
cblr-11900	1219	14	.	.	PUNCT
cblr-11900	1220	1	the	the	DET
cblr-11900	1220	2	invention	invention	NOUN
cblr-11900	1220	3	of	of	ADP
cblr-11900	1220	4	the	the	DET
cblr-11900	1220	5	money	money	NOUN
cblr-11900	1220	6	market	market	NOUN
cblr-11900	1220	7	mutual	mutual	ADJ
cblr-11900	1220	8	fund258	fund258	PROPN
cblr-11900	1220	9	(	(	PUNCT
cblr-11900	1220	10	mmf	mmf	NOUN
cblr-11900	1220	11	)	)	PUNCT
cblr-11900	1220	12	in	in	ADP
cblr-11900	1220	13	1972	1972	NUM
cblr-11900	1220	14	(	(	PUNCT
cblr-11900	1220	15	when	when	SCONJ
cblr-11900	1220	16	the	the	DET
cblr-11900	1220	17	sec	sec	PROPN
cblr-11900	1220	18	approved	approve	VERB
cblr-11900	1220	19	the	the	DET
cblr-11900	1220	20	listing	listing	NOUN
cblr-11900	1220	21	of	of	ADP
cblr-11900	1220	22	the	the	DET
cblr-11900	1220	23	reserve	reserve	PROPN
cblr-11900	1220	24	fund259	fund259	PROPN
cblr-11900	1220	25	)	)	PUNCT
cblr-11900	1220	26	was	be	AUX
cblr-11900	1220	27	a	a	DET
cblr-11900	1220	28	watershed	watershed	ADJ
cblr-11900	1220	29	moment	moment	NOUN
cblr-11900	1220	30	.	.	PUNCT
cblr-11900	1221	1	these	these	DET
cblr-11900	1221	2	new	new	ADJ
cblr-11900	1221	3	vehicles	vehicle	NOUN
cblr-11900	1221	4	provided	provide	VERB
cblr-11900	1221	5	individual	individual	ADJ
cblr-11900	1221	6	and	and	CCONJ
cblr-11900	1221	7	corporate	corporate	ADJ
cblr-11900	1221	8	savers	saver	NOUN
cblr-11900	1221	9	with	with	ADP
cblr-11900	1221	10	streamlined	streamlined	ADJ
cblr-11900	1221	11	and	and	CCONJ
cblr-11900	1221	12	simplified	simplified	ADJ
cblr-11900	1221	13	access	access	NOUN
cblr-11900	1221	14	to	to	ADP
cblr-11900	1221	15	short	short	ADJ
cblr-11900	1221	16	-	-	PUNCT
cblr-11900	1221	17	term	term	NOUN
cblr-11900	1221	18	wholesale	wholesale	ADJ
cblr-11900	1221	19	interest	interest	NOUN
cblr-11900	1221	20	rates	rate	NOUN
cblr-11900	1221	21	through	through	ADP
cblr-11900	1221	22	a	a	DET
cblr-11900	1221	23	closed	closed	ADJ
cblr-11900	1221	24	-	-	PUNCT
cblr-11900	1221	25	end	end	NOUN
cblr-11900	1221	26	mutual	mutual	ADJ
cblr-11900	1221	27	fund	fund	NOUN
cblr-11900	1221	28	organized	organize	VERB
cblr-11900	1221	29	under	under	ADP
cblr-11900	1221	30	the	the	DET
cblr-11900	1221	31	investment	investment	NOUN
cblr-11900	1221	32	company	company	NOUN
cblr-11900	1221	33	act	act	NOUN
cblr-11900	1221	34	of	of	ADP
cblr-11900	1221	35	1940.260	1940.260	NUM
cblr-11900	1221	36	in	in	ADP
cblr-11900	1221	37	addition	addition	NOUN
cblr-11900	1221	38	to	to	ADP
cblr-11900	1221	39	essentially	essentially	ADV
cblr-11900	1221	40	eliminating	eliminate	VERB
cblr-11900	1221	41	the	the	DET
cblr-11900	1221	42	operational	operational	ADJ
cblr-11900	1221	43	burden	burden	NOUN
cblr-11900	1221	44	of	of	ADP
cblr-11900	1221	45	managing	manage	VERB
cblr-11900	1221	46	these	these	DET
cblr-11900	1221	47	portfolios	portfolio	NOUN
cblr-11900	1221	48	—	—	PUNCT
cblr-11900	1221	49	non	non	ADJ
cblr-11900	1221	50	-	-	ADJ
cblr-11900	1221	51	trivial	trivial	ADJ
cblr-11900	1221	52	in	in	ADP
cblr-11900	1221	53	an	an	DET
cblr-11900	1221	54	over	over	ADP
cblr-11900	1221	55	-	-	PUNCT
cblr-11900	1221	56	the	the	DET
cblr-11900	1221	57	-	-	PUNCT
cblr-11900	1221	58	counter	counter	NOUN
cblr-11900	1221	59	market	market	NOUN
cblr-11900	1221	60	with	with	ADP
cblr-11900	1221	61	many	many	ADJ
cblr-11900	1221	62	diverse	diverse	ADJ
cblr-11900	1221	63	counterparties	counterpartie	NOUN
cblr-11900	1221	64	and	and	CCONJ
cblr-11900	1221	65	daily	daily	ADJ
cblr-11900	1221	66	rollover	rollover	NOUN
cblr-11900	1221	67	requirements	requirement	NOUN
cblr-11900	1221	68	—	—	PUNCT
cblr-11900	1221	69	they	they	PRON
cblr-11900	1221	70	also	also	ADV
cblr-11900	1221	71	provided	provide	VERB
cblr-11900	1221	72	same	same	ADJ
cblr-11900	1221	73	-	-	PUNCT
cblr-11900	1221	74	day	day	NOUN
cblr-11900	1221	75	liquidity	liquidity	NOUN
cblr-11900	1221	76	guarantees	guarantee	NOUN
cblr-11900	1221	77	,	,	PUNCT
cblr-11900	1221	78	which	which	PRON
cblr-11900	1221	79	imbued	imbue	VERB
cblr-11900	1221	80	mmf	mmf	NOUN
cblr-11900	1221	81	shares	share	NOUN
cblr-11900	1221	82	with	with	ADP
cblr-11900	1221	83	even	even	ADV
cblr-11900	1221	84	more	more	ADV
cblr-11900	1221	85	explicit	explicit	ADJ
cblr-11900	1221	86	deposit	deposit	NOUN
cblr-11900	1221	87	-	-	PUNCT
cblr-11900	1221	88	like	like	ADJ
cblr-11900	1221	89	features	feature	NOUN
cblr-11900	1221	90	.	.	PUNCT
cblr-11900	1222	1	starting	start	VERB
cblr-11900	1222	2	at	at	ADP
cblr-11900	1222	3	$	$	SYM
cblr-11900	1222	4	300	300	NUM
cblr-11900	1222	5	million	million	NUM
cblr-11900	1222	6	in	in	ADP
cblr-11900	1222	7	the	the	DET
cblr-11900	1222	8	reserve	reserve	PROPN
cblr-11900	1222	9	fund	fund	PROPN
cblr-11900	1222	10	,	,	PUNCT
cblr-11900	1222	11	their	their	PRON
cblr-11900	1222	12	assets	asset	NOUN
cblr-11900	1222	13	grew	grow	VERB
cblr-11900	1222	14	rapidly	rapidly	ADV
cblr-11900	1222	15	,	,	PUNCT
cblr-11900	1222	16	reaching	reach	VERB
cblr-11900	1222	17	more	more	ADJ
cblr-11900	1222	18	than	than	ADP
cblr-11900	1222	19	$	$	SYM
cblr-11900	1222	20	3.5	3.5	NUM
cblr-11900	1222	21	billion	billion	NUM
cblr-11900	1222	22	in	in	ADP
cblr-11900	1222	23	1975	1975	NUM
cblr-11900	1222	24	and	and	CCONJ
cblr-11900	1222	25	$	$	SYM
cblr-11900	1222	26	76	76	NUM
cblr-11900	1222	27	billion	billion	NUM
cblr-11900	1222	28	by	by	ADP
cblr-11900	1222	29	the	the	DET
cblr-11900	1222	30	end	end	NOUN
cblr-11900	1222	31	of	of	ADP
cblr-11900	1222	32	that	that	DET
cblr-11900	1222	33	decade.261	decade.261	NOUN
cblr-11900	1222	34	this	this	DET
cblr-11900	1222	35	explosive	explosive	ADJ
cblr-11900	1222	36	growth	growth	NOUN
cblr-11900	1222	37	created	create	VERB
cblr-11900	1222	38	a	a	DET
cblr-11900	1222	39	need	need	NOUN
cblr-11900	1222	40	to	to	PART
cblr-11900	1222	41	source	source	VERB
cblr-11900	1222	42	compliant	compliant	ADJ
cblr-11900	1222	43	investments,262	investments,262	PROPN
cblr-11900	1222	44	which	which	PRON
cblr-11900	1222	45	,	,	PUNCT
cblr-11900	1222	46	broadly	broadly	ADV
cblr-11900	1222	47	speaking	speak	VERB
cblr-11900	1222	48	,	,	PUNCT
cblr-11900	1222	49	included	include	VERB
cblr-11900	1222	50	257	257	NUM
cblr-11900	1222	51	n.y	n.y	PROPN
cblr-11900	1222	52	.	.	PROPN
cblr-11900	1222	53	clearing	clear	VERB
cblr-11900	1222	54	house	house	PROPN
cblr-11900	1222	55	ass’n	ass’n	NOUN
cblr-11900	1222	56	,	,	PUNCT
cblr-11900	1222	57	a	a	DET
cblr-11900	1222	58	study	study	NOUN
cblr-11900	1222	59	of	of	ADP
cblr-11900	1222	60	the	the	DET
cblr-11900	1222	61	interrelations	interrelation	NOUN
cblr-11900	1222	62	of	of	ADP
cblr-11900	1222	63	the	the	DET
cblr-11900	1222	64	money	money	NOUN
cblr-11900	1222	65	market	market	NOUN
cblr-11900	1222	66	and	and	CCONJ
cblr-11900	1222	67	government	government	NOUN
cblr-11900	1222	68	securities	security	NOUN
cblr-11900	1222	69	market	market	NOUN
cblr-11900	1222	70	:	:	PUNCT
cblr-11900	1222	71	report	report	NOUN
cblr-11900	1222	72	to	to	ADP
cblr-11900	1222	73	the	the	DET
cblr-11900	1222	74	federal	federal	PROPN
cblr-11900	1222	75	reserve	reserve	PROPN
cblr-11900	1222	76	bank	bank	PROPN
cblr-11900	1222	77	of	of	ADP
cblr-11900	1222	78	new	new	PROPN
cblr-11900	1222	79	york	york	PROPN
cblr-11900	1222	80	17	17	NUM
cblr-11900	1222	81	(	(	PUNCT
cblr-11900	1222	82	1957	1957	NUM
cblr-11900	1222	83	)	)	PUNCT
cblr-11900	1222	84	.	.	PUNCT
cblr-11900	1223	1	258	258	NUM
cblr-11900	1223	2	for	for	ADP
cblr-11900	1223	3	a	a	DET
cblr-11900	1223	4	summary	summary	NOUN
cblr-11900	1223	5	of	of	ADP
cblr-11900	1223	6	some	some	PRON
cblr-11900	1223	7	of	of	ADP
cblr-11900	1223	8	the	the	DET
cblr-11900	1223	9	early	early	ADJ
cblr-11900	1223	10	debates	debate	NOUN
cblr-11900	1223	11	,	,	PUNCT
cblr-11900	1223	12	see	see	VERB
cblr-11900	1223	13	victoria	victoria	PROPN
cblr-11900	1223	14	baklanova	baklanova	PROPN
cblr-11900	1223	15	,	,	PUNCT
cblr-11900	1223	16	money	money	NOUN
cblr-11900	1223	17	market	market	NOUN
cblr-11900	1223	18	funds	fund	NOUN
cblr-11900	1223	19	:	:	PUNCT
cblr-11900	1223	20	an	an	DET
cblr-11900	1223	21	introduction	introduction	NOUN
cblr-11900	1223	22	to	to	ADP
cblr-11900	1223	23	the	the	DET
cblr-11900	1223	24	literature	literature	NOUN
cblr-11900	1223	25	(	(	PUNCT
cblr-11900	1223	26	january	january	PROPN
cblr-11900	1223	27	26	26	NUM
cblr-11900	1223	28	,	,	PUNCT
cblr-11900	1223	29	2010	2010	NUM
cblr-11900	1223	30	)	)	PUNCT
cblr-11900	1223	31	(	(	PUNCT
cblr-11900	1223	32	ph.d	ph.d	PROPN
cblr-11900	1223	33	.	.	PUNCT
cblr-11900	1224	1	dissertation	dissertation	NOUN
cblr-11900	1224	2	,	,	PUNCT
cblr-11900	1224	3	university	university	PROPN
cblr-11900	1224	4	of	of	ADP
cblr-11900	1224	5	westminitser	westminitser	PROPN
cblr-11900	1224	6	law	law	PROPN
cblr-11900	1224	7	school	school	PROPN
cblr-11900	1224	8	)	)	PUNCT
cblr-11900	1224	9	,	,	PUNCT
cblr-11900	1224	10	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1542983	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1542983	PROPN
cblr-11900	1225	1	[	[	X
cblr-11900	1225	2	https://perma.cc/r27h-vwah	https://perma.cc/r27h-vwah	X
cblr-11900	1225	3	]	]	X
cblr-11900	1225	4	.	.	PUNCT
cblr-11900	1226	1	259	259	NUM
cblr-11900	1226	2	the	the	DET
cblr-11900	1226	3	reserve	reserve	PROPN
cblr-11900	1226	4	fund	fund	PROPN
cblr-11900	1226	5	,	,	PUNCT
cblr-11900	1226	6	originally	originally	ADV
cblr-11900	1226	7	known	know	VERB
cblr-11900	1226	8	as	as	ADP
cblr-11900	1226	9	the	the	DET
cblr-11900	1226	10	reserve	reserve	PROPN
cblr-11900	1226	11	primary	primary	ADJ
cblr-11900	1226	12	fund	fund	PROPN
cblr-11900	1226	13	,	,	PUNCT
cblr-11900	1226	14	was	be	AUX
cblr-11900	1226	15	the	the	DET
cblr-11900	1226	16	first	first	ADJ
cblr-11900	1226	17	money	money	NOUN
cblr-11900	1226	18	market	market	NOUN
cblr-11900	1226	19	fund	fund	NOUN
cblr-11900	1226	20	,	,	PUNCT
cblr-11900	1226	21	introduced	introduce	VERB
cblr-11900	1226	22	in	in	ADP
cblr-11900	1226	23	february	february	PROPN
cblr-11900	1226	24	1970	1970	NUM
cblr-11900	1226	25	and	and	CCONJ
cblr-11900	1226	26	opened	open	VERB
cblr-11900	1226	27	to	to	ADP
cblr-11900	1226	28	investors	investor	NOUN
cblr-11900	1226	29	in	in	ADP
cblr-11900	1226	30	october	october	PROPN
cblr-11900	1226	31	1971	1971	NUM
cblr-11900	1226	32	.	.	PUNCT
cblr-11900	1227	1	inv	inv	PROPN
cblr-11900	1227	2	.	.	PUNCT
cblr-11900	1227	3	co.	co.	PROPN
cblr-11900	1227	4	inst	inst	PROPN
cblr-11900	1227	5	.	.	PROPN
cblr-11900	1227	6	,	,	PUNCT
cblr-11900	1227	7	report	report	NOUN
cblr-11900	1227	8	of	of	ADP
cblr-11900	1227	9	the	the	DET
cblr-11900	1227	10	money	money	NOUN
cblr-11900	1227	11	market	market	NOUN
cblr-11900	1227	12	working	working	NOUN
cblr-11900	1227	13	group	group	NOUN
cblr-11900	1227	14	(	(	PUNCT
cblr-11900	1227	15	2009	2009	NUM
cblr-11900	1227	16	)	)	PUNCT
cblr-11900	1227	17	.	.	PUNCT
cblr-11900	1228	1	260	260	NUM
cblr-11900	1228	2	15	15	NUM
cblr-11900	1228	3	u.s.c	u.s.c	NOUN
cblr-11900	1228	4	.	.	PUNCT
cblr-11900	1229	1	§	§	PROPN
cblr-11900	1229	2	§	§	PROPN
cblr-11900	1229	3	80a-1–64	80a-1–64	PROPN
cblr-11900	1229	4	.	.	PROPN
cblr-11900	1229	5	261	261	NUM
cblr-11900	1229	6	bd	bd	PROPN
cblr-11900	1229	7	.	.	PROPN
cblr-11900	1229	8	of	of	ADP
cblr-11900	1229	9	governors	governor	NOUN
cblr-11900	1229	10	of	of	ADP
cblr-11900	1229	11	the	the	DET
cblr-11900	1229	12	fed	fed	PROPN
cblr-11900	1229	13	.	.	PUNCT
cblr-11900	1229	14	rsrv	rsrv	PROPN
cblr-11900	1229	15	.	.	PUNCT
cblr-11900	1230	1	sys	sys	PROPN
cblr-11900	1230	2	.	.	PROPN
cblr-11900	1230	3	,	,	PUNCT
cblr-11900	1230	4	assets	asset	NOUN
cblr-11900	1230	5	:	:	PUNCT
cblr-11900	1230	6	other	other	ADJ
cblr-11900	1230	7	factors	factor	NOUN
cblr-11900	1230	8	supplying	supply	VERB
cblr-11900	1230	9	reserve	reserve	NOUN
cblr-11900	1230	10	balances	balance	NOUN
cblr-11900	1230	11	:	:	PUNCT
cblr-11900	1230	12	total	total	ADJ
cblr-11900	1230	13	factors	factor	NOUN
cblr-11900	1230	14	supplying	supply	VERB
cblr-11900	1230	15	reserve	reserve	NOUN
cblr-11900	1230	16	funds	fund	NOUN
cblr-11900	1230	17	,	,	PUNCT
cblr-11900	1230	18	fed	fed	PROPN
cblr-11900	1230	19	.	.	PUNCT
cblr-11900	1230	20	rsrv	rsrv	PROPN
cblr-11900	1230	21	.	.	PUNCT
cblr-11900	1231	1	econ	econ	PROPN
cblr-11900	1231	2	.	.	PUNCT
cblr-11900	1231	3	data	data	PROPN
cblr-11900	1231	4	,	,	PUNCT
cblr-11900	1231	5	https://fred.stlouisfed.org/series/wtfsrfa	https://fred.stlouisfed.org/series/wtfsrfa	NOUN
cblr-11900	1232	1	[	[	X
cblr-11900	1232	2	https://perma.cc/fh3f-n8ac	https://perma.cc/fh3f-n8ac	X
cblr-11900	1232	3	]	]	X
cblr-11900	1232	4	(	(	PUNCT
cblr-11900	1232	5	last	last	ADJ
cblr-11900	1232	6	visited	visit	VERB
cblr-11900	1232	7	may	may	PROPN
cblr-11900	1232	8	22	22	NUM
cblr-11900	1232	9	,	,	PUNCT
cblr-11900	1232	10	2023	2023	NUM
cblr-11900	1232	11	)	)	PUNCT
cblr-11900	1232	12	.	.	PUNCT
cblr-11900	1233	1	262	262	NUM
cblr-11900	1233	2	mmfs	mmfs	NOUN
cblr-11900	1233	3	are	be	AUX
cblr-11900	1233	4	governed	govern	VERB
cblr-11900	1233	5	by	by	ADP
cblr-11900	1233	6	rule	rule	NOUN
cblr-11900	1233	7	2(a)-7	2(a)-7	NUM
cblr-11900	1233	8	of	of	ADP
cblr-11900	1233	9	the	the	DET
cblr-11900	1233	10	ica	ica	PROPN
cblr-11900	1233	11	,	,	PUNCT
cblr-11900	1233	12	which	which	PRON
cblr-11900	1233	13	is	be	AUX
cblr-11900	1233	14	reviewed	review	VERB
cblr-11900	1233	15	in	in	ADP
cblr-11900	1233	16	depth	depth	NOUN
cblr-11900	1233	17	by	by	ADP
cblr-11900	1233	18	joan	joan	PROPN
cblr-11900	1233	19	o.	o.	PROPN
cblr-11900	1233	20	swirsky	swirsky	PROPN
cblr-11900	1233	21	,	,	PUNCT
cblr-11900	1233	22	stradly	stradly	ADV
cblr-11900	1233	23	ronon	ronon	PROPN
cblr-11900	1233	24	stevens	stevens	PROPN
cblr-11900	1233	25	&	&	CCONJ
cblr-11900	1233	26	yong	yong	PROPN
cblr-11900	1233	27	,	,	PUNCT
cblr-11900	1233	28	llp	llp	PROPN
cblr-11900	1233	29	,	,	PUNCT
cblr-11900	1233	30	the	the	DET
cblr-11900	1233	31	288	288	NUM
cblr-11900	1233	32	columbia	columbia	PROPN
cblr-11900	1233	33	business	business	NOUN
cblr-11900	1233	34	law	law	PROPN
cblr-11900	1233	35	review	review	NOUN
cblr-11900	1233	36	[	[	X
cblr-11900	1233	37	vol	vol	NOUN
cblr-11900	1233	38	.	.	PUNCT
cblr-11900	1234	1	2023	2023	NUM
cblr-11900	1234	2	repos	repos	NOUN
cblr-11900	1234	3	as	as	ADV
cblr-11900	1234	4	well	well	ADV
cblr-11900	1234	5	as	as	ADP
cblr-11900	1234	6	other	other	ADJ
cblr-11900	1234	7	forms	form	NOUN
cblr-11900	1234	8	of	of	ADP
cblr-11900	1234	9	short	short	ADJ
cblr-11900	1234	10	-	-	PUNCT
cblr-11900	1234	11	term	term	NOUN
cblr-11900	1234	12	corporate	corporate	ADJ
cblr-11900	1234	13	and	and	CCONJ
cblr-11900	1234	14	government	government	NOUN
cblr-11900	1234	15	debt	debt	NOUN
cblr-11900	1234	16	.	.	PUNCT
cblr-11900	1235	1	nonbank	nonbank	NOUN
cblr-11900	1235	2	dealers	dealer	NOUN
cblr-11900	1235	3	suddenly	suddenly	ADV
cblr-11900	1235	4	had	have	VERB
cblr-11900	1235	5	a	a	DET
cblr-11900	1235	6	new	new	ADJ
cblr-11900	1235	7	and	and	CCONJ
cblr-11900	1235	8	sticky	sticky	ADJ
cblr-11900	1235	9	source	source	NOUN
cblr-11900	1235	10	of	of	ADP
cblr-11900	1235	11	money	money	NOUN
cblr-11900	1235	12	funding	funding	NOUN
cblr-11900	1235	13	for	for	ADP
cblr-11900	1235	14	their	their	PRON
cblr-11900	1235	15	treasury	treasury	NOUN
cblr-11900	1235	16	inventories	inventory	NOUN
cblr-11900	1235	17	.	.	PUNCT
cblr-11900	1236	1	d.	d.	PROPN
cblr-11900	1236	2	enshrining	enshrine	VERB
cblr-11900	1236	3	bankruptcy	bankruptcy	NOUN
cblr-11900	1236	4	remoteness	remoteness	NOUN
cblr-11900	1236	5	a	a	DET
cblr-11900	1236	6	further	further	ADJ
cblr-11900	1236	7	bit	bit	NOUN
cblr-11900	1236	8	of	of	ADP
cblr-11900	1236	9	engineering	engineering	NOUN
cblr-11900	1236	10	in	in	ADP
cblr-11900	1236	11	the	the	DET
cblr-11900	1236	12	1980s	1980	NOUN
cblr-11900	1236	13	added	add	VERB
cblr-11900	1236	14	even	even	ADV
cblr-11900	1236	15	greater	great	ADJ
cblr-11900	1236	16	depth	depth	NOUN
cblr-11900	1236	17	and	and	CCONJ
cblr-11900	1236	18	breadth	breadth	NOUN
cblr-11900	1236	19	to	to	ADP
cblr-11900	1236	20	the	the	DET
cblr-11900	1236	21	treasury	treasury	NOUN
cblr-11900	1236	22	market	market	NOUN
cblr-11900	1236	23	.	.	PUNCT
cblr-11900	1237	1	like	like	ADP
cblr-11900	1237	2	deposits	deposit	NOUN
cblr-11900	1237	3	,	,	PUNCT
cblr-11900	1237	4	repos	repos	PROPN
cblr-11900	1237	5	are	be	AUX
cblr-11900	1237	6	a	a	DET
cblr-11900	1237	7	form	form	NOUN
cblr-11900	1237	8	of	of	ADP
cblr-11900	1237	9	money	money	NOUN
cblr-11900	1237	10	that	that	PRON
cblr-11900	1237	11	is	be	AUX
cblr-11900	1237	12	legally	legally	ADV
cblr-11900	1237	13	constructed	construct	VERB
cblr-11900	1237	14	.	.	PUNCT
cblr-11900	1238	1	part	part	NOUN
cblr-11900	1238	2	of	of	ADP
cblr-11900	1238	3	the	the	DET
cblr-11900	1238	4	appeal	appeal	NOUN
cblr-11900	1238	5	of	of	ADP
cblr-11900	1238	6	repo	repo	NOUN
cblr-11900	1238	7	for	for	ADP
cblr-11900	1238	8	lenders	lender	NOUN
cblr-11900	1238	9	was	be	AUX
cblr-11900	1238	10	precisely	precisely	ADV
cblr-11900	1238	11	what	what	PRON
cblr-11900	1238	12	had	have	AUX
cblr-11900	1238	13	attracted	attract	VERB
cblr-11900	1238	14	the	the	DET
cblr-11900	1238	15	fed	fed	PROPN
cblr-11900	1238	16	in	in	ADP
cblr-11900	1238	17	the	the	DET
cblr-11900	1238	18	first	first	ADJ
cblr-11900	1238	19	instance	instance	NOUN
cblr-11900	1238	20	:	:	PUNCT
cblr-11900	1238	21	the	the	DET
cblr-11900	1238	22	fact	fact	NOUN
cblr-11900	1238	23	that	that	SCONJ
cblr-11900	1238	24	legally	legally	ADV
cblr-11900	1238	25	,	,	PUNCT
cblr-11900	1238	26	at	at	ADP
cblr-11900	1238	27	least	least	ADJ
cblr-11900	1238	28	in	in	ADP
cblr-11900	1238	29	certain	certain	ADJ
cblr-11900	1238	30	respects	respect	NOUN
cblr-11900	1238	31	,	,	PUNCT
cblr-11900	1238	32	it	it	PRON
cblr-11900	1238	33	might	might	AUX
cblr-11900	1238	34	be	be	AUX
cblr-11900	1238	35	considered	consider	VERB
cblr-11900	1238	36	a	a	DET
cblr-11900	1238	37	true	true	ADJ
cblr-11900	1238	38	sale263	sale263	PROPN
cblr-11900	1238	39	rather	rather	ADV
cblr-11900	1238	40	than	than	ADP
cblr-11900	1238	41	a	a	DET
cblr-11900	1238	42	secured	secure	VERB
cblr-11900	1238	43	loan	loan	NOUN
cblr-11900	1238	44	.	.	PUNCT
cblr-11900	1239	1	that	that	PRON
cblr-11900	1239	2	meant	mean	VERB
cblr-11900	1239	3	,	,	PUNCT
cblr-11900	1239	4	it	it	PRON
cblr-11900	1239	5	was	be	AUX
cblr-11900	1239	6	believed	believe	VERB
cblr-11900	1239	7	,	,	PUNCT
cblr-11900	1239	8	that	that	SCONJ
cblr-11900	1239	9	the	the	DET
cblr-11900	1239	10	lender	lender	NOUN
cblr-11900	1239	11	would	would	AUX
cblr-11900	1239	12	have	have	VERB
cblr-11900	1239	13	immediate	immediate	ADJ
cblr-11900	1239	14	access	access	NOUN
cblr-11900	1239	15	to	to	ADP
cblr-11900	1239	16	collateral	collateral	NOUN
cblr-11900	1239	17	for	for	ADP
cblr-11900	1239	18	liquidation	liquidation	NOUN
cblr-11900	1239	19	in	in	ADP
cblr-11900	1239	20	the	the	DET
cblr-11900	1239	21	event	event	NOUN
cblr-11900	1239	22	the	the	DET
cblr-11900	1239	23	borrower	borrower	NOUN
cblr-11900	1239	24	failed	fail	VERB
cblr-11900	1239	25	to	to	PART
cblr-11900	1239	26	repurchase	repurchase	VERB
cblr-11900	1239	27	and	and	CCONJ
cblr-11900	1239	28	sought	seek	VERB
cblr-11900	1239	29	bankruptcy	bankruptcy	NOUN
cblr-11900	1239	30	protection.264	protection.264	NOUN
cblr-11900	1239	31	that	that	SCONJ
cblr-11900	1239	32	consistent	consistent	ADJ
cblr-11900	1239	33	access	access	NOUN
cblr-11900	1239	34	to	to	ADP
cblr-11900	1239	35	liquidity	liquidity	NOUN
cblr-11900	1239	36	through	through	ADP
cblr-11900	1239	37	the	the	DET
cblr-11900	1239	38	failure	failure	NOUN
cblr-11900	1239	39	of	of	ADP
cblr-11900	1239	40	a	a	DET
cblr-11900	1239	41	counterparty	counterparty	NOUN
cblr-11900	1239	42	mimicked	mimic	VERB
cblr-11900	1239	43	the	the	DET
cblr-11900	1239	44	receivership	receivership	NOUN
cblr-11900	1239	45	regime	regime	NOUN
cblr-11900	1239	46	designed	design	VERB
cblr-11900	1239	47	to	to	PART
cblr-11900	1239	48	safeguard	safeguard	VERB
cblr-11900	1239	49	depositors	depositor	NOUN
cblr-11900	1239	50	in	in	ADP
cblr-11900	1239	51	the	the	DET
cblr-11900	1239	52	event	event	NOUN
cblr-11900	1239	53	of	of	ADP
cblr-11900	1239	54	the	the	DET
cblr-11900	1239	55	equivalent	equivalent	ADJ
cblr-11900	1239	56	failure	failure	NOUN
cblr-11900	1239	57	of	of	ADP
cblr-11900	1239	58	a	a	DET
cblr-11900	1239	59	monetary	monetary	ADJ
cblr-11900	1239	60	institution	institution	NOUN
cblr-11900	1239	61	(	(	PUNCT
cblr-11900	1239	62	i.e.	i.e.	X
cblr-11900	1239	63	,	,	PUNCT
cblr-11900	1239	64	commercial	commercial	ADJ
cblr-11900	1239	65	bank	bank	NOUN
cblr-11900	1239	66	)	)	PUNCT
cblr-11900	1239	67	.	.	PUNCT
cblr-11900	1240	1	this	this	DET
cblr-11900	1240	2	money	money	NOUN
cblr-11900	1240	3	-	-	PUNCT
cblr-11900	1240	4	like	like	ADJ
cblr-11900	1240	5	security	security	NOUN
cblr-11900	1240	6	was	be	AUX
cblr-11900	1240	7	,	,	PUNCT
cblr-11900	1240	8	in	in	ADP
cblr-11900	1240	9	the	the	DET
cblr-11900	1240	10	words	word	NOUN
cblr-11900	1240	11	of	of	ADP
cblr-11900	1240	12	peter	peter	PROPN
cblr-11900	1240	13	sternlight	sternlight	PROPN
cblr-11900	1240	14	of	of	ADP
cblr-11900	1240	15	the	the	DET
cblr-11900	1240	16	federal	federal	PROPN
cblr-11900	1240	17	reserve	reserve	PROPN
cblr-11900	1240	18	bank	bank	PROPN
cblr-11900	1240	19	of	of	ADP
cblr-11900	1240	20	new	new	ADJ
cblr-11900	1240	21	york,265	york,265	NOUN
cblr-11900	1240	22	“	"	PUNCT
cblr-11900	1240	23	an	an	DET
cblr-11900	1240	24	essential	essential	ADJ
cblr-11900	1240	25	characteristic	characteristic	NOUN
cblr-11900	1240	26	”	"	PUNCT
cblr-11900	1240	27	without	without	ADP
cblr-11900	1240	28	which	which	PRON
cblr-11900	1240	29	repurchase	repurchase	VERB
cblr-11900	1240	30	agreements	agreement	NOUN
cblr-11900	1240	31	“	"	PUNCT
cblr-11900	1240	32	would	would	AUX
cblr-11900	1240	33	not	not	PART
cblr-11900	1240	34	serve	serve	VERB
cblr-11900	1240	35	the	the	DET
cblr-11900	1240	36	vital	vital	ADJ
cblr-11900	1240	37	function	function	NOUN
cblr-11900	1240	38	guide	guide	NOUN
cblr-11900	1240	39	to	to	PART
cblr-11900	1240	40	rule	rule	VERB
cblr-11900	1240	41	2a-7	2a-7	PROPN
cblr-11900	1240	42	:	:	PUNCT
cblr-11900	1240	43	a	a	DET
cblr-11900	1240	44	map	map	NOUN
cblr-11900	1240	45	through	through	ADP
cblr-11900	1240	46	the	the	DET
cblr-11900	1240	47	maze	maze	NOUN
cblr-11900	1240	48	for	for	ADP
cblr-11900	1240	49	the	the	DET
cblr-11900	1240	50	money	money	NOUN
cblr-11900	1240	51	market	market	NOUN
cblr-11900	1240	52	professional	professional	NOUN
cblr-11900	1240	53	(	(	PUNCT
cblr-11900	1240	54	3d	3d	NUM
cblr-11900	1240	55	ed	ed	NOUN
cblr-11900	1240	56	.	.	PROPN
cblr-11900	1241	1	2006	2006	NUM
cblr-11900	1241	2	)	)	PUNCT
cblr-11900	1241	3	,	,	PUNCT
cblr-11900	1242	1	https://www.stradley.com/~/media/files/publications/2017/03/stradley	https://www.stradley.com/~/media/files/publications/2017/03/stradley	ADP
cblr-11900	1242	2	rule2a-7flyer_3rdedition.pdf	rule2a-7flyer_3rdedition.pdf	NOUN
cblr-11900	1242	3	[	[	X
cblr-11900	1242	4	https://perma.cc/rq8b-cxgh	https://perma.cc/rq8b-cxgh	X
cblr-11900	1242	5	]	]	X
cblr-11900	1242	6	.	.	PUNCT
cblr-11900	1243	1	263	263	NUM
cblr-11900	1243	2	in	in	ADP
cblr-11900	1243	3	the	the	DET
cblr-11900	1243	4	1960s	1960	NOUN
cblr-11900	1243	5	,	,	PUNCT
cblr-11900	1243	6	a	a	DET
cblr-11900	1243	7	survey	survey	NOUN
cblr-11900	1243	8	of	of	ADP
cblr-11900	1243	9	institutional	institutional	ADJ
cblr-11900	1243	10	investors	investor	NOUN
cblr-11900	1243	11	in	in	ADP
cblr-11900	1243	12	the	the	DET
cblr-11900	1243	13	government	government	NOUN
cblr-11900	1243	14	securities	security	NOUN
cblr-11900	1243	15	market	market	NOUN
cblr-11900	1243	16	conducted	conduct	VERB
cblr-11900	1243	17	by	by	ADP
cblr-11900	1243	18	the	the	DET
cblr-11900	1243	19	federal	federal	PROPN
cblr-11900	1243	20	reserve	reserve	PROPN
cblr-11900	1243	21	bank	bank	PROPN
cblr-11900	1243	22	of	of	ADP
cblr-11900	1243	23	new	new	PROPN
cblr-11900	1243	24	york	york	PROPN
cblr-11900	1243	25	noted	note	VERB
cblr-11900	1243	26	that	that	SCONJ
cblr-11900	1243	27	,	,	PUNCT
cblr-11900	1243	28	“	"	PUNCT
cblr-11900	1243	29	[	[	X
cblr-11900	1243	30	m]ost	m]ost	X
cblr-11900	1243	31	,	,	PUNCT
cblr-11900	1243	32	if	if	SCONJ
cblr-11900	1243	33	not	not	PART
cblr-11900	1243	34	all	all	PRON
cblr-11900	1243	35	,	,	PUNCT
cblr-11900	1243	36	institutions	institution	NOUN
cblr-11900	1243	37	(	(	PUNCT
cblr-11900	1243	38	other	other	ADJ
cblr-11900	1243	39	than	than	ADP
cblr-11900	1243	40	commercial	commercial	ADJ
cblr-11900	1243	41	banks	bank	NOUN
cblr-11900	1243	42	)	)	PUNCT
cblr-11900	1243	43	record	record	NOUN
cblr-11900	1243	44	repurchase	repurchase	NOUN
cblr-11900	1243	45	agreements	agreement	NOUN
cblr-11900	1243	46	as	as	ADP
cblr-11900	1243	47	a	a	DET
cblr-11900	1243	48	simultaneous	simultaneous	ADJ
cblr-11900	1243	49	purchase	purchase	NOUN
cblr-11900	1243	50	and	and	CCONJ
cblr-11900	1243	51	sale	sale	NOUN
cblr-11900	1243	52	.	.	PUNCT
cblr-11900	1243	53	”	"	PUNCT
cblr-11900	1243	54	joseph	joseph	PROPN
cblr-11900	1243	55	sherer	sherer	PROPN
cblr-11900	1243	56	,	,	PUNCT
cblr-11900	1243	57	fed	fed	PROPN
cblr-11900	1243	58	.	.	PUNCT
cblr-11900	1243	59	rsrv	rsrv	PROPN
cblr-11900	1243	60	.	.	PUNCT
cblr-11900	1244	1	bank	bank	PROPN
cblr-11900	1244	2	of	of	ADP
cblr-11900	1244	3	n.y	n.y	PROPN
cblr-11900	1244	4	.	.	PROPN
cblr-11900	1244	5	,	,	PUNCT
cblr-11900	1244	6	institutional	institutional	ADJ
cblr-11900	1244	7	investors	investor	NOUN
cblr-11900	1244	8	and	and	CCONJ
cblr-11900	1244	9	the	the	DET
cblr-11900	1244	10	u.s	u.s	PROPN
cblr-11900	1244	11	.	.	PROPN
cblr-11900	1244	12	government	government	NOUN
cblr-11900	1244	13	securities	security	NOUN
cblr-11900	1244	14	marlet	marlet	NOUN
cblr-11900	1244	15	:	:	PUNCT
cblr-11900	1244	16	staff	staff	NOUN
cblr-11900	1244	17	study	study	NOUN
cblr-11900	1244	18	41	41	NUM
cblr-11900	1244	19	(	(	PUNCT
cblr-11900	1244	20	1967	1967	NUM
cblr-11900	1244	21	)	)	PUNCT
cblr-11900	1244	22	.	.	PUNCT
cblr-11900	1245	1	264	264	NUM
cblr-11900	1245	2	david	david	PROPN
cblr-11900	1245	3	a.	a.	PROPN
cblr-11900	1245	4	skeel	skeel	PROPN
cblr-11900	1245	5	,	,	PUNCT
cblr-11900	1245	6	jr	jr	PROPN
cblr-11900	1245	7	.	.	PROPN
cblr-11900	1245	8	&	&	CCONJ
cblr-11900	1245	9	thomas	thomas	PROPN
cblr-11900	1245	10	jackson	jackson	PROPN
cblr-11900	1245	11	,	,	PUNCT
cblr-11900	1245	12	transaction	transaction	NOUN
cblr-11900	1245	13	consistency	consistency	NOUN
cblr-11900	1245	14	and	and	CCONJ
cblr-11900	1245	15	the	the	DET
cblr-11900	1245	16	new	new	ADJ
cblr-11900	1245	17	finance	finance	NOUN
cblr-11900	1245	18	in	in	ADP
cblr-11900	1245	19	bankruptcy	bankruptcy	NOUN
cblr-11900	1245	20	,	,	PUNCT
cblr-11900	1245	21	112	112	NUM
cblr-11900	1245	22	colum	colum	NOUN
cblr-11900	1245	23	.	.	PUNCT
cblr-11900	1246	1	l.	l.	PROPN
cblr-11900	1246	2	rev	rev	PROPN
cblr-11900	1246	3	.	.	PROPN
cblr-11900	1246	4	153	153	NUM
cblr-11900	1246	5	,	,	PUNCT
cblr-11900	1246	6	159	159	NUM
cblr-11900	1246	7	(	(	PUNCT
cblr-11900	1246	8	2012	2012	NUM
cblr-11900	1246	9	)	)	PUNCT
cblr-11900	1246	10	.	.	PUNCT
cblr-11900	1247	1	265	265	NUM
cblr-11900	1247	2	peter	peter	PROPN
cblr-11900	1247	3	sternlight	sternlight	PROPN
cblr-11900	1247	4	was	be	AUX
cblr-11900	1247	5	executive	executive	ADJ
cblr-11900	1247	6	vice	vice	NOUN
cblr-11900	1247	7	president	president	NOUN
cblr-11900	1247	8	and	and	CCONJ
cblr-11900	1247	9	manager	manager	NOUN
cblr-11900	1247	10	for	for	ADP
cblr-11900	1247	11	domestic	domestic	ADJ
cblr-11900	1247	12	operations	operation	NOUN
cblr-11900	1247	13	for	for	ADP
cblr-11900	1247	14	the	the	DET
cblr-11900	1247	15	system	system	NOUN
cblr-11900	1247	16	open	open	ADJ
cblr-11900	1247	17	market	market	NOUN
cblr-11900	1247	18	account	account	NOUN
cblr-11900	1247	19	in	in	ADP
cblr-11900	1247	20	the	the	DET
cblr-11900	1247	21	early1980s	early1980	NOUN
cblr-11900	1247	22	.	.	PUNCT
cblr-11900	1248	1	peter	peter	PROPN
cblr-11900	1248	2	sternlight	sternlight	PROPN
cblr-11900	1248	3	,	,	PUNCT
cblr-11900	1248	4	monetary	monetary	ADJ
cblr-11900	1248	5	policy	policy	NOUN
cblr-11900	1248	6	and	and	CCONJ
cblr-11900	1248	7	the	the	DET
cblr-11900	1248	8	open	open	ADJ
cblr-11900	1248	9	market	market	NOUN
cblr-11900	1248	10	operations	operation	NOUN
cblr-11900	1248	11	in	in	ADP
cblr-11900	1248	12	1980	1980	NUM
cblr-11900	1248	13	,	,	PUNCT
cblr-11900	1248	14	fed	fed	PROPN
cblr-11900	1248	15	.	.	PUNCT
cblr-11900	1248	16	rsrv	rsrv	PROPN
cblr-11900	1248	17	.	.	PUNCT
cblr-11900	1249	1	bank	bank	PROPN
cblr-11900	1249	2	of	of	ADP
cblr-11900	1249	3	n.y	n.y	PROPN
cblr-11900	1249	4	.	.	PROPN
cblr-11900	1249	5	q.	q.	PROPN
cblr-11900	1249	6	rev	rev	PROPN
cblr-11900	1249	7	.	.	PUNCT
cblr-11900	1250	1	(	(	PUNCT
cblr-11900	1250	2	summer	summer	NOUN
cblr-11900	1250	3	1981	1981	NUM
cblr-11900	1250	4	)	)	PUNCT
cblr-11900	1250	5	.	.	PUNCT
cblr-11900	1251	1	no	no	INTJ
cblr-11900	1251	2	.	.	NOUN
cblr-11900	1252	1	1	1	NUM
cblr-11900	1252	2	]	]	ADJ
cblr-11900	1252	3	money	money	NOUN
cblr-11900	1252	4	and	and	CCONJ
cblr-11900	1252	5	the	the	DET
cblr-11900	1252	6	public	public	ADJ
cblr-11900	1252	7	debt	debt	NOUN
cblr-11900	1252	8	289	289	NUM
cblr-11900	1252	9	they	they	PRON
cblr-11900	1252	10	now	now	ADV
cblr-11900	1252	11	perform	perform	VERB
cblr-11900	1252	12	.	.	PUNCT
cblr-11900	1253	1	”266	”266	X
cblr-11900	1253	2	bankruptcy	bankruptcy	NOUN
cblr-11900	1253	3	remoteness	remoteness	NOUN
cblr-11900	1253	4	was	be	AUX
cblr-11900	1253	5	particularly	particularly	ADV
cblr-11900	1253	6	critical	critical	ADJ
cblr-11900	1253	7	for	for	ADP
cblr-11900	1253	8	mmf	mmf	NOUN
cblr-11900	1253	9	cash	cash	NOUN
cblr-11900	1253	10	providers	provider	NOUN
cblr-11900	1253	11	,	,	PUNCT
cblr-11900	1253	12	which	which	PRON
cblr-11900	1253	13	had	have	AUX
cblr-11900	1253	14	offered	offer	VERB
cblr-11900	1253	15	their	their	PRON
cblr-11900	1253	16	shareholders	shareholder	NOUN
cblr-11900	1253	17	daily	daily	ADJ
cblr-11900	1253	18	liquidity	liquidity	NOUN
cblr-11900	1253	19	for	for	ADP
cblr-11900	1253	20	redemptions	redemption	NOUN
cblr-11900	1253	21	,	,	PUNCT
cblr-11900	1253	22	requiring	require	VERB
cblr-11900	1253	23	immediate	immediate	ADJ
cblr-11900	1253	24	access	access	NOUN
cblr-11900	1253	25	to	to	ADP
cblr-11900	1253	26	their	their	PRON
cblr-11900	1253	27	investments.267	investments.267	NOUN
cblr-11900	1253	28	but	but	CCONJ
cblr-11900	1253	29	in	in	ADP
cblr-11900	1253	30	the	the	DET
cblr-11900	1253	31	early	early	ADJ
cblr-11900	1253	32	years	year	NOUN
cblr-11900	1253	33	this	this	PRON
cblr-11900	1253	34	was	be	AUX
cblr-11900	1253	35	just	just	ADV
cblr-11900	1253	36	an	an	DET
cblr-11900	1253	37	assumption	assumption	NOUN
cblr-11900	1253	38	among	among	ADP
cblr-11900	1253	39	market	market	NOUN
cblr-11900	1253	40	participants	participant	NOUN
cblr-11900	1253	41	.	.	PUNCT
cblr-11900	1254	1	whether	whether	SCONJ
cblr-11900	1254	2	bankruptcy	bankruptcy	NOUN
cblr-11900	1254	3	courts	court	NOUN
cblr-11900	1254	4	would	would	AUX
cblr-11900	1254	5	treat	treat	VERB
cblr-11900	1254	6	repos	repos	NOUN
cblr-11900	1254	7	as	as	SCONJ
cblr-11900	1254	8	true	true	ADJ
cblr-11900	1254	9	sales	sale	NOUN
cblr-11900	1254	10	was	be	AUX
cblr-11900	1254	11	untested	untested	ADJ
cblr-11900	1254	12	in	in	ADP
cblr-11900	1254	13	practice.268	practice.268	PROPN
cblr-11900	1254	14	in	in	ADP
cblr-11900	1254	15	1982	1982	NUM
cblr-11900	1254	16	,	,	PUNCT
cblr-11900	1254	17	two	two	NUM
cblr-11900	1254	18	cases	case	NOUN
cblr-11900	1254	19	provided	provide	VERB
cblr-11900	1254	20	such	such	DET
cblr-11900	1254	21	a	a	DET
cblr-11900	1254	22	test	test	NOUN
cblr-11900	1254	23	.	.	PUNCT
cblr-11900	1255	1	in	in	ADP
cblr-11900	1255	2	early	early	ADJ
cblr-11900	1255	3	august	august	PROPN
cblr-11900	1255	4	,	,	PUNCT
cblr-11900	1255	5	the	the	DET
cblr-11900	1255	6	mount	mount	PROPN
cblr-11900	1255	7	pleasant	pleasant	PROPN
cblr-11900	1255	8	bank	bank	PROPN
cblr-11900	1255	9	and	and	CCONJ
cblr-11900	1255	10	trust	trust	PROPN
cblr-11900	1255	11	company	company	NOUN
cblr-11900	1255	12	,	,	PUNCT
cblr-11900	1255	13	a	a	DET
cblr-11900	1255	14	local	local	ADJ
cblr-11900	1255	15	institution	institution	NOUN
cblr-11900	1255	16	in	in	ADP
cblr-11900	1255	17	small	small	ADJ
cblr-11900	1255	18	-	-	PUNCT
cblr-11900	1255	19	town	town	NOUN
cblr-11900	1255	20	iowa	iowa	NOUN
cblr-11900	1255	21	with	with	ADP
cblr-11900	1255	22	266	266	NUM
cblr-11900	1255	23	hearing	hearing	NOUN
cblr-11900	1255	24	on	on	ADP
cblr-11900	1255	25	northern	northern	ADJ
cblr-11900	1255	26	pipeline	pipeline	PROPN
cblr-11900	1255	27	co.	co.	PROPN
cblr-11900	1255	28	v.	v.	ADP
cblr-11900	1255	29	marathon	marathon	PROPN
cblr-11900	1255	30	pipeline	pipeline	PROPN
cblr-11900	1255	31	co.	co.	PROPN
cblr-11900	1255	32	decision	decision	NOUN
cblr-11900	1255	33	;	;	PUNCT
cblr-11900	1255	34	consumer	consumer	NOUN
cblr-11900	1255	35	credit	credit	NOUN
cblr-11900	1255	36	code	code	NOUN
cblr-11900	1255	37	amendments	amendment	NOUN
cblr-11900	1255	38	;	;	PUNCT
cblr-11900	1255	39	agricultural	agricultural	ADJ
cblr-11900	1255	40	produce	produce	VERB
cblr-11900	1255	41	bailment	bailment	NOUN
cblr-11900	1255	42	amendments	amendment	NOUN
cblr-11900	1255	43	;	;	PUNCT
cblr-11900	1255	44	repurchase	repurchase	VERB
cblr-11900	1255	45	agreement	agreement	NOUN
cblr-11900	1255	46	code	code	NOUN
cblr-11900	1255	47	amendments	amendment	NOUN
cblr-11900	1255	48	;	;	PUNCT
cblr-11900	1255	49	shopping	shopping	NOUN
cblr-11900	1255	50	center	center	NOUN
cblr-11900	1255	51	tenancy	tenancy	NOUN
cblr-11900	1255	52	amendments	amendment	NOUN
cblr-11900	1255	53	;	;	PUNCT
cblr-11900	1255	54	and	and	CCONJ
cblr-11900	1255	55	timesharing	timeshare	VERB
cblr-11900	1255	56	agreements	agreement	NOUN
cblr-11900	1255	57	before	before	ADP
cblr-11900	1255	58	the	the	DET
cblr-11900	1255	59	s.	s.	PROPN
cblr-11900	1255	60	comm	comm	NOUN
cblr-11900	1255	61	.	.	PUNCT
cblr-11900	1256	1	on	on	ADP
cblr-11900	1256	2	courts	court	NOUN
cblr-11900	1256	3	,	,	PUNCT
cblr-11900	1256	4	h.	h.	PROPN
cblr-11900	1256	5	comm	comm	NOUN
cblr-11900	1256	6	.	.	PUNCT
cblr-11900	1257	1	on	on	ADP
cblr-11900	1257	2	the	the	DET
cblr-11900	1257	3	judiciary	judiciary	NOUN
cblr-11900	1257	4	,	,	PUNCT
cblr-11900	1257	5	99th	99th	ADJ
cblr-11900	1257	6	cong	cong	NOUN
cblr-11900	1257	7	.	.	PUNCT
cblr-11900	1258	1	310	310	NUM
cblr-11900	1258	2	(	(	PUNCT
cblr-11900	1258	3	1983	1983	NUM
cblr-11900	1258	4	)	)	PUNCT
cblr-11900	1258	5	(	(	PUNCT
cblr-11900	1258	6	statement	statement	NOUN
cblr-11900	1258	7	of	of	ADP
cblr-11900	1258	8	peter	peter	PROPN
cblr-11900	1258	9	sternlight	sternlight	PROPN
cblr-11900	1258	10	,	,	PUNCT
cblr-11900	1258	11	executive	executive	ADJ
cblr-11900	1258	12	vice	vice	NOUN
cblr-11900	1258	13	president	president	NOUN
cblr-11900	1258	14	,	,	PUNCT
cblr-11900	1258	15	fed	fed	PROPN
cblr-11900	1258	16	.	.	PUNCT
cblr-11900	1259	1	rsrv	rsrv	PROPN
cblr-11900	1259	2	.	.	PUNCT
cblr-11900	1260	1	bank	bank	PROPN
cblr-11900	1260	2	of	of	ADP
cblr-11900	1260	3	n.y	n.y	PROPN
cblr-11900	1260	4	.	.	PROPN
cblr-11900	1260	5	)	)	PUNCT
cblr-11900	1260	6	.	.	PUNCT
cblr-11900	1261	1	267	267	NUM
cblr-11900	1261	2	the	the	DET
cblr-11900	1261	3	year	year	NOUN
cblr-11900	1261	4	after	after	ADP
cblr-11900	1261	5	the	the	DET
cblr-11900	1261	6	lombard	lombard	NOUN
cblr-11900	1261	7	-	-	PUNCT
cblr-11900	1261	8	wall	wall	NOUN
cblr-11900	1261	9	decision	decision	NOUN
cblr-11900	1261	10	,	,	PUNCT
cblr-11900	1261	11	the	the	DET
cblr-11900	1261	12	investment	investment	NOUN
cblr-11900	1261	13	company	company	NOUN
cblr-11900	1261	14	institute	institute	NOUN
cblr-11900	1261	15	submitted	submit	VERB
cblr-11900	1261	16	a	a	DET
cblr-11900	1261	17	written	write	VERB
cblr-11900	1261	18	statement	statement	NOUN
cblr-11900	1261	19	to	to	ADP
cblr-11900	1261	20	the	the	DET
cblr-11900	1261	21	senate	senate	PROPN
cblr-11900	1261	22	subcommittee	subcommittee	NOUN
cblr-11900	1261	23	on	on	ADP
cblr-11900	1261	24	courts	court	NOUN
cblr-11900	1261	25	of	of	ADP
cblr-11900	1261	26	the	the	DET
cblr-11900	1261	27	judicial	judicial	ADJ
cblr-11900	1261	28	committee	committee	NOUN
cblr-11900	1261	29	noting	note	VERB
cblr-11900	1261	30	that	that	SCONJ
cblr-11900	1261	31	rulings	ruling	NOUN
cblr-11900	1261	32	applying	apply	VERB
cblr-11900	1261	33	the	the	DET
cblr-11900	1261	34	automatic	automatic	ADJ
cblr-11900	1261	35	stay	stay	NOUN
cblr-11900	1261	36	to	to	PART
cblr-11900	1261	37	repo	repo	VERB
cblr-11900	1261	38	collateral	collateral	NOUN
cblr-11900	1261	39	“	"	PUNCT
cblr-11900	1261	40	can	can	AUX
cblr-11900	1261	41	only	only	ADV
cblr-11900	1261	42	constrict	constrict	VERB
cblr-11900	1261	43	the	the	DET
cblr-11900	1261	44	market	market	NOUN
cblr-11900	1261	45	and	and	CCONJ
cblr-11900	1261	46	adversely	adversely	ADV
cblr-11900	1261	47	impact	impact	VERB
cblr-11900	1261	48	those	those	DET
cblr-11900	1261	49	financial	financial	ADJ
cblr-11900	1261	50	institutions	institution	NOUN
cblr-11900	1261	51	which	which	PRON
cblr-11900	1261	52	rely	rely	VERB
cblr-11900	1261	53	on	on	ADP
cblr-11900	1261	54	repos	repos	NOUN
cblr-11900	1261	55	to	to	PART
cblr-11900	1261	56	serve	serve	VERB
cblr-11900	1261	57	their	their	PRON
cblr-11900	1261	58	specific	specific	ADJ
cblr-11900	1261	59	needs	need	NOUN
cblr-11900	1261	60	”	"	PUNCT
cblr-11900	1261	61	and	and	CCONJ
cblr-11900	1261	62	that	that	SCONJ
cblr-11900	1261	63	“	"	PUNCT
cblr-11900	1261	64	a	a	DET
cblr-11900	1261	65	number	number	NOUN
cblr-11900	1261	66	of	of	ADP
cblr-11900	1261	67	these	these	DET
cblr-11900	1261	68	institutions	institution	NOUN
cblr-11900	1261	69	are	be	AUX
cblr-11900	1261	70	subject	subject	ADJ
cblr-11900	1261	71	to	to	ADP
cblr-11900	1261	72	investment	investment	NOUN
cblr-11900	1261	73	restrictions	restriction	NOUN
cblr-11900	1261	74	which	which	PRON
cblr-11900	1261	75	may	may	AUX
cblr-11900	1261	76	result	result	VERB
cblr-11900	1261	77	in	in	ADP
cblr-11900	1261	78	these	these	DET
cblr-11900	1261	79	institutions	institution	NOUN
cblr-11900	1261	80	reevaluating	reevaluate	VERB
cblr-11900	1261	81	their	their	PRON
cblr-11900	1261	82	participation	participation	NOUN
cblr-11900	1261	83	in	in	ADP
cblr-11900	1261	84	the	the	DET
cblr-11900	1261	85	repo	repo	NOUN
cblr-11900	1261	86	market	market	NOUN
cblr-11900	1261	87	if	if	SCONJ
cblr-11900	1261	88	legislation	legislation	NOUN
cblr-11900	1261	89	[	[	X
cblr-11900	1261	90	to	to	PART
cblr-11900	1261	91	exempt	exempt	VERB
cblr-11900	1261	92	repos	repos	NOUN
cblr-11900	1261	93	from	from	ADP
cblr-11900	1261	94	the	the	DET
cblr-11900	1261	95	automatic	automatic	ADJ
cblr-11900	1261	96	stay	stay	NOUN
cblr-11900	1261	97	]	]	PUNCT
cblr-11900	1261	98	is	be	AUX
cblr-11900	1261	99	not	not	PART
cblr-11900	1261	100	forthcoming	forthcoming	ADJ
cblr-11900	1261	101	.	.	PUNCT
cblr-11900	1261	102	”	"	PUNCT
cblr-11900	1262	1	the	the	DET
cblr-11900	1262	2	manville	manville	PROPN
cblr-11900	1262	3	bankruptcy	bankruptcy	NOUN
cblr-11900	1262	4	and	and	CCONJ
cblr-11900	1262	5	amendments	amendment	NOUN
cblr-11900	1262	6	to	to	ADP
cblr-11900	1262	7	the	the	DET
cblr-11900	1262	8	bankruptcy	bankruptcy	NOUN
cblr-11900	1262	9	code	code	NOUN
cblr-11900	1262	10	relating	relate	VERB
cblr-11900	1262	11	to	to	ADP
cblr-11900	1262	12	the	the	DET
cblr-11900	1262	13	northern	northern	ADJ
cblr-11900	1262	14	pipeline	pipeline	NOUN
cblr-11900	1262	15	decision	decision	NOUN
cblr-11900	1262	16	,	,	PUNCT
cblr-11900	1262	17	99	99	NUM
cblr-11900	1262	18	cong	cong	NOUN
cblr-11900	1262	19	.	.	PUNCT
cblr-11900	1263	1	514	514	NUM
cblr-11900	1263	2	(	(	PUNCT
cblr-11900	1263	3	1983	1983	NUM
cblr-11900	1263	4	)	)	PUNCT
cblr-11900	1263	5	(	(	PUNCT
cblr-11900	1263	6	written	write	VERB
cblr-11900	1263	7	statement	statement	NOUN
cblr-11900	1263	8	of	of	ADP
cblr-11900	1263	9	the	the	DET
cblr-11900	1263	10	inv	inv	PROPN
cblr-11900	1263	11	.	.	PUNCT
cblr-11900	1263	12	co.	co.	PROPN
cblr-11900	1263	13	inst	inst	PROPN
cblr-11900	1263	14	.	.	PUNCT
cblr-11900	1263	15	)	)	PUNCT
cblr-11900	1263	16	.	.	PUNCT
cblr-11900	1264	1	a	a	DET
cblr-11900	1264	2	more	more	ADV
cblr-11900	1264	3	recent	recent	ADJ
cblr-11900	1264	4	but	but	CCONJ
cblr-11900	1264	5	informative	informative	ADJ
cblr-11900	1264	6	discussion	discussion	NOUN
cblr-11900	1264	7	can	can	AUX
cblr-11900	1264	8	be	be	AUX
cblr-11900	1264	9	found	find	VERB
cblr-11900	1264	10	in	in	ADP
cblr-11900	1264	11	darrell	darrell	PROPN
cblr-11900	1264	12	duffie	duffie	PROPN
cblr-11900	1264	13	&	&	CCONJ
cblr-11900	1264	14	david	david	PROPN
cblr-11900	1264	15	a.	a.	PROPN
cblr-11900	1264	16	skeel	skeel	PROPN
cblr-11900	1264	17	,	,	PUNCT
cblr-11900	1264	18	a	a	DET
cblr-11900	1264	19	dialogue	dialogue	NOUN
cblr-11900	1264	20	on	on	ADP
cblr-11900	1264	21	the	the	DET
cblr-11900	1264	22	costs	cost	NOUN
cblr-11900	1264	23	and	and	CCONJ
cblr-11900	1264	24	benefits	benefit	NOUN
cblr-11900	1264	25	of	of	ADP
cblr-11900	1264	26	automatic	automatic	ADJ
cblr-11900	1264	27	stays	stay	NOUN
cblr-11900	1264	28	for	for	ADP
cblr-11900	1264	29	derivatives	derivative	NOUN
cblr-11900	1264	30	and	and	CCONJ
cblr-11900	1264	31	repurchase	repurchase	NOUN
cblr-11900	1264	32	agreements	agreement	NOUN
cblr-11900	1264	33	(	(	PUNCT
cblr-11900	1264	34	stanford	stanford	PROPN
cblr-11900	1264	35	university	university	PROPN
cblr-11900	1264	36	working	working	PROPN
cblr-11900	1264	37	paper	paper	PROPN
cblr-11900	1264	38	no	no	INTJ
cblr-11900	1264	39	.	.	PROPN
cblr-11900	1264	40	108	108	NUM
cblr-11900	1264	41	,	,	PUNCT
cblr-11900	1264	42	2012	2012	NUM
cblr-11900	1264	43	)	)	PUNCT
cblr-11900	1264	44	,	,	PUNCT
cblr-11900	1264	45	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1982095	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1982095	PROPN
cblr-11900	1264	46	[	[	X
cblr-11900	1264	47	https://perma.cc/j7vc-ejhe	https://perma.cc/j7vc-ejhe	ADP
cblr-11900	1264	48	]	]	X
cblr-11900	1264	49	.	.	PUNCT
cblr-11900	1265	1	268	268	NUM
cblr-11900	1265	2	in	in	ADP
cblr-11900	1265	3	an	an	DET
cblr-11900	1265	4	amicus	amicus	NOUN
cblr-11900	1265	5	brief	brief	NOUN
cblr-11900	1265	6	submitted	submit	VERB
cblr-11900	1265	7	to	to	ADP
cblr-11900	1265	8	the	the	DET
cblr-11900	1265	9	court	court	NOUN
cblr-11900	1265	10	,	,	PUNCT
cblr-11900	1265	11	the	the	DET
cblr-11900	1265	12	federal	federal	PROPN
cblr-11900	1265	13	reserve	reserve	PROPN
cblr-11900	1265	14	bank	bank	PROPN
cblr-11900	1265	15	of	of	ADP
cblr-11900	1265	16	new	new	PROPN
cblr-11900	1265	17	york	york	PROPN
cblr-11900	1265	18	argued	argue	VERB
cblr-11900	1265	19	that	that	SCONJ
cblr-11900	1265	20	there	there	PRON
cblr-11900	1265	21	was	be	VERB
cblr-11900	1265	22	“	"	PUNCT
cblr-11900	1265	23	no	no	DET
cblr-11900	1265	24	case	case	NOUN
cblr-11900	1265	25	law	law	NOUN
cblr-11900	1265	26	controlling	control	VERB
cblr-11900	1265	27	this	this	DET
cblr-11900	1265	28	issue	issue	NOUN
cblr-11900	1266	1	[	[	X
cblr-11900	1266	2	application	application	NOUN
cblr-11900	1266	3	of	of	ADP
cblr-11900	1266	4	the	the	DET
cblr-11900	1266	5	automatic	automatic	ADJ
cblr-11900	1266	6	stay	stay	NOUN
cblr-11900	1266	7	to	to	PART
cblr-11900	1266	8	repurchase	repurchase	NOUN
cblr-11900	1266	9	agreements	agreement	NOUN
cblr-11900	1266	10	]	]	PUNCT
cblr-11900	1266	11	in	in	ADP
cblr-11900	1266	12	the	the	DET
cblr-11900	1266	13	southern	southern	ADJ
cblr-11900	1266	14	district	district	NOUN
cblr-11900	1266	15	of	of	ADP
cblr-11900	1266	16	new	new	PROPN
cblr-11900	1266	17	york	york	PROPN
cblr-11900	1266	18	.	.	PUNCT
cblr-11900	1266	19	”	"	PUNCT
cblr-11900	1267	1	they	they	PRON
cblr-11900	1267	2	further	far	ADV
cblr-11900	1267	3	argued	argue	VERB
cblr-11900	1267	4	that	that	SCONJ
cblr-11900	1267	5	case	case	NOUN
cblr-11900	1267	6	law	law	NOUN
cblr-11900	1267	7	in	in	ADP
cblr-11900	1267	8	other	other	ADJ
cblr-11900	1267	9	jurisdictions	jurisdiction	NOUN
cblr-11900	1267	10	was	be	AUX
cblr-11900	1267	11	inconclusive	inconclusive	ADJ
cblr-11900	1267	12	,	,	PUNCT
cblr-11900	1267	13	leaving	leave	VERB
cblr-11900	1267	14	room	room	NOUN
cblr-11900	1267	15	for	for	ADP
cblr-11900	1267	16	the	the	DET
cblr-11900	1267	17	court	court	NOUN
cblr-11900	1267	18	to	to	PART
cblr-11900	1267	19	decide	decide	VERB
cblr-11900	1267	20	the	the	DET
cblr-11900	1267	21	issue	issue	NOUN
cblr-11900	1267	22	“	"	PUNCT
cblr-11900	1267	23	in	in	ADP
cblr-11900	1267	24	whatever	whatever	DET
cblr-11900	1267	25	way	way	NOUN
cblr-11900	1267	26	it	it	PRON
cblr-11900	1267	27	feels	feel	VERB
cblr-11900	1267	28	appropriate	appropriate	ADJ
cblr-11900	1267	29	.	.	PUNCT
cblr-11900	1267	30	”	"	PUNCT
cblr-11900	1268	1	brief	brief	ADJ
cblr-11900	1268	2	for	for	ADP
cblr-11900	1268	3	the	the	DET
cblr-11900	1268	4	fed	fed	PROPN
cblr-11900	1268	5	.	.	PUNCT
cblr-11900	1269	1	rsrv	rsrv	PROPN
cblr-11900	1269	2	.	.	PUNCT
cblr-11900	1270	1	bank	bank	PROPN
cblr-11900	1270	2	of	of	ADP
cblr-11900	1270	3	new	new	PROPN
cblr-11900	1270	4	york	york	PROPN
cblr-11900	1270	5	as	as	ADP
cblr-11900	1270	6	amici	amici	PROPN
cblr-11900	1270	7	curiae	curiae	NOUN
cblr-11900	1270	8	,	,	PUNCT
cblr-11900	1270	9	in	in	ADP
cblr-11900	1270	10	re	re	VERB
cblr-11900	1270	11	lombard	lombard	PROPN
cblr-11900	1270	12	-	-	PUNCT
cblr-11900	1270	13	wall	wall	PROPN
cblr-11900	1270	14	inc	inc	PROPN
cblr-11900	1270	15	.	.	PROPN
cblr-11900	1270	16	,	,	PUNCT
cblr-11900	1270	17	23	23	NUM
cblr-11900	1270	18	b.r	b.r	PROPN
cblr-11900	1270	19	.	.	PROPN
cblr-11900	1270	20	165	165	NUM
cblr-11900	1270	21	(	(	PUNCT
cblr-11900	1270	22	bankr	bankr	PROPN
cblr-11900	1270	23	.	.	PUNCT
cblr-11900	1271	1	s.d.n.y	s.d.n.y	PROPN
cblr-11900	1271	2	.	.	PROPN
cblr-11900	1271	3	1982	1982	NUM
cblr-11900	1271	4	)	)	PUNCT
cblr-11900	1271	5	.	.	PUNCT
cblr-11900	1272	1	290	290	NUM
cblr-11900	1272	2	columbia	columbia	PROPN
cblr-11900	1272	3	business	business	NOUN
cblr-11900	1272	4	law	law	PROPN
cblr-11900	1272	5	review	review	NOUN
cblr-11900	1272	6	[	[	X
cblr-11900	1272	7	vol	vol	NOUN
cblr-11900	1272	8	.	.	PUNCT
cblr-11900	1272	9	2023	2023	NUM
cblr-11900	1272	10	approximately	approximately	ADV
cblr-11900	1272	11	$	$	SYM
cblr-11900	1272	12	25	25	NUM
cblr-11900	1272	13	million	million	NUM
cblr-11900	1272	14	in	in	ADP
cblr-11900	1272	15	assets,269	assets,269	PROPN
cblr-11900	1272	16	was	be	AUX
cblr-11900	1272	17	closed	close	VERB
cblr-11900	1272	18	by	by	ADP
cblr-11900	1272	19	state	state	NOUN
cblr-11900	1272	20	regulators	regulator	NOUN
cblr-11900	1272	21	and	and	CCONJ
cblr-11900	1272	22	placed	place	VERB
cblr-11900	1272	23	into	into	ADP
cblr-11900	1272	24	receivership	receivership	NOUN
cblr-11900	1272	25	with	with	ADP
cblr-11900	1272	26	the	the	DET
cblr-11900	1272	27	fdic	fdic	PROPN
cblr-11900	1272	28	,	,	PUNCT
cblr-11900	1272	29	which	which	PRON
cblr-11900	1272	30	cited	cite	VERB
cblr-11900	1272	31	the	the	DET
cblr-11900	1272	32	“	"	PUNCT
cblr-11900	1272	33	poor	poor	ADJ
cblr-11900	1272	34	quality	quality	NOUN
cblr-11900	1272	35	of	of	ADP
cblr-11900	1272	36	its	its	PRON
cblr-11900	1272	37	assets	asset	NOUN
cblr-11900	1272	38	.	.	PUNCT
cblr-11900	1273	1	”270	”270	PROPN
cblr-11900	1273	2	under	under	ADP
cblr-11900	1273	3	most	most	ADJ
cblr-11900	1273	4	circumstances	circumstance	NOUN
cblr-11900	1273	5	,	,	PUNCT
cblr-11900	1273	6	wall	wall	PROPN
cblr-11900	1273	7	street	street	PROPN
cblr-11900	1273	8	would	would	AUX
cblr-11900	1273	9	have	have	AUX
cblr-11900	1273	10	hardly	hardly	ADV
cblr-11900	1273	11	noticed	notice	VERB
cblr-11900	1273	12	.	.	PUNCT
cblr-11900	1274	1	however	however	ADV
cblr-11900	1274	2	,	,	PUNCT
cblr-11900	1274	3	in	in	ADP
cblr-11900	1274	4	this	this	DET
cblr-11900	1274	5	case	case	NOUN
cblr-11900	1274	6	,	,	PUNCT
cblr-11900	1274	7	although	although	SCONJ
cblr-11900	1274	8	the	the	DET
cblr-11900	1274	9	bulk	bulk	NOUN
cblr-11900	1274	10	of	of	ADP
cblr-11900	1274	11	the	the	DET
cblr-11900	1274	12	bank	bank	NOUN
cblr-11900	1274	13	’s	’s	PART
cblr-11900	1274	14	balance	balance	NOUN
cblr-11900	1274	15	sheet	sheet	NOUN
cblr-11900	1274	16	was	be	AUX
cblr-11900	1274	17	transferred	transfer	VERB
cblr-11900	1274	18	to	to	ADP
cblr-11900	1274	19	another	another	DET
cblr-11900	1274	20	local	local	ADJ
cblr-11900	1274	21	bank,271	bank,271	NOUN
cblr-11900	1274	22	the	the	DET
cblr-11900	1274	23	fdic	fdic	PROPN
cblr-11900	1274	24	retained	retain	VERB
cblr-11900	1274	25	a	a	DET
cblr-11900	1274	26	small	small	ADJ
cblr-11900	1274	27	portfolio	portfolio	NOUN
cblr-11900	1274	28	of	of	ADP
cblr-11900	1274	29	repos	repos	NOUN
cblr-11900	1274	30	secured	secure	VERB
cblr-11900	1274	31	by	by	ADP
cblr-11900	1274	32	government	government	NOUN
cblr-11900	1274	33	securities	security	NOUN
cblr-11900	1274	34	(	(	PUNCT
cblr-11900	1274	35	along	along	ADP
cblr-11900	1274	36	with	with	ADP
cblr-11900	1274	37	some	some	DET
cblr-11900	1274	38	other	other	ADJ
cblr-11900	1274	39	liabilities).272	liabilities).272	NOUN
cblr-11900	1274	40	ultimately	ultimately	ADV
cblr-11900	1274	41	,	,	PUNCT
cblr-11900	1274	42	the	the	DET
cblr-11900	1274	43	fdic	fdic	PROPN
cblr-11900	1274	44	determined	determine	VERB
cblr-11900	1274	45	that	that	SCONJ
cblr-11900	1274	46	,	,	PUNCT
cblr-11900	1274	47	under	under	ADP
cblr-11900	1274	48	iowa	iowa	PROPN
cblr-11900	1274	49	state	state	PROPN
cblr-11900	1274	50	law	law	NOUN
cblr-11900	1274	51	,	,	PUNCT
cblr-11900	1274	52	repo	repo	ADP
cblr-11900	1274	53	lenders	lender	NOUN
cblr-11900	1274	54	did	do	AUX
cblr-11900	1274	55	not	not	PART
cblr-11900	1274	56	hold	hold	VERB
cblr-11900	1274	57	a	a	DET
cblr-11900	1274	58	perfected	perfect	VERB
cblr-11900	1274	59	security	security	NOUN
cblr-11900	1274	60	interest	interest	NOUN
cblr-11900	1274	61	in	in	ADP
cblr-11900	1274	62	the	the	DET
cblr-11900	1274	63	securities	security	NOUN
cblr-11900	1274	64	,	,	PUNCT
cblr-11900	1274	65	rendering	render	VERB
cblr-11900	1274	66	them	they	PRON
cblr-11900	1274	67	general	general	ADJ
cblr-11900	1274	68	creditors	creditor	NOUN
cblr-11900	1274	69	of	of	ADP
cblr-11900	1274	70	mount	mount	PROPN
cblr-11900	1274	71	pleasant.273	pleasant.273	ADV
cblr-11900	1274	72	only	only	ADV
cblr-11900	1274	73	a	a	DET
cblr-11900	1274	74	few	few	ADJ
cblr-11900	1274	75	days	day	NOUN
cblr-11900	1274	76	later	later	ADV
cblr-11900	1274	77	,	,	PUNCT
cblr-11900	1274	78	lombard	lombard	NOUN
cblr-11900	1274	79	-	-	PUNCT
cblr-11900	1274	80	wall	wall	NOUN
cblr-11900	1274	81	,	,	PUNCT
cblr-11900	1274	82	a	a	DET
cblr-11900	1274	83	government	government	NOUN
cblr-11900	1274	84	securities	security	NOUN
cblr-11900	1274	85	dealer	dealer	NOUN
cblr-11900	1274	86	,	,	PUNCT
cblr-11900	1274	87	filed	file	VERB
cblr-11900	1274	88	for	for	ADP
cblr-11900	1274	89	bankruptcy	bankruptcy	NOUN
cblr-11900	1274	90	protection	protection	NOUN
cblr-11900	1274	91	in	in	ADP
cblr-11900	1274	92	the	the	DET
cblr-11900	1274	93	southern	southern	ADJ
cblr-11900	1274	94	district	district	NOUN
cblr-11900	1274	95	of	of	ADP
cblr-11900	1274	96	new	new	ADJ
cblr-11900	1274	97	york,274	york,274	PROPN
cblr-11900	1274	98	immediately	immediately	ADV
cblr-11900	1274	99	freezing	freeze	VERB
cblr-11900	1274	100	“	"	PUNCT
cblr-11900	1274	101	hundreds	hundred	NOUN
cblr-11900	1274	102	of	of	ADP
cblr-11900	1274	103	millions	million	NOUN
cblr-11900	1274	104	of	of	ADP
cblr-11900	1274	105	dollars	dollar	NOUN
cblr-11900	1274	106	”	"	PUNCT
cblr-11900	1274	107	in	in	ADP
cblr-11900	1274	108	assets	asset	NOUN
cblr-11900	1274	109	belonging	belong	VERB
cblr-11900	1274	110	to	to	ADP
cblr-11900	1274	111	a	a	DET
cblr-11900	1274	112	wide	wide	ADJ
cblr-11900	1274	113	range	range	NOUN
cblr-11900	1274	114	of	of	ADP
cblr-11900	1274	115	financial	financial	ADJ
cblr-11900	1274	116	institutions	institution	NOUN
cblr-11900	1274	117	.	.	PUNCT
cblr-11900	1275	1	“	"	PUNCT
cblr-11900	1275	2	it	it	PRON
cblr-11900	1275	3	is	be	AUX
cblr-11900	1275	4	possible	possible	ADJ
cblr-11900	1275	5	,	,	PUNCT
cblr-11900	1275	6	”	"	PUNCT
cblr-11900	1275	7	the	the	DET
cblr-11900	1275	8	wall	wall	PROPN
cblr-11900	1275	9	street	street	PROPN
cblr-11900	1275	10	journal	journal	PROPN
cblr-11900	1275	11	reported	report	VERB
cblr-11900	1275	12	at	at	ADP
cblr-11900	1275	13	the	the	DET
cblr-11900	1275	14	time	time	NOUN
cblr-11900	1275	15	,	,	PUNCT
cblr-11900	1275	16	that	that	SCONJ
cblr-11900	1275	17	“	"	PUNCT
cblr-11900	1275	18	those	those	DET
cblr-11900	1275	19	assets	asset	NOUN
cblr-11900	1275	20	—	—	PUNCT
cblr-11900	1275	21	cash	cash	NOUN
cblr-11900	1275	22	and	and	CCONJ
cblr-11900	1275	23	securities	security	NOUN
cblr-11900	1275	24	—	—	PUNCT
cblr-11900	1275	25	may	may	AUX
cblr-11900	1275	26	be	be	AUX
cblr-11900	1275	27	tied	tie	VERB
cblr-11900	1275	28	up	up	ADP
cblr-11900	1275	29	for	for	ADP
cblr-11900	1275	30	months	month	NOUN
cblr-11900	1275	31	.	.	PUNCT
cblr-11900	1275	32	”	"	PUNCT
cblr-11900	1276	1	lombard	lombard	PROPN
cblr-11900	1276	2	-	-	PUNCT
cblr-11900	1276	3	wall	wall	NOUN
cblr-11900	1276	4	’s	’s	PART
cblr-11900	1276	5	repo	repo	NOUN
cblr-11900	1276	6	counterparties	counterpartie	NOUN
cblr-11900	1276	7	may	may	AUX
cblr-11900	1276	8	have	have	AUX
cblr-11900	1276	9	presumed	presume	VERB
cblr-11900	1276	10	this	this	DET
cblr-11900	1276	11	lockup	lockup	NOUN
cblr-11900	1276	12	did	do	AUX
cblr-11900	1276	13	not	not	PART
cblr-11900	1276	14	apply	apply	VERB
cblr-11900	1276	15	to	to	ADP
cblr-11900	1276	16	them	they	PRON
cblr-11900	1276	17	,	,	PUNCT
cblr-11900	1276	18	but	but	CCONJ
cblr-11900	1276	19	a	a	DET
cblr-11900	1276	20	few	few	ADJ
cblr-11900	1276	21	weeks	week	NOUN
cblr-11900	1276	22	later	later	ADV
cblr-11900	1276	23	the	the	DET
cblr-11900	1276	24	court	court	NOUN
cblr-11900	1276	25	ruled	rule	VERB
cblr-11900	1276	26	that	that	SCONJ
cblr-11900	1276	27	those	those	DET
cblr-11900	1276	28	positions	position	NOUN
cblr-11900	1276	29	were	be	AUX
cblr-11900	1276	30	secured	secure	VERB
cblr-11900	1276	31	loans	loan	NOUN
cblr-11900	1276	32	and	and	CCONJ
cblr-11900	1276	33	did	do	AUX
cblr-11900	1276	34	not	not	PART
cblr-11900	1276	35	represent	represent	VERB
cblr-11900	1276	36	a	a	DET
cblr-11900	1276	37	perfected	perfect	VERB
cblr-11900	1276	38	security	security	NOUN
cblr-11900	1276	39	interest	interest	NOUN
cblr-11900	1276	40	in	in	ADP
cblr-11900	1276	41	the	the	DET
cblr-11900	1276	42	underlying	underlie	VERB
cblr-11900	1276	43	collateral.275	collateral.275	NOUN
cblr-11900	1276	44	accordingly	accordingly	ADV
cblr-11900	1276	45	,	,	PUNCT
cblr-11900	1276	46	as	as	ADP
cblr-11900	1276	47	with	with	ADP
cblr-11900	1276	48	the	the	DET
cblr-11900	1276	49	mount	mount	PROPN
cblr-11900	1276	50	pleasant	pleasant	ADJ
cblr-11900	1276	51	case	case	NOUN
cblr-11900	1276	52	,	,	PUNCT
cblr-11900	1276	53	repo	repo	VERB
cblr-11900	1276	54	cash	cash	NOUN
cblr-11900	1276	55	providers	provider	NOUN
cblr-11900	1276	56	would	would	AUX
cblr-11900	1276	57	269	269	NUM
cblr-11900	1276	58	mount	mount	PROPN
cblr-11900	1276	59	pleasant	pleasant	PROPN
cblr-11900	1276	60	’s	’s	PART
cblr-11900	1276	61	assets	asset	NOUN
cblr-11900	1276	62	included	include	VERB
cblr-11900	1276	63	roughly	roughly	ADV
cblr-11900	1276	64	1,200	1,200	NUM
cblr-11900	1276	65	loans	loan	NOUN
cblr-11900	1276	66	totaling	total	VERB
cblr-11900	1276	67	just	just	ADV
cblr-11900	1276	68	more	more	ADJ
cblr-11900	1276	69	than	than	ADP
cblr-11900	1276	70	$	$	SYM
cblr-11900	1276	71	17	17	NUM
cblr-11900	1276	72	million	million	NUM
cblr-11900	1276	73	,	,	PUNCT
cblr-11900	1276	74	a	a	DET
cblr-11900	1276	75	video	video	NOUN
cblr-11900	1276	76	game	game	NOUN
cblr-11900	1276	77	parlor	parlor	NOUN
cblr-11900	1276	78	on	on	ADP
cblr-11900	1276	79	main	main	ADJ
cblr-11900	1276	80	street	street	NOUN
cblr-11900	1276	81	(	(	PUNCT
cblr-11900	1276	82	including	include	VERB
cblr-11900	1276	83	space	space	NOUN
cblr-11900	1276	84	invaders	invader	NOUN
cblr-11900	1276	85	!	!	PUNCT
cblr-11900	1276	86	)	)	PUNCT
cblr-11900	1277	1	and	and	CCONJ
cblr-11900	1277	2	a	a	DET
cblr-11900	1277	3	farm	farm	NOUN
cblr-11900	1277	4	.	.	PUNCT
cblr-11900	1278	1	n.r	n.r	PROPN
cblr-11900	1278	2	.	.	PROPN
cblr-11900	1278	3	kleinfeld	kleinfeld	PROPN
cblr-11900	1278	4	,	,	PUNCT
cblr-11900	1278	5	when	when	SCONJ
cblr-11900	1278	6	a	a	DET
cblr-11900	1278	7	bank	bank	NOUN
cblr-11900	1278	8	died	die	VERB
cblr-11900	1278	9	in	in	ADP
cblr-11900	1278	10	iowa	iowa	PROPN
cblr-11900	1278	11	,	,	PUNCT
cblr-11900	1278	12	n.y	n.y	PROPN
cblr-11900	1278	13	.	.	PROPN
cblr-11900	1278	14	times	times	PROPN
cblr-11900	1278	15	,	,	PUNCT
cblr-11900	1278	16	sept	sept	PROPN
cblr-11900	1278	17	.	.	PROPN
cblr-11900	1278	18	12	12	NUM
cblr-11900	1278	19	,	,	PUNCT
cblr-11900	1278	20	1982	1982	NUM
cblr-11900	1278	21	.	.	PUNCT
cblr-11900	1279	1	more	more	ADV
cblr-11900	1279	2	importantly	importantly	ADV
cblr-11900	1279	3	for	for	ADP
cblr-11900	1279	4	repo	repo	NOUN
cblr-11900	1279	5	markets	market	NOUN
cblr-11900	1279	6	,	,	PUNCT
cblr-11900	1279	7	although	although	SCONJ
cblr-11900	1279	8	de	de	X
cblr-11900	1279	9	minimis	minimis	NOUN
cblr-11900	1279	10	to	to	ADP
cblr-11900	1279	11	their	their	PRON
cblr-11900	1279	12	overall	overall	ADJ
cblr-11900	1279	13	estate	estate	NOUN
cblr-11900	1279	14	,	,	PUNCT
cblr-11900	1279	15	they	they	PRON
cblr-11900	1279	16	had	have	VERB
cblr-11900	1279	17	roughly	roughly	ADV
cblr-11900	1279	18	$	$	SYM
cblr-11900	1279	19	350,000	350,000	NUM
cblr-11900	1279	20	of	of	ADP
cblr-11900	1279	21	retail	retail	ADJ
cblr-11900	1279	22	repurchase	repurchase	NOUN
cblr-11900	1279	23	agreement	agreement	NOUN
cblr-11900	1279	24	assets	asset	NOUN
cblr-11900	1279	25	.	.	PUNCT
cblr-11900	1280	1	am	be	AUX
cblr-11900	1280	2	.	.	PUNCT
cblr-11900	1281	1	banker	banker	PROPN
cblr-11900	1281	2	,	,	PUNCT
cblr-11900	1281	3	sept	sept	PROPN
cblr-11900	1281	4	.	.	PROPN
cblr-11900	1281	5	14	14	NUM
cblr-11900	1281	6	,	,	PUNCT
cblr-11900	1281	7	1982	1982	NUM
cblr-11900	1281	8	,	,	PUNCT
cblr-11900	1281	9	at	at	ADP
cblr-11900	1281	10	1	1	NUM
cblr-11900	1281	11	,	,	PUNCT
cblr-11900	1281	12	col	col	PROPN
cblr-11900	1281	13	.	.	PROPN
cblr-11900	1281	14	3	3	NUM
cblr-11900	1281	15	.	.	NUM
cblr-11900	1281	16	270	270	NUM
cblr-11900	1281	17	iowa	iowa	PROPN
cblr-11900	1281	18	bank	bank	PROPN
cblr-11900	1281	19	closed	close	VERB
cblr-11900	1281	20	,	,	PUNCT
cblr-11900	1281	21	reuters	reuters	PROPN
cblr-11900	1281	22	,	,	PUNCT
cblr-11900	1281	23	aug	aug	PROPN
cblr-11900	1281	24	.	.	PROPN
cblr-11900	1281	25	7	7	NUM
cblr-11900	1281	26	,	,	PUNCT
cblr-11900	1281	27	1982	1982	NUM
cblr-11900	1281	28	.	.	PUNCT
cblr-11900	1282	1	271	271	NUM
cblr-11900	1282	2	takeover	takeover	NOUN
cblr-11900	1282	3	by	by	ADP
cblr-11900	1282	4	hawkeye	hawkeye	NOUN
cblr-11900	1282	5	of	of	ADP
cblr-11900	1282	6	failed	fail	VERB
cblr-11900	1282	7	iowa	iowa	PROPN
cblr-11900	1282	8	bank	bank	PROPN
cblr-11900	1282	9	arranged	arrange	VERB
cblr-11900	1282	10	by	by	ADP
cblr-11900	1282	11	fdic	fdic	PROPN
cblr-11900	1282	12	,	,	PUNCT
cblr-11900	1282	13	wall	wall	PROPN
cblr-11900	1282	14	st	st	PROPN
cblr-11900	1282	15	.	.	PROPN
cblr-11900	1282	16	j.	j.	PROPN
cblr-11900	1282	17	,	,	PUNCT
cblr-11900	1282	18	aug	aug	PROPN
cblr-11900	1282	19	.	.	PROPN
cblr-11900	1282	20	9	9	NUM
cblr-11900	1282	21	,	,	PUNCT
cblr-11900	1282	22	1982	1982	NUM
cblr-11900	1282	23	.	.	PUNCT
cblr-11900	1283	1	272	272	NUM
cblr-11900	1283	2	am	am	NOUN
cblr-11900	1283	3	.	.	PUNCT
cblr-11900	1283	4	banker	banker	PROPN
cblr-11900	1283	5	,	,	PUNCT
cblr-11900	1283	6	sept	sept	PROPN
cblr-11900	1283	7	.	.	PROPN
cblr-11900	1283	8	14	14	NUM
cblr-11900	1283	9	,	,	PUNCT
cblr-11900	1283	10	1982	1982	NUM
cblr-11900	1283	11	.	.	PUNCT
cblr-11900	1284	1	273	273	NUM
cblr-11900	1284	2	i	i	PROPN
cblr-11900	1284	3	d.	d.	PROPN
cblr-11900	1284	4	;	;	PUNCT
cblr-11900	1284	5	see	see	VERB
cblr-11900	1284	6	also	also	ADV
cblr-11900	1284	7	william	william	PROPN
cblr-11900	1284	8	f.	f.	PROPN
cblr-11900	1284	9	hagerty	hagerty	PROPN
cblr-11900	1284	10	,	,	PUNCT
cblr-11900	1284	11	iv	iv	NUM
cblr-11900	1284	12	,	,	PUNCT
cblr-11900	1284	13	lifting	lift	VERB
cblr-11900	1284	14	the	the	DET
cblr-11900	1284	15	cloud	cloud	NOUN
cblr-11900	1284	16	of	of	ADP
cblr-11900	1284	17	uncertainty	uncertainty	NOUN
cblr-11900	1284	18	over	over	ADP
cblr-11900	1284	19	the	the	DET
cblr-11900	1284	20	repo	repo	NOUN
cblr-11900	1284	21	market	market	NOUN
cblr-11900	1284	22	:	:	PUNCT
cblr-11900	1284	23	characterization	characterization	NOUN
cblr-11900	1284	24	of	of	ADP
cblr-11900	1284	25	repos	repos	NOUN
cblr-11900	1284	26	as	as	ADP
cblr-11900	1284	27	separate	separate	ADJ
cblr-11900	1284	28	purchases	purchase	NOUN
cblr-11900	1284	29	and	and	CCONJ
cblr-11900	1284	30	sales	sale	NOUN
cblr-11900	1284	31	of	of	ADP
cblr-11900	1284	32	securities	security	NOUN
cblr-11900	1284	33	,	,	PUNCT
cblr-11900	1284	34	37	37	NUM
cblr-11900	1284	35	vand	vand	NOUN
cblr-11900	1284	36	.	.	PUNCT
cblr-11900	1285	1	l.	l.	PROPN
cblr-11900	1285	2	rev	rev	PROPN
cblr-11900	1285	3	.	.	PROPN
cblr-11900	1285	4	401	401	NUM
cblr-11900	1285	5	,	,	PUNCT
cblr-11900	1285	6	411	411	NUM
cblr-11900	1285	7	(	(	PUNCT
cblr-11900	1285	8	1984	1984	NUM
cblr-11900	1285	9	)	)	PUNCT
cblr-11900	1285	10	.	.	PUNCT
cblr-11900	1286	1	274	274	NUM
cblr-11900	1286	2	two	two	NUM
cblr-11900	1286	3	u.s	u.s	PROPN
cblr-11900	1286	4	.	.	PROPN
cblr-11900	1286	5	securities	security	NOUN
cblr-11900	1286	6	firms	firm	NOUN
cblr-11900	1286	7	file	file	VERB
cblr-11900	1286	8	plea	plea	NOUN
cblr-11900	1286	9	for	for	ADP
cblr-11900	1286	10	bankruptcy	bankruptcy	NOUN
cblr-11900	1286	11	,	,	PUNCT
cblr-11900	1286	12	jarring	jarring	ADJ
cblr-11900	1286	13	wall	wall	PROPN
cblr-11900	1286	14	street	street	PROPN
cblr-11900	1286	15	,	,	PUNCT
cblr-11900	1286	16	wall	wall	PROPN
cblr-11900	1286	17	st	st	PROPN
cblr-11900	1286	18	.	.	PROPN
cblr-11900	1286	19	j.	j.	PROPN
cblr-11900	1286	20	,	,	PUNCT
cblr-11900	1286	21	aug	aug	PROPN
cblr-11900	1286	22	.	.	PROPN
cblr-11900	1286	23	13	13	NUM
cblr-11900	1286	24	,	,	PUNCT
cblr-11900	1286	25	1982	1982	NUM
cblr-11900	1286	26	.	.	PUNCT
cblr-11900	1287	1	275	275	NUM
cblr-11900	1287	2	lombard	lombard	NOUN
cblr-11900	1287	3	securities	security	NOUN
cblr-11900	1287	4	with	with	ADP
cblr-11900	1287	5	buy	buy	NOUN
cblr-11900	1287	6	-	-	PUNCT
cblr-11900	1287	7	back	back	NOUN
cblr-11900	1287	8	plan	plan	NOUN
cblr-11900	1287	9	are	be	AUX
cblr-11900	1287	10	frozen	freeze	VERB
cblr-11900	1287	11	by	by	ADP
cblr-11900	1287	12	court	court	NOUN
cblr-11900	1287	13	,	,	PUNCT
cblr-11900	1287	14	wall	wall	PROPN
cblr-11900	1287	15	st	st	PROPN
cblr-11900	1287	16	.	.	PROPN
cblr-11900	1287	17	j.	j.	PROPN
cblr-11900	1287	18	,	,	PUNCT
cblr-11900	1287	19	aug	aug	PROPN
cblr-11900	1287	20	.	.	PROPN
cblr-11900	1287	21	18	18	NUM
cblr-11900	1287	22	,	,	PUNCT
cblr-11900	1287	23	1982	1982	NUM
cblr-11900	1287	24	,	,	PUNCT
cblr-11900	1287	25	at	at	ADP
cblr-11900	1287	26	7	7	NUM
cblr-11900	1287	27	.	.	PUNCT
cblr-11900	1288	1	no	no	INTJ
cblr-11900	1288	2	.	.	NOUN
cblr-11900	1288	3	1	1	NUM
cblr-11900	1288	4	]	]	ADJ
cblr-11900	1288	5	money	money	NOUN
cblr-11900	1288	6	and	and	CCONJ
cblr-11900	1288	7	the	the	DET
cblr-11900	1288	8	public	public	ADJ
cblr-11900	1288	9	debt	debt	NOUN
cblr-11900	1288	10	291	291	NUM
cblr-11900	1288	11	be	be	AUX
cblr-11900	1288	12	treated	treat	VERB
cblr-11900	1288	13	as	as	ADP
cblr-11900	1288	14	creditors	creditor	NOUN
cblr-11900	1288	15	and	and	CCONJ
cblr-11900	1288	16	therefore	therefore	ADV
cblr-11900	1288	17	would	would	AUX
cblr-11900	1288	18	need	need	VERB
cblr-11900	1288	19	to	to	PART
cblr-11900	1288	20	seek	seek	VERB
cblr-11900	1288	21	the	the	DET
cblr-11900	1288	22	court	court	NOUN
cblr-11900	1288	23	’s	’s	PART
cblr-11900	1288	24	permission	permission	NOUN
cblr-11900	1288	25	to	to	PART
cblr-11900	1288	26	liquidate	liquidate	VERB
cblr-11900	1288	27	the	the	DET
cblr-11900	1288	28	securities	security	NOUN
cblr-11900	1288	29	sold	sell	VERB
cblr-11900	1288	30	(	(	PUNCT
cblr-11900	1288	31	i.e.	i.e.	X
cblr-11900	1288	32	,	,	PUNCT
cblr-11900	1288	33	the	the	DET
cblr-11900	1288	34	collateral	collateral	NOUN
cblr-11900	1288	35	)	)	PUNCT
cblr-11900	1288	36	.	.	PUNCT
cblr-11900	1289	1	but	but	CCONJ
cblr-11900	1289	2	unlike	unlike	ADP
cblr-11900	1289	3	mount	mount	PROPN
cblr-11900	1289	4	pleasant	pleasant	PROPN
cblr-11900	1289	5	,	,	PUNCT
cblr-11900	1289	6	which	which	DET
cblr-11900	1289	7	concerned	concern	VERB
cblr-11900	1289	8	iowa	iowa	PROPN
cblr-11900	1289	9	state	state	PROPN
cblr-11900	1289	10	law	law	NOUN
cblr-11900	1289	11	,	,	PUNCT
cblr-11900	1289	12	this	this	DET
cblr-11900	1289	13	bankruptcy	bankruptcy	NOUN
cblr-11900	1289	14	proceeding	proceeding	NOUN
cblr-11900	1289	15	was	be	AUX
cblr-11900	1289	16	in	in	ADP
cblr-11900	1289	17	federal	federal	ADJ
cblr-11900	1289	18	court	court	NOUN
cblr-11900	1289	19	—	—	PUNCT
cblr-11900	1289	20	specifically	specifically	ADV
cblr-11900	1289	21	,	,	PUNCT
cblr-11900	1289	22	the	the	DET
cblr-11900	1289	23	southern	southern	ADJ
cblr-11900	1289	24	district	district	NOUN
cblr-11900	1289	25	of	of	ADP
cblr-11900	1289	26	new	new	PROPN
cblr-11900	1289	27	york	york	PROPN
cblr-11900	1289	28	,	,	PUNCT
cblr-11900	1289	29	which	which	PRON
cblr-11900	1289	30	has	have	VERB
cblr-11900	1289	31	jurisdiction	jurisdiction	NOUN
cblr-11900	1289	32	over	over	ADP
cblr-11900	1289	33	most	most	ADJ
cblr-11900	1289	34	major	major	ADJ
cblr-11900	1289	35	government	government	NOUN
cblr-11900	1289	36	securities	security	NOUN
cblr-11900	1289	37	dealers	dealer	NOUN
cblr-11900	1289	38	.	.	PUNCT
cblr-11900	1290	1	efforts	effort	NOUN
cblr-11900	1290	2	to	to	PART
cblr-11900	1290	3	argue	argue	VERB
cblr-11900	1290	4	to	to	ADP
cblr-11900	1290	5	the	the	DET
cblr-11900	1290	6	contrary	contrary	NOUN
cblr-11900	1290	7	by	by	ADP
cblr-11900	1290	8	both	both	CCONJ
cblr-11900	1290	9	the	the	DET
cblr-11900	1290	10	federal	federal	PROPN
cblr-11900	1290	11	reserve	reserve	PROPN
cblr-11900	1290	12	bank	bank	PROPN
cblr-11900	1290	13	of	of	ADP
cblr-11900	1290	14	new	new	PROPN
cblr-11900	1290	15	york	york	PROPN
cblr-11900	1290	16	and	and	CCONJ
cblr-11900	1290	17	the	the	DET
cblr-11900	1290	18	industry	industry	NOUN
cblr-11900	1290	19	(	(	PUNCT
cblr-11900	1290	20	both	both	CCONJ
cblr-11900	1290	21	on	on	ADP
cblr-11900	1290	22	an	an	DET
cblr-11900	1290	23	individual	individual	ADJ
cblr-11900	1290	24	basis	basis	NOUN
cblr-11900	1290	25	and	and	CCONJ
cblr-11900	1290	26	via	via	ADP
cblr-11900	1290	27	trade	trade	PROPN
cblr-11900	1290	28	associations276	associations276	PROPN
cblr-11900	1290	29	)	)	PUNCT
cblr-11900	1290	30	ultimately	ultimately	ADV
cblr-11900	1290	31	failed	fail	VERB
cblr-11900	1290	32	to	to	PART
cblr-11900	1290	33	sway	sway	VERB
cblr-11900	1290	34	the	the	DET
cblr-11900	1290	35	court	court	NOUN
cblr-11900	1290	36	,	,	PUNCT
cblr-11900	1290	37	which	which	PRON
cblr-11900	1290	38	reiterated	reiterate	VERB
cblr-11900	1290	39	its	its	PRON
cblr-11900	1290	40	opinion	opinion	NOUN
cblr-11900	1290	41	in	in	ADP
cblr-11900	1290	42	a	a	DET
cblr-11900	1290	43	subsequent	subsequent	ADJ
cblr-11900	1290	44	ruling.277	ruling.277	NOUN
cblr-11900	1290	45	although	although	SCONJ
cblr-11900	1290	46	the	the	DET
cblr-11900	1290	47	court	court	NOUN
cblr-11900	1290	48	ultimately	ultimately	ADV
cblr-11900	1290	49	allowed	allow	VERB
cblr-11900	1290	50	liquidations	liquidation	NOUN
cblr-11900	1290	51	in	in	ADP
cblr-11900	1290	52	a	a	DET
cblr-11900	1290	53	timely	timely	ADJ
cblr-11900	1290	54	manner	manner	NOUN
cblr-11900	1290	55	,	,	PUNCT
cblr-11900	1290	56	its	its	PRON
cblr-11900	1290	57	holding	holding	NOUN
cblr-11900	1290	58	raised	raise	VERB
cblr-11900	1290	59	the	the	DET
cblr-11900	1290	60	risk	risk	NOUN
cblr-11900	1290	61	that	that	SCONJ
cblr-11900	1290	62	federal	federal	ADJ
cblr-11900	1290	63	bankruptcy	bankruptcy	NOUN
cblr-11900	1290	64	courts	court	NOUN
cblr-11900	1290	65	in	in	ADP
cblr-11900	1290	66	new	new	PROPN
cblr-11900	1290	67	york	york	PROPN
cblr-11900	1290	68	,	,	PUNCT
cblr-11900	1290	69	and	and	CCONJ
cblr-11900	1290	70	potentially	potentially	ADV
cblr-11900	1290	71	nationwide	nationwide	ADJ
cblr-11900	1290	72	,	,	PUNCT
cblr-11900	1290	73	would	would	AUX
cblr-11900	1290	74	relegate	relegate	VERB
cblr-11900	1290	75	repo	repo	VERB
cblr-11900	1290	76	lenders	lender	NOUN
cblr-11900	1290	77	to	to	ADP
cblr-11900	1290	78	ordinary	ordinary	ADJ
cblr-11900	1290	79	creditors	creditor	NOUN
cblr-11900	1290	80	in	in	ADP
cblr-11900	1290	81	the	the	DET
cblr-11900	1290	82	event	event	NOUN
cblr-11900	1290	83	of	of	ADP
cblr-11900	1290	84	counterparty	counterparty	NOUN
cblr-11900	1290	85	failure.278	failure.278	VERB
cblr-11900	1290	86	the	the	DET
cblr-11900	1290	87	application	application	NOUN
cblr-11900	1290	88	of	of	ADP
cblr-11900	1290	89	the	the	DET
cblr-11900	1290	90	automatic	automatic	ADJ
cblr-11900	1290	91	stay	stay	NOUN
cblr-11900	1290	92	to	to	PART
cblr-11900	1290	93	repo	repo	VERB
cblr-11900	1290	94	positions	position	NOUN
cblr-11900	1290	95	meaningfully	meaningfully	ADV
cblr-11900	1290	96	reduced	reduce	VERB
cblr-11900	1290	97	the	the	DET
cblr-11900	1290	98	appeal	appeal	NOUN
cblr-11900	1290	99	of	of	ADP
cblr-11900	1290	100	repos	repos	NOUN
cblr-11900	1290	101	as	as	ADP
cblr-11900	1290	102	an	an	DET
cblr-11900	1290	103	alternative	alternative	NOUN
cblr-11900	1290	104	to	to	ADP
cblr-11900	1290	105	bank	bank	NOUN
cblr-11900	1290	106	deposits	deposit	NOUN
cblr-11900	1290	107	.	.	PUNCT
cblr-11900	1291	1	as	as	SCONJ
cblr-11900	1291	2	creditors	creditor	NOUN
cblr-11900	1291	3	to	to	ADP
cblr-11900	1291	4	the	the	DET
cblr-11900	1291	5	estate	estate	NOUN
cblr-11900	1291	6	rather	rather	ADV
cblr-11900	1291	7	than	than	ADP
cblr-11900	1291	8	owners	owner	NOUN
cblr-11900	1291	9	of	of	ADP
cblr-11900	1291	10	securities	security	NOUN
cblr-11900	1291	11	,	,	PUNCT
cblr-11900	1291	12	repo	repo	ADP
cblr-11900	1291	13	cash	cash	NOUN
cblr-11900	1291	14	providers	provider	NOUN
cblr-11900	1291	15	would	would	AUX
cblr-11900	1291	16	have	have	VERB
cblr-11900	1291	17	to	to	PART
cblr-11900	1291	18	wait	wait	VERB
cblr-11900	1291	19	until	until	SCONJ
cblr-11900	1291	20	the	the	DET
cblr-11900	1291	21	bankruptcy	bankruptcy	NOUN
cblr-11900	1291	22	court	court	NOUN
cblr-11900	1291	23	authorized	authorize	VERB
cblr-11900	1291	24	them	they	PRON
cblr-11900	1291	25	to	to	PART
cblr-11900	1291	26	liquidate	liquidate	VERB
cblr-11900	1291	27	the	the	DET
cblr-11900	1291	28	assets	asset	NOUN
cblr-11900	1291	29	(	(	PUNCT
cblr-11900	1291	30	treasuries	treasury	NOUN
cblr-11900	1291	31	or	or	CCONJ
cblr-11900	1291	32	otherwise	otherwise	ADV
cblr-11900	1291	33	)	)	PUNCT
cblr-11900	1291	34	securing	secure	VERB
cblr-11900	1291	35	their	their	PRON
cblr-11900	1291	36	position	position	NOUN
cblr-11900	1291	37	.	.	PUNCT
cblr-11900	1292	1	not	not	PART
cblr-11900	1292	2	only	only	ADV
cblr-11900	1292	3	would	would	AUX
cblr-11900	1292	4	creditors	creditor	NOUN
cblr-11900	1292	5	lose	lose	VERB
cblr-11900	1292	6	access	access	NOUN
cblr-11900	1292	7	to	to	ADP
cblr-11900	1292	8	some	some	DET
cblr-11900	1292	9	liquidity	liquidity	NOUN
cblr-11900	1292	10	,	,	PUNCT
cblr-11900	1292	11	but	but	CCONJ
cblr-11900	1292	12	they	they	PRON
cblr-11900	1292	13	would	would	AUX
cblr-11900	1292	14	be	be	AUX
cblr-11900	1292	15	exposed	expose	VERB
cblr-11900	1292	16	to	to	ADP
cblr-11900	1292	17	fluctuations	fluctuation	NOUN
cblr-11900	1292	18	in	in	ADP
cblr-11900	1292	19	the	the	DET
cblr-11900	1292	20	market	market	NOUN
cblr-11900	1292	21	value	value	NOUN
cblr-11900	1292	22	of	of	ADP
cblr-11900	1292	23	their	their	PRON
cblr-11900	1292	24	collateral279	collateral279	PROPN
cblr-11900	1292	25	for	for	ADP
cblr-11900	1292	26	an	an	DET
cblr-11900	1292	27	indeterminant	indeterminant	NOUN
cblr-11900	1292	28	period.280	period.280	NOUN
cblr-11900	1292	29	for	for	ADP
cblr-11900	1292	30	money	money	NOUN
cblr-11900	1292	31	market	market	NOUN
cblr-11900	1292	32	funds	fund	NOUN
cblr-11900	1292	33	and	and	CCONJ
cblr-11900	1292	34	others	other	NOUN
cblr-11900	1292	35	looking	look	VERB
cblr-11900	1292	36	for	for	ADP
cblr-11900	1292	37	a	a	DET
cblr-11900	1292	38	money	money	NOUN
cblr-11900	1292	39	-	-	PUNCT
cblr-11900	1292	40	like	like	ADJ
cblr-11900	1292	41	instrument	instrument	NOUN
cblr-11900	1292	42	,	,	PUNCT
cblr-11900	1292	43	276	276	NUM
cblr-11900	1292	44	kenneth	kenneth	PROPN
cblr-11900	1292	45	garbade	garbade	PROPN
cblr-11900	1292	46	,	,	PUNCT
cblr-11900	1292	47	the	the	DET
cblr-11900	1292	48	evolution	evolution	NOUN
cblr-11900	1292	49	of	of	ADP
cblr-11900	1292	50	repo	repo	ADP
cblr-11900	1292	51	contracting	contracting	NOUN
cblr-11900	1292	52	conventions	convention	NOUN
cblr-11900	1292	53	in	in	ADP
cblr-11900	1292	54	the	the	DET
cblr-11900	1292	55	1980s	1980s	NUM
cblr-11900	1292	56	,	,	PUNCT
cblr-11900	1292	57	12	12	NUM
cblr-11900	1292	58	fed	fed	PROPN
cblr-11900	1292	59	.	.	PUNCT
cblr-11900	1292	60	rsrv	rsrv	PROPN
cblr-11900	1292	61	.	.	PUNCT
cblr-11900	1293	1	bank	bank	PROPN
cblr-11900	1293	2	of	of	ADP
cblr-11900	1293	3	n.y	n.y	PROPN
cblr-11900	1293	4	.	.	PROPN
cblr-11900	1293	5	econ	econ	PROPN
cblr-11900	1293	6	.	.	PUNCT
cblr-11900	1294	1	pol’y	pol’y	NOUN
cblr-11900	1294	2	rev	rev	VERB
cblr-11900	1294	3	.	.	PROPN
cblr-11900	1294	4	27	27	NUM
cblr-11900	1294	5	(	(	PUNCT
cblr-11900	1294	6	2006	2006	NUM
cblr-11900	1294	7	)	)	PUNCT
cblr-11900	1294	8	.	.	PUNCT
cblr-11900	1295	1	277	277	NUM
cblr-11900	1295	2	in	in	ADP
cblr-11900	1295	3	re	re	VERB
cblr-11900	1295	4	lombard	lombard	PROPN
cblr-11900	1295	5	-	-	PUNCT
cblr-11900	1295	6	wall	wall	PROPN
cblr-11900	1295	7	inc	inc	PROPN
cblr-11900	1295	8	.	.	PROPN
cblr-11900	1295	9	,	,	PUNCT
cblr-11900	1295	10	23	23	NUM
cblr-11900	1295	11	b.r	b.r	PROPN
cblr-11900	1295	12	.	.	PROPN
cblr-11900	1295	13	165	165	NUM
cblr-11900	1295	14	(	(	PUNCT
cblr-11900	1295	15	bankr	bankr	PROPN
cblr-11900	1295	16	.	.	PUNCT
cblr-11900	1296	1	s.d.n.y	s.d.n.y	PROPN
cblr-11900	1296	2	.	.	PROPN
cblr-11900	1296	3	1982	1982	NUM
cblr-11900	1296	4	)	)	PUNCT
cblr-11900	1296	5	.	.	PUNCT
cblr-11900	1297	1	278	278	NUM
cblr-11900	1297	2	hagerty	hagerty	NOUN
cblr-11900	1297	3	,	,	PUNCT
cblr-11900	1297	4	supra	supra	PROPN
cblr-11900	1297	5	note	note	PROPN
cblr-11900	1297	6	276	276	NUM
cblr-11900	1297	7	,	,	PUNCT
cblr-11900	1297	8	at	at	ADP
cblr-11900	1297	9	409–10	409–10	NUM
cblr-11900	1297	10	.	.	PROPN
cblr-11900	1297	11	279	279	NUM
cblr-11900	1297	12	hagerty	hagerty	NOUN
cblr-11900	1297	13	,	,	PUNCT
cblr-11900	1297	14	supra	supra	PROPN
cblr-11900	1297	15	note	note	PROPN
cblr-11900	1297	16	276	276	NUM
cblr-11900	1297	17	,	,	PUNCT
cblr-11900	1297	18	at	at	ADP
cblr-11900	1297	19	410–11	410–11	NUM
cblr-11900	1297	20	.	.	PUNCT
cblr-11900	1297	21	280	280	NUM
cblr-11900	1297	22	in	in	ADP
cblr-11900	1297	23	the	the	DET
cblr-11900	1297	24	case	case	NOUN
cblr-11900	1297	25	of	of	ADP
cblr-11900	1297	26	mount	mount	PROPN
cblr-11900	1297	27	pleasant	pleasant	PROPN
cblr-11900	1297	28	bank	bank	PROPN
cblr-11900	1297	29	and	and	CCONJ
cblr-11900	1297	30	trust	trust	PROPN
cblr-11900	1297	31	,	,	PUNCT
cblr-11900	1297	32	one	one	NUM
cblr-11900	1297	33	observer	observer	NOUN
cblr-11900	1297	34	noted	note	VERB
cblr-11900	1297	35	that	that	SCONJ
cblr-11900	1297	36	the	the	DET
cblr-11900	1297	37	liquidation	liquidation	NOUN
cblr-11900	1297	38	of	of	ADP
cblr-11900	1297	39	a	a	DET
cblr-11900	1297	40	small	small	ADJ
cblr-11900	1297	41	bank	bank	NOUN
cblr-11900	1297	42	can	can	AUX
cblr-11900	1297	43	take	take	VERB
cblr-11900	1297	44	“	"	PUNCT
cblr-11900	1297	45	18	18	NUM
cblr-11900	1297	46	months	month	NOUN
cblr-11900	1297	47	to	to	ADP
cblr-11900	1297	48	two	two	NUM
cblr-11900	1297	49	years	year	NOUN
cblr-11900	1297	50	.	.	PUNCT
cblr-11900	1297	51	”	"	PUNCT
cblr-11900	1298	1	n.r	n.r	PROPN
cblr-11900	1298	2	.	.	PROPN
cblr-11900	1298	3	kleinfeld	kleinfeld	PROPN
cblr-11900	1298	4	,	,	PUNCT
cblr-11900	1298	5	supra	supra	PROPN
cblr-11900	1298	6	note	note	PROPN
cblr-11900	1298	7	272	272	NUM
cblr-11900	1298	8	.	.	X
cblr-11900	1298	9	292	292	NUM
cblr-11900	1298	10	columbia	columbia	PROPN
cblr-11900	1298	11	business	business	NOUN
cblr-11900	1298	12	law	law	PROPN
cblr-11900	1298	13	review	review	NOUN
cblr-11900	1298	14	[	[	X
cblr-11900	1298	15	vol	vol	NOUN
cblr-11900	1298	16	.	.	PUNCT
cblr-11900	1298	17	2023	2023	NUM
cblr-11900	1298	18	that	that	PRON
cblr-11900	1298	19	was	be	AUX
cblr-11900	1298	20	a	a	DET
cblr-11900	1298	21	serious	serious	ADJ
cblr-11900	1298	22	problem.281	problem.281	NOUN
cblr-11900	1298	23	conditions	condition	NOUN
cblr-11900	1298	24	in	in	ADP
cblr-11900	1298	25	repo	repo	NOUN
cblr-11900	1298	26	markets	market	NOUN
cblr-11900	1298	27	quickly	quickly	ADV
cblr-11900	1298	28	deteriorated.282	deteriorated.282	PROPN
cblr-11900	1298	29	the	the	DET
cblr-11900	1298	30	twin	twin	ADJ
cblr-11900	1298	31	rulings	ruling	NOUN
cblr-11900	1298	32	kicked	kick	VERB
cblr-11900	1298	33	off	off	ADP
cblr-11900	1298	34	an	an	DET
cblr-11900	1298	35	intense	intense	ADJ
cblr-11900	1298	36	debate	debate	NOUN
cblr-11900	1298	37	over	over	ADP
cblr-11900	1298	38	the	the	DET
cblr-11900	1298	39	appropriate	appropriate	ADJ
cblr-11900	1298	40	treatment	treatment	NOUN
cblr-11900	1298	41	of	of	ADP
cblr-11900	1298	42	repo	repo	NOUN
cblr-11900	1298	43	in	in	ADP
cblr-11900	1298	44	bankruptcy,283	bankruptcy,283	PROPN
cblr-11900	1298	45	and	and	CCONJ
cblr-11900	1298	46	a	a	DET
cblr-11900	1298	47	lobbying	lobbying	NOUN
cblr-11900	1298	48	effort284	effort284	PROPN
cblr-11900	1298	49	to	to	PART
cblr-11900	1298	50	find	find	VERB
cblr-11900	1298	51	a	a	DET
cblr-11900	1298	52	legislative	legislative	ADJ
cblr-11900	1298	53	solution	solution	NOUN
cblr-11900	1298	54	.	.	PUNCT
cblr-11900	1299	1	then	then	ADV
cblr-11900	1299	2	-	-	PUNCT
cblr-11900	1299	3	chair	chair	NOUN
cblr-11900	1299	4	of	of	ADP
cblr-11900	1299	5	the	the	DET
cblr-11900	1299	6	federal	federal	PROPN
cblr-11900	1299	7	reserve	reserve	PROPN
cblr-11900	1299	8	paul	paul	PROPN
cblr-11900	1299	9	volker	volker	PROPN
cblr-11900	1299	10	wrote	write	VERB
cblr-11900	1299	11	to	to	ADP
cblr-11900	1299	12	senator	senator	PROPN
cblr-11900	1299	13	bob	bob	PROPN
cblr-11900	1299	14	dole	dole	PROPN
cblr-11900	1299	15	,	,	PUNCT
cblr-11900	1299	16	then	then	ADV
cblr-11900	1299	17	chairman	chairman	NOUN
cblr-11900	1299	18	of	of	ADP
cblr-11900	1299	19	the	the	DET
cblr-11900	1299	20	senate	senate	PROPN
cblr-11900	1299	21	judiciary	judiciary	PROPN
cblr-11900	1299	22	committee	committee	PROPN
cblr-11900	1299	23	’s	’s	PART
cblr-11900	1299	24	subcommittee	subcommittee	NOUN
cblr-11900	1299	25	on	on	ADP
cblr-11900	1299	26	courts	court	NOUN
cblr-11900	1299	27	,	,	PUNCT
cblr-11900	1299	28	asking	ask	VERB
cblr-11900	1299	29	for	for	ADP
cblr-11900	1299	30	a	a	DET
cblr-11900	1299	31	bill	bill	NOUN
cblr-11900	1299	32	to	to	PART
cblr-11900	1299	33	avoid	avoid	VERB
cblr-11900	1299	34	“	"	PUNCT
cblr-11900	1299	35	major	major	ADJ
cblr-11900	1299	36	possibilities	possibility	NOUN
cblr-11900	1299	37	for	for	ADP
cblr-11900	1299	38	disruption	disruption	NOUN
cblr-11900	1299	39	”	"	PUNCT
cblr-11900	1299	40	in	in	ADP
cblr-11900	1299	41	repo	repo	NOUN
cblr-11900	1299	42	markets.285	markets.285	PROPN
cblr-11900	1299	43	volcker	volcker	PROPN
cblr-11900	1299	44	later	later	ADV
cblr-11900	1299	45	argued	argue	VERB
cblr-11900	1299	46	in	in	ADP
cblr-11900	1299	47	congressional	congressional	ADJ
cblr-11900	1299	48	testimony	testimony	NOUN
cblr-11900	1299	49	that	that	SCONJ
cblr-11900	1299	50	that	that	SCONJ
cblr-11900	1299	51	the	the	DET
cblr-11900	1299	52	judicial	judicial	ADJ
cblr-11900	1299	53	developments	development	NOUN
cblr-11900	1299	54	risked	risk	VERB
cblr-11900	1299	55	“	"	PUNCT
cblr-11900	1299	56	the	the	DET
cblr-11900	1299	57	inability	inability	NOUN
cblr-11900	1299	58	of	of	ADP
cblr-11900	1299	59	other	other	ADJ
cblr-11900	1299	60	parties	party	NOUN
cblr-11900	1299	61	promptly	promptly	ADV
cblr-11900	1299	62	to	to	PART
cblr-11900	1299	63	liquidate	liquidate	VERB
cblr-11900	1299	64	their	their	PRON
cblr-11900	1299	65	investments	investment	NOUN
cblr-11900	1299	66	to	to	PART
cblr-11900	1299	67	obtain	obtain	VERB
cblr-11900	1299	68	cash	cash	NOUN
cblr-11900	1299	69	to	to	PART
cblr-11900	1299	70	meet	meet	VERB
cblr-11900	1299	71	obligations	obligation	NOUN
cblr-11900	1299	72	”	"	PUNCT
cblr-11900	1299	73	which	which	PRON
cblr-11900	1299	74	“	"	PUNCT
cblr-11900	1299	75	could	could	AUX
cblr-11900	1299	76	have	have	VERB
cblr-11900	1299	77	a	a	DET
cblr-11900	1299	78	ripple	ripple	ADJ
cblr-11900	1299	79	effect	effect	NOUN
cblr-11900	1299	80	throughout	throughout	ADP
cblr-11900	1299	81	the	the	DET
cblr-11900	1299	82	securities	security	NOUN
cblr-11900	1299	83	market	market	NOUN
cblr-11900	1299	84	,	,	PUNCT
cblr-11900	1299	85	causing	cause	VERB
cblr-11900	1299	86	an	an	DET
cblr-11900	1299	87	otherwise	otherwise	ADV
cblr-11900	1299	88	isolated	isolate	VERB
cblr-11900	1299	89	financial	financial	ADJ
cblr-11900	1299	90	281	281	NUM
cblr-11900	1299	91	for	for	ADP
cblr-11900	1299	92	example	example	NOUN
cblr-11900	1299	93	,	,	PUNCT
cblr-11900	1299	94	in	in	ADP
cblr-11900	1299	95	his	his	PRON
cblr-11900	1299	96	comments	comment	NOUN
cblr-11900	1299	97	at	at	ADP
cblr-11900	1299	98	the	the	DET
cblr-11900	1299	99	same	same	ADJ
cblr-11900	1299	100	hearing	hearing	NOUN
cblr-11900	1299	101	,	,	PUNCT
cblr-11900	1299	102	peter	peter	PROPN
cblr-11900	1299	103	sternlight	sternlight	PROPN
cblr-11900	1299	104	observed	observe	VERB
cblr-11900	1299	105	“	"	PUNCT
cblr-11900	1299	106	recently	recently	ADV
cblr-11900	1299	107	,	,	PUNCT
cblr-11900	1299	108	the	the	DET
cblr-11900	1299	109	liquidity	liquidity	NOUN
cblr-11900	1299	110	of	of	ADP
cblr-11900	1299	111	the	the	DET
cblr-11900	1299	112	market	market	NOUN
cblr-11900	1299	113	for	for	ADP
cblr-11900	1299	114	repurchase	repurchase	NOUN
cblr-11900	1299	115	agreements	agreement	NOUN
cblr-11900	1299	116	has	have	AUX
cblr-11900	1299	117	been	be	AUX
cblr-11900	1299	118	threatened	threaten	VERB
cblr-11900	1299	119	by	by	ADP
cblr-11900	1299	120	the	the	DET
cblr-11900	1299	121	possible	possible	ADJ
cblr-11900	1299	122	application	application	NOUN
cblr-11900	1299	123	of	of	ADP
cblr-11900	1299	124	the	the	DET
cblr-11900	1299	125	automatic	automatic	ADJ
cblr-11900	1299	126	stay	stay	NOUN
cblr-11900	1299	127	provision	provision	NOUN
cblr-11900	1299	128	of	of	ADP
cblr-11900	1299	129	the	the	DET
cblr-11900	1299	130	bankruptcy	bankruptcy	NOUN
cblr-11900	1299	131	code	code	PROPN
cblr-11900	1299	132	.	.	PUNCT
cblr-11900	1299	133	”	"	PUNCT
cblr-11900	1300	1	hearing	hear	VERB
cblr-11900	1300	2	on	on	ADP
cblr-11900	1300	3	northern	northern	ADJ
cblr-11900	1300	4	pipeline	pipeline	PROPN
cblr-11900	1300	5	co.	co.	PROPN
cblr-11900	1300	6	v.	v.	ADP
cblr-11900	1300	7	marathon	marathon	PROPN
cblr-11900	1300	8	pipeline	pipeline	PROPN
cblr-11900	1300	9	co.	co.	PROPN
cblr-11900	1300	10	decision	decision	NOUN
cblr-11900	1300	11	;	;	PUNCT
cblr-11900	1300	12	consumer	consumer	NOUN
cblr-11900	1300	13	credit	credit	NOUN
cblr-11900	1300	14	code	code	NOUN
cblr-11900	1300	15	amendments	amendment	NOUN
cblr-11900	1300	16	;	;	PUNCT
cblr-11900	1300	17	agricultural	agricultural	ADJ
cblr-11900	1300	18	produce	produce	VERB
cblr-11900	1300	19	bailment	bailment	NOUN
cblr-11900	1300	20	amendments	amendment	NOUN
cblr-11900	1300	21	;	;	PUNCT
cblr-11900	1300	22	repurchase	repurchase	VERB
cblr-11900	1300	23	agreement	agreement	NOUN
cblr-11900	1300	24	code	code	NOUN
cblr-11900	1300	25	amendments	amendment	NOUN
cblr-11900	1300	26	;	;	PUNCT
cblr-11900	1300	27	shopping	shopping	NOUN
cblr-11900	1300	28	center	center	NOUN
cblr-11900	1300	29	tenancy	tenancy	NOUN
cblr-11900	1300	30	amendments	amendment	NOUN
cblr-11900	1300	31	;	;	PUNCT
cblr-11900	1300	32	and	and	CCONJ
cblr-11900	1300	33	timesharing	timeshare	VERB
cblr-11900	1300	34	agreements	agreement	NOUN
cblr-11900	1300	35	before	before	ADP
cblr-11900	1300	36	the	the	DET
cblr-11900	1300	37	s.	s.	PROPN
cblr-11900	1300	38	comm	comm	NOUN
cblr-11900	1300	39	.	.	PUNCT
cblr-11900	1301	1	on	on	ADP
cblr-11900	1301	2	courts	court	NOUN
cblr-11900	1301	3	,	,	PUNCT
cblr-11900	1301	4	h.	h.	PROPN
cblr-11900	1301	5	comm	comm	NOUN
cblr-11900	1301	6	.	.	PUNCT
cblr-11900	1302	1	on	on	ADP
cblr-11900	1302	2	the	the	DET
cblr-11900	1302	3	judiciary	judiciary	NOUN
cblr-11900	1302	4	,	,	PUNCT
cblr-11900	1302	5	99th	99th	ADJ
cblr-11900	1302	6	cong	cong	NOUN
cblr-11900	1302	7	.	.	PUNCT
cblr-11900	1303	1	310	310	NUM
cblr-11900	1303	2	(	(	PUNCT
cblr-11900	1303	3	1983	1983	NUM
cblr-11900	1303	4	)	)	PUNCT
cblr-11900	1303	5	(	(	PUNCT
cblr-11900	1303	6	statement	statement	NOUN
cblr-11900	1303	7	of	of	ADP
cblr-11900	1303	8	peter	peter	PROPN
cblr-11900	1303	9	sternlight	sternlight	PROPN
cblr-11900	1303	10	,	,	PUNCT
cblr-11900	1303	11	executive	executive	ADJ
cblr-11900	1303	12	vice	vice	NOUN
cblr-11900	1303	13	president	president	NOUN
cblr-11900	1303	14	,	,	PUNCT
cblr-11900	1303	15	fed	fed	PROPN
cblr-11900	1303	16	.	.	PROPN
cblr-11900	1303	17	reserve	reserve	PROPN
cblr-11900	1303	18	bank	bank	PROPN
cblr-11900	1303	19	of	of	ADP
cblr-11900	1303	20	n.y	n.y	PROPN
cblr-11900	1303	21	.	.	PROPN
cblr-11900	1303	22	)	)	PUNCT
cblr-11900	1303	23	.	.	PUNCT
cblr-11900	1304	1	this	this	PRON
cblr-11900	1304	2	is	be	AUX
cblr-11900	1304	3	striking	strike	VERB
cblr-11900	1304	4	in	in	ADP
cblr-11900	1304	5	part	part	NOUN
cblr-11900	1304	6	given	give	VERB
cblr-11900	1304	7	his	his	PRON
cblr-11900	1304	8	long	long	ADJ
cblr-11900	1304	9	tenure	tenure	NOUN
cblr-11900	1304	10	on	on	ADP
cblr-11900	1304	11	the	the	DET
cblr-11900	1304	12	open	open	ADJ
cblr-11900	1304	13	market	market	NOUN
cblr-11900	1304	14	trading	trading	NOUN
cblr-11900	1304	15	desk	desk	NOUN
cblr-11900	1304	16	(	(	PUNCT
cblr-11900	1304	17	“	"	PUNCT
cblr-11900	1304	18	since	since	SCONJ
cblr-11900	1304	19	the	the	DET
cblr-11900	1304	20	1960s	1960	NOUN
cblr-11900	1304	21	”	"	PUNCT
cblr-11900	1304	22	)	)	PUNCT
cblr-11900	1304	23	.	.	PUNCT
cblr-11900	1305	1	282	282	NUM
cblr-11900	1305	2	michael	michael	PROPN
cblr-11900	1305	3	quint	quint	PROPN
cblr-11900	1305	4	,	,	PUNCT
cblr-11900	1305	5	repo	repo	ADP
cblr-11900	1305	6	backing	backing	NOUN
cblr-11900	1305	7	is	be	AUX
cblr-11900	1305	8	under	under	ADP
cblr-11900	1305	9	a	a	DET
cblr-11900	1305	10	cloud	cloud	NOUN
cblr-11900	1305	11	,	,	PUNCT
cblr-11900	1305	12	n.y	n.y	PROPN
cblr-11900	1305	13	.	.	PROPN
cblr-11900	1305	14	times	times	PROPN
cblr-11900	1305	15	,	,	PUNCT
cblr-11900	1305	16	sept	sept	PROPN
cblr-11900	1305	17	.	.	PROPN
cblr-11900	1305	18	29	29	NUM
cblr-11900	1305	19	,	,	PUNCT
cblr-11900	1305	20	1982	1982	NUM
cblr-11900	1305	21	.	.	PUNCT
cblr-11900	1306	1	there	there	PRON
cblr-11900	1306	2	is	be	VERB
cblr-11900	1306	3	also	also	ADV
cblr-11900	1306	4	empirical	empirical	ADJ
cblr-11900	1306	5	evidence	evidence	NOUN
cblr-11900	1306	6	for	for	ADP
cblr-11900	1306	7	recent	recent	ADJ
cblr-11900	1306	8	events	event	NOUN
cblr-11900	1306	9	running	run	VERB
cblr-11900	1306	10	counter	counter	ADV
cblr-11900	1306	11	to	to	ADP
cblr-11900	1306	12	prevailing	prevail	VERB
cblr-11900	1306	13	wisdom	wisdom	NOUN
cblr-11900	1306	14	among	among	ADP
cblr-11900	1306	15	market	market	NOUN
cblr-11900	1306	16	participants	participant	NOUN
cblr-11900	1306	17	at	at	ADP
cblr-11900	1306	18	the	the	DET
cblr-11900	1306	19	time	time	NOUN
cblr-11900	1306	20	:	:	PUNCT
cblr-11900	1306	21	the	the	DET
cblr-11900	1306	22	investment	investment	NOUN
cblr-11900	1306	23	company	company	NOUN
cblr-11900	1306	24	institute	institute	PROPN
cblr-11900	1306	25	notes	note	VERB
cblr-11900	1306	26	a	a	DET
cblr-11900	1306	27	sharp	sharp	ADJ
cblr-11900	1306	28	decline	decline	NOUN
cblr-11900	1306	29	in	in	ADP
cblr-11900	1306	30	repos	repos	NOUN
cblr-11900	1306	31	held	hold	VERB
cblr-11900	1306	32	by	by	ADP
cblr-11900	1306	33	mmfs	mmfs	NOUN
cblr-11900	1306	34	from	from	ADP
cblr-11900	1306	35	$	$	SYM
cblr-11900	1306	36	22.1	22.1	NUM
cblr-11900	1306	37	billion	billion	NUM
cblr-11900	1306	38	(	(	PUNCT
cblr-11900	1306	39	9.7	9.7	NUM
cblr-11900	1306	40	%	%	NOUN
cblr-11900	1306	41	of	of	ADP
cblr-11900	1306	42	total	total	ADJ
cblr-11900	1306	43	assets	asset	NOUN
cblr-11900	1306	44	)	)	PUNCT
cblr-11900	1306	45	in	in	ADP
cblr-11900	1306	46	august	august	PROPN
cblr-11900	1306	47	1982	1982	NUM
cblr-11900	1306	48	to	to	ADP
cblr-11900	1306	49	$	$	SYM
cblr-11900	1306	50	16.2	16.2	NUM
cblr-11900	1306	51	billion	billion	NUM
cblr-11900	1306	52	(	(	PUNCT
cblr-11900	1306	53	7.8	7.8	NUM
cblr-11900	1306	54	%	%	NOUN
cblr-11900	1306	55	)	)	PUNCT
cblr-11900	1306	56	in	in	ADP
cblr-11900	1306	57	december	december	PROPN
cblr-11900	1306	58	of	of	ADP
cblr-11900	1306	59	that	that	DET
cblr-11900	1306	60	year	year	NOUN
cblr-11900	1306	61	.	.	PUNCT
cblr-11900	1307	1	for	for	ADP
cblr-11900	1307	2	context	context	NOUN
cblr-11900	1307	3	,	,	PUNCT
cblr-11900	1307	4	concerns	concern	VERB
cblr-11900	1307	5	that	that	SCONJ
cblr-11900	1307	6	the	the	DET
cblr-11900	1307	7	automatic	automatic	ADJ
cblr-11900	1307	8	stay	stay	NOUN
cblr-11900	1307	9	might	might	AUX
cblr-11900	1307	10	apply	apply	VERB
cblr-11900	1307	11	to	to	ADP
cblr-11900	1307	12	repos	repos	NOUN
cblr-11900	1307	13	grew	grow	VERB
cblr-11900	1307	14	sharply	sharply	ADV
cblr-11900	1307	15	in	in	ADP
cblr-11900	1307	16	the	the	DET
cblr-11900	1307	17	wake	wake	NOUN
cblr-11900	1307	18	of	of	ADP
cblr-11900	1307	19	actions	action	NOUN
cblr-11900	1307	20	taken	take	VERB
cblr-11900	1307	21	in	in	ADP
cblr-11900	1307	22	the	the	DET
cblr-11900	1307	23	bankruptcy	bankruptcy	NOUN
cblr-11900	1307	24	proceedings	proceeding	NOUN
cblr-11900	1307	25	of	of	ADP
cblr-11900	1307	26	lombard	lombard	NOUN
cblr-11900	1307	27	-	-	PUNCT
cblr-11900	1307	28	wall	wall	NOUN
cblr-11900	1307	29	.	.	PUNCT
cblr-11900	1308	1	michael	michael	PROPN
cblr-11900	1308	2	blumstein	blumstein	PROPN
cblr-11900	1308	3	,	,	PUNCT
cblr-11900	1308	4	lombard	lombard	NOUN
cblr-11900	1308	5	creditors	creditor	NOUN
cblr-11900	1308	6	seek	seek	VERB
cblr-11900	1308	7	sale	sale	NOUN
cblr-11900	1308	8	,	,	PUNCT
cblr-11900	1308	9	n.y	n.y	PROPN
cblr-11900	1308	10	.	.	PROPN
cblr-11900	1308	11	times	times	PROPN
cblr-11900	1308	12	,	,	PUNCT
cblr-11900	1308	13	aug	aug	PROPN
cblr-11900	1308	14	.	.	PROPN
cblr-11900	1308	15	17	17	NUM
cblr-11900	1308	16	,	,	PUNCT
cblr-11900	1308	17	1982	1982	NUM
cblr-11900	1308	18	.	.	PUNCT
cblr-11900	1309	1	283	283	NUM
cblr-11900	1309	2	michael	michael	PROPN
cblr-11900	1309	3	d.	d.	PROPN
cblr-11900	1309	4	bolton	bolton	PROPN
cblr-11900	1309	5	,	,	PUNCT
cblr-11900	1309	6	repurchase	repurchase	VERB
cblr-11900	1309	7	agreement	agreement	NOUN
cblr-11900	1309	8	transactions	transaction	NOUN
cblr-11900	1309	9	in	in	ADP
cblr-11900	1309	10	securities	security	NOUN
cblr-11900	1309	11	investor	investor	NOUN
cblr-11900	1309	12	protection	protection	PROPN
cblr-11900	1309	13	act	act	PROPN
cblr-11900	1309	14	proceedings	proceeding	NOUN
cblr-11900	1309	15	,	,	PUNCT
cblr-11900	1309	16	15	15	NUM
cblr-11900	1309	17	fordham	fordham	PROPN
cblr-11900	1309	18	urb	urb	PROPN
cblr-11900	1309	19	.	.	PUNCT
cblr-11900	1310	1	l.j	l.j	PROPN
cblr-11900	1310	2	.	.	PROPN
cblr-11900	1310	3	359	359	NUM
cblr-11900	1310	4	(	(	PUNCT
cblr-11900	1310	5	1987	1987	NUM
cblr-11900	1310	6	)	)	PUNCT
cblr-11900	1310	7	.	.	PUNCT
cblr-11900	1311	1	284	284	NUM
cblr-11900	1311	2	skeel	skeel	PROPN
cblr-11900	1311	3	&	&	CCONJ
cblr-11900	1311	4	jackson	jackson	PROPN
cblr-11900	1311	5	,	,	PUNCT
cblr-11900	1311	6	supra	supra	PROPN
cblr-11900	1311	7	note	note	PROPN
cblr-11900	1311	8	267	267	NUM
cblr-11900	1311	9	,	,	PUNCT
cblr-11900	1311	10	at	at	ADP
cblr-11900	1311	11	159	159	NUM
cblr-11900	1311	12	.	.	PUNCT
cblr-11900	1311	13	285	285	NUM
cblr-11900	1311	14	tom	tom	PROPN
cblr-11900	1311	15	herman	herman	PROPN
cblr-11900	1311	16	,	,	PUNCT
cblr-11900	1311	17	u.s	u.s	PROPN
cblr-11900	1311	18	.	.	PROPN
cblr-11900	1311	19	government	government	NOUN
cblr-11900	1311	20	securities	security	NOUN
cblr-11900	1311	21	dealers	dealer	NOUN
cblr-11900	1311	22	need	need	VERB
cblr-11900	1311	23	self	self	NOUN
cblr-11900	1311	24	-	-	PUNCT
cblr-11900	1311	25	review	review	NOUN
cblr-11900	1311	26	but	but	CCONJ
cblr-11900	1311	27	no	no	DET
cblr-11900	1311	28	new	new	ADJ
cblr-11900	1311	29	rule	rule	NOUN
cblr-11900	1311	30	,	,	PUNCT
cblr-11900	1311	31	fed	fed	PROPN
cblr-11900	1311	32	says	say	VERB
cblr-11900	1311	33	,	,	PUNCT
cblr-11900	1311	34	wall	wall	PROPN
cblr-11900	1311	35	st	st	PROPN
cblr-11900	1311	36	.	.	PROPN
cblr-11900	1311	37	j.	j.	PROPN
cblr-11900	1311	38	,	,	PUNCT
cblr-11900	1311	39	oct	oct	PROPN
cblr-11900	1311	40	.	.	PROPN
cblr-11900	1311	41	13	13	NUM
cblr-11900	1311	42	,	,	PUNCT
cblr-11900	1311	43	1982	1982	NUM
cblr-11900	1311	44	.	.	PUNCT
cblr-11900	1312	1	no	no	INTJ
cblr-11900	1312	2	.	.	NOUN
cblr-11900	1312	3	1	1	NUM
cblr-11900	1312	4	]	]	ADJ
cblr-11900	1312	5	money	money	NOUN
cblr-11900	1312	6	and	and	CCONJ
cblr-11900	1312	7	the	the	DET
cblr-11900	1312	8	public	public	ADJ
cblr-11900	1312	9	debt	debt	NOUN
cblr-11900	1312	10	293	293	NUM
cblr-11900	1312	11	problem	problem	NOUN
cblr-11900	1312	12	to	to	PART
cblr-11900	1312	13	spread	spread	VERB
cblr-11900	1312	14	to	to	ADP
cblr-11900	1312	15	many	many	ADJ
cblr-11900	1312	16	other	other	ADJ
cblr-11900	1312	17	entities”286	entities”286	ADJ
cblr-11900	1312	18	and	and	CCONJ
cblr-11900	1312	19	threatened	threaten	VERB
cblr-11900	1312	20	both	both	CCONJ
cblr-11900	1312	21	the	the	DET
cblr-11900	1312	22	“	"	PUNCT
cblr-11900	1312	23	stability	stability	NOUN
cblr-11900	1312	24	of	of	ADP
cblr-11900	1312	25	the	the	DET
cblr-11900	1312	26	nation	nation	NOUN
cblr-11900	1312	27	’s	’s	PART
cblr-11900	1312	28	financial	financial	ADJ
cblr-11900	1312	29	markets	market	NOUN
cblr-11900	1312	30	”	"	PUNCT
cblr-11900	1312	31	and	and	CCONJ
cblr-11900	1312	32	efficacy	efficacy	NOUN
cblr-11900	1312	33	of	of	ADP
cblr-11900	1312	34	repo	repo	NOUN
cblr-11900	1312	35	as	as	ADP
cblr-11900	1312	36	“	"	PUNCT
cblr-11900	1312	37	a	a	DET
cblr-11900	1312	38	tool	tool	NOUN
cblr-11900	1312	39	of	of	ADP
cblr-11900	1312	40	monetary	monetary	ADJ
cblr-11900	1312	41	policy	policy	NOUN
cblr-11900	1312	42	.	.	PUNCT
cblr-11900	1313	1	”287	”287	NOUN
cblr-11900	1314	1	subsequently	subsequently	ADV
cblr-11900	1314	2	,	,	PUNCT
cblr-11900	1314	3	congress	congress	PROPN
cblr-11900	1314	4	passed	pass	VERB
cblr-11900	1314	5	the	the	DET
cblr-11900	1314	6	bankruptcy	bankruptcy	NOUN
cblr-11900	1314	7	amendments	amendment	NOUN
cblr-11900	1314	8	and	and	CCONJ
cblr-11900	1314	9	federal	federal	ADJ
cblr-11900	1314	10	judgeship	judgeship	NOUN
cblr-11900	1314	11	act	act	NOUN
cblr-11900	1314	12	of	of	ADP
cblr-11900	1314	13	1984,288	1984,288	NUM
cblr-11900	1314	14	which	which	PRON
cblr-11900	1314	15	explicitly	explicitly	ADV
cblr-11900	1314	16	exempted	exempt	VERB
cblr-11900	1314	17	repos	repos	NOUN
cblr-11900	1314	18	from	from	ADP
cblr-11900	1314	19	the	the	DET
cblr-11900	1314	20	automatic	automatic	ADJ
cblr-11900	1314	21	stay.289	stay.289	NOUN
cblr-11900	1314	22	the	the	DET
cblr-11900	1314	23	result	result	NOUN
cblr-11900	1314	24	was	be	AUX
cblr-11900	1314	25	a	a	DET
cblr-11900	1314	26	further	further	ADJ
cblr-11900	1314	27	step	step	NOUN
cblr-11900	1314	28	toward	toward	ADP
cblr-11900	1314	29	moneyness	moneyness	NOUN
cblr-11900	1314	30	:	:	PUNCT
cblr-11900	1314	31	explicit	explicit	ADJ
cblr-11900	1314	32	protection	protection	NOUN
cblr-11900	1314	33	in	in	ADP
cblr-11900	1314	34	bankruptcy	bankruptcy	NOUN
cblr-11900	1314	35	.	.	PUNCT
cblr-11900	1315	1	although	although	SCONJ
cblr-11900	1315	2	economically	economically	ADV
cblr-11900	1315	3	equivalent	equivalent	ADJ
cblr-11900	1315	4	to	to	ADP
cblr-11900	1315	5	a	a	DET
cblr-11900	1315	6	secured	secure	VERB
cblr-11900	1315	7	loan	loan	NOUN
cblr-11900	1315	8	,	,	PUNCT
cblr-11900	1315	9	repos	repos	PROPN
cblr-11900	1315	10	were	be	AUX
cblr-11900	1315	11	henceforth	henceforth	ADV
cblr-11900	1315	12	treated	treat	VERB
cblr-11900	1315	13	as	as	ADP
cblr-11900	1315	14	a	a	DET
cblr-11900	1315	15	true	true	ADJ
cblr-11900	1315	16	sale	sale	NOUN
cblr-11900	1315	17	when	when	SCONJ
cblr-11900	1315	18	the	the	DET
cblr-11900	1315	19	cash	cash	NOUN
cblr-11900	1315	20	borrower	borrower	NOUN
cblr-11900	1315	21	defaulted	default	VERB
cblr-11900	1315	22	.	.	PUNCT
cblr-11900	1316	1	initially	initially	ADV
cblr-11900	1316	2	limited	limit	VERB
cblr-11900	1316	3	to	to	ADP
cblr-11900	1316	4	u.s	u.s	PROPN
cblr-11900	1316	5	.	.	PROPN
cblr-11900	1316	6	government	government	NOUN
cblr-11900	1316	7	obligations	obligation	NOUN
cblr-11900	1316	8	and	and	CCONJ
cblr-11900	1316	9	other	other	ADJ
cblr-11900	1316	10	highly	highly	ADV
cblr-11900	1316	11	liquid	liquid	ADJ
cblr-11900	1316	12	securities,290	securities,290	NOUN
cblr-11900	1316	13	these	these	DET
cblr-11900	1316	14	carve	carve	NOUN
cblr-11900	1316	15	-	-	PUNCT
cblr-11900	1316	16	outs	out	NOUN
cblr-11900	1316	17	were	be	AUX
cblr-11900	1316	18	eventually	eventually	ADV
cblr-11900	1316	19	extended	extend	VERB
cblr-11900	1316	20	to	to	ADP
cblr-11900	1316	21	mortgage	mortgage	NOUN
cblr-11900	1316	22	and	and	CCONJ
cblr-11900	1316	23	mortgage	mortgage	NOUN
cblr-11900	1316	24	-	-	PUNCT
cblr-11900	1316	25	related	relate	VERB
cblr-11900	1316	26	securities	security	NOUN
cblr-11900	1316	27	—	—	PUNCT
cblr-11900	1316	28	including	include	VERB
cblr-11900	1316	29	,	,	PUNCT
cblr-11900	1316	30	fatefully	fatefully	ADV
cblr-11900	1316	31	,	,	PUNCT
cblr-11900	1316	32	collateralized	collateralized	ADJ
cblr-11900	1316	33	debt	debt	NOUN
cblr-11900	1316	34	obligations	obligation	NOUN
cblr-11900	1316	35	constructed	construct	VERB
cblr-11900	1316	36	from	from	ADP
cblr-11900	1316	37	mortgagebacked	mortgagebacke	VERB
cblr-11900	1316	38	securities.291	securities.291	PROPN
cblr-11900	1316	39	this	this	DET
cblr-11900	1316	40	new	new	ADJ
cblr-11900	1316	41	legal	legal	ADJ
cblr-11900	1316	42	status	status	NOUN
cblr-11900	1316	43	likely	likely	ADV
cblr-11900	1316	44	assisted	assist	VERB
cblr-11900	1316	45	repo	repo	ADP
cblr-11900	1316	46	issuers	issuer	NOUN
cblr-11900	1316	47	in	in	ADP
cblr-11900	1316	48	attracting	attract	VERB
cblr-11900	1316	49	bank	bank	NOUN
cblr-11900	1316	50	depositors	depositor	NOUN
cblr-11900	1316	51	,	,	PUNCT
cblr-11900	1316	52	propelling	propel	VERB
cblr-11900	1316	53	the	the	DET
cblr-11900	1316	54	market	market	NOUN
cblr-11900	1316	55	’s	’s	PART
cblr-11900	1316	56	growth	growth	NOUN
cblr-11900	1316	57	and	and	CCONJ
cblr-11900	1316	58	allowing	allow	VERB
cblr-11900	1316	59	dealer	dealer	NOUN
cblr-11900	1316	60	capacity	capacity	NOUN
cblr-11900	1316	61	to	to	PART
cblr-11900	1316	62	keep	keep	VERB
cblr-11900	1316	63	pace	pace	NOUN
cblr-11900	1316	64	with	with	ADP
cblr-11900	1316	65	the	the	DET
cblr-11900	1316	66	increase	increase	NOUN
cblr-11900	1316	67	in	in	ADP
cblr-11900	1316	68	marketable	marketable	ADJ
cblr-11900	1316	69	treasury	treasury	NOUN
cblr-11900	1316	70	debt	debt	NOUN
cblr-11900	1316	71	as	as	SCONJ
cblr-11900	1316	72	it	it	PRON
cblr-11900	1316	73	continued	continue	VERB
cblr-11900	1316	74	to	to	PART
cblr-11900	1316	75	grow.292	grow.292	VERB
cblr-11900	1316	76	286	286	NUM
cblr-11900	1316	77	letter	letter	NOUN
cblr-11900	1316	78	from	from	ADP
cblr-11900	1316	79	paul	paul	PROPN
cblr-11900	1316	80	a.	a.	PROPN
cblr-11900	1316	81	volker	volker	NOUN
cblr-11900	1316	82	to	to	ADP
cblr-11900	1316	83	hon	hon	PROPN
cblr-11900	1316	84	.	.	PUNCT
cblr-11900	1317	1	robert	robert	PROPN
cblr-11900	1317	2	j.	j.	PROPN
cblr-11900	1317	3	dole	dole	PROPN
cblr-11900	1317	4	(	(	PUNCT
cblr-11900	1317	5	dec	dec	PROPN
cblr-11900	1317	6	.	.	PROPN
cblr-11900	1317	7	13	13	NUM
cblr-11900	1317	8	,	,	PUNCT
cblr-11900	1317	9	1982	1982	NUM
cblr-11900	1317	10	)	)	PUNCT
cblr-11900	1317	11	,	,	PUNCT
cblr-11900	1317	12	https://fraser.stlouisfed.org/archival-collection/paul-a-volcker-papers5297/congressional-correspondence-585147	https://fraser.stlouisfed.org/archival-collection/paul-a-volcker-papers5297/congressional-correspondence-585147	PROPN
cblr-11900	1318	1	[	[	X
cblr-11900	1318	2	https://perma.cc/fba3-2cw7	https://perma.cc/fba3-2cw7	PROPN
cblr-11900	1318	3	]	]	PUNCT
cblr-11900	1318	4	.	.	PUNCT
cblr-11900	1319	1	287	287	NUM
cblr-11900	1320	1	i	i	PRON
cblr-11900	1320	2	d.	d.	NOUN
cblr-11900	1320	3	288	288	NUM
cblr-11900	1320	4	bankruptcy	bankruptcy	NOUN
cblr-11900	1320	5	amendments	amendment	NOUN
cblr-11900	1320	6	and	and	CCONJ
cblr-11900	1320	7	federal	federal	ADJ
cblr-11900	1320	8	judgeship	judgeship	NOUN
cblr-11900	1320	9	act	act	NOUN
cblr-11900	1320	10	of	of	ADP
cblr-11900	1320	11	1984	1984	NUM
cblr-11900	1320	12	,	,	PUNCT
cblr-11900	1320	13	pub	pub	NOUN
cblr-11900	1320	14	.	.	PUNCT
cblr-11900	1321	1	l.	l.	PROPN
cblr-11900	1321	2	98	98	NUM
cblr-11900	1321	3	-	-	SYM
cblr-11900	1321	4	353	353	NUM
cblr-11900	1321	5	,	,	PUNCT
cblr-11900	1321	6	98	98	NUM
cblr-11900	1321	7	stat	stat	NOUN
cblr-11900	1321	8	.	.	PUNCT
cblr-11900	1322	1	333	333	NUM
cblr-11900	1322	2	.	.	PUNCT
cblr-11900	1323	1	289	289	NUM
cblr-11900	1323	2	see	see	VERB
cblr-11900	1323	3	,	,	PUNCT
cblr-11900	1323	4	e.g.	e.g.	ADV
cblr-11900	1323	5	,	,	PUNCT
cblr-11900	1323	6	steven	steven	PROPN
cblr-11900	1323	7	l.	l.	PROPN
cblr-11900	1323	8	schwarcz	schwarcz	PROPN
cblr-11900	1323	9	&	&	CCONJ
cblr-11900	1323	10	ori	ori	PROPN
cblr-11900	1323	11	sharon	sharon	PROPN
cblr-11900	1323	12	,	,	PUNCT
cblr-11900	1323	13	the	the	DET
cblr-11900	1323	14	bankruptcy	bankruptcy	NOUN
cblr-11900	1323	15	-	-	PUNCT
cblr-11900	1323	16	law	law	NOUN
cblr-11900	1323	17	safe	safe	ADJ
cblr-11900	1323	18	harbor	harbor	NOUN
cblr-11900	1323	19	for	for	ADP
cblr-11900	1323	20	derivatives	derivative	NOUN
cblr-11900	1323	21	:	:	PUNCT
cblr-11900	1323	22	a	a	DET
cblr-11900	1323	23	path	path	NOUN
cblr-11900	1323	24	-	-	PUNCT
cblr-11900	1323	25	dependence	dependence	NOUN
cblr-11900	1323	26	analysis	analysis	NOUN
cblr-11900	1323	27	,	,	PUNCT
cblr-11900	1323	28	71	71	NUM
cblr-11900	1323	29	wash	wash	NOUN
cblr-11900	1323	30	.	.	PUNCT
cblr-11900	1323	31	&	&	CCONJ
cblr-11900	1323	32	lee	lee	PROPN
cblr-11900	1323	33	l.	l.	PROPN
cblr-11900	1323	34	rev	rev	PROPN
cblr-11900	1323	35	.	.	PROPN
cblr-11900	1323	36	1715	1715	NUM
cblr-11900	1323	37	,	,	PUNCT
cblr-11900	1323	38	1728	1728	NUM
cblr-11900	1323	39	(	(	PUNCT
cblr-11900	1323	40	2014	2014	NUM
cblr-11900	1323	41	)	)	PUNCT
cblr-11900	1323	42	.	.	PUNCT
cblr-11900	1324	1	290	290	NUM
cblr-11900	1324	2	bankruptcy	bankruptcy	NOUN
cblr-11900	1324	3	amendments	amendment	NOUN
cblr-11900	1324	4	and	and	CCONJ
cblr-11900	1324	5	federal	federal	ADJ
cblr-11900	1324	6	judgeship	judgeship	NOUN
cblr-11900	1324	7	act	act	NOUN
cblr-11900	1324	8	of	of	ADP
cblr-11900	1324	9	1984	1984	NUM
cblr-11900	1324	10	,	,	PUNCT
cblr-11900	1324	11	§	§	PROPN
cblr-11900	1324	12	§	§	PROPN
cblr-11900	1324	13	391–96	391–96	NUM
cblr-11900	1324	14	.	.	PUNCT
cblr-11900	1324	15	291	291	NUM
cblr-11900	1324	16	edward	edward	PROPN
cblr-11900	1324	17	r.	r.	PROPN
cblr-11900	1324	18	morrison	morrison	PROPN
cblr-11900	1324	19	,	,	PUNCT
cblr-11900	1324	20	mark	mark	PROPN
cblr-11900	1324	21	j.	j.	PROPN
cblr-11900	1324	22	roe	roe	PROPN
cblr-11900	1324	23	&	&	CCONJ
cblr-11900	1324	24	christopher	christopher	PROPN
cblr-11900	1324	25	s.	s.	PROPN
cblr-11900	1324	26	sontchi	sontchi	PROPN
cblr-11900	1324	27	,	,	PUNCT
cblr-11900	1324	28	rolling	roll	VERB
cblr-11900	1324	29	back	back	ADV
cblr-11900	1324	30	the	the	DET
cblr-11900	1324	31	repo	repo	NOUN
cblr-11900	1324	32	safe	safe	ADJ
cblr-11900	1324	33	harbors	harbor	NOUN
cblr-11900	1324	34	,	,	PUNCT
cblr-11900	1324	35	69	69	NUM
cblr-11900	1324	36	bus	bus	NOUN
cblr-11900	1324	37	.	.	PUNCT
cblr-11900	1325	1	law	law	NOUN
cblr-11900	1325	2	.	.	PUNCT
cblr-11900	1326	1	1015	1015	NUM
cblr-11900	1326	2	(	(	PUNCT
cblr-11900	1326	3	2014	2014	NUM
cblr-11900	1326	4	)	)	PUNCT
cblr-11900	1326	5	.	.	PUNCT
cblr-11900	1327	1	292	292	NUM
cblr-11900	1327	2	garbade	garbade	NOUN
cblr-11900	1327	3	,	,	PUNCT
cblr-11900	1327	4	supra	supra	PROPN
cblr-11900	1327	5	note	note	NOUN
cblr-11900	1327	6	279	279	NUM
cblr-11900	1327	7	.	.	PUNCT
cblr-11900	1328	1	294	294	NUM
cblr-11900	1328	2	columbia	columbia	PROPN
cblr-11900	1328	3	business	business	NOUN
cblr-11900	1328	4	law	law	PROPN
cblr-11900	1328	5	review	review	NOUN
cblr-11900	1328	6	[	[	X
cblr-11900	1328	7	vol	vol	NOUN
cblr-11900	1328	8	.	.	PUNCT
cblr-11900	1328	9	2023	2023	NUM
cblr-11900	1328	10	e.	e.	PROPN
cblr-11900	1329	1	the	the	DET
cblr-11900	1329	2	demand	demand	NOUN
cblr-11900	1329	3	side	side	NOUN
cblr-11900	1329	4	:	:	PUNCT
cblr-11900	1329	5	market	market	NOUN
cblr-11900	1329	6	expansion	expansion	NOUN
cblr-11900	1329	7	the	the	DET
cblr-11900	1329	8	size	size	NOUN
cblr-11900	1329	9	of	of	ADP
cblr-11900	1329	10	the	the	DET
cblr-11900	1329	11	repo	repo	NOUN
cblr-11900	1329	12	market	market	NOUN
cblr-11900	1329	13	increased	increase	VERB
cblr-11900	1329	14	from	from	ADP
cblr-11900	1329	15	roughly	roughly	ADV
cblr-11900	1329	16	$	$	SYM
cblr-11900	1329	17	2	2	NUM
cblr-11900	1329	18	billion	billion	NUM
cblr-11900	1329	19	in	in	ADP
cblr-11900	1329	20	the	the	DET
cblr-11900	1329	21	early	early	ADJ
cblr-11900	1329	22	1960s,293	1960s,293	NUM
cblr-11900	1329	23	to	to	ADP
cblr-11900	1329	24	$	$	SYM
cblr-11900	1329	25	12	12	NUM
cblr-11900	1329	26	billion	billion	NUM
cblr-11900	1329	27	in	in	ADP
cblr-11900	1329	28	the	the	DET
cblr-11900	1329	29	late	late	ADJ
cblr-11900	1329	30	1970s,294	1970s,294	NUM
cblr-11900	1329	31	to	to	ADP
cblr-11900	1329	32	more	more	ADJ
cblr-11900	1329	33	than	than	ADP
cblr-11900	1329	34	$	$	SYM
cblr-11900	1329	35	300	300	NUM
cblr-11900	1329	36	billion	billion	NUM
cblr-11900	1329	37	in	in	ADP
cblr-11900	1329	38	the	the	DET
cblr-11900	1329	39	mid-1980s.295	mid-1980s.295	PROPN
cblr-11900	1329	40	the	the	DET
cblr-11900	1329	41	fed	fed	PROPN
cblr-11900	1329	42	’s	’s	PART
cblr-11900	1329	43	liquidity	liquidity	NOUN
cblr-11900	1329	44	backstop	backstop	NOUN
cblr-11900	1329	45	and	and	CCONJ
cblr-11900	1329	46	efforts	effort	NOUN
cblr-11900	1329	47	to	to	PART
cblr-11900	1329	48	ensure	ensure	VERB
cblr-11900	1329	49	special	special	ADJ
cblr-11900	1329	50	treatment	treatment	NOUN
cblr-11900	1329	51	in	in	ADP
cblr-11900	1329	52	bankruptcy	bankruptcy	NOUN
cblr-11900	1329	53	were	be	AUX
cblr-11900	1329	54	potentially	potentially	ADV
cblr-11900	1329	55	instrumental	instrumental	ADJ
cblr-11900	1329	56	in	in	ADP
cblr-11900	1329	57	enhancing	enhance	VERB
cblr-11900	1329	58	supply	supply	NOUN
cblr-11900	1329	59	—	—	PUNCT
cblr-11900	1329	60	i.e.	i.e.	X
cblr-11900	1329	61	,	,	PUNCT
cblr-11900	1329	62	the	the	DET
cblr-11900	1329	63	ability	ability	NOUN
cblr-11900	1329	64	of	of	ADP
cblr-11900	1329	65	the	the	DET
cblr-11900	1329	66	repo	repo	NOUN
cblr-11900	1329	67	market	market	NOUN
cblr-11900	1329	68	to	to	PART
cblr-11900	1329	69	pull	pull	VERB
cblr-11900	1329	70	in	in	ADP
cblr-11900	1329	71	new	new	ADJ
cblr-11900	1329	72	participants	participant	NOUN
cblr-11900	1329	73	to	to	PART
cblr-11900	1329	74	meet	meet	VERB
cblr-11900	1329	75	increased	increased	ADJ
cblr-11900	1329	76	demand	demand	NOUN
cblr-11900	1329	77	from	from	ADP
cblr-11900	1329	78	borrowers	borrower	NOUN
cblr-11900	1329	79	.	.	PUNCT
cblr-11900	1330	1	at	at	ADP
cblr-11900	1330	2	the	the	DET
cblr-11900	1330	3	same	same	ADJ
cblr-11900	1330	4	time	time	NOUN
cblr-11900	1330	5	,	,	PUNCT
cblr-11900	1330	6	their	their	PRON
cblr-11900	1330	7	provision	provision	NOUN
cblr-11900	1330	8	of	of	ADP
cblr-11900	1330	9	a	a	DET
cblr-11900	1330	10	liquidity	liquidity	NOUN
cblr-11900	1330	11	backstop	backstop	NOUN
cblr-11900	1330	12	at	at	ADP
cblr-11900	1330	13	lower	low	ADJ
cblr-11900	1330	14	cost	cost	NOUN
cblr-11900	1330	15	than	than	ADP
cblr-11900	1330	16	competing	compete	VERB
cblr-11900	1330	17	instruments	instrument	NOUN
cblr-11900	1330	18	(	(	PUNCT
cblr-11900	1330	19	e.g.	e.g.	ADV
cblr-11900	1330	20	,	,	PUNCT
cblr-11900	1330	21	call	call	VERB
cblr-11900	1330	22	loans	loan	NOUN
cblr-11900	1330	23	)	)	PUNCT
cblr-11900	1330	24	put	put	VERB
cblr-11900	1330	25	a	a	DET
cblr-11900	1330	26	leaky	leaky	ADJ
cblr-11900	1330	27	but	but	CCONJ
cblr-11900	1330	28	largely	largely	ADV
cblr-11900	1330	29	effective	effective	ADJ
cblr-11900	1330	30	ceiling	ceiling	NOUN
cblr-11900	1330	31	on	on	ADP
cblr-11900	1330	32	rates	rate	NOUN
cblr-11900	1330	33	that	that	PRON
cblr-11900	1330	34	incentivized	incentivize	VERB
cblr-11900	1330	35	securities	security	NOUN
cblr-11900	1330	36	dealers	dealer	NOUN
cblr-11900	1330	37	to	to	PART
cblr-11900	1330	38	focus	focus	VERB
cblr-11900	1330	39	on	on	ADP
cblr-11900	1330	40	repo	repo	NOUN
cblr-11900	1330	41	as	as	ADP
cblr-11900	1330	42	their	their	PRON
cblr-11900	1330	43	primary	primary	ADJ
cblr-11900	1330	44	source	source	NOUN
cblr-11900	1330	45	of	of	ADP
cblr-11900	1330	46	funding	funding	NOUN
cblr-11900	1330	47	.	.	PUNCT
cblr-11900	1331	1	although	although	SCONJ
cblr-11900	1331	2	many	many	ADJ
cblr-11900	1331	3	factors	factor	NOUN
cblr-11900	1331	4	can	can	AUX
cblr-11900	1331	5	be	be	AUX
cblr-11900	1331	6	cited	cite	VERB
cblr-11900	1331	7	,	,	PUNCT
cblr-11900	1331	8	this	this	DET
cblr-11900	1331	9	preference	preference	NOUN
cblr-11900	1331	10	was	be	AUX
cblr-11900	1331	11	arguably	arguably	ADV
cblr-11900	1331	12	an	an	DET
cblr-11900	1331	13	important	important	ADJ
cblr-11900	1331	14	accelerant	accelerant	NOUN
cblr-11900	1331	15	that	that	PRON
cblr-11900	1331	16	drove	drive	VERB
cblr-11900	1331	17	the	the	DET
cblr-11900	1331	18	disproportionately	disproportionately	ADV
cblr-11900	1331	19	rapid	rapid	ADJ
cblr-11900	1331	20	and	and	CCONJ
cblr-11900	1331	21	sustained	sustained	ADJ
cblr-11900	1331	22	growth	growth	NOUN
cblr-11900	1331	23	of	of	ADP
cblr-11900	1331	24	shadow	shadow	NOUN
cblr-11900	1331	25	banking	banking	NOUN
cblr-11900	1331	26	in	in	ADP
cblr-11900	1331	27	the	the	DET
cblr-11900	1331	28	u.s	u.s	PROPN
cblr-11900	1331	29	.	.	PROPN
cblr-11900	1331	30	relative	relative	NOUN
cblr-11900	1331	31	to	to	ADP
cblr-11900	1331	32	other	other	ADJ
cblr-11900	1331	33	advanced	advanced	ADJ
cblr-11900	1331	34	economies	economy	NOUN
cblr-11900	1331	35	.	.	PUNCT
cblr-11900	1332	1	one	one	NUM
cblr-11900	1332	2	explanation	explanation	NOUN
cblr-11900	1332	3	for	for	ADP
cblr-11900	1332	4	this	this	DET
cblr-11900	1332	5	structural	structural	ADJ
cblr-11900	1332	6	shift	shift	NOUN
cblr-11900	1332	7	can	can	AUX
cblr-11900	1332	8	is	be	AUX
cblr-11900	1332	9	the	the	DET
cblr-11900	1332	10	trajectory	trajectory	NOUN
cblr-11900	1332	11	of	of	ADP
cblr-11900	1332	12	the	the	DET
cblr-11900	1332	13	public	public	ADJ
cblr-11900	1332	14	debt	debt	NOUN
cblr-11900	1332	15	itself	itself	PRON
cblr-11900	1332	16	.	.	PUNCT
cblr-11900	1333	1	the	the	DET
cblr-11900	1333	2	stock	stock	NOUN
cblr-11900	1333	3	of	of	ADP
cblr-11900	1333	4	direct	direct	ADJ
cblr-11900	1333	5	obligations	obligation	NOUN
cblr-11900	1333	6	of	of	ADP
cblr-11900	1333	7	the	the	DET
cblr-11900	1333	8	u.s	u.s	PROPN
cblr-11900	1333	9	.	.	PROPN
cblr-11900	1333	10	government	government	NOUN
cblr-11900	1333	11	held	hold	VERB
cblr-11900	1333	12	by	by	ADP
cblr-11900	1333	13	the	the	DET
cblr-11900	1333	14	public	public	NOUN
cblr-11900	1333	15	declined	decline	VERB
cblr-11900	1333	16	rapidly	rapidly	ADV
cblr-11900	1333	17	after	after	ADP
cblr-11900	1333	18	world	world	PROPN
cblr-11900	1333	19	war	war	PROPN
cblr-11900	1333	20	ii	ii	PROPN
cblr-11900	1333	21	,	,	PUNCT
cblr-11900	1333	22	stabilizing	stabilize	VERB
cblr-11900	1333	23	in	in	ADP
cblr-11900	1333	24	the	the	DET
cblr-11900	1333	25	early	early	ADJ
cblr-11900	1333	26	1950s	1950	NOUN
cblr-11900	1333	27	just	just	ADV
cblr-11900	1333	28	as	as	SCONJ
cblr-11900	1333	29	economic	economic	ADJ
cblr-11900	1333	30	growth	growth	NOUN
cblr-11900	1333	31	was	be	AUX
cblr-11900	1333	32	accelerating	accelerate	VERB
cblr-11900	1333	33	.	.	PUNCT
cblr-11900	1334	1	although	although	SCONJ
cblr-11900	1334	2	deficit	deficit	NOUN
cblr-11900	1334	3	spending	spending	NOUN
cblr-11900	1334	4	resumed	resume	VERB
cblr-11900	1334	5	shortly	shortly	ADV
cblr-11900	1334	6	thereafter,296	thereafter,296	SCONJ
cblr-11900	1334	7	the	the	DET
cblr-11900	1334	8	growth	growth	NOUN
cblr-11900	1334	9	of	of	ADP
cblr-11900	1334	10	the	the	DET
cblr-11900	1334	11	treasury	treasury	NOUN
cblr-11900	1334	12	market	market	NOUN
cblr-11900	1334	13	was	be	AUX
cblr-11900	1334	14	significantly	significantly	ADV
cblr-11900	1334	15	outpaced	outpace	VERB
cblr-11900	1334	16	by	by	ADP
cblr-11900	1334	17	the	the	DET
cblr-11900	1334	18	expansion	expansion	NOUN
cblr-11900	1334	19	of	of	ADP
cblr-11900	1334	20	economic	economic	ADJ
cblr-11900	1334	21	activity	activity	NOUN
cblr-11900	1334	22	.	.	PUNCT
cblr-11900	1335	1	for	for	ADP
cblr-11900	1335	2	example	example	NOUN
cblr-11900	1335	3	,	,	PUNCT
cblr-11900	1335	4	as	as	ADP
cblr-11900	1335	5	a	a	DET
cblr-11900	1335	6	share	share	NOUN
cblr-11900	1335	7	of	of	ADP
cblr-11900	1335	8	gross	gross	ADJ
cblr-11900	1335	9	domestic	domestic	ADJ
cblr-11900	1335	10	product	product	NOUN
cblr-11900	1335	11	the	the	DET
cblr-11900	1335	12	stock	stock	NOUN
cblr-11900	1335	13	of	of	ADP
cblr-11900	1335	14	marketable	marketable	ADJ
cblr-11900	1335	15	debt	debt	NOUN
cblr-11900	1335	16	outstanding	outstanding	ADJ
cblr-11900	1335	17	declined	decline	VERB
cblr-11900	1335	18	consistently	consistently	ADV
cblr-11900	1335	19	for	for	ADP
cblr-11900	1335	20	three	three	NUM
cblr-11900	1335	21	decades	decade	NOUN
cblr-11900	1335	22	:	:	PUNCT
cblr-11900	1335	23	from	from	ADP
cblr-11900	1335	24	104	104	NUM
cblr-11900	1335	25	%	%	NOUN
cblr-11900	1335	26	in	in	ADP
cblr-11900	1335	27	1945	1945	NUM
cblr-11900	1335	28	to	to	ADP
cblr-11900	1335	29	46	46	NUM
cblr-11900	1335	30	%	%	NOUN
cblr-11900	1335	31	in	in	ADP
cblr-11900	1335	32	293	293	NUM
cblr-11900	1335	33	william	william	PROPN
cblr-11900	1335	34	f.	f.	PROPN
cblr-11900	1335	35	treibar	treibar	PROPN
cblr-11900	1335	36	,	,	PUNCT
cblr-11900	1335	37	the	the	DET
cblr-11900	1335	38	federal	federal	PROPN
cblr-11900	1335	39	reserve	reserve	NOUN
cblr-11900	1335	40	system	system	NOUN
cblr-11900	1335	41	after	after	ADP
cblr-11900	1335	42	fifty	fifty	NUM
cblr-11900	1335	43	years	year	NOUN
cblr-11900	1335	44	,	,	PUNCT
cblr-11900	1335	45	20	20	NUM
cblr-11900	1335	46	fed	feed	VERB
cblr-11900	1335	47	.	.	PUNCT
cblr-11900	1336	1	rsrv	rsrv	PROPN
cblr-11900	1336	2	.	.	PUNCT
cblr-11900	1337	1	bank	bank	PROPN
cblr-11900	1337	2	of	of	ADP
cblr-11900	1337	3	n.y	n.y	PROPN
cblr-11900	1337	4	.	.	PROPN
cblr-11900	1337	5	econ	econ	PROPN
cblr-11900	1337	6	.	.	PUNCT
cblr-11900	1338	1	pol’y	pol’y	NOUN
cblr-11900	1338	2	247	247	NUM
cblr-11900	1338	3	(	(	PUNCT
cblr-11900	1338	4	1964	1964	NUM
cblr-11900	1338	5	)	)	PUNCT
cblr-11900	1338	6	.	.	PUNCT
cblr-11900	1339	1	294	294	NUM
cblr-11900	1339	2	christopher	christopher	PROPN
cblr-11900	1339	3	j.	j.	PROPN
cblr-11900	1339	4	mccurdy	mccurdy	PROPN
cblr-11900	1339	5	,	,	PUNCT
cblr-11900	1339	6	the	the	DET
cblr-11900	1339	7	dealer	dealer	NOUN
cblr-11900	1339	8	market	market	NOUN
cblr-11900	1339	9	for	for	ADP
cblr-11900	1339	10	united	united	PROPN
cblr-11900	1339	11	states	states	PROPN
cblr-11900	1339	12	government	government	NOUN
cblr-11900	1339	13	securities	security	NOUN
cblr-11900	1339	14	,	,	PUNCT
cblr-11900	1339	15	fed	fed	PROPN
cblr-11900	1339	16	.	.	PUNCT
cblr-11900	1339	17	rsrv	rsrv	PROPN
cblr-11900	1339	18	.	.	PUNCT
cblr-11900	1340	1	bank	bank	PROPN
cblr-11900	1340	2	of	of	ADP
cblr-11900	1340	3	n.y	n.y	PROPN
cblr-11900	1340	4	.	.	PROPN
cblr-11900	1340	5	q.	q.	PROPN
cblr-11900	1340	6	rev	rev	PROPN
cblr-11900	1340	7	.	.	PUNCT
cblr-11900	1341	1	(	(	PUNCT
cblr-11900	1341	2	winter	winter	NOUN
cblr-11900	1341	3	1977	1977	NUM
cblr-11900	1341	4	)	)	PUNCT
cblr-11900	1341	5	.	.	PUNCT
cblr-11900	1342	1	295	295	NUM
cblr-11900	1342	2	bd	bd	PROPN
cblr-11900	1342	3	.	.	PROPN
cblr-11900	1342	4	of	of	ADP
cblr-11900	1342	5	governors	governor	NOUN
cblr-11900	1342	6	of	of	ADP
cblr-11900	1342	7	the	the	DET
cblr-11900	1342	8	fed	fed	PROPN
cblr-11900	1342	9	.	.	PUNCT
cblr-11900	1342	10	rsrv	rsrv	PROPN
cblr-11900	1342	11	.	.	PUNCT
cblr-11900	1343	1	sys	sys	PROPN
cblr-11900	1343	2	.	.	PROPN
cblr-11900	1343	3	,	,	PUNCT
cblr-11900	1343	4	u.s	u.s	PROPN
cblr-11900	1343	5	.	.	PROPN
cblr-11900	1343	6	government	government	NOUN
cblr-11900	1343	7	securities	security	NOUN
cblr-11900	1343	8	dealers	dealer	NOUN
cblr-11900	1343	9	—	—	PUNCT
cblr-11900	1343	10	positions	position	NOUN
cblr-11900	1343	11	and	and	CCONJ
cblr-11900	1343	12	financing	financing	NOUN
cblr-11900	1343	13	,	,	PUNCT
cblr-11900	1343	14	fed	fed	PROPN
cblr-11900	1343	15	.	.	PUNCT
cblr-11900	1343	16	rsrv	rsrv	PROPN
cblr-11900	1343	17	.	.	PUNCT
cblr-11900	1344	1	bulletin	bulletin	NOUN
cblr-11900	1344	2	112	112	NUM
cblr-11900	1344	3	(	(	PUNCT
cblr-11900	1344	4	1987	1987	NUM
cblr-11900	1344	5	)	)	PUNCT
cblr-11900	1344	6	.	.	PUNCT
cblr-11900	1345	1	296	296	NUM
cblr-11900	1345	2	based	base	VERB
cblr-11900	1345	3	on	on	ADP
cblr-11900	1345	4	data	datum	NOUN
cblr-11900	1345	5	collected	collect	VERB
cblr-11900	1345	6	by	by	ADP
cblr-11900	1345	7	the	the	DET
cblr-11900	1345	8	u.s	u.s	PROPN
cblr-11900	1345	9	.	.	PROPN
cblr-11900	1345	10	office	office	NOUN
cblr-11900	1345	11	of	of	ADP
cblr-11900	1345	12	management	management	NOUN
cblr-11900	1345	13	and	and	CCONJ
cblr-11900	1345	14	budget	budget	NOUN
cblr-11900	1345	15	and	and	CCONJ
cblr-11900	1345	16	provided	provide	VERB
cblr-11900	1345	17	by	by	ADP
cblr-11900	1345	18	the	the	DET
cblr-11900	1345	19	federal	federal	PROPN
cblr-11900	1345	20	reserve	reserve	PROPN
cblr-11900	1345	21	bank	bank	PROPN
cblr-11900	1345	22	of	of	ADP
cblr-11900	1345	23	st	st	PROPN
cblr-11900	1345	24	.	.	PROPN
cblr-11900	1345	25	louis	louis	PROPN
cblr-11900	1345	26	fred	fred	PROPN
cblr-11900	1345	27	service	service	PROPN
cblr-11900	1345	28	,	,	PUNCT
cblr-11900	1345	29	between	between	ADP
cblr-11900	1345	30	1950	1950	NUM
cblr-11900	1345	31	and	and	CCONJ
cblr-11900	1345	32	1970	1970	NUM
cblr-11900	1345	33	,	,	PUNCT
cblr-11900	1345	34	the	the	DET
cblr-11900	1345	35	federal	federal	ADJ
cblr-11900	1345	36	budget	budget	NOUN
cblr-11900	1345	37	ran	run	VERB
cblr-11900	1345	38	a	a	DET
cblr-11900	1345	39	surplus	surplus	NOUN
cblr-11900	1345	40	in	in	ADP
cblr-11900	1345	41	five	five	NUM
cblr-11900	1345	42	years	year	NOUN
cblr-11900	1345	43	and	and	CCONJ
cblr-11900	1345	44	deficit	deficit	VERB
cblr-11900	1345	45	the	the	DET
cblr-11900	1345	46	other	other	ADJ
cblr-11900	1345	47	fifteen	fifteen	NUM
cblr-11900	1345	48	.	.	PUNCT
cblr-11900	1346	1	u.s	u.s	PROPN
cblr-11900	1346	2	.	.	PROPN
cblr-11900	1346	3	off	off	PROPN
cblr-11900	1346	4	.	.	PUNCT
cblr-11900	1347	1	of	of	ADP
cblr-11900	1347	2	mgmt	mgmt	PROPN
cblr-11900	1347	3	.	.	PUNCT
cblr-11900	1348	1	and	and	CCONJ
cblr-11900	1348	2	budget	budget	PROPN
cblr-11900	1348	3	,	,	PUNCT
cblr-11900	1348	4	federal	federal	ADJ
cblr-11900	1348	5	surplus	surplus	NOUN
cblr-11900	1348	6	or	or	CCONJ
cblr-11900	1348	7	deficit	deficit	NOUN
cblr-11900	1348	8	,	,	PUNCT
cblr-11900	1348	9	fed	fed	PROPN
cblr-11900	1348	10	.	.	PUNCT
cblr-11900	1348	11	rsrv	rsrv	PROPN
cblr-11900	1348	12	.	.	PUNCT
cblr-11900	1349	1	econ	econ	PROPN
cblr-11900	1349	2	.	.	PUNCT
cblr-11900	1350	1	(	(	PUNCT
cblr-11900	1350	2	oct	oct	PROPN
cblr-11900	1350	3	.	.	PROPN
cblr-11900	1350	4	21	21	NUM
cblr-11900	1350	5	,	,	PUNCT
cblr-11900	1350	6	2022	2022	NUM
cblr-11900	1350	7	)	)	PUNCT
cblr-11900	1350	8	,	,	PUNCT
cblr-11900	1350	9	https://fred.stlouisfed.org/series/fyfsd	https://fred.stlouisfed.org/series/fyfsd	PROPN
cblr-11900	1350	10	[	[	X
cblr-11900	1350	11	https://perma.cc/7ygf-d62v	https://perma.cc/7ygf-d62v	X
cblr-11900	1350	12	]	]	X
cblr-11900	1350	13	(	(	PUNCT
cblr-11900	1350	14	last	last	ADJ
cblr-11900	1350	15	visited	visit	VERB
cblr-11900	1350	16	may	may	PROPN
cblr-11900	1350	17	23	23	NUM
cblr-11900	1350	18	,	,	PUNCT
cblr-11900	1350	19	2023	2023	NUM
cblr-11900	1350	20	)	)	PUNCT
cblr-11900	1350	21	.	.	PUNCT
cblr-11900	1351	1	no	no	INTJ
cblr-11900	1351	2	.	.	NOUN
cblr-11900	1352	1	1	1	NUM
cblr-11900	1352	2	]	]	ADJ
cblr-11900	1352	3	money	money	NOUN
cblr-11900	1352	4	and	and	CCONJ
cblr-11900	1352	5	the	the	DET
cblr-11900	1352	6	public	public	ADJ
cblr-11900	1352	7	debt	debt	NOUN
cblr-11900	1352	8	295	295	NUM
cblr-11900	1352	9	1950	1950	NUM
cblr-11900	1352	10	,	,	PUNCT
cblr-11900	1352	11	to	to	ADP
cblr-11900	1352	12	less	less	ADJ
cblr-11900	1352	13	than	than	ADP
cblr-11900	1352	14	30	30	NUM
cblr-11900	1352	15	%	%	NOUN
cblr-11900	1352	16	in	in	ADP
cblr-11900	1352	17	1960	1960	NUM
cblr-11900	1352	18	,	,	PUNCT
cblr-11900	1352	19	to	to	ADP
cblr-11900	1352	20	roughly	roughly	ADV
cblr-11900	1352	21	15	15	NUM
cblr-11900	1352	22	%	%	NOUN
cblr-11900	1352	23	by	by	ADP
cblr-11900	1352	24	the	the	DET
cblr-11900	1352	25	mid1970s.297	mid1970s.297	PROPN
cblr-11900	1352	26	despite	despite	SCONJ
cblr-11900	1352	27	these	these	DET
cblr-11900	1352	28	headwinds	headwind	NOUN
cblr-11900	1352	29	,	,	PUNCT
cblr-11900	1352	30	turnover	turnover	NOUN
cblr-11900	1352	31	facilitated	facilitate	VERB
cblr-11900	1352	32	by	by	ADP
cblr-11900	1352	33	government	government	NOUN
cblr-11900	1352	34	securities	security	NOUN
cblr-11900	1352	35	dealers	dealer	NOUN
cblr-11900	1352	36	increased	increase	VERB
cblr-11900	1352	37	substantially	substantially	ADV
cblr-11900	1352	38	over	over	ADP
cblr-11900	1352	39	the	the	DET
cblr-11900	1352	40	same	same	ADJ
cblr-11900	1352	41	period	period	NOUN
cblr-11900	1352	42	:	:	PUNCT
cblr-11900	1352	43	more	more	ADJ
cblr-11900	1352	44	than	than	ADP
cblr-11900	1352	45	doubling	double	VERB
cblr-11900	1352	46	from	from	ADP
cblr-11900	1352	47	less	less	ADJ
cblr-11900	1352	48	than	than	ADP
cblr-11900	1352	49	0.7	0.7	NUM
cblr-11900	1352	50	%	%	NOUN
cblr-11900	1352	51	of	of	ADP
cblr-11900	1352	52	free	free	ADJ
cblr-11900	1352	53	float	float	NOUN
cblr-11900	1352	54	(	(	PUNCT
cblr-11900	1352	55	i.e.	i.e.	X
cblr-11900	1352	56	,	,	PUNCT
cblr-11900	1352	57	marketable	marketable	ADJ
cblr-11900	1352	58	debt	debt	NOUN
cblr-11900	1352	59	outstanding	outstanding	ADJ
cblr-11900	1352	60	excluding	exclude	VERB
cblr-11900	1352	61	outright	outright	ADJ
cblr-11900	1352	62	holdings	holding	NOUN
cblr-11900	1352	63	by	by	ADP
cblr-11900	1352	64	the	the	DET
cblr-11900	1352	65	federal	federal	PROPN
cblr-11900	1352	66	reserve	reserve	PROPN
cblr-11900	1352	67	)	)	PUNCT
cblr-11900	1352	68	in	in	ADP
cblr-11900	1352	69	1950	1950	NUM
cblr-11900	1352	70	(	(	PUNCT
cblr-11900	1352	71	just	just	ADV
cblr-11900	1352	72	before	before	ADP
cblr-11900	1352	73	the	the	DET
cblr-11900	1352	74	accord	accord	NOUN
cblr-11900	1352	75	)	)	PUNCT
cblr-11900	1352	76	to	to	ADP
cblr-11900	1352	77	1.5	1.5	NUM
cblr-11900	1352	78	%	%	NOUN
cblr-11900	1352	79	in	in	ADP
cblr-11900	1352	80	1965	1965	NUM
cblr-11900	1352	81	.	.	PUNCT
cblr-11900	1353	1	this	this	DET
cblr-11900	1353	2	increase	increase	NOUN
cblr-11900	1353	3	likely	likely	ADV
cblr-11900	1353	4	reflects	reflect	VERB
cblr-11900	1353	5	,	,	PUNCT
cblr-11900	1353	6	in	in	ADP
cblr-11900	1353	7	part	part	NOUN
cblr-11900	1353	8	,	,	PUNCT
cblr-11900	1353	9	the	the	DET
cblr-11900	1353	10	greater	great	ADJ
cblr-11900	1353	11	need	need	NOUN
cblr-11900	1353	12	for	for	SCONJ
cblr-11900	1353	13	intermediation	intermediation	NOUN
cblr-11900	1353	14	to	to	PART
cblr-11900	1353	15	stabilize	stabilize	VERB
cblr-11900	1353	16	markets	market	NOUN
cblr-11900	1353	17	and	and	CCONJ
cblr-11900	1353	18	facilitate	facilitate	VERB
cblr-11900	1353	19	the	the	DET
cblr-11900	1353	20	transition	transition	NOUN
cblr-11900	1353	21	to	to	ADP
cblr-11900	1353	22	a	a	DET
cblr-11900	1353	23	private	private	ADJ
cblr-11900	1353	24	price	price	NOUN
cblr-11900	1353	25	-	-	PUNCT
cblr-11900	1353	26	setting	set	VERB
cblr-11900	1353	27	mechanism	mechanism	NOUN
cblr-11900	1353	28	highlighted	highlight	VERB
cblr-11900	1353	29	by	by	ADP
cblr-11900	1353	30	the	the	DET
cblr-11900	1353	31	ad	ad	X
cblr-11900	1353	32	hoc	hoc	X
cblr-11900	1353	33	report	report	NOUN
cblr-11900	1353	34	.	.	PUNCT
cblr-11900	1354	1	it	it	PRON
cblr-11900	1354	2	was	be	AUX
cblr-11900	1354	3	likely	likely	ADV
cblr-11900	1354	4	exacerbated	exacerbate	VERB
cblr-11900	1354	5	by	by	ADP
cblr-11900	1354	6	increased	increase	VERB
cblr-11900	1354	7	volatility	volatility	NOUN
cblr-11900	1354	8	in	in	ADP
cblr-11900	1354	9	interest	interest	NOUN
cblr-11900	1354	10	rate	rate	NOUN
cblr-11900	1354	11	markets	market	NOUN
cblr-11900	1354	12	,	,	PUNCT
cblr-11900	1354	13	which	which	PRON
cblr-11900	1354	14	naturally	naturally	ADV
cblr-11900	1354	15	raises	raise	VERB
cblr-11900	1354	16	the	the	DET
cblr-11900	1354	17	frequency	frequency	NOUN
cblr-11900	1354	18	and	and	CCONJ
cblr-11900	1354	19	scale	scale	NOUN
cblr-11900	1354	20	at	at	ADP
cblr-11900	1354	21	which	which	PRON
cblr-11900	1354	22	portfolios	portfolio	NOUN
cblr-11900	1354	23	are	be	AUX
cblr-11900	1354	24	rebalanced.298	rebalanced.298	NOUN
cblr-11900	1354	25	at	at	ADP
cblr-11900	1354	26	the	the	DET
cblr-11900	1354	27	same	same	ADJ
cblr-11900	1354	28	time	time	NOUN
cblr-11900	1354	29	,	,	PUNCT
cblr-11900	1354	30	dealers	dealer	NOUN
cblr-11900	1354	31	took	take	VERB
cblr-11900	1354	32	on	on	ADP
cblr-11900	1354	33	a	a	DET
cblr-11900	1354	34	more	more	ADV
cblr-11900	1354	35	prominent	prominent	ADJ
cblr-11900	1354	36	and	and	CCONJ
cblr-11900	1354	37	important	important	ADJ
cblr-11900	1354	38	role	role	NOUN
cblr-11900	1354	39	in	in	ADP
cblr-11900	1354	40	the	the	DET
cblr-11900	1354	41	primary	primary	ADJ
cblr-11900	1354	42	market	market	NOUN
cblr-11900	1354	43	as	as	ADV
cblr-11900	1354	44	well	well	ADV
cblr-11900	1354	45	.	.	PUNCT
cblr-11900	1355	1	among	among	ADP
cblr-11900	1355	2	the	the	DET
cblr-11900	1355	3	broader	broad	ADJ
cblr-11900	1355	4	dealer	dealer	NOUN
cblr-11900	1355	5	community	community	NOUN
cblr-11900	1355	6	,	,	PUNCT
cblr-11900	1355	7	a	a	DET
cblr-11900	1355	8	select	select	ADJ
cblr-11900	1355	9	few	few	ADJ
cblr-11900	1355	10	were	be	AUX
cblr-11900	1355	11	authorized	authorize	VERB
cblr-11900	1355	12	to	to	PART
cblr-11900	1355	13	participate	participate	VERB
cblr-11900	1355	14	in	in	ADP
cblr-11900	1355	15	open	open	ADJ
cblr-11900	1355	16	market	market	NOUN
cblr-11900	1355	17	operations.299	operations.299	NOUN
cblr-11900	1355	18	that	that	PRON
cblr-11900	1355	19	was	be	AUX
cblr-11900	1355	20	,	,	PUNCT
cblr-11900	1355	21	in	in	ADP
cblr-11900	1355	22	principle	principle	NOUN
cblr-11900	1355	23	,	,	PUNCT
cblr-11900	1355	24	a	a	DET
cblr-11900	1355	25	valuable	valuable	ADJ
cblr-11900	1355	26	designation	designation	NOUN
cblr-11900	1355	27	—	—	PUNCT
cblr-11900	1355	28	it	it	PRON
cblr-11900	1355	29	meant	mean	VERB
cblr-11900	1355	30	access	access	NOUN
cblr-11900	1355	31	not	not	PART
cblr-11900	1355	32	only	only	ADV
cblr-11900	1355	33	to	to	ADP
cblr-11900	1355	34	flows	flow	NOUN
cblr-11900	1355	35	associated	associate	VERB
cblr-11900	1355	36	with	with	ADP
cblr-11900	1355	37	monetary	monetary	ADJ
cblr-11900	1355	38	policy	policy	NOUN
cblr-11900	1355	39	implementation	implementation	NOUN
cblr-11900	1355	40	,	,	PUNCT
cblr-11900	1355	41	but	but	CCONJ
cblr-11900	1355	42	also	also	ADV
cblr-11900	1355	43	liquidity	liquidity	NOUN
cblr-11900	1355	44	support	support	NOUN
cblr-11900	1355	45	from	from	ADP
cblr-11900	1355	46	direct	direct	ADJ
cblr-11900	1355	47	repo	repo	NOUN
cblr-11900	1355	48	with	with	ADP
cblr-11900	1355	49	the	the	DET
cblr-11900	1355	50	federal	federal	ADJ
cblr-11900	1355	51	297	297	NUM
cblr-11900	1355	52	fed	fed	PROPN
cblr-11900	1355	53	.	.	PUNCT
cblr-11900	1356	1	rsrv	rsrv	PROPN
cblr-11900	1356	2	.	.	PUNCT
cblr-11900	1357	1	bank	bank	PROPN
cblr-11900	1357	2	of	of	ADP
cblr-11900	1357	3	dallas	dallas	PROPN
cblr-11900	1357	4	,	,	PUNCT
cblr-11900	1357	5	market	market	NOUN
cblr-11900	1357	6	value	value	NOUN
cblr-11900	1357	7	of	of	ADP
cblr-11900	1357	8	marketable	marketable	ADJ
cblr-11900	1357	9	treasury	treasury	NOUN
cblr-11900	1357	10	debt	debt	NOUN
cblr-11900	1357	11	,	,	PUNCT
cblr-11900	1357	12	fed	fed	PROPN
cblr-11900	1357	13	.	.	PUNCT
cblr-11900	1357	14	rsrv	rsrv	PROPN
cblr-11900	1357	15	.	.	PUNCT
cblr-11900	1358	1	econ	econ	PROPN
cblr-11900	1358	2	.	.	PUNCT
cblr-11900	1358	3	data	data	PROPN
cblr-11900	1358	4	(	(	PUNCT
cblr-11900	1358	5	feb	feb	PROPN
cblr-11900	1358	6	.	.	PROPN
cblr-11900	1358	7	15	15	NUM
cblr-11900	1358	8	,	,	PUNCT
cblr-11900	1358	9	2023	2023	NUM
cblr-11900	1358	10	)	)	PUNCT
cblr-11900	1358	11	,	,	PUNCT
cblr-11900	1358	12	https://fred.stlouisfed.org/series/mvmtd027mnfrbdal	https://fred.stlouisfed.org/series/mvmtd027mnfrbdal	ADJ
cblr-11900	1358	13	[	[	X
cblr-11900	1358	14	https://perma.cc/92en-absf	https://perma.cc/92en-absf	X
cblr-11900	1358	15	]	]	X
cblr-11900	1358	16	;	;	PUNCT
cblr-11900	1358	17	.u.s	.u.s	PROPN
cblr-11900	1358	18	.	.	PROPN
cblr-11900	1358	19	bureau	bureau	PROPN
cblr-11900	1358	20	of	of	ADP
cblr-11900	1358	21	econ	econ	PROPN
cblr-11900	1358	22	.	.	PUNCT
cblr-11900	1359	1	analysis	analysis	NOUN
cblr-11900	1359	2	,	,	PUNCT
cblr-11900	1359	3	debt	debt	NOUN
cblr-11900	1359	4	domestic	domestic	ADJ
cblr-11900	1359	5	product	product	NOUN
cblr-11900	1359	6	,	,	PUNCT
cblr-11900	1359	7	fed	fed	PROPN
cblr-11900	1359	8	.	.	PUNCT
cblr-11900	1359	9	rsrv	rsrv	PROPN
cblr-11900	1359	10	.	.	PUNCT
cblr-11900	1360	1	econ	econ	PROPN
cblr-11900	1360	2	.	.	PUNCT
cblr-11900	1360	3	data	data	PROPN
cblr-11900	1360	4	,	,	PUNCT
cblr-11900	1360	5	https://fred.stlouisfed.org/series/gdp	https://fred.stlouisfed.org/series/gdp	NOUN
cblr-11900	1360	6	[	[	X
cblr-11900	1360	7	https://fred.stlouisfed.org/series/gdp	https://fred.stlouisfed.org/series/gdp	NOUN
cblr-11900	1360	8	]	]	X
cblr-11900	1360	9	(	(	PUNCT
cblr-11900	1360	10	last	last	ADJ
cblr-11900	1360	11	visited	visit	VERB
cblr-11900	1360	12	may	may	PROPN
cblr-11900	1360	13	23	23	NUM
cblr-11900	1360	14	,	,	PUNCT
cblr-11900	1360	15	2023	2023	NUM
cblr-11900	1360	16	)	)	PUNCT
cblr-11900	1360	17	.	.	PUNCT
cblr-11900	1361	1	298	298	NUM
cblr-11900	1361	2	for	for	ADP
cblr-11900	1361	3	example	example	NOUN
cblr-11900	1361	4	,	,	PUNCT
cblr-11900	1361	5	the	the	DET
cblr-11900	1361	6	standard	standard	ADJ
cblr-11900	1361	7	deviation	deviation	NOUN
cblr-11900	1361	8	of	of	ADP
cblr-11900	1361	9	monthly	monthly	ADJ
cblr-11900	1361	10	changes	change	NOUN
cblr-11900	1361	11	in	in	ADP
cblr-11900	1361	12	,	,	PUNCT
cblr-11900	1361	13	e.g.	e.g.	ADV
cblr-11900	1361	14	,	,	PUNCT
cblr-11900	1361	15	treasury	treasury	PROPN
cblr-11900	1361	16	bill	bill	PROPN
cblr-11900	1361	17	yields	yield	NOUN
cblr-11900	1361	18	increased	increase	VERB
cblr-11900	1361	19	from	from	ADP
cblr-11900	1361	20	less	less	ADJ
cblr-11900	1361	21	than	than	ADP
cblr-11900	1361	22	3	3	NUM
cblr-11900	1361	23	basis	basis	NOUN
cblr-11900	1361	24	points	point	NOUN
cblr-11900	1361	25	in	in	ADP
cblr-11900	1361	26	1950	1950	NUM
cblr-11900	1361	27	to	to	PART
cblr-11900	1361	28	20	20	NUM
cblr-11900	1361	29	basis	basis	NOUN
cblr-11900	1361	30	points	point	NOUN
cblr-11900	1361	31	only	only	ADV
cblr-11900	1361	32	a	a	DET
cblr-11900	1361	33	few	few	ADJ
cblr-11900	1361	34	years	year	NOUN
cblr-11900	1361	35	later	later	ADV
cblr-11900	1361	36	and	and	CCONJ
cblr-11900	1361	37	nearly	nearly	ADV
cblr-11900	1361	38	40	40	NUM
cblr-11900	1361	39	basis	basis	NOUN
cblr-11900	1361	40	points	point	NOUN
cblr-11900	1361	41	in	in	ADP
cblr-11900	1361	42	the	the	DET
cblr-11900	1361	43	early	early	ADJ
cblr-11900	1361	44	1960s	1960	NOUN
cblr-11900	1361	45	(	(	PUNCT
cblr-11900	1361	46	though	though	SCONJ
cblr-11900	1361	47	with	with	ADP
cblr-11900	1361	48	considerable	considerable	ADJ
cblr-11900	1361	49	variation	variation	NOUN
cblr-11900	1361	50	about	about	ADP
cblr-11900	1361	51	those	those	DET
cblr-11900	1361	52	levels	level	NOUN
cblr-11900	1361	53	)	)	PUNCT
cblr-11900	1361	54	.	.	PUNCT
cblr-11900	1362	1	bd	bd	PROPN
cblr-11900	1362	2	.	.	PROPN
cblr-11900	1362	3	of	of	ADP
cblr-11900	1362	4	governors	governor	NOUN
cblr-11900	1362	5	of	of	ADP
cblr-11900	1362	6	the	the	DET
cblr-11900	1362	7	fed	fed	PROPN
cblr-11900	1362	8	.	.	PUNCT
cblr-11900	1362	9	rsrv	rsrv	PROPN
cblr-11900	1362	10	.	.	PUNCT
cblr-11900	1363	1	sys	sys	PROPN
cblr-11900	1363	2	.	.	PROPN
cblr-11900	1363	3	,	,	PUNCT
cblr-11900	1363	4	market	market	NOUN
cblr-11900	1363	5	yiled	yile	VERB
cblr-11900	1363	6	on	on	ADP
cblr-11900	1363	7	u.s	u.s	PROPN
cblr-11900	1363	8	.	.	PROPN
cblr-11900	1363	9	treasury	treasury	PROPN
cblr-11900	1363	10	securities	security	NOUN
cblr-11900	1363	11	at	at	ADP
cblr-11900	1363	12	3	3	NUM
cblr-11900	1363	13	-	-	PUNCT
cblr-11900	1363	14	month	month	NOUN
cblr-11900	1363	15	constant	constant	ADJ
cblr-11900	1363	16	maturity	maturity	NOUN
cblr-11900	1363	17	,	,	PUNCT
cblr-11900	1363	18	quoted	quote	VERB
cblr-11900	1363	19	on	on	ADP
cblr-11900	1363	20	an	an	DET
cblr-11900	1363	21	investment	investment	NOUN
cblr-11900	1363	22	basis	basis	NOUN
cblr-11900	1363	23	,	,	PUNCT
cblr-11900	1363	24	fed	fed	PROPN
cblr-11900	1363	25	.	.	PUNCT
cblr-11900	1363	26	rsrv	rsrv	PROPN
cblr-11900	1363	27	.	.	PUNCT
cblr-11900	1364	1	econ	econ	PROPN
cblr-11900	1364	2	.	.	PUNCT
cblr-11900	1364	3	data	data	PROPN
cblr-11900	1364	4	,	,	PUNCT
cblr-11900	1364	5	https://fred.stlouisfed.org/series/dgs3mo	https://fred.stlouisfed.org/series/dgs3mo	ADV
cblr-11900	1364	6	[	[	X
cblr-11900	1364	7	https://perma.cc/c5de-q6z2	https://perma.cc/c5de-q6z2	NOUN
cblr-11900	1364	8	]	]	X
cblr-11900	1364	9	(	(	PUNCT
cblr-11900	1364	10	last	last	ADJ
cblr-11900	1364	11	visited	visit	VERB
cblr-11900	1364	12	may	may	PROPN
cblr-11900	1364	13	23	23	NUM
cblr-11900	1364	14	,	,	PUNCT
cblr-11900	1364	15	2023	2023	NUM
cblr-11900	1364	16	)	)	PUNCT
cblr-11900	1364	17	.	.	PUNCT
cblr-11900	1365	1	299	299	NUM
cblr-11900	1365	2	these	these	PRON
cblr-11900	1365	3	were	be	AUX
cblr-11900	1365	4	initially	initially	ADV
cblr-11900	1365	5	referred	refer	VERB
cblr-11900	1365	6	to	to	ADP
cblr-11900	1365	7	as	as	ADP
cblr-11900	1365	8	“	"	PUNCT
cblr-11900	1365	9	qualified	qualified	ADJ
cblr-11900	1365	10	”	"	PUNCT
cblr-11900	1365	11	dealers	dealer	NOUN
cblr-11900	1365	12	,	,	PUNCT
cblr-11900	1365	13	and	and	CCONJ
cblr-11900	1365	14	later	later	ADV
cblr-11900	1365	15	“	"	PUNCT
cblr-11900	1365	16	recognized	recognize	VERB
cblr-11900	1365	17	”	"	PUNCT
cblr-11900	1365	18	and	and	CCONJ
cblr-11900	1365	19	ultimately	ultimately	ADV
cblr-11900	1365	20	“	"	PUNCT
cblr-11900	1365	21	primary	primary	ADJ
cblr-11900	1365	22	”	"	PUNCT
cblr-11900	1365	23	dealers	dealer	NOUN
cblr-11900	1365	24	.	.	PUNCT
cblr-11900	1366	1	for	for	ADP
cblr-11900	1366	2	an	an	DET
cblr-11900	1366	3	overview	overview	NOUN
cblr-11900	1366	4	of	of	ADP
cblr-11900	1366	5	how	how	SCONJ
cblr-11900	1366	6	this	this	DET
cblr-11900	1366	7	system	system	NOUN
cblr-11900	1366	8	originated	originate	VERB
cblr-11900	1366	9	,	,	PUNCT
cblr-11900	1366	10	see	see	VERB
cblr-11900	1366	11	kenneth	kenneth	PROPN
cblr-11900	1366	12	garbade	garbade	PROPN
cblr-11900	1366	13	,	,	PUNCT
cblr-11900	1366	14	fed	fed	PROPN
cblr-11900	1366	15	.	.	PUNCT
cblr-11900	1366	16	rsrv	rsrv	PROPN
cblr-11900	1366	17	.	.	PUNCT
cblr-11900	1367	1	bank	bank	PROPN
cblr-11900	1367	2	of	of	ADP
cblr-11900	1367	3	n.y	n.y	PROPN
cblr-11900	1367	4	.	.	PROPN
cblr-11900	1367	5	,	,	PUNCT
cblr-11900	1367	6	staff	staff	NOUN
cblr-11900	1367	7	reports	report	VERB
cblr-11900	1367	8	no	no	INTJ
cblr-11900	1367	9	.	.	NOUN
cblr-11900	1367	10	1010	1010	NUM
cblr-11900	1367	11	,	,	PUNCT
cblr-11900	1367	12	the	the	DET
cblr-11900	1367	13	early	early	ADJ
cblr-11900	1367	14	years	year	NOUN
cblr-11900	1367	15	of	of	ADP
cblr-11900	1367	16	the	the	DET
cblr-11900	1367	17	primary	primary	ADJ
cblr-11900	1367	18	dealer	dealer	NOUN
cblr-11900	1367	19	system	system	NOUN
cblr-11900	1367	20	(	(	PUNCT
cblr-11900	1367	21	2016	2016	NUM
cblr-11900	1367	22	)	)	PUNCT
cblr-11900	1367	23	.	.	PUNCT
cblr-11900	1368	1	296	296	NUM
cblr-11900	1368	2	columbia	columbia	PROPN
cblr-11900	1368	3	business	business	NOUN
cblr-11900	1368	4	law	law	NOUN
cblr-11900	1368	5	review	review	NOUN
cblr-11900	1368	6	[	[	X
cblr-11900	1368	7	vol	vol	NOUN
cblr-11900	1368	8	.	.	PUNCT
cblr-11900	1368	9	2023	2023	NUM
cblr-11900	1368	10	reserve	reserve	NOUN
cblr-11900	1368	11	.	.	PUNCT
cblr-11900	1369	1	being	be	AUX
cblr-11900	1369	2	a	a	DET
cblr-11900	1369	3	primary	primary	ADJ
cblr-11900	1369	4	dealer	dealer	NOUN
cblr-11900	1369	5	did	do	AUX
cblr-11900	1369	6	,	,	PUNCT
cblr-11900	1369	7	however	however	ADV
cblr-11900	1369	8	,	,	PUNCT
cblr-11900	1369	9	come	come	VERB
cblr-11900	1369	10	with	with	ADP
cblr-11900	1369	11	certain	certain	ADJ
cblr-11900	1369	12	obligations	obligation	NOUN
cblr-11900	1369	13	.	.	PUNCT
cblr-11900	1370	1	not	not	PART
cblr-11900	1370	2	least	least	ADJ
cblr-11900	1370	3	among	among	ADP
cblr-11900	1370	4	them	they	PRON
cblr-11900	1370	5	was	be	AUX
cblr-11900	1370	6	what	what	PRON
cblr-11900	1370	7	came	come	VERB
cblr-11900	1370	8	to	to	PART
cblr-11900	1370	9	be	be	AUX
cblr-11900	1370	10	known	know	VERB
cblr-11900	1370	11	as	as	ADP
cblr-11900	1370	12	the	the	DET
cblr-11900	1370	13	auction	auction	NOUN
cblr-11900	1370	14	participation	participation	NOUN
cblr-11900	1370	15	standard	standard	NOUN
cblr-11900	1370	16	.	.	PUNCT
cblr-11900	1371	1	by	by	ADP
cblr-11900	1371	2	analogy	analogy	NOUN
cblr-11900	1371	3	to	to	ADP
cblr-11900	1371	4	corporate	corporate	ADJ
cblr-11900	1371	5	bond	bond	NOUN
cblr-11900	1371	6	markets	market	NOUN
cblr-11900	1371	7	,	,	PUNCT
cblr-11900	1371	8	primary	primary	ADJ
cblr-11900	1371	9	dealers	dealer	NOUN
cblr-11900	1371	10	acted	act	VERB
cblr-11900	1371	11	as	as	ADP
cblr-11900	1371	12	underwriters	underwriter	NOUN
cblr-11900	1371	13	at	at	ADP
cblr-11900	1371	14	treasury	treasury	PROPN
cblr-11900	1371	15	auctions.300	auctions.300	VERB
cblr-11900	1371	16	although	although	SCONJ
cblr-11900	1371	17	at	at	ADP
cblr-11900	1371	18	first	first	ADV
cblr-11900	1371	19	somewhat	somewhat	ADV
cblr-11900	1371	20	vague,301	vague,301	NOUN
cblr-11900	1371	21	by	by	ADP
cblr-11900	1371	22	the	the	DET
cblr-11900	1371	23	1980s302	1980s302	NUM
cblr-11900	1371	24	the	the	DET
cblr-11900	1371	25	expectations	expectation	NOUN
cblr-11900	1371	26	of	of	ADP
cblr-11900	1371	27	primary	primary	ADJ
cblr-11900	1371	28	dealers	dealer	NOUN
cblr-11900	1371	29	were	be	AUX
cblr-11900	1371	30	made	make	VERB
cblr-11900	1371	31	more	more	ADJ
cblr-11900	1371	32	concrete	concrete	ADJ
cblr-11900	1371	33	.	.	PUNCT
cblr-11900	1372	1	among	among	ADP
cblr-11900	1372	2	other	other	ADJ
cblr-11900	1372	3	requirements	requirement	NOUN
cblr-11900	1372	4	,	,	PUNCT
cblr-11900	1372	5	primary	primary	ADJ
cblr-11900	1372	6	dealers	dealer	NOUN
cblr-11900	1372	7	were	be	AUX
cblr-11900	1372	8	asked	ask	VERB
cblr-11900	1372	9	to	to	PART
cblr-11900	1372	10	submit	submit	VERB
cblr-11900	1372	11	bids	bid	NOUN
cblr-11900	1372	12	in	in	ADP
cblr-11900	1372	13	proportion	proportion	NOUN
cblr-11900	1372	14	to	to	ADP
cblr-11900	1372	15	their	their	PRON
cblr-11900	1372	16	overall	overall	ADJ
cblr-11900	1372	17	market	market	NOUN
cblr-11900	1372	18	share.303	share.303	ADJ
cblr-11900	1372	19	this	this	PRON
cblr-11900	1372	20	meant	mean	VERB
cblr-11900	1372	21	any	any	DET
cblr-11900	1372	22	paper	paper	NOUN
cblr-11900	1372	23	that	that	PRON
cblr-11900	1372	24	could	could	AUX
cblr-11900	1372	25	not	not	PART
cblr-11900	1372	26	find	find	VERB
cblr-11900	1372	27	a	a	DET
cblr-11900	1372	28	direct	direct	ADJ
cblr-11900	1372	29	bidder	bidder	NOUN
cblr-11900	1372	30	at	at	ADP
cblr-11900	1372	31	auction	auction	NOUN
cblr-11900	1372	32	was	be	AUX
cblr-11900	1372	33	left	leave	VERB
cblr-11900	1372	34	with	with	ADP
cblr-11900	1372	35	the	the	DET
cblr-11900	1372	36	primary	primary	ADJ
cblr-11900	1372	37	dealer	dealer	NOUN
cblr-11900	1372	38	community	community	NOUN
cblr-11900	1372	39	to	to	PART
cblr-11900	1372	40	distribute	distribute	VERB
cblr-11900	1372	41	in	in	ADP
cblr-11900	1372	42	secondary	secondary	ADJ
cblr-11900	1372	43	300	300	NUM
cblr-11900	1372	44	for	for	ADP
cblr-11900	1372	45	an	an	DET
cblr-11900	1372	46	extended	extended	ADJ
cblr-11900	1372	47	discussion	discussion	NOUN
cblr-11900	1372	48	of	of	ADP
cblr-11900	1372	49	the	the	DET
cblr-11900	1372	50	history	history	NOUN
cblr-11900	1372	51	of	of	ADP
cblr-11900	1372	52	treasury	treasury	PROPN
cblr-11900	1372	53	auction	auction	NOUN
cblr-11900	1372	54	mechanics	mechanic	NOUN
cblr-11900	1372	55	,	,	PUNCT
cblr-11900	1372	56	see	see	VERB
cblr-11900	1372	57	kenneth	kenneth	PROPN
cblr-11900	1372	58	garbade	garbade	PROPN
cblr-11900	1372	59	,	,	PUNCT
cblr-11900	1372	60	the	the	DET
cblr-11900	1372	61	institutionalization	institutionalization	NOUN
cblr-11900	1372	62	of	of	ADP
cblr-11900	1372	63	treasury	treasury	PROPN
cblr-11900	1372	64	note	note	NOUN
cblr-11900	1372	65	and	and	CCONJ
cblr-11900	1372	66	bond	bond	NOUN
cblr-11900	1372	67	auctions	auction	NOUN
cblr-11900	1372	68	,	,	PUNCT
cblr-11900	1372	69	1970–75	1970–75	NUM
cblr-11900	1372	70	,	,	PUNCT
cblr-11900	1372	71	10	10	NUM
cblr-11900	1372	72	fed	feed	VERB
cblr-11900	1372	73	.	.	PUNCT
cblr-11900	1373	1	rsrv	rsrv	PROPN
cblr-11900	1373	2	.	.	PUNCT
cblr-11900	1374	1	bank	bank	PROPN
cblr-11900	1374	2	of	of	ADP
cblr-11900	1374	3	n.y	n.y	PROPN
cblr-11900	1374	4	.	.	PROPN
cblr-11900	1374	5	econ	econ	PROPN
cblr-11900	1374	6	.	.	PUNCT
cblr-11900	1375	1	pol’y	pol’y	NOUN
cblr-11900	1375	2	rev	rev	VERB
cblr-11900	1375	3	.	.	PROPN
cblr-11900	1375	4	29	29	NUM
cblr-11900	1375	5	(	(	PUNCT
cblr-11900	1375	6	may	may	NOUN
cblr-11900	1375	7	2004	2004	NUM
cblr-11900	1375	8	)	)	PUNCT
cblr-11900	1375	9	.	.	PUNCT
cblr-11900	1376	1	301	301	NUM
cblr-11900	1376	2	for	for	ADP
cblr-11900	1376	3	example	example	NOUN
cblr-11900	1376	4	,	,	PUNCT
cblr-11900	1376	5	a	a	DET
cblr-11900	1376	6	1963	1963	NUM
cblr-11900	1376	7	study	study	NOUN
cblr-11900	1376	8	described	describe	VERB
cblr-11900	1376	9	the	the	DET
cblr-11900	1376	10	requirements	requirement	NOUN
cblr-11900	1376	11	to	to	PART
cblr-11900	1376	12	become	become	VERB
cblr-11900	1376	13	a	a	DET
cblr-11900	1376	14	primary	primary	ADJ
cblr-11900	1376	15	dealer	dealer	NOUN
cblr-11900	1376	16	as	as	ADP
cblr-11900	1376	17	having	have	VERB
cblr-11900	1376	18	“	"	PUNCT
cblr-11900	1376	19	sufficient	sufficient	ADJ
cblr-11900	1376	20	capital	capital	NOUN
cblr-11900	1376	21	plus	plus	CCONJ
cblr-11900	1376	22	a	a	DET
cblr-11900	1376	23	demonstrated	demonstrate	VERB
cblr-11900	1376	24	ability	ability	NOUN
cblr-11900	1376	25	and	and	CCONJ
cblr-11900	1376	26	willingness	willingness	NOUN
cblr-11900	1376	27	to	to	PART
cblr-11900	1376	28	make	make	VERB
cblr-11900	1376	29	a	a	DET
cblr-11900	1376	30	primary	primary	ADJ
cblr-11900	1376	31	market	market	NOUN
cblr-11900	1376	32	for	for	ADP
cblr-11900	1376	33	government	government	NOUN
cblr-11900	1376	34	securities	security	NOUN
cblr-11900	1376	35	on	on	ADP
cblr-11900	1376	36	a	a	DET
cblr-11900	1376	37	national	national	ADJ
cblr-11900	1376	38	basis	basis	NOUN
cblr-11900	1376	39	)	)	PUNCT
cblr-11900	1376	40	.	.	PUNCT
cblr-11900	1376	41	”	"	PUNCT
cblr-11900	1377	1	bd	bd	PROPN
cblr-11900	1377	2	.	.	PROPN
cblr-11900	1377	3	of	of	ADP
cblr-11900	1377	4	governors	governor	NOUN
cblr-11900	1377	5	of	of	ADP
cblr-11900	1377	6	the	the	DET
cblr-11900	1377	7	fed	fed	PROPN
cblr-11900	1377	8	.	.	PUNCT
cblr-11900	1377	9	rsrv	rsrv	PROPN
cblr-11900	1377	10	.	.	PUNCT
cblr-11900	1378	1	sys	sys	PROPN
cblr-11900	1378	2	.	.	PROPN
cblr-11900	1378	3	&	&	CCONJ
cblr-11900	1378	4	the	the	DET
cblr-11900	1378	5	u.s	u.s	PROPN
cblr-11900	1378	6	.	.	PROPN
cblr-11900	1378	7	treasury	treasury	PROPN
cblr-11900	1378	8	dep’t	dep’t	PROPN
cblr-11900	1378	9	,	,	PUNCT
cblr-11900	1378	10	the	the	DET
cblr-11900	1378	11	federal	federal	PROPN
cblr-11900	1378	12	reserve	reserve	PROPN
cblr-11900	1378	13	and	and	CCONJ
cblr-11900	1378	14	the	the	DET
cblr-11900	1378	15	treasury	treasury	NOUN
cblr-11900	1378	16	:	:	PUNCT
cblr-11900	1378	17	answers	answer	NOUN
cblr-11900	1378	18	to	to	ADP
cblr-11900	1378	19	questions	question	NOUN
cblr-11900	1378	20	from	from	ADP
cblr-11900	1378	21	the	the	DET
cblr-11900	1378	22	commission	commission	NOUN
cblr-11900	1378	23	on	on	ADP
cblr-11900	1378	24	money	money	NOUN
cblr-11900	1378	25	and	and	CCONJ
cblr-11900	1378	26	credit	credit	NOUN
cblr-11900	1378	27	238	238	NUM
cblr-11900	1378	28	(	(	PUNCT
cblr-11900	1378	29	1963	1963	NUM
cblr-11900	1378	30	)	)	PUNCT
cblr-11900	1378	31	.	.	PUNCT
cblr-11900	1379	1	later	later	ADV
cblr-11900	1379	2	,	,	PUNCT
cblr-11900	1379	3	in	in	ADP
cblr-11900	1379	4	1967	1967	NUM
cblr-11900	1379	5	,	,	PUNCT
cblr-11900	1379	6	another	another	DET
cblr-11900	1379	7	study	study	NOUN
cblr-11900	1379	8	noted	note	VERB
cblr-11900	1379	9	,	,	PUNCT
cblr-11900	1379	10	“	"	PUNCT
cblr-11900	1379	11	the	the	DET
cblr-11900	1379	12	dealers	dealer	NOUN
cblr-11900	1379	13	generally	generally	ADV
cblr-11900	1379	14	felt	feel	VERB
cblr-11900	1379	15	that	that	SCONJ
cblr-11900	1379	16	the	the	DET
cblr-11900	1379	17	nature	nature	NOUN
cblr-11900	1379	18	of	of	ADP
cblr-11900	1379	19	their	their	PRON
cblr-11900	1379	20	business	business	NOUN
cblr-11900	1379	21	obligated	obligate	VERB
cblr-11900	1379	22	them	they	PRON
cblr-11900	1379	23	to	to	PART
cblr-11900	1379	24	help	help	VERB
cblr-11900	1379	25	underwrite	underwrite	VERB
cblr-11900	1379	26	treasury	treasury	NOUN
cblr-11900	1379	27	financings	financing	NOUN
cblr-11900	1379	28	,	,	PUNCT
cblr-11900	1379	29	and	and	CCONJ
cblr-11900	1379	30	several	several	ADJ
cblr-11900	1379	31	dealers	dealer	NOUN
cblr-11900	1379	32	considered	consider	VERB
cblr-11900	1379	33	that	that	SCONJ
cblr-11900	1379	34	the	the	DET
cblr-11900	1379	35	dealers	dealer	NOUN
cblr-11900	1379	36	as	as	ADP
cblr-11900	1379	37	a	a	DET
cblr-11900	1379	38	group	group	NOUN
cblr-11900	1379	39	had	have	AUX
cblr-11900	1379	40	performed	perform	VERB
cblr-11900	1379	41	very	very	ADV
cblr-11900	1379	42	well	well	ADV
cblr-11900	1379	43	in	in	ADP
cblr-11900	1379	44	this	this	DET
cblr-11900	1379	45	respect	respect	NOUN
cblr-11900	1379	46	.	.	PUNCT
cblr-11900	1379	47	”	"	PUNCT
cblr-11900	1380	1	norman	norman	PROPN
cblr-11900	1380	2	bernard	bernard	PROPN
cblr-11900	1380	3	,	,	PUNCT
cblr-11900	1380	4	u.s	u.s	PROPN
cblr-11900	1380	5	.	.	PROPN
cblr-11900	1380	6	dep’t	dep’t	NOUN
cblr-11900	1380	7	of	of	ADP
cblr-11900	1380	8	the	the	DET
cblr-11900	1380	9	treasury	treasury	PROPN
cblr-11900	1380	10	&	&	CCONJ
cblr-11900	1380	11	bd	bd	PROPN
cblr-11900	1380	12	.	.	PROPN
cblr-11900	1380	13	of	of	ADP
cblr-11900	1380	14	governors	governor	NOUN
cblr-11900	1380	15	of	of	ADP
cblr-11900	1380	16	the	the	DET
cblr-11900	1380	17	fed	fed	PROPN
cblr-11900	1380	18	.	.	PUNCT
cblr-11900	1380	19	rsrv	rsrv	PROPN
cblr-11900	1380	20	.	.	PUNCT
cblr-11900	1381	1	sys	sys	PROPN
cblr-11900	1381	2	,	,	PUNCT
cblr-11900	1381	3	views	view	NOUN
cblr-11900	1381	4	of	of	ADP
cblr-11900	1381	5	the	the	DET
cblr-11900	1381	6	u.s	u.s	PROPN
cblr-11900	1381	7	.	.	PROPN
cblr-11900	1381	8	government	government	NOUN
cblr-11900	1381	9	securities	security	NOUN
cblr-11900	1381	10	dealers	dealer	NOUN
cblr-11900	1381	11	19	19	NUM
cblr-11900	1381	12	(	(	PUNCT
cblr-11900	1381	13	1967	1967	NUM
cblr-11900	1381	14	)	)	PUNCT
cblr-11900	1381	15	.	.	PUNCT
cblr-11900	1382	1	302	302	NUM
cblr-11900	1382	2	in	in	ADP
cblr-11900	1382	3	a	a	DET
cblr-11900	1382	4	1985	1985	NUM
cblr-11900	1382	5	letter	letter	NOUN
cblr-11900	1382	6	referring	refer	VERB
cblr-11900	1382	7	to	to	ADP
cblr-11900	1382	8	recent	recent	ADJ
cblr-11900	1382	9	congressional	congressional	ADJ
cblr-11900	1382	10	testimony	testimony	NOUN
cblr-11900	1383	1	,	,	PUNCT
cblr-11900	1383	2	e.	e.	PROPN
cblr-11900	1383	3	gerald	gerald	PROPN
cblr-11900	1383	4	corrigan	corrigan	PROPN
cblr-11900	1383	5	(	(	PUNCT
cblr-11900	1383	6	president	president	NOUN
cblr-11900	1383	7	of	of	ADP
cblr-11900	1383	8	the	the	DET
cblr-11900	1383	9	federal	federal	PROPN
cblr-11900	1383	10	reserve	reserve	PROPN
cblr-11900	1383	11	bank	bank	PROPN
cblr-11900	1383	12	of	of	ADP
cblr-11900	1383	13	new	new	PROPN
cblr-11900	1383	14	york	york	PROPN
cblr-11900	1383	15	)	)	PUNCT
cblr-11900	1383	16	said	say	VERB
cblr-11900	1383	17	:	:	PUNCT
cblr-11900	1383	18	“	"	PUNCT
cblr-11900	1383	19	we	we	PRON
cblr-11900	1383	20	do	do	AUX
cblr-11900	1383	21	not	not	PART
cblr-11900	1383	22	insist	insist	VERB
cblr-11900	1383	23	that	that	SCONJ
cblr-11900	1383	24	a	a	DET
cblr-11900	1383	25	dealer	dealer	NOUN
cblr-11900	1383	26	take	take	VERB
cblr-11900	1383	27	down	down	ADP
cblr-11900	1383	28	a	a	DET
cblr-11900	1383	29	particular	particular	ADJ
cblr-11900	1383	30	amount	amount	NOUN
cblr-11900	1383	31	of	of	ADP
cblr-11900	1383	32	securities	security	NOUN
cblr-11900	1383	33	from	from	ADP
cblr-11900	1383	34	the	the	DET
cblr-11900	1383	35	treasury	treasury	NOUN
cblr-11900	1383	36	,	,	PUNCT
cblr-11900	1383	37	but	but	CCONJ
cblr-11900	1383	38	we	we	PRON
cblr-11900	1383	39	expect	expect	VERB
cblr-11900	1383	40	to	to	PART
cblr-11900	1383	41	see	see	VERB
cblr-11900	1383	42	auction	auction	NOUN
cblr-11900	1383	43	bids	bid	NOUN
cblr-11900	1383	44	of	of	ADP
cblr-11900	1383	45	a	a	DET
cblr-11900	1383	46	size	size	NOUN
cblr-11900	1383	47	commensurate	commensurate	ADJ
cblr-11900	1383	48	with	with	ADP
cblr-11900	1383	49	the	the	DET
cblr-11900	1383	50	dealers	dealer	NOUN
cblr-11900	1383	51	capacity	capacity	NOUN
cblr-11900	1383	52	and	and	CCONJ
cblr-11900	1383	53	in	in	ADP
cblr-11900	1383	54	a	a	DET
cblr-11900	1383	55	realistic	realistic	ADJ
cblr-11900	1383	56	price	price	NOUN
cblr-11900	1383	57	range	range	NOUN
cblr-11900	1383	58	relative	relative	ADJ
cblr-11900	1383	59	to	to	ADP
cblr-11900	1383	60	current	current	ADJ
cblr-11900	1383	61	market	market	NOUN
cblr-11900	1383	62	conditions	condition	NOUN
cblr-11900	1383	63	”	"	PUNCT
cblr-11900	1383	64	status	status	NOUN
cblr-11900	1383	65	of	of	ADP
cblr-11900	1383	66	the	the	DET
cblr-11900	1383	67	gao	gao	PROPN
cblr-11900	1383	68	’s	’s	PART
cblr-11900	1383	69	work	work	NOUN
cblr-11900	1383	70	concerning	concern	VERB
cblr-11900	1383	71	the	the	DET
cblr-11900	1383	72	government	government	NOUN
cblr-11900	1383	73	securities	security	NOUN
cblr-11900	1383	74	market	market	NOUN
cblr-11900	1383	75	:	:	PUNCT
cblr-11900	1383	76	hearing	hear	VERB
cblr-11900	1383	77	before	before	ADP
cblr-11900	1383	78	the	the	DET
cblr-11900	1383	79	subcomm	subcomm	NOUN
cblr-11900	1383	80	.	.	PUNCT
cblr-11900	1384	1	on	on	ADP
cblr-11900	1384	2	domestic	domestic	ADJ
cblr-11900	1384	3	monetary	monetary	ADJ
cblr-11900	1384	4	pol’y	pol’y	NOUN
cblr-11900	1384	5	of	of	ADP
cblr-11900	1384	6	the	the	DET
cblr-11900	1384	7	h.	h.	PROPN
cblr-11900	1384	8	comm	comm	NOUN
cblr-11900	1384	9	.	.	PUNCT
cblr-11900	1385	1	on	on	ADP
cblr-11900	1385	2	banking	banking	NOUN
cblr-11900	1385	3	,	,	PUNCT
cblr-11900	1385	4	fin	fin	NOUN
cblr-11900	1385	5	.	.	PUNCT
cblr-11900	1385	6	and	and	CCONJ
cblr-11900	1385	7	urb	urb	PROPN
cblr-11900	1385	8	.	.	PUNCT
cblr-11900	1385	9	affs	affs	PROPN
cblr-11900	1385	10	.	.	PUNCT
cblr-11900	1385	11	,	,	PUNCT
cblr-11900	1385	12	99th	99th	ADJ
cblr-11900	1385	13	cong	cong	NOUN
cblr-11900	1385	14	.	.	PUNCT
cblr-11900	1386	1	35	35	NUM
cblr-11900	1386	2	(	(	PUNCT
cblr-11900	1386	3	1986	1986	NUM
cblr-11900	1386	4	)	)	PUNCT
cblr-11900	1386	5	(	(	PUNCT
cblr-11900	1386	6	statement	statement	NOUN
cblr-11900	1386	7	of	of	ADP
cblr-11900	1386	8	e.	e.	PROPN
cblr-11900	1386	9	gerald	gerald	PROPN
cblr-11900	1386	10	corrigan	corrigan	PROPN
cblr-11900	1386	11	,	,	PUNCT
cblr-11900	1386	12	president	president	NOUN
cblr-11900	1386	13	,	,	PUNCT
cblr-11900	1386	14	fed	fed	PROPN
cblr-11900	1386	15	.	.	PUNCT
cblr-11900	1386	16	rsrv	rsrv	PROPN
cblr-11900	1386	17	.	.	PUNCT
cblr-11900	1387	1	bank	bank	PROPN
cblr-11900	1387	2	of	of	ADP
cblr-11900	1387	3	n.y	n.y	PROPN
cblr-11900	1387	4	.	.	PROPN
cblr-11900	1387	5	)	)	PUNCT
cblr-11900	1387	6	.	.	PUNCT
cblr-11900	1388	1	303	303	NUM
cblr-11900	1388	2	this	this	PRON
cblr-11900	1388	3	was	be	AUX
cblr-11900	1388	4	eventually	eventually	ADV
cblr-11900	1388	5	revised	revise	VERB
cblr-11900	1388	6	to	to	PART
cblr-11900	1388	7	refer	refer	VERB
cblr-11900	1388	8	to	to	ADP
cblr-11900	1388	9	“	"	PUNCT
cblr-11900	1388	10	meaningful	meaningful	ADJ
cblr-11900	1388	11	”	"	PUNCT
cblr-11900	1388	12	participation	participation	NOUN
cblr-11900	1388	13	in	in	ADP
cblr-11900	1388	14	treasury	treasury	NOUN
cblr-11900	1388	15	auctions	auction	NOUN
cblr-11900	1388	16	.	.	PUNCT
cblr-11900	1389	1	see	see	VERB
cblr-11900	1389	2	,	,	PUNCT
cblr-11900	1389	3	e.g.	e.g.	ADV
cblr-11900	1389	4	,	,	PUNCT
cblr-11900	1389	5	administration	administration	NOUN
cblr-11900	1389	6	of	of	ADP
cblr-11900	1389	7	relationships	relationship	NOUN
cblr-11900	1389	8	with	with	ADP
cblr-11900	1389	9	primary	primary	ADJ
cblr-11900	1389	10	dealers	dealer	NOUN
cblr-11900	1389	11	,	,	PUNCT
cblr-11900	1389	12	fed	fed	PROPN
cblr-11900	1389	13	.	.	PUNCT
cblr-11900	1389	14	rsrv	rsrv	PROPN
cblr-11900	1389	15	.	.	PUNCT
cblr-11900	1390	1	bank	bank	PROPN
cblr-11900	1390	2	of	of	ADP
cblr-11900	1390	3	n.y	n.y	PROPN
cblr-11900	1390	4	.	.	PROPN
cblr-11900	1390	5	(	(	PUNCT
cblr-11900	1390	6	jan	jan	PROPN
cblr-11900	1390	7	.	.	PROPN
cblr-11900	1390	8	22	22	NUM
cblr-11900	1390	9	,	,	PUNCT
cblr-11900	1390	10	1992	1992	NUM
cblr-11900	1390	11	)	)	PUNCT
cblr-11900	1390	12	,	,	PUNCT
cblr-11900	1390	13	https://www.newyorkfed.org/markets/pridealers_policies_920122.html	https://www.newyorkfed.org/markets/pridealers_policies_920122.html	X
cblr-11900	1391	1	[	[	X
cblr-11900	1391	2	https://perma.cc/35el-8vk4	https://perma.cc/35el-8vk4	NOUN
cblr-11900	1391	3	]	]	PUNCT
cblr-11900	1391	4	.	.	PUNCT
cblr-11900	1392	1	no	no	INTJ
cblr-11900	1392	2	.	.	NOUN
cblr-11900	1392	3	1	1	NUM
cblr-11900	1392	4	]	]	ADJ
cblr-11900	1392	5	money	money	NOUN
cblr-11900	1392	6	and	and	CCONJ
cblr-11900	1392	7	the	the	DET
cblr-11900	1392	8	public	public	ADJ
cblr-11900	1392	9	debt	debt	NOUN
cblr-11900	1392	10	297	297	NUM
cblr-11900	1392	11	markets.304	markets.304	NOUN
cblr-11900	1392	12	reflecting	reflect	VERB
cblr-11900	1392	13	this	this	DET
cblr-11900	1392	14	obligation	obligation	NOUN
cblr-11900	1392	15	,	,	PUNCT
cblr-11900	1392	16	beginning	begin	VERB
cblr-11900	1392	17	in	in	ADP
cblr-11900	1392	18	the	the	DET
cblr-11900	1392	19	1960s	1960	NOUN
cblr-11900	1392	20	,	,	PUNCT
cblr-11900	1392	21	primary	primary	ADJ
cblr-11900	1392	22	dealers	dealer	NOUN
cblr-11900	1392	23	rapidly	rapidly	ADV
cblr-11900	1392	24	increased	increase	VERB
cblr-11900	1392	25	their	their	PRON
cblr-11900	1392	26	share	share	NOUN
cblr-11900	1392	27	of	of	ADP
cblr-11900	1392	28	allotments	allotment	NOUN
cblr-11900	1392	29	at	at	ADP
cblr-11900	1392	30	the	the	DET
cblr-11900	1392	31	same	same	ADJ
cblr-11900	1392	32	time	time	NOUN
cblr-11900	1392	33	as	as	SCONJ
cblr-11900	1392	34	the	the	DET
cblr-11900	1392	35	market	market	NOUN
cblr-11900	1392	36	grew	grow	VERB
cblr-11900	1392	37	—	—	PUNCT
cblr-11900	1392	38	from	from	ADP
cblr-11900	1392	39	less	less	ADJ
cblr-11900	1392	40	than	than	ADP
cblr-11900	1392	41	10	10	NUM
cblr-11900	1392	42	%	%	NOUN
cblr-11900	1392	43	in	in	ADP
cblr-11900	1392	44	the	the	DET
cblr-11900	1392	45	early	early	ADJ
cblr-11900	1392	46	1960s	1960	NOUN
cblr-11900	1392	47	to	to	ADP
cblr-11900	1392	48	nearly	nearly	ADV
cblr-11900	1392	49	30	30	NUM
cblr-11900	1392	50	%	%	NOUN
cblr-11900	1392	51	by	by	ADP
cblr-11900	1392	52	the	the	DET
cblr-11900	1392	53	middle	middle	NOUN
cblr-11900	1392	54	of	of	ADP
cblr-11900	1392	55	the	the	DET
cblr-11900	1392	56	decade305	decade305	PROPN
cblr-11900	1392	57	and	and	CCONJ
cblr-11900	1392	58	more	more	ADJ
cblr-11900	1392	59	than	than	ADP
cblr-11900	1392	60	half	half	NOUN
cblr-11900	1392	61	in	in	ADP
cblr-11900	1392	62	the	the	DET
cblr-11900	1392	63	1980s.306	1980s.306	PROPN
cblr-11900	1392	64	although	although	SCONJ
cblr-11900	1392	65	they	they	PRON
cblr-11900	1392	66	tended	tend	VERB
cblr-11900	1392	67	to	to	PART
cblr-11900	1392	68	trade	trade	VERB
cblr-11900	1392	69	out	out	ADP
cblr-11900	1392	70	of	of	ADP
cblr-11900	1392	71	a	a	DET
cblr-11900	1392	72	significant	significant	ADJ
cblr-11900	1392	73	fraction	fraction	NOUN
cblr-11900	1392	74	of	of	ADP
cblr-11900	1392	75	those	those	DET
cblr-11900	1392	76	allotments	allotment	NOUN
cblr-11900	1392	77	in	in	ADP
cblr-11900	1392	78	the	the	DET
cblr-11900	1392	79	secondary	secondary	ADJ
cblr-11900	1392	80	market	market	NOUN
cblr-11900	1392	81	(	(	PUNCT
cblr-11900	1392	82	presumably	presumably	ADV
cblr-11900	1392	83	with	with	ADP
cblr-11900	1392	84	clients	client	NOUN
cblr-11900	1392	85	lined	line	VERB
cblr-11900	1392	86	up	up	ADP
cblr-11900	1392	87	in	in	ADP
cblr-11900	1392	88	advance	advance	NOUN
cblr-11900	1392	89	)	)	PUNCT
cblr-11900	1392	90	,	,	PUNCT
cblr-11900	1392	91	even	even	ADV
cblr-11900	1392	92	in	in	ADP
cblr-11900	1392	93	the	the	DET
cblr-11900	1392	94	early	early	ADJ
cblr-11900	1392	95	years	year	NOUN
cblr-11900	1392	96	of	of	ADP
cblr-11900	1392	97	this	this	DET
cblr-11900	1392	98	arrangement	arrangement	NOUN
cblr-11900	1392	99	,	,	PUNCT
cblr-11900	1392	100	auctions	auction	NOUN
cblr-11900	1392	101	tended	tend	VERB
cblr-11900	1392	102	to	to	PART
cblr-11900	1392	103	add	add	VERB
cblr-11900	1392	104	significant	significant	ADJ
cblr-11900	1392	105	new	new	ADJ
cblr-11900	1392	106	positions	position	NOUN
cblr-11900	1392	107	to	to	ADP
cblr-11900	1392	108	inventory.307	inventory.307	NUM
cblr-11900	1392	109	to	to	PART
cblr-11900	1392	110	perform	perform	VERB
cblr-11900	1392	111	this	this	DET
cblr-11900	1392	112	function	function	NOUN
cblr-11900	1392	113	,	,	PUNCT
cblr-11900	1392	114	dealers	dealer	NOUN
cblr-11900	1392	115	relied	rely	VERB
cblr-11900	1392	116	heavily	heavily	ADV
cblr-11900	1392	117	on	on	ADP
cblr-11900	1392	118	access	access	NOUN
cblr-11900	1392	119	to	to	ADP
cblr-11900	1392	120	leverage	leverage	NOUN
cblr-11900	1392	121	which	which	PRON
cblr-11900	1392	122	they	they	PRON
cblr-11900	1392	123	increasingly	increasingly	ADV
cblr-11900	1392	124	sourced	source	VERB
cblr-11900	1392	125	from	from	ADP
cblr-11900	1392	126	the	the	DET
cblr-11900	1392	127	repo	repo	NOUN
cblr-11900	1392	128	market	market	NOUN
cblr-11900	1392	129	.	.	PUNCT
cblr-11900	1393	1	by	by	ADP
cblr-11900	1393	2	the	the	DET
cblr-11900	1393	3	late	late	ADJ
cblr-11900	1393	4	1970s	1970	NOUN
cblr-11900	1393	5	,	,	PUNCT
cblr-11900	1393	6	repo	repo	NOUN
cblr-11900	1393	7	was	be	AUX
cblr-11900	1393	8	nearly	nearly	ADV
cblr-11900	1393	9	90	90	NUM
cblr-11900	1393	10	%	%	NOUN
cblr-11900	1393	11	of	of	ADP
cblr-11900	1393	12	their	their	PRON
cblr-11900	1393	13	funding	funding	NOUN
cblr-11900	1393	14	on	on	ADP
cblr-11900	1393	15	an	an	DET
cblr-11900	1393	16	aggregated	aggregated	ADJ
cblr-11900	1393	17	basis.308	basis.308	NOUN
cblr-11900	1393	18	at	at	ADP
cblr-11900	1393	19	the	the	DET
cblr-11900	1393	20	same	same	ADJ
cblr-11900	1393	21	time	time	NOUN
cblr-11900	1393	22	,	,	PUNCT
cblr-11900	1393	23	the	the	DET
cblr-11900	1393	24	treasury	treasury	NOUN
cblr-11900	1393	25	market	market	NOUN
cblr-11900	1393	26	went	go	VERB
cblr-11900	1393	27	global	global	ADJ
cblr-11900	1393	28	.	.	PUNCT
cblr-11900	1394	1	only	only	ADV
cblr-11900	1394	2	1.8	1.8	NUM
cblr-11900	1394	3	%	%	NOUN
cblr-11900	1394	4	of	of	ADP
cblr-11900	1394	5	the	the	DET
cblr-11900	1394	6	free	free	ADJ
cblr-11900	1394	7	float	float	NOUN
cblr-11900	1394	8	was	be	AUX
cblr-11900	1394	9	held	hold	VERB
cblr-11900	1394	10	internationally	internationally	ADV
cblr-11900	1394	11	in	in	ADP
cblr-11900	1394	12	1950	1950	NUM
cblr-11900	1394	13	,	,	PUNCT
cblr-11900	1394	14	but	but	CCONJ
cblr-11900	1394	15	the	the	DET
cblr-11900	1394	16	years	year	NOUN
cblr-11900	1394	17	that	that	PRON
cblr-11900	1394	18	followed	follow	VERB
cblr-11900	1394	19	saw	see	VERB
cblr-11900	1394	20	a	a	DET
cblr-11900	1394	21	rapid	rapid	ADJ
cblr-11900	1394	22	and	and	CCONJ
cblr-11900	1394	23	seismic	seismic	ADJ
cblr-11900	1394	24	shift	shift	NOUN
cblr-11900	1394	25	of	of	ADP
cblr-11900	1394	26	international	international	ADJ
cblr-11900	1394	27	reserve	reserve	NOUN
cblr-11900	1394	28	assets	asset	NOUN
cblr-11900	1394	29	from	from	ADP
cblr-11900	1394	30	gbp	gbp	NOUN
cblr-11900	1394	31	to	to	ADP
cblr-11900	1394	32	usd,309	usd,309	ADP
cblr-11900	1394	33	which	which	PRON
cblr-11900	1394	34	more	more	ADV
cblr-11900	1394	35	than	than	ADP
cblr-11900	1394	36	quadrupled	quadruple	VERB
cblr-11900	1394	37	the	the	DET
cblr-11900	1394	38	foreign	foreign	ADJ
cblr-11900	1394	39	ownership	ownership	NOUN
cblr-11900	1394	40	share	share	NOUN
cblr-11900	1394	41	to	to	ADP
cblr-11900	1394	42	9.5	9.5	NUM
cblr-11900	1394	43	%	%	NOUN
cblr-11900	1394	44	over	over	ADP
cblr-11900	1394	45	304	304	NUM
cblr-11900	1394	46	in	in	ADP
cblr-11900	1394	47	2010	2010	NUM
cblr-11900	1394	48	,	,	PUNCT
cblr-11900	1394	49	the	the	DET
cblr-11900	1394	50	federal	federal	PROPN
cblr-11900	1394	51	reserve	reserve	PROPN
cblr-11900	1394	52	formalized	formalize	VERB
cblr-11900	1394	53	a	a	DET
cblr-11900	1394	54	pro	pro	ADJ
cblr-11900	1394	55	rata	rata	ADJ
cblr-11900	1394	56	bidding	bidding	NOUN
cblr-11900	1394	57	requirement	requirement	NOUN
cblr-11900	1394	58	for	for	ADP
cblr-11900	1394	59	primary	primary	ADJ
cblr-11900	1394	60	dealers	dealer	NOUN
cblr-11900	1394	61	to	to	PART
cblr-11900	1394	62	provide	provide	VERB
cblr-11900	1394	63	a	a	DET
cblr-11900	1394	64	backstop	backstop	NOUN
cblr-11900	1394	65	bid	bid	NOUN
cblr-11900	1394	66	for	for	ADP
cblr-11900	1394	67	treasury	treasury	NOUN
cblr-11900	1394	68	auctions	auction	NOUN
cblr-11900	1394	69	.	.	PUNCT
cblr-11900	1395	1	administration	administration	NOUN
cblr-11900	1395	2	of	of	ADP
cblr-11900	1395	3	relationships	relationship	NOUN
cblr-11900	1395	4	with	with	ADP
cblr-11900	1395	5	primary	primary	ADJ
cblr-11900	1395	6	dealers	dealer	NOUN
cblr-11900	1395	7	,	,	PUNCT
cblr-11900	1395	8	fed	fed	PROPN
cblr-11900	1395	9	.	.	PUNCT
cblr-11900	1395	10	rsrv	rsrv	PROPN
cblr-11900	1395	11	.	.	PUNCT
cblr-11900	1396	1	bank	bank	PROPN
cblr-11900	1396	2	of	of	ADP
cblr-11900	1396	3	n.y	n.y	PROPN
cblr-11900	1396	4	.	.	PROPN
cblr-11900	1396	5	(	(	PUNCT
cblr-11900	1396	6	jan	jan	PROPN
cblr-11900	1396	7	.	.	PROPN
cblr-11900	1396	8	11	11	NUM
cblr-11900	1396	9	,	,	PUNCT
cblr-11900	1396	10	2010	2010	NUM
cblr-11900	1396	11	)	)	PUNCT
cblr-11900	1396	12	,	,	PUNCT
cblr-11900	1396	13	https://www.newyorkfed.org/markets/pridealers_policies_100111.html	https://www.newyorkfed.org/markets/pridealers_policies_100111.html	NOUN
cblr-11900	1396	14	[	[	X
cblr-11900	1396	15	https://perma.cc/d5a6-6bpz	https://perma.cc/d5a6-6bpz	NOUN
cblr-11900	1396	16	]	]	PUNCT
cblr-11900	1396	17	.	.	PUNCT
cblr-11900	1397	1	305	305	NUM
cblr-11900	1397	2	joint	joint	ADJ
cblr-11900	1397	3	treasury	treasury	NOUN
cblr-11900	1397	4	-	-	PUNCT
cblr-11900	1397	5	federal	federal	PROPN
cblr-11900	1397	6	reserve	reserve	NOUN
cblr-11900	1397	7	study	study	NOUN
cblr-11900	1397	8	of	of	ADP
cblr-11900	1397	9	the	the	DET
cblr-11900	1397	10	u.s	u.s	PROPN
cblr-11900	1397	11	.	.	PROPN
cblr-11900	1397	12	government	government	NOUN
cblr-11900	1397	13	securities	security	NOUN
cblr-11900	1397	14	market	market	NOUN
cblr-11900	1397	15	70	70	NUM
cblr-11900	1397	16	(	(	PUNCT
cblr-11900	1397	17	1973	1973	NUM
cblr-11900	1397	18	)	)	PUNCT
cblr-11900	1397	19	.	.	PUNCT
cblr-11900	1398	1	306	306	NUM
cblr-11900	1398	2	general	general	ADJ
cblr-11900	1398	3	accounting	accounting	NOUN
cblr-11900	1398	4	office	office	NOUN
cblr-11900	1398	5	for	for	ADP
cblr-11900	1398	6	the	the	DET
cblr-11900	1398	7	subcomm	subcomm	NOUN
cblr-11900	1398	8	.	.	PUNCT
cblr-11900	1399	1	on	on	ADP
cblr-11900	1399	2	domestic	domestic	ADJ
cblr-11900	1399	3	monetary	monetary	ADJ
cblr-11900	1399	4	pol’y	pol’y	NOUN
cblr-11900	1399	5	of	of	ADP
cblr-11900	1399	6	the	the	DET
cblr-11900	1399	7	h.	h.	PROPN
cblr-11900	1399	8	comm	comm	NOUN
cblr-11900	1399	9	.	.	PUNCT
cblr-11900	1400	1	on	on	ADP
cblr-11900	1400	2	banking	banking	NOUN
cblr-11900	1400	3	,	,	PUNCT
cblr-11900	1400	4	fin	fin	NOUN
cblr-11900	1400	5	.	.	PUNCT
cblr-11900	1400	6	and	and	CCONJ
cblr-11900	1400	7	urb	urb	PROPN
cblr-11900	1400	8	.	.	PUNCT
cblr-11900	1400	9	affs	affs	PROPN
cblr-11900	1400	10	.	.	PUNCT
cblr-11900	1400	11	,	,	PUNCT
cblr-11900	1400	12	99th	99th	ADJ
cblr-11900	1400	13	cong	cong	NOUN
cblr-11900	1400	14	.	.	PUNCT
cblr-11900	1400	15	,	,	PUNCT
cblr-11900	1400	16	survey	survey	NOUN
cblr-11900	1400	17	of	of	ADP
cblr-11900	1400	18	the	the	DET
cblr-11900	1400	19	federal	federal	PROPN
cblr-11900	1400	20	reserve	reserve	PROPN
cblr-11900	1400	21	system	system	PROPN
cblr-11900	1400	22	’s	’s	PART
cblr-11900	1400	23	supervision	supervision	NOUN
cblr-11900	1400	24	of	of	ADP
cblr-11900	1400	25	the	the	DET
cblr-11900	1400	26	treasury	treasury	PROPN
cblr-11900	1400	27	securities	security	NOUN
cblr-11900	1400	28	market	market	NOUN
cblr-11900	1400	29	11	11	NUM
cblr-11900	1400	30	(	(	PUNCT
cblr-11900	1400	31	comm	comm	NOUN
cblr-11900	1400	32	.	.	PUNCT
cblr-11900	1401	1	print	print	NOUN
cblr-11900	1401	2	1985	1985	NUM
cblr-11900	1401	3	)	)	PUNCT
cblr-11900	1401	4	(	(	PUNCT
cblr-11900	1401	5	“	"	PUNCT
cblr-11900	1401	6	presently	presently	ADV
cblr-11900	1401	7	numbering	number	VERB
cblr-11900	1401	8	thirty	thirty	NUM
cblr-11900	1401	9	-	-	PUNCT
cblr-11900	1401	10	seven	seven	NUM
cblr-11900	1401	11	,	,	PUNCT
cblr-11900	1401	12	primary	primary	ADJ
cblr-11900	1401	13	dealers	dealer	NOUN
cblr-11900	1401	14	purchase	purchase	VERB
cblr-11900	1401	15	a	a	DET
cblr-11900	1401	16	large	large	ADJ
cblr-11900	1401	17	portion	portion	NOUN
cblr-11900	1401	18	(	(	PUNCT
cblr-11900	1401	19	about	about	ADV
cblr-11900	1401	20	55	55	NUM
cblr-11900	1401	21	percent	percent	NOUN
cblr-11900	1401	22	)	)	PUNCT
cblr-11900	1401	23	of	of	ADP
cblr-11900	1401	24	the	the	DET
cblr-11900	1401	25	treasury	treasury	PROPN
cblr-11900	1401	26	securities	security	NOUN
cblr-11900	1401	27	sold	sell	VERB
cblr-11900	1401	28	at	at	ADP
cblr-11900	1401	29	auction	auction	NOUN
cblr-11900	1401	30	and	and	CCONJ
cblr-11900	1401	31	make	make	VERB
cblr-11900	1401	32	an	an	DET
cblr-11900	1401	33	active	active	ADJ
cblr-11900	1401	34	secondary	secondary	ADJ
cblr-11900	1401	35	market	market	NOUN
cblr-11900	1401	36	for	for	ADP
cblr-11900	1401	37	u.s	u.s	PROPN
cblr-11900	1401	38	.	.	PROPN
cblr-11900	1401	39	government	government	PROPN
cblr-11900	1401	40	and	and	CCONJ
cblr-11900	1401	41	federal	federal	ADJ
cblr-11900	1401	42	agency	agency	NOUN
cblr-11900	1401	43	securities	security	NOUN
cblr-11900	1401	44	.	.	PUNCT
cblr-11900	1401	45	”	"	PUNCT
cblr-11900	1401	46	)	)	PUNCT
cblr-11900	1401	47	.	.	PUNCT
cblr-11900	1402	1	307	307	NUM
cblr-11900	1402	2	paul	paul	PROPN
cblr-11900	1402	3	meek	meek	PROPN
cblr-11900	1402	4	,	,	PUNCT
cblr-11900	1402	5	fed	fed	PROPN
cblr-11900	1402	6	.	.	PUNCT
cblr-11900	1402	7	rsrv	rsrv	PROPN
cblr-11900	1402	8	.	.	PUNCT
cblr-11900	1403	1	bank	bank	PROPN
cblr-11900	1403	2	of	of	ADP
cblr-11900	1403	3	n.y	n.y	PROPN
cblr-11900	1403	4	.	.	PROPN
cblr-11900	1403	5	,	,	PUNCT
cblr-11900	1403	6	the	the	DET
cblr-11900	1403	7	changing	change	VERB
cblr-11900	1403	8	structure	structure	NOUN
cblr-11900	1403	9	of	of	ADP
cblr-11900	1403	10	the	the	DET
cblr-11900	1403	11	dealer	dealer	NOUN
cblr-11900	1403	12	market	market	NOUN
cblr-11900	1403	13	in	in	ADP
cblr-11900	1403	14	government	government	NOUN
cblr-11900	1403	15	securities	security	NOUN
cblr-11900	1403	16	37	37	NUM
cblr-11900	1403	17	(	(	PUNCT
cblr-11900	1403	18	1967	1967	NUM
cblr-11900	1403	19	)	)	PUNCT
cblr-11900	1403	20	.	.	PUNCT
cblr-11900	1404	1	308	308	NUM
cblr-11900	1404	2	mccurdy	mccurdy	NOUN
cblr-11900	1404	3	,	,	PUNCT
cblr-11900	1404	4	supra	supra	PROPN
cblr-11900	1404	5	note	note	PROPN
cblr-11900	1404	6	297	297	NUM
cblr-11900	1404	7	.	.	PUNCT
cblr-11900	1405	1	309	309	NUM
cblr-11900	1405	2	u.s	u.s	PROPN
cblr-11900	1405	3	.	.	PROPN
cblr-11900	1405	4	dollar	dollar	NOUN
cblr-11900	1405	5	assets	asset	NOUN
cblr-11900	1405	6	grew	grow	VERB
cblr-11900	1405	7	from	from	ADP
cblr-11900	1405	8	33	33	NUM
cblr-11900	1405	9	%	%	NOUN
cblr-11900	1405	10	of	of	ADP
cblr-11900	1405	11	foreign	foreign	PROPN
cblr-11900	1405	12	reserve	reserve	NOUN
cblr-11900	1405	13	holdings	holding	NOUN
cblr-11900	1405	14	in	in	ADP
cblr-11900	1405	15	1950	1950	NUM
cblr-11900	1405	16	to	to	ADP
cblr-11900	1405	17	62	62	NUM
cblr-11900	1405	18	%	%	NOUN
cblr-11900	1405	19	just	just	ADV
cblr-11900	1405	20	ten	ten	NUM
cblr-11900	1405	21	years	year	NOUN
cblr-11900	1405	22	later	later	ADV
cblr-11900	1405	23	and	and	CCONJ
cblr-11900	1405	24	nearly	nearly	ADV
cblr-11900	1405	25	80	80	NUM
cblr-11900	1405	26	%	%	NOUN
cblr-11900	1405	27	by	by	ADP
cblr-11900	1405	28	1975	1975	NUM
cblr-11900	1405	29	.	.	PUNCT
cblr-11900	1406	1	barry	barry	PROPN
cblr-11900	1406	2	eichengreen	eichengreen	PROPN
cblr-11900	1406	3	,	,	PUNCT
cblr-11900	1406	4	livia	livia	PROPN
cblr-11900	1406	5	chiţu	chiţu	PROPN
cblr-11900	1406	6	&	&	CCONJ
cblr-11900	1406	7	arnaud	arnaud	PROPN
cblr-11900	1406	8	mehl	mehl	PROPN
cblr-11900	1406	9	,	,	PUNCT
cblr-11900	1406	10	stability	stability	NOUN
cblr-11900	1406	11	or	or	CCONJ
cblr-11900	1406	12	upheaval	upheaval	NOUN
cblr-11900	1406	13	?	?	PUNCT
cblr-11900	1407	1	the	the	DET
cblr-11900	1407	2	currency	currency	NOUN
cblr-11900	1407	3	composition	composition	NOUN
cblr-11900	1407	4	of	of	ADP
cblr-11900	1407	5	international	international	ADJ
cblr-11900	1407	6	reserves	reserve	NOUN
cblr-11900	1407	7	in	in	ADP
cblr-11900	1407	8	the	the	DET
cblr-11900	1407	9	long	long	ADJ
cblr-11900	1407	10	run	run	NOUN
cblr-11900	1407	11	,	,	PUNCT
cblr-11900	1407	12	64	64	NUM
cblr-11900	1407	13	imf	imf	PROPN
cblr-11900	1407	14	econ	econ	X
cblr-11900	1407	15	.	.	PUNCT
cblr-11900	1407	16	rev	rev	PROPN
cblr-11900	1407	17	.	.	PROPN
cblr-11900	1407	18	354	354	NUM
cblr-11900	1407	19	(	(	PUNCT
cblr-11900	1407	20	2016	2016	NUM
cblr-11900	1407	21	)	)	PUNCT
cblr-11900	1407	22	.	.	PUNCT
cblr-11900	1408	1	298	298	NUM
cblr-11900	1408	2	columbia	columbia	PROPN
cblr-11900	1408	3	business	business	NOUN
cblr-11900	1408	4	law	law	PROPN
cblr-11900	1408	5	review	review	NOUN
cblr-11900	1408	6	[	[	X
cblr-11900	1408	7	vol	vol	NOUN
cblr-11900	1408	8	.	.	PUNCT
cblr-11900	1409	1	2023	2023	NUM
cblr-11900	1409	2	twenty	twenty	NUM
cblr-11900	1409	3	years	year	NOUN
cblr-11900	1409	4	.	.	PUNCT
cblr-11900	1410	1	just	just	ADV
cblr-11900	1410	2	as	as	SCONJ
cblr-11900	1410	3	the	the	DET
cblr-11900	1410	4	dollar	dollar	NOUN
cblr-11900	1410	5	was	be	AUX
cblr-11900	1410	6	solidifying	solidify	VERB
cblr-11900	1410	7	its	its	PRON
cblr-11900	1410	8	position	position	NOUN
cblr-11900	1410	9	as	as	ADP
cblr-11900	1410	10	the	the	DET
cblr-11900	1410	11	global	global	PROPN
cblr-11900	1410	12	reserve	reserve	PROPN
cblr-11900	1410	13	currency	currency	PROPN
cblr-11900	1410	14	,	,	PUNCT
cblr-11900	1410	15	the	the	DET
cblr-11900	1410	16	collapse	collapse	NOUN
cblr-11900	1410	17	of	of	ADP
cblr-11900	1410	18	bretton	bretton	PROPN
cblr-11900	1410	19	woods	wood	NOUN
cblr-11900	1410	20	led	lead	VERB
cblr-11900	1410	21	to	to	ADP
cblr-11900	1410	22	an	an	DET
cblr-11900	1410	23	explosion	explosion	NOUN
cblr-11900	1410	24	of	of	ADP
cblr-11900	1410	25	these	these	DET
cblr-11900	1410	26	holdings	holding	NOUN
cblr-11900	1410	27	amidst	amidst	ADP
cblr-11900	1410	28	widespread	widespread	ADJ
cblr-11900	1410	29	intervention	intervention	NOUN
cblr-11900	1410	30	in	in	ADP
cblr-11900	1410	31	now	now	ADV
cblr-11900	1410	32	-	-	PUNCT
cblr-11900	1410	33	floating	float	VERB
cblr-11900	1410	34	currency	currency	NOUN
cblr-11900	1410	35	markets.310	markets.310	NOUN
cblr-11900	1410	36	in	in	ADP
cblr-11900	1410	37	1970	1970	NUM
cblr-11900	1410	38	,	,	PUNCT
cblr-11900	1410	39	official	official	ADJ
cblr-11900	1410	40	holdings	holding	NOUN
cblr-11900	1410	41	of	of	ADP
cblr-11900	1410	42	gold	gold	NOUN
cblr-11900	1410	43	and	and	CCONJ
cblr-11900	1410	44	foreign	foreign	ADJ
cblr-11900	1410	45	exchange	exchange	NOUN
cblr-11900	1410	46	totaled	total	VERB
cblr-11900	1410	47	2	2	NUM
cblr-11900	1410	48	%	%	NOUN
cblr-11900	1410	49	of	of	ADP
cblr-11900	1410	50	global	global	PROPN
cblr-11900	1410	51	gdp	gdp	PROPN
cblr-11900	1410	52	;	;	PUNCT
cblr-11900	1410	53	by	by	ADP
cblr-11900	1410	54	1980	1980	NUM
cblr-11900	1410	55	,	,	PUNCT
cblr-11900	1410	56	that	that	DET
cblr-11900	1410	57	figure	figure	NOUN
cblr-11900	1410	58	was	be	AUX
cblr-11900	1410	59	nearly	nearly	ADV
cblr-11900	1410	60	5%.311	5%.311	NUM
cblr-11900	1410	61	although	although	SCONJ
cblr-11900	1410	62	there	there	PRON
cblr-11900	1410	63	was	be	VERB
cblr-11900	1410	64	some	some	DET
cblr-11900	1410	65	diversification	diversification	NOUN
cblr-11900	1410	66	over	over	ADP
cblr-11900	1410	67	this	this	DET
cblr-11900	1410	68	period	period	NOUN
cblr-11900	1410	69	,	,	PUNCT
cblr-11900	1410	70	u.s	u.s	PROPN
cblr-11900	1410	71	.	.	PROPN
cblr-11900	1410	72	dollardenominated	dollardenominated	ADJ
cblr-11900	1410	73	assets	asset	NOUN
cblr-11900	1410	74	remained	remain	VERB
cblr-11900	1410	75	the	the	DET
cblr-11900	1410	76	preferred	preferred	ADJ
cblr-11900	1410	77	choice	choice	NOUN
cblr-11900	1410	78	,	,	PUNCT
cblr-11900	1410	79	at	at	ADP
cblr-11900	1410	80	times	time	NOUN
cblr-11900	1410	81	representing	represent	VERB
cblr-11900	1410	82	roughly	roughly	ADV
cblr-11900	1410	83	70–80	70–80	NUM
cblr-11900	1410	84	%	%	NOUN
cblr-11900	1410	85	of	of	ADP
cblr-11900	1410	86	reserves	reserve	NOUN
cblr-11900	1410	87	excluding	exclude	VERB
cblr-11900	1410	88	gold.312	gold.312	PROPN
cblr-11900	1410	89	international	international	ADJ
cblr-11900	1410	90	ownership	ownership	NOUN
cblr-11900	1410	91	of	of	ADP
cblr-11900	1410	92	treasuries	treasury	NOUN
cblr-11900	1410	93	increased	increase	VERB
cblr-11900	1410	94	alongside	alongside	ADP
cblr-11900	1410	95	these	these	DET
cblr-11900	1410	96	broader	broad	ADJ
cblr-11900	1410	97	shifts	shift	NOUN
cblr-11900	1410	98	,	,	PUNCT
cblr-11900	1410	99	more	more	ADJ
cblr-11900	1410	100	than	than	ADP
cblr-11900	1410	101	tripling	triple	VERB
cblr-11900	1410	102	as	as	ADP
cblr-11900	1410	103	a	a	DET
cblr-11900	1410	104	share	share	NOUN
cblr-11900	1410	105	of	of	ADP
cblr-11900	1410	106	the	the	DET
cblr-11900	1410	107	overall	overall	ADJ
cblr-11900	1410	108	stock	stock	NOUN
cblr-11900	1410	109	to	to	PART
cblr-11900	1410	110	just	just	ADV
cblr-11900	1410	111	under	under	ADP
cblr-11900	1410	112	30	30	NUM
cblr-11900	1410	113	%	%	NOUN
cblr-11900	1410	114	over	over	ADP
cblr-11900	1410	115	the	the	DET
cblr-11900	1410	116	course	course	NOUN
cblr-11900	1410	117	of	of	ADP
cblr-11900	1410	118	the	the	DET
cblr-11900	1410	119	1970s	1970	NOUN
cblr-11900	1410	120	.	.	PUNCT
cblr-11900	1411	1	even	even	ADV
cblr-11900	1411	2	as	as	SCONJ
cblr-11900	1411	3	this	this	PRON
cblr-11900	1411	4	was	be	AUX
cblr-11900	1411	5	occurring	occur	VERB
cblr-11900	1411	6	,	,	PUNCT
cblr-11900	1411	7	participation	participation	NOUN
cblr-11900	1411	8	limits	limit	NOUN
cblr-11900	1411	9	on	on	ADP
cblr-11900	1411	10	single	single	ADJ
cblr-11900	1411	11	bidders	bidder	NOUN
cblr-11900	1411	12	at	at	ADP
cblr-11900	1411	13	auction	auction	NOUN
cblr-11900	1411	14	applied	apply	VERB
cblr-11900	1411	15	to	to	ADP
cblr-11900	1411	16	foreign	foreign	ADJ
cblr-11900	1411	17	central	central	ADJ
cblr-11900	1411	18	banks	bank	NOUN
cblr-11900	1411	19	as	as	ADV
cblr-11900	1411	20	well	well	ADV
cblr-11900	1411	21	as	as	ADP
cblr-11900	1411	22	private	private	ADJ
cblr-11900	1411	23	investors.313	investors.313	NOUN
cblr-11900	1411	24	although	although	SCONJ
cblr-11900	1411	25	it	it	PRON
cblr-11900	1411	26	is	be	AUX
cblr-11900	1411	27	unclear	unclear	ADJ
cblr-11900	1411	28	if	if	SCONJ
cblr-11900	1411	29	those	those	DET
cblr-11900	1411	30	limits	limit	NOUN
cblr-11900	1411	31	were	be	AUX
cblr-11900	1411	32	binding	bind	VERB
cblr-11900	1411	33	in	in	ADP
cblr-11900	1411	34	practice	practice	NOUN
cblr-11900	1411	35	,	,	PUNCT
cblr-11900	1411	36	they	they	PRON
cblr-11900	1411	37	could	could	AUX
cblr-11900	1411	38	have	have	AUX
cblr-11900	1411	39	made	make	VERB
cblr-11900	1411	40	it	it	PRON
cblr-11900	1411	41	difficult	difficult	ADJ
cblr-11900	1411	42	for	for	SCONJ
cblr-11900	1411	43	some	some	PRON
cblr-11900	1411	44	of	of	ADP
cblr-11900	1411	45	the	the	DET
cblr-11900	1411	46	largest	large	ADJ
cblr-11900	1411	47	institutions	institution	NOUN
cblr-11900	1411	48	to	to	PART
cblr-11900	1411	49	source	source	VERB
cblr-11900	1411	50	sufficient	sufficient	ADJ
cblr-11900	1411	51	size	size	NOUN
cblr-11900	1411	52	in	in	ADP
cblr-11900	1411	53	the	the	DET
cblr-11900	1411	54	primary	primary	ADJ
cblr-11900	1411	55	market	market	NOUN
cblr-11900	1411	56	.	.	PUNCT
cblr-11900	1412	1	that	that	PRON
cblr-11900	1412	2	meant	mean	VERB
cblr-11900	1412	3	relying	rely	VERB
cblr-11900	1412	4	on	on	ADP
cblr-11900	1412	5	dealers	dealer	NOUN
cblr-11900	1412	6	in	in	ADP
cblr-11900	1412	7	secondary	secondary	ADJ
cblr-11900	1412	8	markets	market	NOUN
cblr-11900	1412	9	to	to	PART
cblr-11900	1412	10	fill	fill	VERB
cblr-11900	1412	11	their	their	PRON
cblr-11900	1412	12	quotas	quota	NOUN
cblr-11900	1412	13	.	.	PUNCT
cblr-11900	1413	1	increasing	increase	VERB
cblr-11900	1413	2	demands	demand	NOUN
cblr-11900	1413	3	for	for	ADP
cblr-11900	1413	4	intermediation	intermediation	NOUN
cblr-11900	1413	5	in	in	ADP
cblr-11900	1413	6	principle	principle	NOUN
cblr-11900	1413	7	required	require	VERB
cblr-11900	1413	8	dealers	dealer	NOUN
cblr-11900	1413	9	to	to	PART
cblr-11900	1413	10	take	take	VERB
cblr-11900	1413	11	on	on	ADP
cblr-11900	1413	12	significantly	significantly	ADV
cblr-11900	1413	13	more	more	ADJ
cblr-11900	1413	14	leverage	leverage	NOUN
cblr-11900	1413	15	.	.	PUNCT
cblr-11900	1414	1	310	310	NUM
cblr-11900	1414	2	for	for	ADP
cblr-11900	1414	3	an	an	DET
cblr-11900	1414	4	in	in	ADP
cblr-11900	1414	5	-	-	PUNCT
cblr-11900	1414	6	depth	depth	NOUN
cblr-11900	1414	7	analysis	analysis	NOUN
cblr-11900	1414	8	of	of	ADP
cblr-11900	1414	9	trends	trend	NOUN
cblr-11900	1414	10	in	in	ADP
cblr-11900	1414	11	foreign	foreign	ADJ
cblr-11900	1414	12	exchange	exchange	NOUN
cblr-11900	1414	13	reserves	reserve	NOUN
cblr-11900	1414	14	through	through	ADP
cblr-11900	1414	15	the	the	DET
cblr-11900	1414	16	1970s	1970	NOUN
cblr-11900	1414	17	,	,	PUNCT
cblr-11900	1414	18	see	see	VERB
cblr-11900	1414	19	h.	h.	PROPN
cblr-11900	1414	20	robert	robert	PROPN
cblr-11900	1414	21	heller	heller	PROPN
cblr-11900	1414	22	&	&	CCONJ
cblr-11900	1414	23	malcolm	malcolm	PROPN
cblr-11900	1414	24	knight	knight	PROPN
cblr-11900	1414	25	,	,	PUNCT
cblr-11900	1414	26	reserve	reserve	NOUN
cblr-11900	1414	27	currency	currency	NOUN
cblr-11900	1414	28	preferences	preference	NOUN
cblr-11900	1414	29	of	of	ADP
cblr-11900	1414	30	central	central	ADJ
cblr-11900	1414	31	banks	bank	NOUN
cblr-11900	1414	32	,	,	PUNCT
cblr-11900	1414	33	princeton	princeton	PROPN
cblr-11900	1414	34	u.	u.	PROPN
cblr-11900	1414	35	essays	essay	NOUN
cblr-11900	1414	36	in	in	ADP
cblr-11900	1414	37	int’l	int’l	NUM
cblr-11900	1414	38	fin	fin	NOUN
cblr-11900	1414	39	.	.	PUNCT
cblr-11900	1414	40	,	,	PUNCT
cblr-11900	1414	41	dec	dec	PROPN
cblr-11900	1414	42	.	.	PROPN
cblr-11900	1414	43	1978	1978	NUM
cblr-11900	1414	44	,	,	PUNCT
cblr-11900	1414	45	at	at	ADP
cblr-11900	1414	46	1	1	NUM
cblr-11900	1414	47	.	.	X
cblr-11900	1414	48	311	311	NUM
cblr-11900	1414	49	foreign	foreign	ADJ
cblr-11900	1414	50	reserves	reserve	NOUN
cblr-11900	1414	51	started	start	VERB
cblr-11900	1414	52	growing	grow	VERB
cblr-11900	1414	53	in	in	ADP
cblr-11900	1414	54	the	the	DET
cblr-11900	1414	55	1950s	1950	NOUN
cblr-11900	1414	56	(	(	PUNCT
cblr-11900	1414	57	3	3	NUM
cblr-11900	1414	58	%	%	NOUN
cblr-11900	1414	59	annualized	annualize	VERB
cblr-11900	1414	60	in	in	ADP
cblr-11900	1414	61	units	unit	NOUN
cblr-11900	1414	62	of	of	ADP
cblr-11900	1414	63	special	special	ADJ
cblr-11900	1414	64	drawing	drawing	NOUN
cblr-11900	1414	65	rights	right	NOUN
cblr-11900	1414	66	)	)	PUNCT
cblr-11900	1414	67	and	and	CCONJ
cblr-11900	1414	68	1960s	1960	NOUN
cblr-11900	1414	69	(	(	PUNCT
cblr-11900	1414	70	3	3	NUM
cblr-11900	1414	71	%	%	NOUN
cblr-11900	1414	72	annualized	annualize	VERB
cblr-11900	1414	73	)	)	PUNCT
cblr-11900	1414	74	before	before	ADP
cblr-11900	1414	75	accelerating	accelerate	VERB
cblr-11900	1414	76	dramatically	dramatically	ADV
cblr-11900	1414	77	in	in	ADP
cblr-11900	1414	78	the	the	DET
cblr-11900	1414	79	1970s	1970	NOUN
cblr-11900	1414	80	(	(	PUNCT
cblr-11900	1414	81	21	21	NUM
cblr-11900	1414	82	%	%	NOUN
cblr-11900	1414	83	annualized	annualize	VERB
cblr-11900	1414	84	)	)	PUNCT
cblr-11900	1414	85	.	.	PUNCT
cblr-11900	1415	1	int’l	int’l	PRON
cblr-11900	1415	2	monetary	monetary	ADJ
cblr-11900	1415	3	fund	fund	NOUN
cblr-11900	1415	4	,	,	PUNCT
cblr-11900	1415	5	annual	annual	ADJ
cblr-11900	1415	6	report	report	NOUN
cblr-11900	1415	7	(	(	PUNCT
cblr-11900	1415	8	1976	1976	NUM
cblr-11900	1415	9	)	)	PUNCT
cblr-11900	1415	10	;	;	PUNCT
cblr-11900	1415	11	int’l	int’l	NUM
cblr-11900	1415	12	monetary	monetary	ADJ
cblr-11900	1415	13	fund	fund	NOUN
cblr-11900	1415	14	,	,	PUNCT
cblr-11900	1415	15	annual	annual	ADJ
cblr-11900	1415	16	report	report	NOUN
cblr-11900	1415	17	65	65	NUM
cblr-11900	1415	18	(	(	PUNCT
cblr-11900	1415	19	1981	1981	NUM
cblr-11900	1415	20	)	)	PUNCT
cblr-11900	1415	21	.	.	PUNCT
cblr-11900	1416	1	that	that	PRON
cblr-11900	1416	2	represented	represent	VERB
cblr-11900	1416	3	a	a	DET
cblr-11900	1416	4	more	more	ADJ
cblr-11900	1416	5	than	than	ADP
cblr-11900	1416	6	doubling	double	VERB
cblr-11900	1416	7	of	of	ADP
cblr-11900	1416	8	these	these	DET
cblr-11900	1416	9	holdings	holding	NOUN
cblr-11900	1416	10	relative	relative	ADJ
cblr-11900	1416	11	to	to	ADP
cblr-11900	1416	12	global	global	PROPN
cblr-11900	1416	13	gdp	gdp	PROPN
cblr-11900	1416	14	.	.	PROPN
cblr-11900	1416	15	world	world	PROPN
cblr-11900	1416	16	bank	bank	PROPN
cblr-11900	1416	17	grp	grp	PROPN
cblr-11900	1416	18	.	.	PROPN
cblr-11900	1416	19	,	,	PUNCT
cblr-11900	1416	20	gdp	gdp	PROPN
cblr-11900	1416	21	,	,	PUNCT
cblr-11900	1416	22	the	the	DET
cblr-11900	1416	23	world	world	PROPN
cblr-11900	1416	24	bank	bank	PROPN
cblr-11900	1416	25	,	,	PUNCT
cblr-11900	1416	26	https://data.worldbank.org/indicator/ny.gdp.mktp.cd	https://data.worldbank.org/indicator/ny.gdp.mktp.cd	PRON
cblr-11900	1416	27	[	[	X
cblr-11900	1416	28	https://perma.cc/eq7z-ak4z	https://perma.cc/eq7z-ak4z	X
cblr-11900	1416	29	]	]	X
cblr-11900	1416	30	,	,	PUNCT
cblr-11900	1416	31	after	after	ADP
cblr-11900	1416	32	adjusting	adjust	VERB
cblr-11900	1416	33	for	for	ADP
cblr-11900	1416	34	currency	currency	NOUN
cblr-11900	1416	35	effects	effect	NOUN
cblr-11900	1416	36	.	.	PUNCT
cblr-11900	1417	1	org	org	PROPN
cblr-11900	1417	2	.	.	PUNCT
cblr-11900	1418	1	for	for	ADP
cblr-11900	1418	2	econ	econ	PROPN
cblr-11900	1418	3	.	.	PUNCT
cblr-11900	1418	4	coop	coop	PROPN
cblr-11900	1418	5	.	.	PUNCT
cblr-11900	1418	6	&	&	CCONJ
cblr-11900	1418	7	dev	dev	PROPN
cblr-11900	1418	8	.	.	PROPN
cblr-11900	1418	9	,	,	PUNCT
cblr-11900	1418	10	national	national	ADJ
cblr-11900	1418	11	currency	currency	NOUN
cblr-11900	1418	12	to	to	ADP
cblr-11900	1418	13	us	us	PROPN
cblr-11900	1418	14	dollar	dollar	NOUN
cblr-11900	1418	15	exchange	exchange	NOUN
cblr-11900	1418	16	rate	rate	NOUN
cblr-11900	1418	17	:	:	PUNCT
cblr-11900	1418	18	average	average	NOUN
cblr-11900	1418	19	of	of	ADP
cblr-11900	1418	20	daily	daily	ADJ
cblr-11900	1418	21	rates	rate	NOUN
cblr-11900	1418	22	for	for	ADP
cblr-11900	1418	23	the	the	DET
cblr-11900	1418	24	international	international	ADJ
cblr-11900	1418	25	monetary	monetary	ADJ
cblr-11900	1418	26	fund	fund	NOUN
cblr-11900	1418	27	,	,	PUNCT
cblr-11900	1418	28	fed	fed	PROPN
cblr-11900	1418	29	.	.	PUNCT
cblr-11900	1418	30	rsrv	rsrv	PROPN
cblr-11900	1418	31	.	.	PUNCT
cblr-11900	1419	1	econ	econ	PROPN
cblr-11900	1419	2	.	.	PUNCT
cblr-11900	1419	3	data	data	PROPN
cblr-11900	1419	4	,	,	PUNCT
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cblr-11900	1420	1	[	[	X
cblr-11900	1420	2	https://perma.cc/5waf-4atv	https://perma.cc/5waf-4atv	X
cblr-11900	1420	3	]	]	X
cblr-11900	1420	4	(	(	PUNCT
cblr-11900	1420	5	last	last	ADJ
cblr-11900	1420	6	visited	visit	VERB
cblr-11900	1420	7	may	may	PROPN
cblr-11900	1420	8	23	23	NUM
cblr-11900	1420	9	,	,	PUNCT
cblr-11900	1420	10	2023	2023	NUM
cblr-11900	1420	11	)	)	PUNCT
cblr-11900	1420	12	.	.	PUNCT
cblr-11900	1421	1	312	312	NUM
cblr-11900	1421	2	eichengreen	eichengreen	NOUN
cblr-11900	1421	3	,	,	PUNCT
cblr-11900	1421	4	chiţu	chiţu	PROPN
cblr-11900	1421	5	&	&	CCONJ
cblr-11900	1421	6	mehl	mehl	PROPN
cblr-11900	1421	7	,	,	PUNCT
cblr-11900	1421	8	supra	supra	PROPN
cblr-11900	1421	9	note	note	NOUN
cblr-11900	1421	10	312	312	NUM
cblr-11900	1421	11	.	.	NOUN
cblr-11900	1421	12	313	313	NUM
cblr-11900	1421	13	kenneth	kenneth	PROPN
cblr-11900	1421	14	garbade	garbade	PROPN
cblr-11900	1421	15	&	&	CCONJ
cblr-11900	1421	16	jeffrey	jeffrey	PROPN
cblr-11900	1421	17	f.	f.	PROPN
cblr-11900	1421	18	ingber	ingber	PROPN
cblr-11900	1421	19	,	,	PUNCT
cblr-11900	1421	20	the	the	DET
cblr-11900	1421	21	treasury	treasury	NOUN
cblr-11900	1421	22	auction	auction	NOUN
cblr-11900	1421	23	process	process	NOUN
cblr-11900	1421	24	:	:	PUNCT
cblr-11900	1421	25	objectives	objective	NOUN
cblr-11900	1421	26	,	,	PUNCT
cblr-11900	1421	27	structure	structure	NOUN
cblr-11900	1421	28	,	,	PUNCT
cblr-11900	1421	29	and	and	CCONJ
cblr-11900	1421	30	recent	recent	ADJ
cblr-11900	1421	31	adaptations	adaptation	NOUN
cblr-11900	1421	32	,	,	PUNCT
cblr-11900	1421	33	fed	fed	PROPN
cblr-11900	1421	34	.	.	PUNCT
cblr-11900	1421	35	rsrv	rsrv	PROPN
cblr-11900	1421	36	.	.	PUNCT
cblr-11900	1422	1	bank	bank	PROPN
cblr-11900	1422	2	of	of	ADP
cblr-11900	1422	3	n.y	n.y	PROPN
cblr-11900	1422	4	.	.	PROPN
cblr-11900	1422	5	recent	recent	ADJ
cblr-11900	1422	6	issues	issue	NOUN
cblr-11900	1422	7	in	in	ADP
cblr-11900	1422	8	econ	econ	PROPN
cblr-11900	1422	9	.	.	PUNCT
cblr-11900	1422	10	&	&	CCONJ
cblr-11900	1422	11	fin	fin	PROPN
cblr-11900	1422	12	.	.	PUNCT
cblr-11900	1423	1	3	3	NUM
cblr-11900	1423	2	,	,	PUNCT
cblr-11900	1423	3	5	5	NUM
cblr-11900	1423	4	(	(	PUNCT
cblr-11900	1423	5	feb	feb	NOUN
cblr-11900	1423	6	.	.	PROPN
cblr-11900	1423	7	2005	2005	NUM
cblr-11900	1423	8	)	)	PUNCT
cblr-11900	1423	9	.	.	PUNCT
cblr-11900	1424	1	no	no	INTJ
cblr-11900	1424	2	.	.	NOUN
cblr-11900	1425	1	1	1	NUM
cblr-11900	1425	2	]	]	ADJ
cblr-11900	1425	3	money	money	NOUN
cblr-11900	1425	4	and	and	CCONJ
cblr-11900	1425	5	the	the	DET
cblr-11900	1425	6	public	public	ADJ
cblr-11900	1425	7	debt	debt	NOUN
cblr-11900	1425	8	299	299	NUM
cblr-11900	1425	9	although	although	SCONJ
cblr-11900	1425	10	the	the	DET
cblr-11900	1425	11	fed	fed	PROPN
cblr-11900	1425	12	facilitated	facilitate	VERB
cblr-11900	1425	13	a	a	DET
cblr-11900	1425	14	highly	highly	ADV
cblr-11900	1425	15	elastic	elastic	ADJ
cblr-11900	1425	16	supply	supply	NOUN
cblr-11900	1425	17	of	of	ADP
cblr-11900	1425	18	cheap	cheap	ADJ
cblr-11900	1425	19	funding	funding	NOUN
cblr-11900	1425	20	,	,	PUNCT
cblr-11900	1425	21	dealers	dealer	NOUN
cblr-11900	1425	22	still	still	ADV
cblr-11900	1425	23	had	have	VERB
cblr-11900	1425	24	to	to	PART
cblr-11900	1425	25	comply	comply	VERB
cblr-11900	1425	26	with	with	ADP
cblr-11900	1425	27	capital	capital	NOUN
cblr-11900	1425	28	and	and	CCONJ
cblr-11900	1425	29	liquidity	liquidity	NOUN
cblr-11900	1425	30	requirements	requirement	NOUN
cblr-11900	1425	31	set	set	VERB
cblr-11900	1425	32	by	by	ADP
cblr-11900	1425	33	the	the	DET
cblr-11900	1425	34	securities	securities	PROPN
cblr-11900	1425	35	and	and	CCONJ
cblr-11900	1425	36	exchange	exchange	PROPN
cblr-11900	1425	37	commission	commission	PROPN
cblr-11900	1425	38	.	.	PUNCT
cblr-11900	1426	1	these	these	DET
cblr-11900	1426	2	requirements	requirement	NOUN
cblr-11900	1426	3	were	be	AUX
cblr-11900	1426	4	generally	generally	ADV
cblr-11900	1426	5	not	not	PART
cblr-11900	1426	6	,	,	PUNCT
cblr-11900	1426	7	however	however	ADV
cblr-11900	1426	8	,	,	PUNCT
cblr-11900	1426	9	much	much	ADJ
cblr-11900	1426	10	of	of	ADP
cblr-11900	1426	11	an	an	DET
cblr-11900	1426	12	impediment	impediment	NOUN
cblr-11900	1426	13	to	to	ADP
cblr-11900	1426	14	rapid	rapid	ADJ
cblr-11900	1426	15	growth	growth	NOUN
cblr-11900	1426	16	.	.	PUNCT
cblr-11900	1427	1	in	in	ADP
cblr-11900	1427	2	contrast	contrast	NOUN
cblr-11900	1427	3	to	to	ADP
cblr-11900	1427	4	banks	bank	NOUN
cblr-11900	1427	5	and	and	CCONJ
cblr-11900	1427	6	other	other	ADJ
cblr-11900	1427	7	monetary	monetary	ADJ
cblr-11900	1427	8	activities	activity	NOUN
cblr-11900	1427	9	,	,	PUNCT
cblr-11900	1427	10	which	which	PRON
cblr-11900	1427	11	are	be	AUX
cblr-11900	1427	12	regulated	regulate	VERB
cblr-11900	1427	13	under	under	ADP
cblr-11900	1427	14	a	a	DET
cblr-11900	1427	15	“	"	PUNCT
cblr-11900	1427	16	safety	safety	NOUN
cblr-11900	1427	17	and	and	CCONJ
cblr-11900	1427	18	soundness”314	soundness”314	NOUN
cblr-11900	1427	19	framework,315	framework,315	PROPN
cblr-11900	1427	20	securities	security	NOUN
cblr-11900	1427	21	dealing	deal	VERB
cblr-11900	1427	22	was	be	AUX
cblr-11900	1427	23	regulated	regulate	VERB
cblr-11900	1427	24	by	by	ADP
cblr-11900	1427	25	the	the	DET
cblr-11900	1427	26	sec	sec	PROPN
cblr-11900	1427	27	under	under	ADP
cblr-11900	1427	28	an	an	DET
cblr-11900	1427	29	investor	investor	NOUN
cblr-11900	1427	30	protection	protection	NOUN
cblr-11900	1427	31	framework	framework	NOUN
cblr-11900	1427	32	.	.	PUNCT
cblr-11900	1428	1	the	the	DET
cblr-11900	1428	2	sec	sec	PROPN
cblr-11900	1428	3	’s	’s	PART
cblr-11900	1428	4	approach	approach	NOUN
cblr-11900	1428	5	primarily	primarily	ADV
cblr-11900	1428	6	solves	solve	VERB
cblr-11900	1428	7	for	for	ADP
cblr-11900	1428	8	the	the	DET
cblr-11900	1428	9	protection	protection	NOUN
cblr-11900	1428	10	of	of	ADP
cblr-11900	1428	11	client	client	NOUN
cblr-11900	1428	12	funds,316	funds,316	PROPN
cblr-11900	1428	13	which	which	PRON
cblr-11900	1428	14	implicitly	implicitly	ADV
cblr-11900	1428	15	assumes	assume	VERB
cblr-11900	1428	16	that	that	SCONJ
cblr-11900	1428	17	the	the	DET
cblr-11900	1428	18	failure	failure	NOUN
cblr-11900	1428	19	and	and	CCONJ
cblr-11900	1428	20	liquidation	liquidation	NOUN
cblr-11900	1428	21	of	of	ADP
cblr-11900	1428	22	even	even	ADV
cblr-11900	1428	23	a	a	DET
cblr-11900	1428	24	large	large	ADJ
cblr-11900	1428	25	dealer	dealer	NOUN
cblr-11900	1428	26	will	will	AUX
cblr-11900	1428	27	not	not	PART
cblr-11900	1428	28	be	be	AUX
cblr-11900	1428	29	a	a	DET
cblr-11900	1428	30	systemic	systemic	ADJ
cblr-11900	1428	31	event	event	NOUN
cblr-11900	1428	32	for	for	ADP
cblr-11900	1428	33	the	the	DET
cblr-11900	1428	34	market	market	NOUN
cblr-11900	1428	35	.	.	PUNCT
cblr-11900	1429	1	in	in	ADP
cblr-11900	1429	2	other	other	ADJ
cblr-11900	1429	3	words	word	NOUN
cblr-11900	1429	4	,	,	PUNCT
cblr-11900	1429	5	securities	security	NOUN
cblr-11900	1429	6	regulators	regulator	NOUN
cblr-11900	1429	7	had	have	VERB
cblr-11900	1429	8	a	a	DET
cblr-11900	1429	9	greater	great	ADJ
cblr-11900	1429	10	tolerance	tolerance	NOUN
cblr-11900	1429	11	for	for	ADP
cblr-11900	1429	12	risk	risk	NOUN
cblr-11900	1429	13	-	-	PUNCT
cblr-11900	1429	14	taking	taking	NOUN
cblr-11900	1429	15	than	than	ADP
cblr-11900	1429	16	bank	bank	NOUN
cblr-11900	1429	17	regulators	regulator	NOUN
cblr-11900	1429	18	,	,	PUNCT
cblr-11900	1429	19	who	who	PRON
cblr-11900	1429	20	were	be	AUX
cblr-11900	1429	21	charged	charge	VERB
cblr-11900	1429	22	with	with	ADP
cblr-11900	1429	23	preventing	prevent	VERB
cblr-11900	1429	24	bank	bank	NOUN
cblr-11900	1429	25	failure	failure	NOUN
cblr-11900	1429	26	and	and	CCONJ
cblr-11900	1429	27	losses	loss	NOUN
cblr-11900	1429	28	to	to	ADP
cblr-11900	1429	29	the	the	DET
cblr-11900	1429	30	deposit	deposit	NOUN
cblr-11900	1429	31	insurance	insurance	NOUN
cblr-11900	1429	32	fund	fund	NOUN
cblr-11900	1429	33	.	.	PUNCT
cblr-11900	1430	1	in	in	ADP
cblr-11900	1430	2	fact	fact	NOUN
cblr-11900	1430	3	,	,	PUNCT
cblr-11900	1430	4	until	until	ADP
cblr-11900	1430	5	the	the	DET
cblr-11900	1430	6	1970s	1970	NOUN
cblr-11900	1430	7	,	,	PUNCT
cblr-11900	1430	8	the	the	DET
cblr-11900	1430	9	sec	sec	PROPN
cblr-11900	1430	10	did	do	AUX
cblr-11900	1430	11	not	not	PART
cblr-11900	1430	12	set	set	VERB
cblr-11900	1430	13	net	net	ADJ
cblr-11900	1430	14	capital	capital	NOUN
cblr-11900	1430	15	requirements	requirement	NOUN
cblr-11900	1430	16	at	at	ADV
cblr-11900	1430	17	all	all	ADV
cblr-11900	1430	18	.	.	PUNCT
cblr-11900	1431	1	they	they	PRON
cblr-11900	1431	2	were	be	AUX
cblr-11900	1431	3	largely	largely	ADV
cblr-11900	1431	4	outsourced	outsource	VERB
cblr-11900	1431	5	to	to	ADP
cblr-11900	1431	6	the	the	DET
cblr-11900	1431	7	securities	security	NOUN
cblr-11900	1431	8	exchanges	exchange	NOUN
cblr-11900	1431	9	.	.	PUNCT
cblr-11900	1432	1	it	it	PRON
cblr-11900	1432	2	took	take	VERB
cblr-11900	1432	3	what	what	PRON
cblr-11900	1432	4	became	became	AUX
cblr-11900	1432	5	known	know	VERB
cblr-11900	1432	6	as	as	ADP
cblr-11900	1432	7	the	the	DET
cblr-11900	1432	8	“	"	PUNCT
cblr-11900	1432	9	paperwork	paperwork	NOUN
cblr-11900	1432	10	crisis”317	crisis”317	NOUN
cblr-11900	1432	11	to	to	PART
cblr-11900	1432	12	motivate	motivate	VERB
cblr-11900	1432	13	the	the	DET
cblr-11900	1432	14	sec	sec	PROPN
cblr-11900	1432	15	to	to	PART
cblr-11900	1432	16	impose	impose	VERB
cblr-11900	1432	17	uniform	uniform	ADJ
cblr-11900	1432	18	net	net	ADJ
cblr-11900	1432	19	capital	capital	NOUN
cblr-11900	1432	20	requirements	requirement	NOUN
cblr-11900	1432	21	on	on	ADP
cblr-11900	1432	22	broker	broker	NOUN
cblr-11900	1432	23	-	-	PUNCT
cblr-11900	1432	24	dealers.318	dealers.318	NOUN
cblr-11900	1432	25	even	even	ADV
cblr-11900	1432	26	with	with	ADP
cblr-11900	1432	27	these	these	DET
cblr-11900	1432	28	new	new	ADJ
cblr-11900	1432	29	requirements	requirement	NOUN
cblr-11900	1432	30	,	,	PUNCT
cblr-11900	1432	31	dealer	dealer	NOUN
cblr-11900	1432	32	leverage	leverage	NOUN
cblr-11900	1432	33	continued	continue	VERB
cblr-11900	1432	34	to	to	PART
cblr-11900	1432	35	grow	grow	VERB
cblr-11900	1432	36	,	,	PUNCT
cblr-11900	1432	37	with	with	ADP
cblr-11900	1432	38	total	total	ADJ
cblr-11900	1432	39	assets	asset	NOUN
cblr-11900	1432	40	increasing	increase	VERB
cblr-11900	1432	41	from	from	ADP
cblr-11900	1432	42	5.8x	5.8x	NUM
cblr-11900	1432	43	to	to	ADP
cblr-11900	1432	44	nearly	nearly	ADV
cblr-11900	1432	45	30x	30x	NUM
cblr-11900	1432	46	in	in	ADP
cblr-11900	1432	47	the	the	DET
cblr-11900	1432	48	314	314	NUM
cblr-11900	1432	49	for	for	ADP
cblr-11900	1432	50	an	an	DET
cblr-11900	1432	51	overview	overview	NOUN
cblr-11900	1432	52	and	and	CCONJ
cblr-11900	1432	53	history	history	NOUN
cblr-11900	1432	54	of	of	ADP
cblr-11900	1432	55	safety	safety	NOUN
cblr-11900	1432	56	and	and	CCONJ
cblr-11900	1432	57	soundness	soundness	NOUN
cblr-11900	1432	58	in	in	ADP
cblr-11900	1432	59	a	a	DET
cblr-11900	1432	60	bank	bank	NOUN
cblr-11900	1432	61	supervision	supervision	NOUN
cblr-11900	1432	62	context	context	NOUN
cblr-11900	1432	63	,	,	PUNCT
cblr-11900	1432	64	see	see	VERB
cblr-11900	1432	65	lev	lev	PROPN
cblr-11900	1432	66	menand	menand	PROPN
cblr-11900	1432	67	,	,	PUNCT
cblr-11900	1432	68	too	too	ADV
cblr-11900	1432	69	big	big	ADJ
cblr-11900	1432	70	to	to	PART
cblr-11900	1432	71	supervise	supervise	VERB
cblr-11900	1432	72	:	:	PUNCT
cblr-11900	1432	73	the	the	DET
cblr-11900	1432	74	rise	rise	NOUN
cblr-11900	1432	75	of	of	ADP
cblr-11900	1432	76	financial	financial	ADJ
cblr-11900	1432	77	conglomerates	conglomerate	NOUN
cblr-11900	1432	78	and	and	CCONJ
cblr-11900	1432	79	the	the	DET
cblr-11900	1432	80	decline	decline	NOUN
cblr-11900	1432	81	of	of	ADP
cblr-11900	1432	82	discretionary	discretionary	ADJ
cblr-11900	1432	83	oversight	oversight	NOUN
cblr-11900	1432	84	in	in	ADP
cblr-11900	1432	85	banking	banking	NOUN
cblr-11900	1432	86	,	,	PUNCT
cblr-11900	1432	87	103	103	NUM
cblr-11900	1432	88	cornell	cornell	PROPN
cblr-11900	1432	89	l.	l.	PROPN
cblr-11900	1432	90	rev	rev	PROPN
cblr-11900	1432	91	.	.	PROPN
cblr-11900	1432	92	1527	1527	NUM
cblr-11900	1432	93	,	,	PUNCT
cblr-11900	1432	94	1542–47	1542–47	NUM
cblr-11900	1432	95	(	(	PUNCT
cblr-11900	1432	96	2018	2018	NUM
cblr-11900	1432	97	)	)	PUNCT
cblr-11900	1432	98	.	.	PUNCT
cblr-11900	1433	1	315	315	NUM
cblr-11900	1433	2	i	i	PRON
cblr-11900	1433	3	d.	d.	PROPN
cblr-11900	1433	4	316	316	NUM
cblr-11900	1433	5	see	see	VERB
cblr-11900	1433	6	40	40	NUM
cblr-11900	1433	7	fed	feed	VERB
cblr-11900	1433	8	.	.	PUNCT
cblr-11900	1434	1	reg	reg	PROPN
cblr-11900	1434	2	.	.	PUNCT
cblr-11900	1435	1	29795	29795	NUM
cblr-11900	1435	2	(	(	PUNCT
cblr-11900	1435	3	july	july	PROPN
cblr-11900	1435	4	16	16	NUM
cblr-11900	1435	5	,	,	PUNCT
cblr-11900	1435	6	1975	1975	NUM
cblr-11900	1435	7	)	)	PUNCT
cblr-11900	1435	8	;	;	PUNCT
cblr-11900	1435	9	temporary	temporary	ADJ
cblr-11900	1435	10	exclusion	exclusion	NOUN
cblr-11900	1435	11	of	of	ADP
cblr-11900	1435	12	u.s	u.s	PROPN
cblr-11900	1435	13	.	.	PROPN
cblr-11900	1435	14	treasury	treasury	PROPN
cblr-11900	1435	15	securities	security	NOUN
cblr-11900	1435	16	and	and	CCONJ
cblr-11900	1435	17	deposits	deposit	NOUN
cblr-11900	1435	18	at	at	ADP
cblr-11900	1435	19	federal	federal	PROPN
cblr-11900	1435	20	reserve	reserve	NOUN
cblr-11900	1435	21	banks	bank	NOUN
cblr-11900	1435	22	from	from	ADP
cblr-11900	1435	23	the	the	DET
cblr-11900	1435	24	supplementary	supplementary	ADJ
cblr-11900	1435	25	leverage	leverage	NOUN
cblr-11900	1435	26	ratio	ratio	NOUN
cblr-11900	1435	27	,	,	PUNCT
cblr-11900	1435	28	85	85	NUM
cblr-11900	1435	29	fed	feed	VERB
cblr-11900	1435	30	.	.	PUNCT
cblr-11900	1436	1	reg	reg	PROPN
cblr-11900	1436	2	.	.	PUNCT
cblr-11900	1437	1	20578	20578	NUM
cblr-11900	1437	2	(	(	PUNCT
cblr-11900	1437	3	apr	apr	PROPN
cblr-11900	1437	4	.	.	PROPN
cblr-11900	1437	5	14	14	NUM
cblr-11900	1437	6	,	,	PUNCT
cblr-11900	1437	7	2020	2020	NUM
cblr-11900	1437	8	)	)	PUNCT
cblr-11900	1437	9	(	(	PUNCT
cblr-11900	1437	10	to	to	PART
cblr-11900	1437	11	be	be	AUX
cblr-11900	1437	12	codified	codify	VERB
cblr-11900	1437	13	at	at	ADP
cblr-11900	1437	14	12	12	NUM
cblr-11900	1437	15	c.f.r	c.f.r	NOUN
cblr-11900	1437	16	.	.	PUNCT
cblr-11900	1438	1	pt	pt	PROPN
cblr-11900	1438	2	.	.	PROPN
cblr-11900	1438	3	217	217	NUM
cblr-11900	1438	4	)	)	PUNCT
cblr-11900	1438	5	.	.	PUNCT
cblr-11900	1439	1	317	317	NUM
cblr-11900	1439	2	for	for	ADP
cblr-11900	1439	3	roughly	roughly	ADV
cblr-11900	1439	4	contemporaneous	contemporaneous	ADJ
cblr-11900	1439	5	overview	overview	NOUN
cblr-11900	1439	6	,	,	PUNCT
cblr-11900	1439	7	see	see	VERB
cblr-11900	1439	8	sec	sec	PROPN
cblr-11900	1439	9	.	.	PROPN
cblr-11900	1439	10	&	&	CCONJ
cblr-11900	1439	11	exch	exch	PROPN
cblr-11900	1439	12	.	.	PUNCT
cblr-11900	1440	1	comm’n	comm’n	PROPN
cblr-11900	1440	2	,	,	PUNCT
cblr-11900	1440	3	study	study	NOUN
cblr-11900	1440	4	of	of	ADP
cblr-11900	1440	5	unsafe	unsafe	ADJ
cblr-11900	1440	6	and	and	CCONJ
cblr-11900	1440	7	unsound	unsound	ADJ
cblr-11900	1440	8	practices	practice	NOUN
cblr-11900	1440	9	of	of	ADP
cblr-11900	1440	10	brokers	broker	NOUN
cblr-11900	1440	11	and	and	CCONJ
cblr-11900	1440	12	dealers	dealer	NOUN
cblr-11900	1440	13	:	:	PUNCT
cblr-11900	1441	1	report	report	NOUN
cblr-11900	1441	2	and	and	CCONJ
cblr-11900	1441	3	recommendations	recommendation	NOUN
cblr-11900	1441	4	of	of	ADP
cblr-11900	1441	5	the	the	DET
cblr-11900	1441	6	securities	securities	PROPN
cblr-11900	1441	7	and	and	CCONJ
cblr-11900	1441	8	exchange	exchange	PROPN
cblr-11900	1441	9	commission	commission	PROPN
cblr-11900	1441	10	(	(	PUNCT
cblr-11900	1441	11	1971	1971	NUM
cblr-11900	1441	12	)	)	PUNCT
cblr-11900	1441	13	;	;	PUNCT
cblr-11900	1441	14	see	see	VERB
cblr-11900	1441	15	also	also	ADV
cblr-11900	1441	16	nicholas	nicholas	PROPN
cblr-11900	1441	17	wolfson	wolfson	PROPN
cblr-11900	1441	18	&	&	CCONJ
cblr-11900	1441	19	egon	egon	PROPN
cblr-11900	1441	20	guttman	guttman	PROPN
cblr-11900	1441	21	,	,	PUNCT
cblr-11900	1441	22	the	the	DET
cblr-11900	1441	23	net	net	ADJ
cblr-11900	1441	24	capital	capital	NOUN
cblr-11900	1441	25	rules	rule	NOUN
cblr-11900	1441	26	for	for	ADP
cblr-11900	1441	27	brokers	broker	NOUN
cblr-11900	1441	28	and	and	CCONJ
cblr-11900	1441	29	dealers	dealer	NOUN
cblr-11900	1441	30	,	,	PUNCT
cblr-11900	1441	31	24	24	NUM
cblr-11900	1441	32	stan	stan	PROPN
cblr-11900	1441	33	.	.	PUNCT
cblr-11900	1442	1	l.	l.	PROPN
cblr-11900	1442	2	rev	rev	PROPN
cblr-11900	1442	3	.	.	PROPN
cblr-11900	1442	4	603	603	NUM
cblr-11900	1442	5	(	(	PUNCT
cblr-11900	1442	6	1972	1972	NUM
cblr-11900	1442	7	)	)	PUNCT
cblr-11900	1442	8	.	.	PUNCT
cblr-11900	1443	1	318	318	NUM
cblr-11900	1443	2	for	for	ADP
cblr-11900	1443	3	an	an	DET
cblr-11900	1443	4	in	in	ADP
cblr-11900	1443	5	-	-	PUNCT
cblr-11900	1443	6	depth	depth	NOUN
cblr-11900	1443	7	discussion	discussion	NOUN
cblr-11900	1443	8	,	,	PUNCT
cblr-11900	1443	9	see	see	VERB
cblr-11900	1443	10	michael	michael	PROPN
cblr-11900	1443	11	p.	p.	PROPN
cblr-11900	1443	12	jamroz	jamroz	PROPN
cblr-11900	1443	13	,	,	PUNCT
cblr-11900	1443	14	the	the	DET
cblr-11900	1443	15	net	net	ADJ
cblr-11900	1443	16	capital	capital	NOUN
cblr-11900	1443	17	rule	rule	NOUN
cblr-11900	1443	18	,	,	PUNCT
cblr-11900	1443	19	47	47	NUM
cblr-11900	1443	20	bus	bus	NOUN
cblr-11900	1443	21	.	.	PUNCT
cblr-11900	1444	1	law	law	NOUN
cblr-11900	1444	2	.	.	PUNCT
cblr-11900	1445	1	863–912	863–912	NUM
cblr-11900	1445	2	(	(	PUNCT
cblr-11900	1445	3	1992	1992	NUM
cblr-11900	1445	4	)	)	PUNCT
cblr-11900	1445	5	.	.	PUNCT
cblr-11900	1446	1	300	300	NUM
cblr-11900	1446	2	columbia	columbia	PROPN
cblr-11900	1446	3	business	business	NOUN
cblr-11900	1446	4	law	law	PROPN
cblr-11900	1446	5	review	review	NOUN
cblr-11900	1446	6	[	[	X
cblr-11900	1446	7	vol	vol	NOUN
cblr-11900	1446	8	.	.	PUNCT
cblr-11900	1447	1	2023	2023	NUM
cblr-11900	1447	2	twenty	twenty	NUM
cblr-11900	1447	3	-	-	PUNCT
cblr-11900	1447	4	five	five	NUM
cblr-11900	1447	5	years	year	NOUN
cblr-11900	1447	6	starting	start	VERB
cblr-11900	1447	7	in	in	ADP
cblr-11900	1447	8	1975.319	1975.319	NUM
cblr-11900	1447	9	this	this	DET
cblr-11900	1447	10	process	process	NOUN
cblr-11900	1447	11	accelerated	accelerate	VERB
cblr-11900	1447	12	in	in	ADP
cblr-11900	1447	13	in	in	ADP
cblr-11900	1447	14	the	the	DET
cblr-11900	1447	15	mid-2000s	mid-2000	NOUN
cblr-11900	1447	16	,	,	PUNCT
cblr-11900	1447	17	as	as	SCONJ
cblr-11900	1447	18	this	this	DET
cblr-11900	1447	19	ratio	ratio	NOUN
cblr-11900	1447	20	reached	reach	VERB
cblr-11900	1447	21	a	a	DET
cblr-11900	1447	22	peak	peak	NOUN
cblr-11900	1447	23	of	of	ADP
cblr-11900	1447	24	47x	47x	NOUN
cblr-11900	1447	25	in	in	ADP
cblr-11900	1447	26	the	the	DET
cblr-11900	1447	27	first	first	ADJ
cblr-11900	1447	28	quarter	quarter	NOUN
cblr-11900	1447	29	of	of	ADP
cblr-11900	1447	30	2008	2008	NUM
cblr-11900	1447	31	—	—	PUNCT
cblr-11900	1447	32	a	a	DET
cblr-11900	1447	33	rapid	rapid	ADJ
cblr-11900	1447	34	build	build	NOUN
cblr-11900	1447	35	-	-	PUNCT
cblr-11900	1447	36	up	up	NOUN
cblr-11900	1447	37	of	of	ADP
cblr-11900	1447	38	additional	additional	ADJ
cblr-11900	1447	39	leverage	leverage	NOUN
cblr-11900	1447	40	that	that	PRON
cblr-11900	1447	41	has	have	AUX
cblr-11900	1447	42	at	at	ADP
cblr-11900	1447	43	times	time	NOUN
cblr-11900	1447	44	been	be	AUX
cblr-11900	1447	45	blamed	blame	VERB
cblr-11900	1447	46	on	on	ADP
cblr-11900	1447	47	changes	change	NOUN
cblr-11900	1447	48	to	to	ADP
cblr-11900	1447	49	net	net	ADJ
cblr-11900	1447	50	capital	capital	NOUN
cblr-11900	1447	51	rules	rule	NOUN
cblr-11900	1447	52	finalized	finalize	VERB
cblr-11900	1447	53	in	in	ADP
cblr-11900	1447	54	2004.320	2004.320	NUM
cblr-11900	1447	55	throughout	throughout	ADP
cblr-11900	1447	56	this	this	DET
cblr-11900	1447	57	period	period	NOUN
cblr-11900	1447	58	,	,	PUNCT
cblr-11900	1447	59	the	the	DET
cblr-11900	1447	60	ability	ability	NOUN
cblr-11900	1447	61	of	of	ADP
cblr-11900	1447	62	nonbank	nonbank	NOUN
cblr-11900	1447	63	entities	entity	NOUN
cblr-11900	1447	64	to	to	PART
cblr-11900	1447	65	run	run	VERB
cblr-11900	1447	66	their	their	PRON
cblr-11900	1447	67	activity	activity	NOUN
cblr-11900	1447	68	with	with	ADP
cblr-11900	1447	69	lower	low	ADJ
cblr-11900	1447	70	levels	level	NOUN
cblr-11900	1447	71	of	of	ADP
cblr-11900	1447	72	capital	capital	NOUN
cblr-11900	1447	73	allowed	allow	VERB
cblr-11900	1447	74	them	they	PRON
cblr-11900	1447	75	to	to	PART
cblr-11900	1447	76	continue	continue	VERB
cblr-11900	1447	77	to	to	PART
cblr-11900	1447	78	dominate	dominate	VERB
cblr-11900	1447	79	dealer	dealer	NOUN
cblr-11900	1447	80	activity	activity	NOUN
cblr-11900	1447	81	in	in	ADP
cblr-11900	1447	82	government	government	NOUN
cblr-11900	1447	83	securities.321	securities.321	NOUN
cblr-11900	1447	84	given	give	VERB
cblr-11900	1447	85	elastic	elastic	ADJ
cblr-11900	1447	86	sources	source	NOUN
cblr-11900	1447	87	of	of	ADP
cblr-11900	1447	88	supply	supply	NOUN
cblr-11900	1447	89	and	and	CCONJ
cblr-11900	1447	90	demand	demand	NOUN
cblr-11900	1447	91	for	for	ADP
cblr-11900	1447	92	repo	repo	NOUN
cblr-11900	1447	93	,	,	PUNCT
cblr-11900	1447	94	as	as	ADV
cblr-11900	1447	95	well	well	ADV
cblr-11900	1447	96	as	as	ADP
cblr-11900	1447	97	a	a	DET
cblr-11900	1447	98	growing	grow	VERB
cblr-11900	1447	99	need	need	NOUN
cblr-11900	1447	100	for	for	ADP
cblr-11900	1447	101	increased	increase	VERB
cblr-11900	1447	102	intermediation	intermediation	NOUN
cblr-11900	1447	103	capacity	capacity	NOUN
cblr-11900	1447	104	more	more	ADV
cblr-11900	1447	105	generally	generally	ADV
cblr-11900	1447	106	,	,	PUNCT
cblr-11900	1447	107	turnover	turnover	NOUN
cblr-11900	1447	108	in	in	ADP
cblr-11900	1447	109	the	the	DET
cblr-11900	1447	110	treasury	treasury	NOUN
cblr-11900	1447	111	market	market	NOUN
cblr-11900	1447	112	dramatically	dramatically	ADV
cblr-11900	1447	113	outpaced	outpace	VERB
cblr-11900	1447	114	the	the	DET
cblr-11900	1447	115	growth	growth	NOUN
cblr-11900	1447	116	in	in	ADP
cblr-11900	1447	117	public	public	ADJ
cblr-11900	1447	118	debt	debt	NOUN
cblr-11900	1447	119	more	more	ADV
cblr-11900	1447	120	broadly	broadly	ADV
cblr-11900	1447	121	.	.	PUNCT
cblr-11900	1448	1	by	by	ADP
cblr-11900	1448	2	1990	1990	NUM
cblr-11900	1448	3	,	,	PUNCT
cblr-11900	1448	4	daily	daily	ADJ
cblr-11900	1448	5	turnover	turnover	NOUN
cblr-11900	1448	6	in	in	ADP
cblr-11900	1448	7	treasuries	treasury	NOUN
cblr-11900	1448	8	was	be	AUX
cblr-11900	1448	9	around	around	ADV
cblr-11900	1448	10	6	6	NUM
cblr-11900	1448	11	%	%	NOUN
cblr-11900	1448	12	of	of	ADP
cblr-11900	1448	13	the	the	DET
cblr-11900	1448	14	total	total	ADJ
cblr-11900	1448	15	debt	debt	NOUN
cblr-11900	1448	16	stock	stock	NOUN
cblr-11900	1448	17	,	,	PUNCT
cblr-11900	1448	18	a	a	DET
cblr-11900	1448	19	roughly	roughly	ADV
cblr-11900	1448	20	tenfold	tenfold	ADJ
cblr-11900	1448	21	increase	increase	NOUN
cblr-11900	1448	22	since	since	SCONJ
cblr-11900	1448	23	the	the	DET
cblr-11900	1448	24	time	time	NOUN
cblr-11900	1448	25	of	of	ADP
cblr-11900	1448	26	the	the	DET
cblr-11900	1448	27	accord	accord	NOUN
cblr-11900	1448	28	.	.	PUNCT
cblr-11900	1449	1	although	although	SCONJ
cblr-11900	1449	2	turnover	turnover	NOUN
cblr-11900	1449	3	stalled	stall	VERB
cblr-11900	1449	4	around	around	ADP
cblr-11900	1449	5	those	those	DET
cblr-11900	1449	6	levels	level	NOUN
cblr-11900	1449	7	for	for	ADP
cblr-11900	1449	8	several	several	ADJ
cblr-11900	1449	9	years	year	NOUN
cblr-11900	1449	10	,	,	PUNCT
cblr-11900	1449	11	the	the	DET
cblr-11900	1449	12	subsequent	subsequent	ADJ
cblr-11900	1449	13	ramp	ramp	NOUN
cblr-11900	1449	14	up	up	ADP
cblr-11900	1449	15	in	in	ADP
cblr-11900	1449	16	dealer	dealer	NOUN
cblr-11900	1449	17	leverage	leverage	NOUN
cblr-11900	1449	18	and	and	CCONJ
cblr-11900	1449	19	increasing	increase	VERB
cblr-11900	1449	20	financialization	financialization	NOUN
cblr-11900	1449	21	of	of	ADP
cblr-11900	1449	22	the	the	DET
cblr-11900	1449	23	economy	economy	NOUN
cblr-11900	1449	24	in	in	ADP
cblr-11900	1449	25	the	the	DET
cblr-11900	1449	26	years	year	NOUN
cblr-11900	1449	27	immediately	immediately	ADV
cblr-11900	1449	28	prior	prior	ADV
cblr-11900	1449	29	to	to	ADP
cblr-11900	1449	30	the	the	DET
cblr-11900	1449	31	global	global	ADJ
cblr-11900	1449	32	financial	financial	ADJ
cblr-11900	1449	33	crisis	crisis	NOUN
cblr-11900	1449	34	(	(	PUNCT
cblr-11900	1449	35	gfc	gfc	NOUN
cblr-11900	1449	36	)	)	PUNCT
cblr-11900	1449	37	roughly	roughly	ADV
cblr-11900	1449	38	doubled	double	VERB
cblr-11900	1449	39	turnover	turnover	NOUN
cblr-11900	1449	40	once	once	ADV
cblr-11900	1449	41	again	again	ADV
cblr-11900	1449	42	to	to	ADP
cblr-11900	1449	43	around	around	ADP
cblr-11900	1449	44	13	13	NUM
cblr-11900	1449	45	%	%	NOUN
cblr-11900	1449	46	of	of	ADP
cblr-11900	1449	47	marketable	marketable	ADJ
cblr-11900	1449	48	debt	debt	NOUN
cblr-11900	1449	49	in	in	ADP
cblr-11900	1449	50	2007	2007	NUM
cblr-11900	1449	51	.	.	PUNCT
cblr-11900	1450	1	at	at	ADP
cblr-11900	1450	2	the	the	DET
cblr-11900	1450	3	same	same	ADJ
cblr-11900	1450	4	time	time	NOUN
cblr-11900	1450	5	,	,	PUNCT
cblr-11900	1450	6	dealers	dealer	NOUN
cblr-11900	1450	7	became	become	VERB
cblr-11900	1450	8	important	important	ADJ
cblr-11900	1450	9	conduits	conduit	NOUN
cblr-11900	1450	10	for	for	ADP
cblr-11900	1450	11	leverage	leverage	NOUN
cblr-11900	1450	12	to	to	ADP
cblr-11900	1450	13	the	the	DET
cblr-11900	1450	14	broader	broad	ADJ
cblr-11900	1450	15	market	market	NOUN
cblr-11900	1450	16	as	as	SCONJ
cblr-11900	1450	17	so	so	ADV
cblr-11900	1450	18	-	-	PUNCT
cblr-11900	1450	19	called	call	VERB
cblr-11900	1450	20	matched	match	VERB
cblr-11900	1450	21	-	-	PUNCT
cblr-11900	1450	22	book	book	NOUN
cblr-11900	1450	23	repo	repo	NOUN
cblr-11900	1450	24	allowed	allow	VERB
cblr-11900	1450	25	the	the	DET
cblr-11900	1450	26	distribution	distribution	NOUN
cblr-11900	1450	27	of	of	ADP
cblr-11900	1450	28	leverage	leverage	NOUN
cblr-11900	1450	29	to	to	PART
cblr-11900	1450	30	hedge	hedge	VERB
cblr-11900	1450	31	funds	fund	NOUN
cblr-11900	1450	32	and	and	CCONJ
cblr-11900	1450	33	other	other	ADJ
cblr-11900	1450	34	participants	participant	NOUN
cblr-11900	1450	35	.	.	PUNCT
cblr-11900	1451	1	even	even	ADV
cblr-11900	1451	2	as	as	ADV
cblr-11900	1451	3	early	early	ADV
cblr-11900	1451	4	as	as	ADP
cblr-11900	1451	5	the	the	DET
cblr-11900	1451	6	1970s	1970	NOUN
cblr-11900	1451	7	,	,	PUNCT
cblr-11900	1451	8	the	the	DET
cblr-11900	1451	9	majority	majority	NOUN
cblr-11900	1451	10	of	of	ADP
cblr-11900	1451	11	repo	repo	NOUN
cblr-11900	1451	12	funding	funding	NOUN
cblr-11900	1451	13	was	be	AUX
cblr-11900	1451	14	matched	match	VERB
cblr-11900	1451	15	off	off	ADP
cblr-11900	1451	16	against	against	ADP
cblr-11900	1451	17	319	319	NUM
cblr-11900	1451	18	comparing	compare	VERB
cblr-11900	1451	19	total	total	ADJ
cblr-11900	1451	20	financial	financial	ADJ
cblr-11900	1451	21	asset	asset	NOUN
cblr-11900	1451	22	to	to	ADP
cblr-11900	1451	23	liabilities	liability	NOUN
cblr-11900	1451	24	for	for	ADP
cblr-11900	1451	25	brokers	broker	NOUN
cblr-11900	1451	26	and	and	CCONJ
cblr-11900	1451	27	securities	security	NOUN
cblr-11900	1451	28	dealers	dealer	NOUN
cblr-11900	1451	29	.	.	PUNCT
cblr-11900	1452	1	bd	bd	PROPN
cblr-11900	1452	2	.	.	PROPN
cblr-11900	1452	3	of	of	ADP
cblr-11900	1452	4	governors	governor	NOUN
cblr-11900	1452	5	of	of	ADP
cblr-11900	1452	6	the	the	DET
cblr-11900	1452	7	fed	fed	PROPN
cblr-11900	1452	8	.	.	PUNCT
cblr-11900	1452	9	rsrv	rsrv	PROPN
cblr-11900	1452	10	.	.	PUNCT
cblr-11900	1453	1	sys	sys	PROPN
cblr-11900	1453	2	.	.	PROPN
cblr-11900	1453	3	,	,	PUNCT
cblr-11900	1453	4	security	security	NOUN
cblr-11900	1453	5	brokers	broker	NOUN
cblr-11900	1453	6	and	and	CCONJ
cblr-11900	1453	7	dealers	dealer	NOUN
cblr-11900	1453	8	;	;	PUNCT
cblr-11900	1453	9	total	total	ADJ
cblr-11900	1453	10	financial	financial	ADJ
cblr-11900	1453	11	assets	asset	NOUN
cblr-11900	1453	12	,	,	PUNCT
cblr-11900	1453	13	level	level	NOUN
cblr-11900	1453	14	,	,	PUNCT
cblr-11900	1453	15	fed	fed	PROPN
cblr-11900	1453	16	.	.	PUNCT
cblr-11900	1453	17	rsrv	rsrv	PROPN
cblr-11900	1453	18	.	.	PUNCT
cblr-11900	1454	1	econ	econ	PROPN
cblr-11900	1454	2	.	.	PUNCT
cblr-11900	1454	3	data	data	PROPN
cblr-11900	1454	4	,	,	PUNCT
cblr-11900	1454	5	https://fred.stlouisfed.org/series/bogz1fl664090005q	https://fred.stlouisfed.org/series/bogz1fl664090005q	NOUN
cblr-11900	1454	6	[	[	X
cblr-11900	1454	7	https://perma.cc/dlt4-r8d7	https://perma.cc/dlt4-r8d7	PROPN
cblr-11900	1454	8	]	]	X
cblr-11900	1454	9	(	(	PUNCT
cblr-11900	1454	10	last	last	ADJ
cblr-11900	1454	11	visited	visit	VERB
cblr-11900	1454	12	may	may	PROPN
cblr-11900	1454	13	23	23	NUM
cblr-11900	1454	14	,	,	PUNCT
cblr-11900	1454	15	2923	2923	NUM
cblr-11900	1454	16	)	)	PUNCT
cblr-11900	1454	17	;	;	PUNCT
cblr-11900	1455	1	bd	bd	PROPN
cblr-11900	1455	2	.	.	PROPN
cblr-11900	1455	3	of	of	ADP
cblr-11900	1455	4	governors	governor	NOUN
cblr-11900	1455	5	of	of	ADP
cblr-11900	1455	6	the	the	DET
cblr-11900	1455	7	fed	fed	PROPN
cblr-11900	1455	8	.	.	PUNCT
cblr-11900	1455	9	rsrv	rsrv	PROPN
cblr-11900	1455	10	.	.	PUNCT
cblr-11900	1456	1	sys	sys	PROPN
cblr-11900	1456	2	.	.	PROPN
cblr-11900	1456	3	,	,	PUNCT
cblr-11900	1456	4	security	security	NOUN
cblr-11900	1456	5	brokers	broker	NOUN
cblr-11900	1456	6	and	and	CCONJ
cblr-11900	1456	7	dealers	dealer	NOUN
cblr-11900	1456	8	;	;	PUNCT
cblr-11900	1456	9	total	total	ADJ
cblr-11900	1456	10	financial	financial	ADJ
cblr-11900	1456	11	assets	asset	NOUN
cblr-11900	1456	12	,	,	PUNCT
cblr-11900	1456	13	level	level	NOUN
cblr-11900	1456	14	,	,	PUNCT
cblr-11900	1456	15	fed	fed	PROPN
cblr-11900	1456	16	.	.	PUNCT
cblr-11900	1456	17	rsrv	rsrv	PROPN
cblr-11900	1456	18	.	.	PUNCT
cblr-11900	1457	1	econ	econ	PROPN
cblr-11900	1457	2	.	.	PUNCT
cblr-11900	1457	3	data	data	PROPN
cblr-11900	1457	4	,	,	PUNCT
cblr-11900	1457	5	https://fred.stlouisfed.org/series/bogz1fl664190005q	https://fred.stlouisfed.org/series/bogz1fl664190005q	NOUN
cblr-11900	1457	6	[	[	X
cblr-11900	1457	7	https://perma.cc/by3v-3b39	https://perma.cc/by3v-3b39	X
cblr-11900	1457	8	]	]	X
cblr-11900	1457	9	(	(	PUNCT
cblr-11900	1457	10	last	last	ADJ
cblr-11900	1457	11	visited	visit	VERB
cblr-11900	1457	12	may	may	PROPN
cblr-11900	1457	13	23	23	NUM
cblr-11900	1457	14	,	,	PUNCT
cblr-11900	1457	15	2023	2023	NUM
cblr-11900	1457	16	)	)	PUNCT
cblr-11900	1457	17	.	.	PUNCT
cblr-11900	1458	1	320	320	NUM
cblr-11900	1458	2	12	12	NUM
cblr-11900	1458	3	c.f.r	c.f.r	NOUN
cblr-11900	1458	4	.	.	PUNCT
cblr-11900	1459	1	pts	pts	PROPN
cblr-11900	1459	2	.	.	PROPN
cblr-11900	1459	3	200	200	NUM
cblr-11900	1459	4	,	,	PUNCT
cblr-11900	1459	5	240	240	NUM
cblr-11900	1459	6	.	.	PUNCT
cblr-11900	1460	1	see	see	VERB
cblr-11900	1460	2	stephen	stephen	PROPN
cblr-11900	1460	3	labaton	labaton	PROPN
cblr-11900	1460	4	,	,	PUNCT
cblr-11900	1460	5	u.s	u.s	PROPN
cblr-11900	1460	6	.	.	PROPN
cblr-11900	1460	7	regulator	regulator	NOUN
cblr-11900	1460	8	’s	’s	PART
cblr-11900	1460	9	2004	2004	NUM
cblr-11900	1460	10	rule	rule	NOUN
cblr-11900	1460	11	let	let	VERB
cblr-11900	1460	12	banks	bank	NOUN
cblr-11900	1460	13	pile	pile	VERB
cblr-11900	1460	14	up	up	ADP
cblr-11900	1460	15	new	new	ADJ
cblr-11900	1460	16	debt	debt	NOUN
cblr-11900	1460	17	,	,	PUNCT
cblr-11900	1460	18	n.y	n.y	PROPN
cblr-11900	1460	19	.	.	PROPN
cblr-11900	1460	20	times	times	PROPN
cblr-11900	1460	21	,	,	PUNCT
cblr-11900	1460	22	oct	oct	PROPN
cblr-11900	1460	23	.	.	PROPN
cblr-11900	1460	24	3	3	NUM
cblr-11900	1460	25	,	,	PUNCT
cblr-11900	1460	26	2008	2008	NUM
cblr-11900	1460	27	.	.	PUNCT
cblr-11900	1461	1	321	321	NUM
cblr-11900	1461	2	see	see	VERB
cblr-11900	1461	3	caglio	caglio	NOUN
cblr-11900	1461	4	,	,	PUNCT
cblr-11900	1461	5	copeland	copeland	PROPN
cblr-11900	1461	6	&	&	CCONJ
cblr-11900	1461	7	martin	martin	PROPN
cblr-11900	1461	8	,	,	PUNCT
cblr-11900	1461	9	supra	supra	PROPN
cblr-11900	1461	10	note	note	NOUN
cblr-11900	1461	11	23	23	NUM
cblr-11900	1461	12	.	.	PUNCT
cblr-11900	1462	1	by	by	ADP
cblr-11900	1462	2	contrast	contrast	NOUN
cblr-11900	1462	3	,	,	PUNCT
cblr-11900	1462	4	in	in	ADP
cblr-11900	1462	5	the	the	DET
cblr-11900	1462	6	uk	uk	PROPN
cblr-11900	1462	7	,	,	PUNCT
cblr-11900	1462	8	the	the	DET
cblr-11900	1462	9	legal	legal	ADJ
cblr-11900	1462	10	framework	framework	NOUN
cblr-11900	1462	11	limited	limit	VERB
cblr-11900	1462	12	the	the	DET
cblr-11900	1462	13	ability	ability	NOUN
cblr-11900	1462	14	of	of	ADP
cblr-11900	1462	15	firms	firm	NOUN
cblr-11900	1462	16	to	to	PART
cblr-11900	1462	17	provide	provide	VERB
cblr-11900	1462	18	the	the	DET
cblr-11900	1462	19	leverage	leverage	NOUN
cblr-11900	1462	20	necessary	necessary	ADJ
cblr-11900	1462	21	to	to	PART
cblr-11900	1462	22	supply	supply	VERB
cblr-11900	1462	23	high	high	ADJ
cblr-11900	1462	24	levels	level	NOUN
cblr-11900	1462	25	of	of	ADP
cblr-11900	1462	26	liquidity	liquidity	NOUN
cblr-11900	1462	27	in	in	ADP
cblr-11900	1462	28	government	government	NOUN
cblr-11900	1462	29	securities	security	NOUN
cblr-11900	1462	30	.	.	PUNCT
cblr-11900	1463	1	see	see	VERB
cblr-11900	1463	2	william	william	PROPN
cblr-11900	1463	3	a.	a.	PROPN
cblr-11900	1463	4	allen	allen	PROPN
cblr-11900	1463	5	,	,	PUNCT
cblr-11900	1463	6	the	the	DET
cblr-11900	1463	7	bank	bank	NOUN
cblr-11900	1463	8	of	of	ADP
cblr-11900	1463	9	england	england	PROPN
cblr-11900	1463	10	and	and	CCONJ
cblr-11900	1463	11	the	the	DET
cblr-11900	1463	12	government	government	NOUN
cblr-11900	1463	13	debt	debt	NOUN
cblr-11900	1463	14	:	:	PUNCT
cblr-11900	1463	15	operations	operation	NOUN
cblr-11900	1463	16	in	in	ADP
cblr-11900	1463	17	the	the	DET
cblr-11900	1463	18	gilt	gilt	NOUN
cblr-11900	1463	19	-	-	PUNCT
cblr-11900	1463	20	edged	edge	VERB
cblr-11900	1463	21	market	market	NOUN
cblr-11900	1463	22	,	,	PUNCT
cblr-11900	1463	23	1928–1972	1928–1972	NUM
cblr-11900	1463	24	(	(	PUNCT
cblr-11900	1463	25	2019	2019	NUM
cblr-11900	1463	26	)	)	PUNCT
cblr-11900	1463	27	.	.	PUNCT
cblr-11900	1464	1	no	no	INTJ
cblr-11900	1464	2	.	.	NOUN
cblr-11900	1465	1	1	1	NUM
cblr-11900	1465	2	]	]	ADJ
cblr-11900	1465	3	money	money	NOUN
cblr-11900	1465	4	and	and	CCONJ
cblr-11900	1465	5	the	the	DET
cblr-11900	1465	6	public	public	ADJ
cblr-11900	1465	7	debt	debt	NOUN
cblr-11900	1465	8	301	301	NUM
cblr-11900	1465	9	reverse	reverse	NOUN
cblr-11900	1465	10	repo	repo	ADP
cblr-11900	1465	11	assets	asset	NOUN
cblr-11900	1465	12	facing	face	VERB
cblr-11900	1465	13	investors,322	investors,322	PROPN
cblr-11900	1465	14	and	and	CCONJ
cblr-11900	1465	15	that	that	PRON
cblr-11900	1465	16	remained	remain	VERB
cblr-11900	1465	17	true	true	ADJ
cblr-11900	1465	18	in	in	ADP
cblr-11900	1465	19	the	the	DET
cblr-11900	1465	20	period	period	NOUN
cblr-11900	1465	21	leading	lead	VERB
cblr-11900	1465	22	up	up	ADP
cblr-11900	1465	23	to	to	ADP
cblr-11900	1465	24	the	the	DET
cblr-11900	1465	25	gfc323	gfc323	NOUN
cblr-11900	1465	26	(	(	PUNCT
cblr-11900	1465	27	and	and	CCONJ
cblr-11900	1465	28	,	,	PUNCT
cblr-11900	1465	29	in	in	ADP
cblr-11900	1465	30	fact	fact	NOUN
cblr-11900	1465	31	,	,	PUNCT
cblr-11900	1465	32	to	to	ADP
cblr-11900	1465	33	the	the	DET
cblr-11900	1465	34	present	present	ADJ
cblr-11900	1465	35	day).324	day).324	NOUN
cblr-11900	1465	36	this	this	DET
cblr-11900	1465	37	broader	broad	ADJ
cblr-11900	1465	38	access	access	NOUN
cblr-11900	1465	39	to	to	ADP
cblr-11900	1465	40	leverage	leverage	NOUN
cblr-11900	1465	41	in	in	ADP
cblr-11900	1465	42	principle	principle	NOUN
cblr-11900	1465	43	allowed	allow	VERB
cblr-11900	1465	44	a	a	DET
cblr-11900	1465	45	host	host	NOUN
cblr-11900	1465	46	of	of	ADP
cblr-11900	1465	47	speculative	speculative	ADJ
cblr-11900	1465	48	and	and	CCONJ
cblr-11900	1465	49	other	other	ADJ
cblr-11900	1465	50	levered	lever	VERB
cblr-11900	1465	51	market	market	NOUN
cblr-11900	1465	52	participants	participant	NOUN
cblr-11900	1465	53	to	to	PART
cblr-11900	1465	54	take	take	VERB
cblr-11900	1465	55	on	on	ADP
cblr-11900	1465	56	some	some	PRON
cblr-11900	1465	57	of	of	ADP
cblr-11900	1465	58	the	the	DET
cblr-11900	1465	59	most	most	ADV
cblr-11900	1465	60	important	important	ADJ
cblr-11900	1465	61	economic	economic	ADJ
cblr-11900	1465	62	functions	function	NOUN
cblr-11900	1465	63	when	when	SCONJ
cblr-11900	1465	64	market	market	NOUN
cblr-11900	1465	65	conditions	condition	NOUN
cblr-11900	1465	66	required	require	VERB
cblr-11900	1465	67	them	they	PRON
cblr-11900	1465	68	to	to	PART
cblr-11900	1465	69	do	do	VERB
cblr-11900	1465	70	so	so	ADV
cblr-11900	1465	71	—	—	PUNCT
cblr-11900	1465	72	an	an	DET
cblr-11900	1465	73	additional	additional	ADJ
cblr-11900	1465	74	source	source	NOUN
cblr-11900	1465	75	of	of	ADP
cblr-11900	1465	76	support	support	NOUN
cblr-11900	1465	77	for	for	ADP
cblr-11900	1465	78	market	market	NOUN
cblr-11900	1465	79	functioning	function	VERB
cblr-11900	1465	80	(	(	PUNCT
cblr-11900	1465	81	though	though	ADV
cblr-11900	1465	82	,	,	PUNCT
cblr-11900	1465	83	as	as	SCONJ
cblr-11900	1465	84	we	we	PRON
cblr-11900	1465	85	will	will	AUX
cblr-11900	1465	86	see	see	VERB
cblr-11900	1465	87	,	,	PUNCT
cblr-11900	1465	88	one	one	NUM
cblr-11900	1465	89	which	which	PRON
cblr-11900	1465	90	proved	prove	VERB
cblr-11900	1465	91	highly	highly	ADV
cblr-11900	1465	92	brittle	brittle	ADJ
cblr-11900	1465	93	)	)	PUNCT
cblr-11900	1465	94	.	.	PUNCT
cblr-11900	1466	1	if	if	SCONJ
cblr-11900	1466	2	“	"	PUNCT
cblr-11900	1466	3	breadth	breadth	NOUN
cblr-11900	1466	4	,	,	PUNCT
cblr-11900	1466	5	depth	depth	NOUN
cblr-11900	1466	6	,	,	PUNCT
cblr-11900	1466	7	and	and	CCONJ
cblr-11900	1466	8	resiliency	resiliency	NOUN
cblr-11900	1466	9	”	"	PUNCT
cblr-11900	1466	10	is	be	AUX
cblr-11900	1466	11	measured	measure	VERB
cblr-11900	1466	12	by	by	ADP
cblr-11900	1466	13	elastic	elastic	ADJ
cblr-11900	1466	14	intermediation	intermediation	NOUN
cblr-11900	1466	15	capacity	capacity	NOUN
cblr-11900	1466	16	,	,	PUNCT
cblr-11900	1466	17	then	then	ADV
cblr-11900	1466	18	the	the	DET
cblr-11900	1466	19	policies	policy	NOUN
cblr-11900	1466	20	put	put	VERB
cblr-11900	1466	21	in	in	ADP
cblr-11900	1466	22	place	place	NOUN
cblr-11900	1466	23	starting	start	VERB
cblr-11900	1466	24	in	in	ADP
cblr-11900	1466	25	the	the	DET
cblr-11900	1466	26	late	late	ADJ
cblr-11900	1466	27	1940s	1940	NOUN
cblr-11900	1466	28	bore	bear	VERB
cblr-11900	1466	29	tremendous	tremendous	ADJ
cblr-11900	1466	30	fruit	fruit	NOUN
cblr-11900	1466	31	—	—	PUNCT
cblr-11900	1466	32	or	or	CCONJ
cblr-11900	1466	33	so	so	ADV
cblr-11900	1466	34	it	it	PRON
cblr-11900	1466	35	seemed	seem	VERB
cblr-11900	1466	36	.	.	PUNCT
cblr-11900	1467	1	table	table	NOUN
cblr-11900	1467	2	5	5	NUM
cblr-11900	1467	3	:	:	PUNCT
cblr-11900	1467	4	daily	daily	ADJ
cblr-11900	1467	5	average	average	ADJ
cblr-11900	1467	6	trading	trading	NOUN
cblr-11900	1467	7	treasury	treasury	NOUN
cblr-11900	1467	8	volume	volume	NOUN
cblr-11900	1467	9	(	(	PUNCT
cblr-11900	1467	10	as	as	ADP
cblr-11900	1467	11	a	a	DET
cblr-11900	1467	12	percentage	percentage	NOUN
cblr-11900	1467	13	of	of	ADP
cblr-11900	1467	14	total	total	ADJ
cblr-11900	1467	15	marketable	marketable	ADJ
cblr-11900	1467	16	debt)325	debt)325	PROPN
cblr-11900	1467	17	322	322	NUM
cblr-11900	1467	18	mccurdy	mccurdy	NOUN
cblr-11900	1467	19	,	,	PUNCT
cblr-11900	1467	20	supra	supra	PROPN
cblr-11900	1467	21	note	note	NOUN
cblr-11900	1467	22	297	297	NUM
cblr-11900	1467	23	,	,	PUNCT
cblr-11900	1467	24	at	at	ADP
cblr-11900	1467	25	37–49	37–49	NUM
cblr-11900	1467	26	.	.	PUNCT
cblr-11900	1468	1	323	323	NUM
cblr-11900	1468	2	caglio	caglio	NOUN
cblr-11900	1468	3	,	,	PUNCT
cblr-11900	1468	4	copeland	copeland	PROPN
cblr-11900	1468	5	&	&	CCONJ
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cblr-11900	1468	7	,	,	PUNCT
cblr-11900	1468	8	supra	supra	PROPN
cblr-11900	1468	9	note	note	NOUN
cblr-11900	1468	10	23	23	NUM
cblr-11900	1468	11	.	.	PUNCT
cblr-11900	1469	1	324	324	NUM
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cblr-11900	1469	3	dealer	dealer	NOUN
cblr-11900	1469	4	statistics	statistic	NOUN
cblr-11900	1469	5	,	,	PUNCT
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cblr-11900	1469	7	.	.	PUNCT
cblr-11900	1469	8	rsrv	rsrv	PROPN
cblr-11900	1469	9	.	.	PUNCT
cblr-11900	1470	1	bank	bank	PROPN
cblr-11900	1470	2	of	of	ADP
cblr-11900	1470	3	n.y	n.y	PROPN
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cblr-11900	1471	1	[	[	X
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cblr-11900	1471	4	(	(	PUNCT
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cblr-11900	1471	8	23	23	NUM
cblr-11900	1471	9	,	,	PUNCT
cblr-11900	1471	10	2023	2023	NUM
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cblr-11900	1471	12	.	.	PUNCT
cblr-11900	1472	1	325	325	NUM
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cblr-11900	1472	3	,	,	PUNCT
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cblr-11900	1472	5	note	note	PROPN
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cblr-11900	1472	9	treasury	treasury	PROPN
cblr-11900	1472	10	securities	security	NOUN
cblr-11900	1472	11	statistics	statistic	NOUN
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cblr-11900	1472	13	sifma	sifma	NOUN
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cblr-11900	1472	15	mar	mar	PROPN
cblr-11900	1472	16	.	.	PROPN
cblr-11900	1472	17	2	2	NUM
cblr-11900	1472	18	,	,	PUNCT
cblr-11900	1472	19	2023	2023	NUM
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cblr-11900	1473	1	[	[	X
cblr-11900	1473	2	https://perma.cc/58n7-us7v	https://perma.cc/58n7-us7v	X
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cblr-11900	1473	4	(	(	PUNCT
cblr-11900	1473	5	last	last	ADJ
cblr-11900	1473	6	visited	visit	VERB
cblr-11900	1473	7	may	may	PROPN
cblr-11900	1473	8	23	23	NUM
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cblr-11900	1473	13	fed	fed	PROPN
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cblr-11900	1474	3	dallas	dallas	PROPN
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cblr-11900	1474	7	of	of	ADP
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cblr-11900	1474	9	treasury	treasury	NOUN
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cblr-11900	1474	11	,	,	PUNCT
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cblr-11900	1474	13	.	.	PUNCT
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cblr-11900	1475	1	econ	econ	PROPN
cblr-11900	1475	2	.	.	PUNCT
cblr-11900	1475	3	data	data	PROPN
cblr-11900	1475	4	(	(	PUNCT
cblr-11900	1475	5	feb	feb	PROPN
cblr-11900	1475	6	.	.	PROPN
cblr-11900	1475	7	15	15	NUM
cblr-11900	1475	8	,	,	PUNCT
cblr-11900	1475	9	2023	2023	NUM
cblr-11900	1475	10	)	)	PUNCT
cblr-11900	1475	11	,	,	PUNCT
cblr-11900	1475	12	https://fred.stlouisfed.org/series/mvmtd027mnfrbdal	https://fred.stlouisfed.org/series/mvmtd027mnfrbdal	ADJ
cblr-11900	1475	13	[	[	X
cblr-11900	1475	14	https://perma.cc/6vej-mtqd	https://perma.cc/6vej-mtqd	X
cblr-11900	1475	15	]	]	X
cblr-11900	1475	16	.	.	PUNCT
cblr-11900	1476	1	302	302	NUM
cblr-11900	1476	2	columbia	columbia	PROPN
cblr-11900	1476	3	business	business	NOUN
cblr-11900	1476	4	law	law	PROPN
cblr-11900	1476	5	review	review	NOUN
cblr-11900	1476	6	[	[	X
cblr-11900	1476	7	vol	vol	NOUN
cblr-11900	1476	8	.	.	PUNCT
cblr-11900	1476	9	2023	2023	NUM
cblr-11900	1476	10	iv	iv	NOUN
cblr-11900	1476	11	.	.	PUNCT
cblr-11900	1477	1	the	the	DET
cblr-11900	1477	2	decline	decline	NOUN
cblr-11900	1477	3	and	and	CCONJ
cblr-11900	1477	4	fall	fall	NOUN
cblr-11900	1477	5	of	of	ADP
cblr-11900	1477	6	the	the	DET
cblr-11900	1477	7	primary	primary	ADJ
cblr-11900	1477	8	dealer	dealer	NOUN
cblr-11900	1477	9	system	system	NOUN
cblr-11900	1477	10	in	in	ADP
cblr-11900	1477	11	2008	2008	NUM
cblr-11900	1477	12	,	,	PUNCT
cblr-11900	1477	13	the	the	DET
cblr-11900	1477	14	public	public	ADJ
cblr-11900	1477	15	financing	financing	NOUN
cblr-11900	1477	16	system	system	NOUN
cblr-11900	1477	17	put	put	VERB
cblr-11900	1477	18	in	in	ADP
cblr-11900	1477	19	place	place	NOUN
cblr-11900	1477	20	during	during	ADP
cblr-11900	1477	21	the	the	DET
cblr-11900	1477	22	1950s	1950	NOUN
cblr-11900	1477	23	—	—	PUNCT
cblr-11900	1477	24	one	one	NUM
cblr-11900	1477	25	that	that	PRON
cblr-11900	1477	26	relied	rely	VERB
cblr-11900	1477	27	on	on	ADP
cblr-11900	1477	28	select	select	ADJ
cblr-11900	1477	29	nonbank	nonbank	NOUN
cblr-11900	1477	30	dealer	dealer	NOUN
cblr-11900	1477	31	firms	firm	NOUN
cblr-11900	1477	32	financed	finance	VERB
cblr-11900	1477	33	by	by	ADP
cblr-11900	1477	34	repos	repos	NOUN
cblr-11900	1477	35	in	in	ADP
cblr-11900	1477	36	private	private	ADJ
cblr-11900	1477	37	markets	market	NOUN
cblr-11900	1477	38	and	and	CCONJ
cblr-11900	1477	39	backstopped	backstoppe	VERB
cblr-11900	1477	40	by	by	ADP
cblr-11900	1477	41	the	the	DET
cblr-11900	1477	42	central	central	ADJ
cblr-11900	1477	43	bank	bank	NOUN
cblr-11900	1477	44	—	—	PUNCT
cblr-11900	1477	45	unraveled	unraveled	ADJ
cblr-11900	1477	46	.	.	PUNCT
cblr-11900	1478	1	this	this	DET
cblr-11900	1478	2	section	section	NOUN
cblr-11900	1478	3	traces	trace	VERB
cblr-11900	1478	4	the	the	DET
cblr-11900	1478	5	subsequent	subsequent	ADJ
cblr-11900	1478	6	emergence	emergence	NOUN
cblr-11900	1478	7	of	of	ADP
cblr-11900	1478	8	shadow	shadow	NOUN
cblr-11900	1478	9	dealers	dealer	NOUN
cblr-11900	1478	10	,	,	PUNCT
cblr-11900	1478	11	at	at	ADP
cblr-11900	1478	12	times	time	NOUN
cblr-11900	1478	13	more	more	ADV
cblr-11900	1478	14	vulnerable	vulnerable	ADJ
cblr-11900	1478	15	to	to	ADP
cblr-11900	1478	16	runs	run	NOUN
cblr-11900	1478	17	than	than	ADP
cblr-11900	1478	18	nonbank	nonbank	NOUN
cblr-11900	1478	19	dealers	dealer	NOUN
cblr-11900	1478	20	,	,	PUNCT
cblr-11900	1478	21	and	and	CCONJ
cblr-11900	1478	22	explains	explain	VERB
cblr-11900	1478	23	how	how	SCONJ
cblr-11900	1478	24	they	they	PRON
cblr-11900	1478	25	were	be	AUX
cblr-11900	1478	26	a	a	DET
cblr-11900	1478	27	key	key	ADJ
cblr-11900	1478	28	driver	driver	NOUN
cblr-11900	1478	29	of	of	ADP
cblr-11900	1478	30	the	the	DET
cblr-11900	1478	31	2020	2020	NUM
cblr-11900	1478	32	financial	financial	ADJ
cblr-11900	1478	33	panic	panic	NOUN
cblr-11900	1478	34	and	and	CCONJ
cblr-11900	1478	35	the	the	DET
cblr-11900	1478	36	recent	recent	ADJ
cblr-11900	1478	37	fragility	fragility	NOUN
cblr-11900	1478	38	in	in	ADP
cblr-11900	1478	39	treasury	treasury	NOUN
cblr-11900	1478	40	markets	market	NOUN
cblr-11900	1478	41	.	.	PUNCT
cblr-11900	1479	1	a.	a.	NOUN
cblr-11900	1479	2	the	the	DET
cblr-11900	1479	3	introduction	introduction	NOUN
cblr-11900	1479	4	of	of	ADP
cblr-11900	1479	5	size	size	NOUN
cblr-11900	1479	6	constraints	constraint	NOUN
cblr-11900	1479	7	among	among	ADP
cblr-11900	1479	8	the	the	DET
cblr-11900	1479	9	many	many	ADJ
cblr-11900	1479	10	impacts	impact	NOUN
cblr-11900	1479	11	of	of	ADP
cblr-11900	1479	12	the	the	DET
cblr-11900	1479	13	gfc	gfc	NOUN
cblr-11900	1479	14	,	,	PUNCT
cblr-11900	1479	15	one	one	NUM
cblr-11900	1479	16	of	of	ADP
cblr-11900	1479	17	the	the	DET
cblr-11900	1479	18	more	more	ADV
cblr-11900	1479	19	important	important	ADJ
cblr-11900	1479	20	for	for	ADP
cblr-11900	1479	21	market	market	NOUN
cblr-11900	1479	22	structure	structure	NOUN
cblr-11900	1479	23	and	and	CCONJ
cblr-11900	1479	24	government	government	NOUN
cblr-11900	1479	25	finance	finance	NOUN
cblr-11900	1479	26	was	be	AUX
cblr-11900	1479	27	the	the	DET
cblr-11900	1479	28	unwinding	unwinding	NOUN
cblr-11900	1479	29	of	of	ADP
cblr-11900	1479	30	a	a	DET
cblr-11900	1479	31	century	century	NOUN
cblr-11900	1479	32	of	of	ADP
cblr-11900	1479	33	nonbank	nonbank	NOUN
cblr-11900	1479	34	dominance	dominance	NOUN
cblr-11900	1479	35	in	in	ADP
cblr-11900	1479	36	securities	security	NOUN
cblr-11900	1479	37	markets.326	markets.326	NOUN
cblr-11900	1479	38	right	right	ADV
cblr-11900	1479	39	after	after	SCONJ
cblr-11900	1479	40	their	their	PRON
cblr-11900	1479	41	leverage	leverage	NOUN
cblr-11900	1479	42	and	and	CCONJ
cblr-11900	1479	43	footprint	footprint	NOUN
cblr-11900	1479	44	peaked	peak	VERB
cblr-11900	1479	45	in	in	ADP
cblr-11900	1479	46	early	early	ADJ
cblr-11900	1479	47	2008	2008	NUM
cblr-11900	1479	48	,	,	PUNCT
cblr-11900	1479	49	one	one	NUM
cblr-11900	1479	50	by	by	ADP
cblr-11900	1479	51	one	one	NUM
cblr-11900	1479	52	the	the	DET
cblr-11900	1479	53	largest	large	ADJ
cblr-11900	1479	54	stand	stand	VERB
cblr-11900	1479	55	-	-	PUNCT
cblr-11900	1479	56	alone	alone	ADV
cblr-11900	1479	57	broker	broker	NOUN
cblr-11900	1479	58	-	-	PUNCT
cblr-11900	1479	59	dealers	dealer	NOUN
cblr-11900	1479	60	were	be	AUX
cblr-11900	1479	61	either	either	CCONJ
cblr-11900	1479	62	acquired	acquire	VERB
cblr-11900	1479	63	by	by	ADP
cblr-11900	1479	64	commercial	commercial	ADJ
cblr-11900	1479	65	banks	bank	NOUN
cblr-11900	1479	66	(	(	PUNCT
cblr-11900	1479	67	bear	bear	PROPN
cblr-11900	1479	68	stearns	stearn	NOUN
cblr-11900	1479	69	by	by	ADP
cblr-11900	1479	70	j.p	j.p	PROPN
cblr-11900	1479	71	.	.	PROPN
cblr-11900	1479	72	morgan	morgan	PROPN
cblr-11900	1479	73	chase,327	chase,327	PROPN
cblr-11900	1479	74	merrill	merrill	PROPN
cblr-11900	1479	75	lynch	lynch	PROPN
cblr-11900	1479	76	by	by	ADP
cblr-11900	1479	77	bank	bank	PROPN
cblr-11900	1479	78	of	of	ADP
cblr-11900	1479	79	america328	america328	PROPN
cblr-11900	1479	80	)	)	PUNCT
cblr-11900	1479	81	,	,	PUNCT
cblr-11900	1479	82	failed	fail	VERB
cblr-11900	1479	83	(	(	PUNCT
cblr-11900	1479	84	lehman	lehman	NOUN
cblr-11900	1479	85	brothers),329	brothers),329	PROPN
cblr-11900	1479	86	or	or	CCONJ
cblr-11900	1479	87	opened	open	VERB
cblr-11900	1479	88	banks	bank	NOUN
cblr-11900	1479	89	and	and	CCONJ
cblr-11900	1479	90	reorganized	reorganize	VERB
cblr-11900	1479	91	as	as	ADP
cblr-11900	1479	92	bank	bank	NOUN
cblr-11900	1479	93	holding	hold	VERB
cblr-11900	1479	94	companies	company	NOUN
cblr-11900	1479	95	(	(	PUNCT
cblr-11900	1479	96	bhcs	bhcs	NOUN
cblr-11900	1479	97	)	)	PUNCT
cblr-11900	1479	98	(	(	PUNCT
cblr-11900	1479	99	goldman	goldman	NOUN
cblr-11900	1479	100	sachs	sachs	PROPN
cblr-11900	1479	101	and	and	CCONJ
cblr-11900	1479	102	morgan	morgan	PROPN
cblr-11900	1479	103	stanley).330	stanley).330	PROPN
cblr-11900	1479	104	intermediation	intermediation	NOUN
cblr-11900	1479	105	326	326	NUM
cblr-11900	1479	106	commentators	commentator	NOUN
cblr-11900	1479	107	at	at	ADP
cblr-11900	1479	108	the	the	DET
cblr-11900	1479	109	time	time	NOUN
cblr-11900	1479	110	described	describe	VERB
cblr-11900	1479	111	it	it	PRON
cblr-11900	1479	112	as	as	ADP
cblr-11900	1479	113	the	the	DET
cblr-11900	1479	114	“	"	PUNCT
cblr-11900	1479	115	end	end	NOUN
cblr-11900	1479	116	of	of	ADP
cblr-11900	1479	117	traditional	traditional	ADJ
cblr-11900	1479	118	investment	investment	NOUN
cblr-11900	1479	119	banking	banking	NOUN
cblr-11900	1479	120	.	.	PUNCT
cblr-11900	1479	121	”	"	PUNCT
cblr-11900	1480	1	jon	jon	PROPN
cblr-11900	1480	2	hilsenrath	hilsenrath	PROPN
cblr-11900	1480	3	,	,	PUNCT
cblr-11900	1480	4	damian	damian	ADJ
cblr-11900	1480	5	paletta	paletta	PROPN
cblr-11900	1480	6	&	&	CCONJ
cblr-11900	1480	7	aaron	aaron	PROPN
cblr-11900	1480	8	lucchetti	lucchetti	PROPN
cblr-11900	1480	9	,	,	PUNCT
cblr-11900	1480	10	goldman	goldman	PROPN
cblr-11900	1480	11	,	,	PUNCT
cblr-11900	1480	12	morgan	morgan	PROPN
cblr-11900	1480	13	scrap	scrap	PROPN
cblr-11900	1480	14	wall	wall	PROPN
cblr-11900	1480	15	street	street	PROPN
cblr-11900	1480	16	model	model	PROPN
cblr-11900	1480	17	,	,	PUNCT
cblr-11900	1480	18	become	become	VERB
cblr-11900	1480	19	banks	bank	NOUN
cblr-11900	1480	20	in	in	ADP
cblr-11900	1480	21	bid	bid	NOUN
cblr-11900	1480	22	to	to	PART
cblr-11900	1480	23	ride	ride	VERB
cblr-11900	1480	24	out	out	ADP
cblr-11900	1480	25	crisis	crisis	NOUN
cblr-11900	1480	26	,	,	PUNCT
cblr-11900	1480	27	wall	wall	PROPN
cblr-11900	1480	28	st	st	PROPN
cblr-11900	1480	29	.	.	PROPN
cblr-11900	1480	30	j.	j.	PROPN
cblr-11900	1480	31	(	(	PUNCT
cblr-11900	1480	32	sept	sept	PROPN
cblr-11900	1480	33	.	.	PROPN
cblr-11900	1480	34	22	22	NUM
cblr-11900	1480	35	,	,	PUNCT
cblr-11900	1480	36	2008	2008	NUM
cblr-11900	1480	37	)	)	PUNCT
cblr-11900	1480	38	,	,	PUNCT
cblr-11900	1480	39	https://www.wsj.com/articles/sb122202739111460721	https://www.wsj.com/articles/sb122202739111460721	PROPN
cblr-11900	1480	40	.	.	PROPN
cblr-11900	1480	41	327	327	NUM
cblr-11900	1480	42	nat’l	nat’l	NOUN
cblr-11900	1480	43	comm’n	comm’n	NOUN
cblr-11900	1480	44	on	on	ADP
cblr-11900	1480	45	the	the	DET
cblr-11900	1480	46	causes	cause	NOUN
cblr-11900	1480	47	of	of	ADP
cblr-11900	1480	48	the	the	DET
cblr-11900	1480	49	fin	fin	NOUN
cblr-11900	1480	50	.	.	PUNCT
cblr-11900	1480	51	&	&	CCONJ
cblr-11900	1480	52	econ	econ	PROPN
cblr-11900	1480	53	.	.	PUNCT
cblr-11900	1481	1	crisis	crisis	NOUN
cblr-11900	1481	2	in	in	ADP
cblr-11900	1481	3	the	the	DET
cblr-11900	1481	4	u.s	u.s	PROPN
cblr-11900	1481	5	.	.	PROPN
cblr-11900	1481	6	,	,	PUNCT
cblr-11900	1481	7	the	the	DET
cblr-11900	1481	8	financial	financial	ADJ
cblr-11900	1481	9	crisis	crisis	NOUN
cblr-11900	1481	10	inquiry	inquiry	NOUN
cblr-11900	1481	11	report	report	VERB
cblr-11900	1481	12	280–291	280–291	NUM
cblr-11900	1481	13	(	(	PUNCT
cblr-11900	1481	14	2011	2011	NUM
cblr-11900	1481	15	)	)	PUNCT
cblr-11900	1481	16	.	.	PUNCT
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cblr-11900	1483	3	at	at	ADP
cblr-11900	1483	4	324–43	324–43	PROPN
cblr-11900	1483	5	.	.	PUNCT
cblr-11900	1484	1	329	329	NUM
cblr-11900	1485	1	i	i	PRON
cblr-11900	1485	2	d.	d.	PROPN
cblr-11900	1485	3	330	330	NUM
cblr-11900	1485	4	i	i	PROPN
cblr-11900	1485	5	d.	d.	PROPN
cblr-11900	1485	6	at	at	ADP
cblr-11900	1485	7	353–88	353–88	NUM
cblr-11900	1485	8	.	.	PUNCT
cblr-11900	1486	1	commentators	commentator	NOUN
cblr-11900	1486	2	at	at	ADP
cblr-11900	1486	3	the	the	DET
cblr-11900	1486	4	time	time	NOUN
cblr-11900	1486	5	speculated	speculate	VERB
cblr-11900	1486	6	this	this	DET
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cblr-11900	1486	8	was	be	AUX
cblr-11900	1486	9	driven	drive	VERB
cblr-11900	1486	10	by	by	ADP
cblr-11900	1486	11	liquidity	liquidity	NOUN
cblr-11900	1486	12	concerns	concern	NOUN
cblr-11900	1486	13	,	,	PUNCT
cblr-11900	1486	14	specifically	specifically	ADV
cblr-11900	1486	15	access	access	NOUN
cblr-11900	1486	16	to	to	ADP
cblr-11900	1486	17	federal	federal	PROPN
cblr-11900	1486	18	reserve	reserve	NOUN
cblr-11900	1486	19	lending	lending	NOUN
cblr-11900	1486	20	facilities	facility	NOUN
cblr-11900	1486	21	.	.	PUNCT
cblr-11900	1487	1	andrew	andrew	PROPN
cblr-11900	1487	2	ross	ross	PROPN
cblr-11900	1487	3	sorkin	sorkin	PROPN
cblr-11900	1487	4	&	&	CCONJ
cblr-11900	1487	5	vikas	vikas	PROPN
cblr-11900	1487	6	bajaj	bajaj	PROPN
cblr-11900	1487	7	,	,	PUNCT
cblr-11900	1487	8	shift	shift	VERB
cblr-11900	1487	9	for	for	ADP
cblr-11900	1487	10	goldman	goldman	PROPN
cblr-11900	1487	11	and	and	CCONJ
cblr-11900	1487	12	morgan	morgan	PROPN
cblr-11900	1487	13	marks	mark	VERB
cblr-11900	1487	14	the	the	DET
cblr-11900	1487	15	end	end	NOUN
cblr-11900	1487	16	of	of	ADP
cblr-11900	1487	17	an	an	DET
cblr-11900	1487	18	era	era	NOUN
cblr-11900	1487	19	,	,	PUNCT
cblr-11900	1487	20	n.y	n.y	PROPN
cblr-11900	1487	21	.	.	PROPN
cblr-11900	1487	22	times	times	PROPN
cblr-11900	1487	23	(	(	PUNCT
cblr-11900	1487	24	sept	sept	PROPN
cblr-11900	1487	25	.	.	PROPN
cblr-11900	1487	26	21	21	NUM
cblr-11900	1487	27	,	,	PUNCT
cblr-11900	1487	28	2008	2008	NUM
cblr-11900	1487	29	)	)	PUNCT
cblr-11900	1487	30	,	,	PUNCT
cblr-11900	1487	31	https://www.nytimes.com/2008/09/22/business/22bank.html	https://www.nytimes.com/2008/09/22/business/22bank.html	PROPN
cblr-11900	1488	1	[	[	X
cblr-11900	1488	2	https://perma.cc/y7uz-gmen	https://perma.cc/y7uz-gman	NOUN
cblr-11900	1488	3	]	]	X
cblr-11900	1488	4	.	.	PUNCT
cblr-11900	1489	1	others	other	NOUN
cblr-11900	1489	2	pointed	point	VERB
cblr-11900	1489	3	to	to	ADP
cblr-11900	1489	4	an	an	DET
cblr-11900	1489	5	easier	easy	ADJ
cblr-11900	1489	6	path	path	NOUN
cblr-11900	1489	7	by	by	ADP
cblr-11900	1489	8	which	which	PRON
cblr-11900	1489	9	these	these	DET
cblr-11900	1489	10	companies	company	NOUN
cblr-11900	1489	11	could	could	AUX
cblr-11900	1489	12	merge	merge	VERB
cblr-11900	1489	13	with	with	ADP
cblr-11900	1489	14	existing	exist	VERB
cblr-11900	1489	15	depository	depository	NOUN
cblr-11900	1489	16	institutions	institution	NOUN
cblr-11900	1489	17	or	or	CCONJ
cblr-11900	1489	18	make	make	VERB
cblr-11900	1489	19	use	use	NOUN
cblr-11900	1489	20	of	of	ADP
cblr-11900	1489	21	banking	banking	NOUN
cblr-11900	1489	22	book	book	NOUN
cblr-11900	1489	23	accounting	account	VERB
cblr-11900	1489	24	(	(	PUNCT
cblr-11900	1489	25	specifically	specifically	ADV
cblr-11900	1489	26	held	hold	VERB
cblr-11900	1489	27	-	-	PUNCT
cblr-11900	1489	28	to	to	ADP
cblr-11900	1489	29	-	-	PUNCT
cblr-11900	1489	30	maturity	maturity	NOUN
cblr-11900	1489	31	assets	asset	NOUN
cblr-11900	1489	32	which	which	PRON
cblr-11900	1489	33	no	no	NOUN
cblr-11900	1489	34	.	.	NOUN
cblr-11900	1489	35	1	1	NUM
cblr-11900	1489	36	]	]	ADJ
cblr-11900	1489	37	money	money	NOUN
cblr-11900	1489	38	and	and	CCONJ
cblr-11900	1489	39	the	the	DET
cblr-11900	1489	40	public	public	ADJ
cblr-11900	1489	41	debt	debt	NOUN
cblr-11900	1489	42	303	303	NUM
cblr-11900	1489	43	capacity	capacity	NOUN
cblr-11900	1489	44	in	in	ADP
cblr-11900	1489	45	treasuries	treasury	NOUN
cblr-11900	1489	46	dropped	drop	VERB
cblr-11900	1489	47	suddenly	suddenly	ADV
cblr-11900	1489	48	,	,	PUNCT
cblr-11900	1489	49	with	with	ADP
cblr-11900	1489	50	gross	gross	ADJ
cblr-11900	1489	51	traded	trade	VERB
cblr-11900	1489	52	volumes	volume	NOUN
cblr-11900	1489	53	decreasing	decrease	VERB
cblr-11900	1489	54	even	even	ADV
cblr-11900	1489	55	as	as	SCONJ
cblr-11900	1489	56	the	the	DET
cblr-11900	1489	57	market	market	NOUN
cblr-11900	1489	58	grew	grow	VERB
cblr-11900	1489	59	rapidly	rapidly	ADV
cblr-11900	1489	60	:	:	PUNCT
cblr-11900	1489	61	turnover	turnover	NOUN
cblr-11900	1489	62	,	,	PUNCT
cblr-11900	1489	63	measured	measure	VERB
cblr-11900	1489	64	as	as	ADP
cblr-11900	1489	65	daily	daily	ADJ
cblr-11900	1489	66	transactions	transaction	NOUN
cblr-11900	1489	67	among	among	ADP
cblr-11900	1489	68	primary	primary	ADJ
cblr-11900	1489	69	dealers	dealer	NOUN
cblr-11900	1489	70	relative	relative	ADJ
cblr-11900	1489	71	to	to	ADP
cblr-11900	1489	72	the	the	DET
cblr-11900	1489	73	free	free	ADJ
cblr-11900	1489	74	-	-	PUNCT
cblr-11900	1489	75	float	float	NOUN
cblr-11900	1489	76	of	of	ADP
cblr-11900	1489	77	the	the	DET
cblr-11900	1489	78	market	market	NOUN
cblr-11900	1489	79	averaged	average	VERB
cblr-11900	1489	80	11.6	11.6	NUM
cblr-11900	1489	81	%	%	NOUN
cblr-11900	1489	82	in	in	ADP
cblr-11900	1489	83	2008	2008	NUM
cblr-11900	1489	84	but	but	CCONJ
cblr-11900	1489	85	only	only	ADV
cblr-11900	1489	86	6.5	6.5	NUM
cblr-11900	1489	87	%	%	NOUN
cblr-11900	1489	88	the	the	DET
cblr-11900	1489	89	following	following	ADJ
cblr-11900	1489	90	year	year	NOUN
cblr-11900	1489	91	(	(	PUNCT
cblr-11900	1489	92	a	a	DET
cblr-11900	1489	93	44	44	NUM
cblr-11900	1489	94	%	%	NOUN
cblr-11900	1489	95	decline	decline	NOUN
cblr-11900	1489	96	)	)	PUNCT
cblr-11900	1489	97	,	,	PUNCT
cblr-11900	1489	98	despite	despite	SCONJ
cblr-11900	1489	99	a	a	DET
cblr-11900	1489	100	more	more	ADJ
cblr-11900	1489	101	than	than	ADP
cblr-11900	1489	102	$	$	SYM
cblr-11900	1489	103	1.5	1.5	NUM
cblr-11900	1489	104	trillion	trillion	NUM
cblr-11900	1489	105	(	(	PUNCT
cblr-11900	1489	106	33	33	NUM
cblr-11900	1489	107	%	%	NOUN
cblr-11900	1489	108	)	)	PUNCT
cblr-11900	1489	109	jump	jump	VERB
cblr-11900	1489	110	in	in	ADP
cblr-11900	1489	111	marketable	marketable	ADJ
cblr-11900	1489	112	debt	debt	NOUN
cblr-11900	1489	113	outstanding.331	outstanding.331	NOUN
cblr-11900	1489	114	why	why	SCONJ
cblr-11900	1489	115	did	do	AUX
cblr-11900	1489	116	intermediation	intermediation	NOUN
cblr-11900	1489	117	capacity	capacity	NOUN
cblr-11900	1489	118	drop	drop	NOUN
cblr-11900	1489	119	so	so	ADV
cblr-11900	1489	120	sharply	sharply	ADV
cblr-11900	1489	121	?	?	PUNCT
cblr-11900	1490	1	risk	risk	NOUN
cblr-11900	1490	2	management	management	NOUN
cblr-11900	1490	3	amidst	amidst	ADP
cblr-11900	1490	4	elevated	elevated	ADJ
cblr-11900	1490	5	levels	level	NOUN
cblr-11900	1490	6	of	of	ADP
cblr-11900	1490	7	volatility	volatility	NOUN
cblr-11900	1490	8	across	across	ADP
cblr-11900	1490	9	all	all	DET
cblr-11900	1490	10	financial	financial	ADJ
cblr-11900	1490	11	markets	market	NOUN
cblr-11900	1490	12	(	(	PUNCT
cblr-11900	1490	13	including	include	VERB
cblr-11900	1490	14	interest	interest	NOUN
cblr-11900	1490	15	rates	rate	NOUN
cblr-11900	1490	16	)	)	PUNCT
cblr-11900	1490	17	likely	likely	ADV
cblr-11900	1490	18	played	play	VERB
cblr-11900	1490	19	an	an	DET
cblr-11900	1490	20	important	important	ADJ
cblr-11900	1490	21	role	role	NOUN
cblr-11900	1490	22	.	.	PUNCT
cblr-11900	1491	1	so	so	ADV
cblr-11900	1491	2	too	too	ADV
cblr-11900	1491	3	did	do	VERB
cblr-11900	1491	4	a	a	DET
cblr-11900	1491	5	more	more	ADV
cblr-11900	1491	6	general	general	ADJ
cblr-11900	1491	7	retrenchment	retrenchment	NOUN
cblr-11900	1491	8	of	of	ADP
cblr-11900	1491	9	repo	repo	NOUN
cblr-11900	1491	10	-	-	PUNCT
cblr-11900	1491	11	financed	finance	VERB
cblr-11900	1491	12	activities	activity	NOUN
cblr-11900	1491	13	by	by	ADP
cblr-11900	1491	14	broker	broker	NOUN
cblr-11900	1491	15	-	-	PUNCT
cblr-11900	1491	16	dealers	dealer	NOUN
cblr-11900	1491	17	—	—	PUNCT
cblr-11900	1491	18	not	not	PART
cblr-11900	1491	19	to	to	PART
cblr-11900	1491	20	mention	mention	VERB
cblr-11900	1491	21	the	the	DET
cblr-11900	1491	22	effect	effect	NOUN
cblr-11900	1491	23	of	of	ADP
cblr-11900	1491	24	bear	bear	NOUN
cblr-11900	1491	25	and	and	CCONJ
cblr-11900	1491	26	lehman	lehman	NOUN
cblr-11900	1491	27	on	on	ADP
cblr-11900	1491	28	aggregate	aggregate	ADJ
cblr-11900	1491	29	intermediation	intermediation	NOUN
cblr-11900	1491	30	capacity	capacity	NOUN
cblr-11900	1491	31	.	.	PUNCT
cblr-11900	1492	1	but	but	CCONJ
cblr-11900	1492	2	it	it	PRON
cblr-11900	1492	3	also	also	ADV
cblr-11900	1492	4	seems	seem	VERB
cblr-11900	1492	5	plausible	plausible	ADJ
cblr-11900	1492	6	that	that	SCONJ
cblr-11900	1492	7	rapidly	rapidly	ADV
cblr-11900	1492	8	consolidating	consolidate	VERB
cblr-11900	1492	9	dealer	dealer	NOUN
cblr-11900	1492	10	activity	activity	NOUN
cblr-11900	1492	11	within	within	ADP
cblr-11900	1492	12	the	the	DET
cblr-11900	1492	13	bank	bank	NOUN
cblr-11900	1492	14	regulatory	regulatory	ADJ
cblr-11900	1492	15	permitter	permitter	NOUN
cblr-11900	1492	16	had	have	VERB
cblr-11900	1492	17	an	an	DET
cblr-11900	1492	18	impact	impact	NOUN
cblr-11900	1492	19	as	as	ADV
cblr-11900	1492	20	well	well	ADV
cblr-11900	1492	21	.	.	PUNCT
cblr-11900	1493	1	though	though	SCONJ
cblr-11900	1493	2	smaller	small	ADJ
cblr-11900	1493	3	dealers	dealer	NOUN
cblr-11900	1493	4	remained	remain	VERB
cblr-11900	1493	5	independent	independent	ADJ
cblr-11900	1493	6	(	(	PUNCT
cblr-11900	1493	7	e.g.	e.g.	ADV
cblr-11900	1493	8	,	,	PUNCT
cblr-11900	1493	9	jeffries	jeffrie	NOUN
cblr-11900	1493	10	,	,	PUNCT
cblr-11900	1493	11	cantor	cantor	PROPN
cblr-11900	1493	12	fitzgerald	fitzgerald	PROPN
cblr-11900	1493	13	)	)	PUNCT
cblr-11900	1493	14	,	,	PUNCT
cblr-11900	1493	15	for	for	ADP
cblr-11900	1493	16	the	the	DET
cblr-11900	1493	17	first	first	ADJ
cblr-11900	1493	18	time	time	NOUN
cblr-11900	1493	19	in	in	ADP
cblr-11900	1493	20	modern	modern	ADJ
cblr-11900	1493	21	financial	financial	ADJ
cblr-11900	1493	22	history	history	NOUN
cblr-11900	1493	23	the	the	DET
cblr-11900	1493	24	majority	majority	NOUN
cblr-11900	1493	25	of	of	ADP
cblr-11900	1493	26	dealer	dealer	NOUN
cblr-11900	1493	27	activity	activity	NOUN
cblr-11900	1493	28	was	be	AUX
cblr-11900	1493	29	performed	perform	VERB
cblr-11900	1493	30	within	within	ADP
cblr-11900	1493	31	bhcs.332	bhcs.332	NOUN
cblr-11900	1493	32	accordingly	accordingly	ADV
cblr-11900	1493	33	,	,	PUNCT
cblr-11900	1493	34	this	this	DET
cblr-11900	1493	35	large	large	ADJ
cblr-11900	1493	36	share	share	NOUN
cblr-11900	1493	37	of	of	ADP
cblr-11900	1493	38	dealer	dealer	NOUN
cblr-11900	1493	39	activity	activity	NOUN
cblr-11900	1493	40	was	be	AUX
cblr-11900	1493	41	subject	subject	ADJ
cblr-11900	1493	42	to	to	ADP
cblr-11900	1493	43	bank	bank	NOUN
cblr-11900	1493	44	regulations	regulation	NOUN
cblr-11900	1493	45	,	,	PUNCT
cblr-11900	1493	46	including	include	VERB
cblr-11900	1493	47	an	an	DET
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cblr-11900	1493	49	generation	generation	NOUN
cblr-11900	1493	50	of	of	ADP
cblr-11900	1493	51	internationally	internationally	ADV
cblr-11900	1493	52	agreed	agree	VERB
cblr-11900	1493	53	requirements	requirement	NOUN
cblr-11900	1493	54	(	(	PUNCT
cblr-11900	1493	55	known	know	VERB
cblr-11900	1493	56	as	as	ADP
cblr-11900	1493	57	basel	basel	PROPN
cblr-11900	1493	58	ii	ii	PROPN
cblr-11900	1493	59	)	)	PUNCT
cblr-11900	1493	60	as	as	SCONJ
cblr-11900	1493	61	implemented	implement	VERB
cblr-11900	1493	62	by	by	ADP
cblr-11900	1493	63	would	would	AUX
cblr-11900	1493	64	not	not	PART
cblr-11900	1493	65	be	be	AUX
cblr-11900	1493	66	marked	mark	VERB
cblr-11900	1493	67	to	to	ADP
cblr-11900	1493	68	market	market	NOUN
cblr-11900	1493	69	)	)	PUNCT
cblr-11900	1493	70	.	.	PUNCT
cblr-11900	1494	1	jon	jon	PROPN
cblr-11900	1494	2	hilsenrath	hilsenrath	PROPN
cblr-11900	1494	3	,	,	PUNCT
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cblr-11900	1494	5	paletta	paletta	PROPN
cblr-11900	1494	6	&	&	CCONJ
cblr-11900	1494	7	aaron	aaron	PROPN
cblr-11900	1494	8	lucchetti	lucchetti	PROPN
cblr-11900	1494	9	,	,	PUNCT
cblr-11900	1494	10	goldman	goldman	PROPN
cblr-11900	1494	11	,	,	PUNCT
cblr-11900	1494	12	morgan	morgan	PROPN
cblr-11900	1494	13	scrap	scrap	PROPN
cblr-11900	1494	14	wall	wall	PROPN
cblr-11900	1494	15	street	street	PROPN
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cblr-11900	1494	19	banks	bank	NOUN
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cblr-11900	1494	21	bid	bid	NOUN
cblr-11900	1494	22	to	to	PART
cblr-11900	1494	23	ride	ride	VERB
cblr-11900	1494	24	out	out	ADP
cblr-11900	1494	25	crisis	crisis	NOUN
cblr-11900	1494	26	,	,	PUNCT
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cblr-11900	1494	33	sept	sept	PROPN
cblr-11900	1494	34	.	.	PROPN
cblr-11900	1494	35	22	22	NUM
cblr-11900	1494	36	,	,	PUNCT
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cblr-11900	1494	39	articles	article	NOUN
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cblr-11900	1495	4	.	.	PUNCT
cblr-11900	1496	1	331	331	NUM
cblr-11900	1496	2	fed	fed	PROPN
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cblr-11900	1496	5	.	.	PUNCT
cblr-11900	1497	1	bank	bank	PROPN
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cblr-11900	1497	11	,	,	PUNCT
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cblr-11900	1498	1	econ	econ	PROPN
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cblr-11900	1505	8	.	.	PROPN
cblr-11900	1505	9	10	10	NUM
cblr-11900	1505	10	,	,	PUNCT
cblr-11900	1505	11	2021	2021	NUM
cblr-11900	1505	12	)	)	PUNCT
cblr-11900	1505	13	.	.	PUNCT
cblr-11900	1506	1	332	332	NUM
cblr-11900	1506	2	cecilia	cecilia	PROPN
cblr-11900	1506	3	caglio	caglio	PROPN
cblr-11900	1506	4	,	,	PUNCT
cblr-11900	1506	5	adam	adam	PROPN
cblr-11900	1506	6	copeland	copeland	PROPN
cblr-11900	1506	7	&	&	CCONJ
cblr-11900	1506	8	antoine	antoine	PROPN
cblr-11900	1506	9	martin	martin	PROPN
cblr-11900	1506	10	,	,	PUNCT
cblr-11900	1506	11	fed	fed	PROPN
cblr-11900	1506	12	.	.	PUNCT
cblr-11900	1506	13	rsrv	rsrv	PROPN
cblr-11900	1506	14	.	.	PUNCT
cblr-11900	1507	1	bank	bank	PROPN
cblr-11900	1507	2	of	of	ADP
cblr-11900	1507	3	n.y	n.y	PROPN
cblr-11900	1507	4	.	.	PROPN
cblr-11900	1507	5	,	,	PUNCT
cblr-11900	1507	6	the	the	DET
cblr-11900	1507	7	value	value	NOUN
cblr-11900	1507	8	of	of	ADP
cblr-11900	1507	9	internal	internal	ADJ
cblr-11900	1507	10	sources	source	NOUN
cblr-11900	1507	11	of	of	ADP
cblr-11900	1507	12	funding	funding	NOUN
cblr-11900	1507	13	liquidity	liquidity	NOUN
cblr-11900	1507	14	:	:	PUNCT
cblr-11900	1507	15	u.s	u.s	PROPN
cblr-11900	1507	16	.	.	PROPN
cblr-11900	1507	17	broker	broker	NOUN
cblr-11900	1507	18	-	-	PUNCT
cblr-11900	1507	19	dealers	dealer	NOUN
cblr-11900	1507	20	and	and	CCONJ
cblr-11900	1507	21	the	the	DET
cblr-11900	1507	22	financial	financial	ADJ
cblr-11900	1507	23	crisis	crisis	NOUN
cblr-11900	1507	24	8	8	NUM
cblr-11900	1507	25	(	(	PUNCT
cblr-11900	1507	26	2021	2021	NUM
cblr-11900	1507	27	)	)	PUNCT
cblr-11900	1507	28	.	.	PUNCT
cblr-11900	1508	1	304	304	NUM
cblr-11900	1508	2	columbia	columbia	PROPN
cblr-11900	1508	3	business	business	NOUN
cblr-11900	1508	4	law	law	PROPN
cblr-11900	1508	5	review	review	NOUN
cblr-11900	1508	6	[	[	X
cblr-11900	1508	7	vol	vol	NOUN
cblr-11900	1508	8	.	.	PUNCT
cblr-11900	1508	9	2023	2023	NUM
cblr-11900	1508	10	the	the	DET
cblr-11900	1508	11	federal	federal	ADJ
cblr-11900	1508	12	reserve.333	reserve.333	NOUN
cblr-11900	1508	13	although	although	SCONJ
cblr-11900	1508	14	these	these	DET
cblr-11900	1508	15	requirements	requirement	NOUN
cblr-11900	1508	16	were	be	AUX
cblr-11900	1508	17	still	still	ADV
cblr-11900	1508	18	driven	drive	VERB
cblr-11900	1508	19	primarily	primarily	ADV
cblr-11900	1508	20	by	by	ADP
cblr-11900	1508	21	credit	credit	NOUN
cblr-11900	1508	22	risk	risk	NOUN
cblr-11900	1508	23	exposures	exposure	NOUN
cblr-11900	1508	24	(	(	PUNCT
cblr-11900	1508	25	their	their	PRON
cblr-11900	1508	26	so	so	ADV
cblr-11900	1508	27	-	-	PUNCT
cblr-11900	1508	28	called	call	VERB
cblr-11900	1508	29	“	"	PUNCT
cblr-11900	1508	30	binding	binding	ADJ
cblr-11900	1508	31	constraint”334	constraint”334	NOUN
cblr-11900	1508	32	)	)	PUNCT
cblr-11900	1508	33	,	,	PUNCT
cblr-11900	1508	34	the	the	DET
cblr-11900	1508	35	rules	rule	NOUN
cblr-11900	1508	36	included	include	VERB
cblr-11900	1508	37	synthetic	synthetic	ADJ
cblr-11900	1508	38	riskweighted	riskweighte	VERB
cblr-11900	1508	39	assets	asset	NOUN
cblr-11900	1508	40	to	to	PART
cblr-11900	1508	41	represent	represent	VERB
cblr-11900	1508	42	market	market	NOUN
cblr-11900	1508	43	risk	risk	NOUN
cblr-11900	1508	44	generated	generate	VERB
cblr-11900	1508	45	by	by	ADP
cblr-11900	1508	46	trading	trade	VERB
cblr-11900	1508	47	exposures.335	exposures.335	ADP
cblr-11900	1508	48	detailed	detailed	ADJ
cblr-11900	1508	49	disclosure	disclosure	NOUN
cblr-11900	1508	50	from	from	ADP
cblr-11900	1508	51	that	that	DET
cblr-11900	1508	52	period	period	NOUN
cblr-11900	1508	53	is	be	AUX
cblr-11900	1508	54	not	not	PART
cblr-11900	1508	55	available	available	ADJ
cblr-11900	1508	56	,	,	PUNCT
cblr-11900	1508	57	but	but	CCONJ
cblr-11900	1508	58	an	an	DET
cblr-11900	1508	59	examination	examination	NOUN
cblr-11900	1508	60	of	of	ADP
cblr-11900	1508	61	forms	form	NOUN
cblr-11900	1508	62	more	more	ADV
cblr-11900	1508	63	recently	recently	ADV
cblr-11900	1508	64	produced336	produced336	PROPN
cblr-11900	1508	65	by	by	ADP
cblr-11900	1508	66	goldman	goldman	PROPN
cblr-11900	1508	67	sachs	sachs	PROPN
cblr-11900	1508	68	and	and	CCONJ
cblr-11900	1508	69	morgan	morgan	PROPN
cblr-11900	1508	70	stanley	stanley	PROPN
cblr-11900	1508	71	,	,	PUNCT
cblr-11900	1508	72	which	which	PRON
cblr-11900	1508	73	remain	remain	VERB
cblr-11900	1508	74	predominantly	predominantly	ADV
cblr-11900	1508	75	dealers	dealer	NOUN
cblr-11900	1508	76	with	with	ADP
cblr-11900	1508	77	minimal	minimal	ADJ
cblr-11900	1508	78	traditional	traditional	ADJ
cblr-11900	1508	79	commercial	commercial	ADJ
cblr-11900	1508	80	banking	banking	NOUN
cblr-11900	1508	81	activity	activity	NOUN
cblr-11900	1508	82	,	,	PUNCT
cblr-11900	1508	83	suggests	suggest	VERB
cblr-11900	1508	84	that	that	SCONJ
cblr-11900	1508	85	interest	interest	NOUN
cblr-11900	1508	86	rate	rate	NOUN
cblr-11900	1508	87	exposures	exposure	NOUN
cblr-11900	1508	88	are	be	AUX
cblr-11900	1508	89	often	often	ADV
cblr-11900	1508	90	a	a	DET
cblr-11900	1508	91	significant	significant	ADJ
cblr-11900	1508	92	driver	driver	NOUN
cblr-11900	1508	93	of	of	ADP
cblr-11900	1508	94	this	this	DET
cblr-11900	1508	95	market	market	NOUN
cblr-11900	1508	96	risk	risk	NOUN
cblr-11900	1508	97	capital	capital	NOUN
cblr-11900	1508	98	requirement.337	requirement.337	NOUN
cblr-11900	1508	99	market	market	NOUN
cblr-11900	1508	100	risk	risk	NOUN
cblr-11900	1508	101	capital	capital	NOUN
cblr-11900	1508	102	rules	rule	NOUN
cblr-11900	1508	103	are	be	AUX
cblr-11900	1508	104	conceptually	conceptually	ADV
cblr-11900	1508	105	similar	similar	ADJ
cblr-11900	1508	106	to	to	ADP
cblr-11900	1508	107	sec	sec	PROPN
cblr-11900	1508	108	net	net	ADJ
cblr-11900	1508	109	capital	capital	NOUN
cblr-11900	1508	110	requirements	requirement	NOUN
cblr-11900	1508	111	,	,	PUNCT
cblr-11900	1508	112	but	but	CCONJ
cblr-11900	1508	113	empirical	empirical	ADJ
cblr-11900	1508	114	evidence	evidence	NOUN
cblr-11900	1508	115	suggests	suggest	VERB
cblr-11900	1508	116	they	they	PRON
cblr-11900	1508	117	can	can	AUX
cblr-11900	1508	118	be	be	AUX
cblr-11900	1508	119	more	more	ADV
cblr-11900	1508	120	conservative	conservative	ADJ
cblr-11900	1508	121	—	—	PUNCT
cblr-11900	1508	122	consistent	consistent	ADJ
cblr-11900	1508	123	with	with	ADP
cblr-11900	1508	124	a	a	DET
cblr-11900	1508	125	safety	safety	NOUN
cblr-11900	1508	126	and	and	CCONJ
cblr-11900	1508	127	soundness	soundness	NOUN
cblr-11900	1508	128	approach	approach	NOUN
cblr-11900	1508	129	,	,	PUNCT
cblr-11900	1508	130	rather	rather	ADV
cblr-11900	1508	131	than	than	ADP
cblr-11900	1508	132	an	an	DET
cblr-11900	1508	133	investor	investor	NOUN
cblr-11900	1508	134	protection	protection	NOUN
cblr-11900	1508	135	framework	framework	NOUN
cblr-11900	1508	136	.	.	PUNCT
cblr-11900	1509	1	this	this	PRON
cblr-11900	1509	2	is	be	AUX
cblr-11900	1509	3	evidenced	evidence	VERB
cblr-11900	1509	4	by	by	ADP
cblr-11900	1509	5	the	the	DET
cblr-11900	1509	6	abrupt	abrupt	ADJ
cblr-11900	1509	7	drop	drop	NOUN
cblr-11900	1509	8	in	in	ADP
cblr-11900	1509	9	the	the	DET
cblr-11900	1509	10	ratio	ratio	NOUN
cblr-11900	1509	11	of	of	ADP
cblr-11900	1509	12	total	total	ADJ
cblr-11900	1509	13	assets	asset	NOUN
cblr-11900	1509	14	to	to	PART
cblr-11900	1509	15	tier	tier	VERB
cblr-11900	1509	16	1	1	NUM
cblr-11900	1509	17	capital	capital	NOUN
cblr-11900	1509	18	for	for	ADP
cblr-11900	1509	19	goldman	goldman	NOUN
cblr-11900	1509	20	sachs	sachs	PROPN
cblr-11900	1509	21	(	(	PUNCT
cblr-11900	1509	22	from	from	ADP
cblr-11900	1509	23	24.5x	24.5x	NUM
cblr-11900	1509	24	in	in	ADP
cblr-11900	1509	25	the	the	DET
cblr-11900	1509	26	third	third	ADJ
cblr-11900	1509	27	quarter	quarter	NOUN
cblr-11900	1509	28	of	of	ADP
cblr-11900	1509	29	2008	2008	NUM
cblr-11900	1509	30	to	to	ADP
cblr-11900	1509	31	18.1x	18.1x	NUM
cblr-11900	1509	32	and	and	CCONJ
cblr-11900	1509	33	15.0x	15.0x	NUM
cblr-11900	1509	34	over	over	ADP
cblr-11900	1509	35	the	the	DET
cblr-11900	1509	36	next	next	ADJ
cblr-11900	1509	37	333	333	NUM
cblr-11900	1509	38	12	12	NUM
cblr-11900	1509	39	c.f.r	c.f.r	NOUN
cblr-11900	1509	40	.	.	PUNCT
cblr-11900	1510	1	pts	pts	PROPN
cblr-11900	1510	2	.	.	PROPN
cblr-11900	1510	3	208	208	NUM
cblr-11900	1510	4	,	,	PUNCT
cblr-11900	1510	5	225	225	NUM
cblr-11900	1510	6	.	.	X
cblr-11900	1510	7	334	334	NUM
cblr-11900	1510	8	in	in	ADP
cblr-11900	1510	9	bank	bank	NOUN
cblr-11900	1510	10	regulation	regulation	NOUN
cblr-11900	1510	11	,	,	PUNCT
cblr-11900	1510	12	the	the	DET
cblr-11900	1510	13	binding	bind	VERB
cblr-11900	1510	14	constraint	constraint	NOUN
cblr-11900	1510	15	is	be	AUX
cblr-11900	1510	16	the	the	DET
cblr-11900	1510	17	capital	capital	NOUN
cblr-11900	1510	18	rule	rule	NOUN
cblr-11900	1510	19	which	which	PRON
cblr-11900	1510	20	generates	generate	VERB
cblr-11900	1510	21	the	the	DET
cblr-11900	1510	22	largest	large	ADJ
cblr-11900	1510	23	required	require	VERB
cblr-11900	1510	24	amount	amount	NOUN
cblr-11900	1510	25	of	of	ADP
cblr-11900	1510	26	equity	equity	NOUN
cblr-11900	1510	27	financing	financing	NOUN
cblr-11900	1510	28	.	.	PUNCT
cblr-11900	1511	1	335	335	NUM
cblr-11900	1512	1	for	for	ADP
cblr-11900	1512	2	the	the	DET
cblr-11900	1512	3	initial	initial	ADJ
cblr-11900	1512	4	international	international	ADJ
cblr-11900	1512	5	standards	standard	NOUN
cblr-11900	1512	6	,	,	PUNCT
cblr-11900	1512	7	see	see	VERB
cblr-11900	1512	8	basel	basel	PROPN
cblr-11900	1512	9	comm	comm	NOUN
cblr-11900	1512	10	.	.	PUNCT
cblr-11900	1513	1	on	on	ADP
cblr-11900	1513	2	banking	banking	NOUN
cblr-11900	1513	3	supervision	supervision	NOUN
cblr-11900	1513	4	,	,	PUNCT
cblr-11900	1513	5	amendment	amendment	NOUN
cblr-11900	1513	6	to	to	ADP
cblr-11900	1513	7	the	the	DET
cblr-11900	1513	8	capital	capital	NOUN
cblr-11900	1513	9	accord	accord	NOUN
cblr-11900	1513	10	to	to	PART
cblr-11900	1513	11	incorporate	incorporate	VERB
cblr-11900	1513	12	market	market	NOUN
cblr-11900	1513	13	risks	risk	NOUN
cblr-11900	1513	14	(	(	PUNCT
cblr-11900	1513	15	1996	1996	NUM
cblr-11900	1513	16	)	)	PUNCT
cblr-11900	1513	17	.	.	PUNCT
cblr-11900	1514	1	336	336	NUM
cblr-11900	1514	2	for	for	ADP
cblr-11900	1514	3	example	example	NOUN
cblr-11900	1514	4	,	,	PUNCT
cblr-11900	1514	5	pillar	pillar	NOUN
cblr-11900	1514	6	3	3	NUM
cblr-11900	1514	7	disclosure	disclosure	NOUN
cblr-11900	1514	8	of	of	ADP
cblr-11900	1514	9	the	the	DET
cblr-11900	1514	10	components	component	NOUN
cblr-11900	1514	11	of	of	ADP
cblr-11900	1514	12	regulatory	regulatory	ADJ
cblr-11900	1514	13	capital	capital	NOUN
cblr-11900	1514	14	and	and	CCONJ
cblr-11900	1514	15	var	var	NOUN
cblr-11900	1514	16	from	from	ADP
cblr-11900	1514	17	the	the	DET
cblr-11900	1514	18	first	first	ADJ
cblr-11900	1514	19	quarter	quarter	NOUN
cblr-11900	1514	20	of	of	ADP
cblr-11900	1514	21	2013	2013	NUM
cblr-11900	1514	22	onwards	onwards	ADP
cblr-11900	1514	23	.	.	PUNCT
cblr-11900	1515	1	see	see	VERB
cblr-11900	1515	2	,	,	PUNCT
cblr-11900	1515	3	e.g.	e.g.	ADV
cblr-11900	1515	4	,	,	PUNCT
cblr-11900	1515	5	the	the	DET
cblr-11900	1515	6	goldman	goldman	PROPN
cblr-11900	1515	7	sachs	sachs	PROPN
cblr-11900	1515	8	group	group	PROPN
cblr-11900	1515	9	,	,	PUNCT
cblr-11900	1515	10	inc	inc	PROPN
cblr-11900	1515	11	.	.	PROPN
cblr-11900	1515	12	,	,	PUNCT
cblr-11900	1515	13	regulatory	regulatory	ADJ
cblr-11900	1515	14	capital	capital	NOUN
cblr-11900	1515	15	disclosures	disclosure	NOUN
cblr-11900	1515	16	6	6	NUM
cblr-11900	1515	17	(	(	PUNCT
cblr-11900	1515	18	2013	2013	NUM
cblr-11900	1515	19	)	)	PUNCT
cblr-11900	1515	20	;	;	PUNCT
cblr-11900	1515	21	morgan	morgan	PROPN
cblr-11900	1515	22	stanley	stanley	PROPN
cblr-11900	1515	23	,	,	PUNCT
cblr-11900	1515	24	market	market	NOUN
cblr-11900	1515	25	risk	risk	NOUN
cblr-11900	1515	26	capital	capital	NOUN
cblr-11900	1515	27	disclosures	disclosure	NOUN
cblr-11900	1515	28	report	report	VERB
cblr-11900	1515	29	3	3	NUM
cblr-11900	1515	30	(	(	PUNCT
cblr-11900	1515	31	2013	2013	NUM
cblr-11900	1515	32	)	)	PUNCT
cblr-11900	1515	33	.	.	PUNCT
cblr-11900	1516	1	337	337	NUM
cblr-11900	1516	2	see	see	VERB
cblr-11900	1516	3	fed	fed	PROPN
cblr-11900	1516	4	.	.	PUNCT
cblr-11900	1517	1	fin	fin	PROPN
cblr-11900	1517	2	.	.	PUNCT
cblr-11900	1517	3	inst	inst	PROPN
cblr-11900	1517	4	.	.	PROPN
cblr-11900	1517	5	examination	examination	NOUN
cblr-11900	1517	6	council	council	PROPN
cblr-11900	1517	7	,	,	PUNCT
cblr-11900	1517	8	market	market	NOUN
cblr-11900	1517	9	risk	risk	NOUN
cblr-11900	1517	10	regulatory	regulatory	ADJ
cblr-11900	1517	11	report	report	NOUN
cblr-11900	1517	12	for	for	ADP
cblr-11900	1517	13	institutions	institution	NOUN
cblr-11900	1517	14	subject	subject	ADJ
cblr-11900	1517	15	to	to	ADP
cblr-11900	1517	16	the	the	DET
cblr-11900	1517	17	market	market	NOUN
cblr-11900	1517	18	risk	risk	NOUN
cblr-11900	1517	19	capital	capital	NOUN
cblr-11900	1517	20	rule	rule	NOUN
cblr-11900	1517	21	–	–	PUNCT
cblr-11900	1517	22	ffiec	ffiec	NOUN
cblr-11900	1517	23	102	102	NUM
cblr-11900	1517	24	(	(	PUNCT
cblr-11900	1517	25	2022	2022	NUM
cblr-11900	1517	26	)	)	PUNCT
cblr-11900	1517	27	.	.	PUNCT
cblr-11900	1518	1	these	these	DET
cblr-11900	1518	2	data	datum	NOUN
cblr-11900	1518	3	are	be	AUX
cblr-11900	1518	4	all	all	ADV
cblr-11900	1518	5	available	available	ADJ
cblr-11900	1518	6	quarterly	quarterly	ADV
cblr-11900	1518	7	since	since	SCONJ
cblr-11900	1518	8	the	the	DET
cblr-11900	1518	9	first	first	ADJ
cblr-11900	1518	10	quarter	quarter	NOUN
cblr-11900	1518	11	of	of	ADP
cblr-11900	1518	12	2015	2015	NUM
cblr-11900	1518	13	(	(	PUNCT
cblr-11900	1518	14	with	with	ADP
cblr-11900	1518	15	some	some	DET
cblr-11900	1518	16	reporting	reporting	NOUN
cblr-11900	1518	17	lag	lag	NOUN
cblr-11900	1518	18	)	)	PUNCT
cblr-11900	1518	19	and	and	CCONJ
cblr-11900	1518	20	consolidated	consolidate	VERB
cblr-11900	1518	21	at	at	ADP
cblr-11900	1518	22	the	the	DET
cblr-11900	1518	23	bhc	bhc	NOUN
cblr-11900	1518	24	level	level	NOUN
cblr-11900	1518	25	for	for	ADP
cblr-11900	1518	26	the	the	DET
cblr-11900	1518	27	goldman	goldman	PROPN
cblr-11900	1518	28	sachs	sachs	PROPN
cblr-11900	1518	29	group	group	PROPN
cblr-11900	1518	30	,	,	PUNCT
cblr-11900	1518	31	inc	inc	PROPN
cblr-11900	1518	32	.	.	PROPN
cblr-11900	1518	33	(	(	PUNCT
cblr-11900	1518	34	2380443	2380443	NUM
cblr-11900	1518	35	)	)	PUNCT
cblr-11900	1518	36	and	and	CCONJ
cblr-11900	1518	37	morgan	morgan	PROPN
cblr-11900	1518	38	stanley	stanley	PROPN
cblr-11900	1518	39	(	(	PUNCT
cblr-11900	1518	40	2162966	2162966	NUM
cblr-11900	1518	41	)	)	PUNCT
cblr-11900	1518	42	.	.	PUNCT
cblr-11900	1519	1	on	on	ADP
cblr-11900	1519	2	the	the	DET
cblr-11900	1519	3	ffiec	ffiec	NOUN
cblr-11900	1519	4	102	102	NUM
cblr-11900	1519	5	,	,	PUNCT
cblr-11900	1519	6	market	market	NOUN
cblr-11900	1519	7	risk	risk	NOUN
cblr-11900	1519	8	rwa	rwa	X
cblr-11900	1519	9	for	for	ADP
cblr-11900	1519	10	advanced	advanced	ADJ
cblr-11900	1519	11	approach	approach	NOUN
cblr-11900	1519	12	institutions	institution	NOUN
cblr-11900	1519	13	is	be	AUX
cblr-11900	1519	14	mrrr	mrrr	PROPN
cblr-11900	1519	15	s347	s347	PROPN
cblr-11900	1519	16	,	,	PUNCT
cblr-11900	1519	17	regulatory	regulatory	ADJ
cblr-11900	1519	18	var	var	NOUN
cblr-11900	1519	19	is	be	AUX
cblr-11900	1519	20	s298	s298	NUM
cblr-11900	1519	21	,	,	PUNCT
cblr-11900	1519	22	and	and	CCONJ
cblr-11900	1519	23	the	the	DET
cblr-11900	1519	24	components	component	NOUN
cblr-11900	1519	25	of	of	ADP
cblr-11900	1519	26	that	that	DET
cblr-11900	1519	27	var	var	NOUN
cblr-11900	1519	28	are	be	AUX
cblr-11900	1519	29	attributed	attribute	VERB
cblr-11900	1519	30	to	to	ADP
cblr-11900	1519	31	positions	position	NOUN
cblr-11900	1519	32	in	in	ADP
cblr-11900	1519	33	interest	interest	NOUN
cblr-11900	1519	34	rates	rate	NOUN
cblr-11900	1519	35	(	(	PUNCT
cblr-11900	1519	36	s348	s348	PROPN
cblr-11900	1519	37	)	)	PUNCT
cblr-11900	1519	38	,	,	PUNCT
cblr-11900	1519	39	debt	debt	NOUN
cblr-11900	1519	40	(	(	PUNCT
cblr-11900	1519	41	s349	s349	PROPN
cblr-11900	1519	42	)	)	PUNCT
cblr-11900	1519	43	,	,	PUNCT
cblr-11900	1519	44	equities	equity	NOUN
cblr-11900	1519	45	(	(	PUNCT
cblr-11900	1519	46	s350	s350	PROPN
cblr-11900	1519	47	)	)	PUNCT
cblr-11900	1519	48	,	,	PUNCT
cblr-11900	1519	49	fx	fx	PROPN
cblr-11900	1519	50	(	(	PUNCT
cblr-11900	1519	51	s351	s351	PROPN
cblr-11900	1519	52	)	)	PUNCT
cblr-11900	1519	53	and	and	CCONJ
cblr-11900	1519	54	other	other	ADJ
cblr-11900	1519	55	(	(	PUNCT
cblr-11900	1519	56	s352	s352	PROPN
cblr-11900	1519	57	)	)	PUNCT
cblr-11900	1519	58	;	;	PUNCT
cblr-11900	1519	59	on	on	ADP
cblr-11900	1519	60	the	the	DET
cblr-11900	1519	61	ffiec	ffiec	NOUN
cblr-11900	1519	62	102	102	NUM
cblr-11900	1519	63	total	total	NOUN
cblr-11900	1519	64	rwa	rwa	NOUN
cblr-11900	1519	65	are	be	AUX
cblr-11900	1519	66	a223	a223	PROPN
cblr-11900	1519	67	.	.	PUNCT
cblr-11900	1520	1	earlier	early	ADJ
cblr-11900	1520	2	data	datum	NOUN
cblr-11900	1520	3	is	be	AUX
cblr-11900	1520	4	available	available	ADJ
cblr-11900	1520	5	from	from	ADP
cblr-11900	1520	6	basel	basel	PROPN
cblr-11900	1520	7	pillar	pillar	PROPN
cblr-11900	1520	8	iii	iii	NUM
cblr-11900	1520	9	disclosure	disclosure	NOUN
cblr-11900	1520	10	on	on	ADP
cblr-11900	1520	11	their	their	PRON
cblr-11900	1520	12	respective	respective	ADJ
cblr-11900	1520	13	websites	website	NOUN
cblr-11900	1520	14	,	,	PUNCT
cblr-11900	1520	15	starting	start	VERB
cblr-11900	1520	16	with	with	ADP
cblr-11900	1520	17	the	the	DET
cblr-11900	1520	18	goldman	goldman	PROPN
cblr-11900	1520	19	sachs	sachs	PROPN
cblr-11900	1520	20	group	group	PROPN
cblr-11900	1520	21	inc	inc	PROPN
cblr-11900	1520	22	.	.	PROPN
cblr-11900	1520	23	,	,	PUNCT
cblr-11900	1520	24	supra	supra	PROPN
cblr-11900	1520	25	note	note	NOUN
cblr-11900	1520	26	339	339	NUM
cblr-11900	1520	27	and	and	CCONJ
cblr-11900	1520	28	morgan	morgan	PROPN
cblr-11900	1520	29	stanley	stanley	PROPN
cblr-11900	1520	30	,	,	PUNCT
cblr-11900	1520	31	supra	supra	PROPN
cblr-11900	1520	32	note	note	NOUN
cblr-11900	1520	33	339	339	NUM
cblr-11900	1520	34	,	,	PUNCT
cblr-11900	1520	35	at	at	ADP
cblr-11900	1520	36	3	3	NUM
cblr-11900	1520	37	.	.	PUNCT
cblr-11900	1521	1	no	no	INTJ
cblr-11900	1521	2	.	.	NOUN
cblr-11900	1521	3	1	1	NUM
cblr-11900	1521	4	]	]	ADJ
cblr-11900	1521	5	money	money	NOUN
cblr-11900	1521	6	and	and	CCONJ
cblr-11900	1521	7	the	the	DET
cblr-11900	1521	8	public	public	ADJ
cblr-11900	1521	9	debt	debt	NOUN
cblr-11900	1521	10	305	305	NUM
cblr-11900	1521	11	two	two	NUM
cblr-11900	1521	12	quarters338	quarters338	PROPN
cblr-11900	1521	13	)	)	PUNCT
cblr-11900	1521	14	and	and	CCONJ
cblr-11900	1521	15	morgan	morgan	PROPN
cblr-11900	1521	16	stanley	stanley	PROPN
cblr-11900	1521	17	(	(	PUNCT
cblr-11900	1521	18	from	from	ADP
cblr-11900	1521	19	26.3x	26.3x	NUM
cblr-11900	1521	20	in	in	ADP
cblr-11900	1521	21	the	the	DET
cblr-11900	1521	22	third	third	ADJ
cblr-11900	1521	23	quarter	quarter	NOUN
cblr-11900	1521	24	of	of	ADP
cblr-11900	1521	25	2008	2008	NUM
cblr-11900	1521	26	to	to	ADP
cblr-11900	1521	27	13.2x	13.2x	NUM
cblr-11900	1521	28	and	and	CCONJ
cblr-11900	1521	29	13.0x339	13.0x339	NUM
cblr-11900	1521	30	)	)	PUNCT
cblr-11900	1521	31	as	as	SCONJ
cblr-11900	1521	32	they	they	PRON
cblr-11900	1521	33	converted	convert	VERB
cblr-11900	1521	34	to	to	ADP
cblr-11900	1521	35	bhcs	bhcs	NOUN
cblr-11900	1521	36	.	.	PUNCT
cblr-11900	1522	1	their	their	PRON
cblr-11900	1522	2	lower	low	ADJ
cblr-11900	1522	3	leverage	leverage	NOUN
cblr-11900	1522	4	ratios	ratio	NOUN
cblr-11900	1522	5	were	be	AUX
cblr-11900	1522	6	more	more	ADJ
cblr-11900	1522	7	in	in	ADP
cblr-11900	1522	8	line	line	NOUN
cblr-11900	1522	9	with	with	ADP
cblr-11900	1522	10	other	other	ADJ
cblr-11900	1522	11	bhcs	bhcs	NOUN
cblr-11900	1522	12	more	more	ADV
cblr-11900	1522	13	focused	focused	ADJ
cblr-11900	1522	14	on	on	ADP
cblr-11900	1522	15	traditional	traditional	ADJ
cblr-11900	1522	16	banking	banking	NOUN
cblr-11900	1522	17	activities.340	activities.340	PROPN
cblr-11900	1523	1	the	the	DET
cblr-11900	1523	2	events	event	NOUN
cblr-11900	1523	3	of	of	ADP
cblr-11900	1523	4	2008	2008	NUM
cblr-11900	1523	5	marked	mark	VERB
cblr-11900	1523	6	only	only	ADV
cblr-11900	1523	7	the	the	DET
cblr-11900	1523	8	first	first	ADJ
cblr-11900	1523	9	leg	leg	NOUN
cblr-11900	1523	10	of	of	ADP
cblr-11900	1523	11	the	the	DET
cblr-11900	1523	12	decline	decline	NOUN
cblr-11900	1523	13	of	of	ADP
cblr-11900	1523	14	the	the	DET
cblr-11900	1523	15	pre	pre	ADJ
cblr-11900	1523	16	-	-	ADJ
cblr-11900	1523	17	crisis	crisis	ADJ
cblr-11900	1523	18	primary	primary	ADJ
cblr-11900	1523	19	dealer	dealer	NOUN
cblr-11900	1523	20	system	system	NOUN
cblr-11900	1523	21	.	.	PUNCT
cblr-11900	1524	1	the	the	DET
cblr-11900	1524	2	next	next	ADJ
cblr-11900	1524	3	came	come	VERB
cblr-11900	1524	4	a	a	DET
cblr-11900	1524	5	few	few	ADJ
cblr-11900	1524	6	years	year	NOUN
cblr-11900	1524	7	later	later	ADV
cblr-11900	1524	8	.	.	PUNCT
cblr-11900	1525	1	in	in	ADP
cblr-11900	1525	2	response	response	NOUN
cblr-11900	1525	3	to	to	ADP
cblr-11900	1525	4	the	the	DET
cblr-11900	1525	5	gfc	gfc	NOUN
cblr-11900	1525	6	,	,	PUNCT
cblr-11900	1525	7	the	the	DET
cblr-11900	1525	8	basel	basel	PROPN
cblr-11900	1525	9	committee	committee	PROPN
cblr-11900	1525	10	on	on	ADP
cblr-11900	1525	11	banking	banking	NOUN
cblr-11900	1525	12	supervision	supervision	NOUN
cblr-11900	1525	13	(	(	PUNCT
cblr-11900	1525	14	bcbs	bcb	NOUN
cblr-11900	1525	15	;	;	PUNCT
cblr-11900	1525	16	often	often	ADV
cblr-11900	1525	17	referred	refer	VERB
cblr-11900	1525	18	to	to	PART
cblr-11900	1525	19	simply	simply	ADV
cblr-11900	1525	20	as	as	ADP
cblr-11900	1525	21	“	"	PUNCT
cblr-11900	1525	22	basel	basel	PROPN
cblr-11900	1525	23	”	"	PUNCT
cblr-11900	1525	24	)	)	PUNCT
cblr-11900	1525	25	formulated	formulate	VERB
cblr-11900	1525	26	a	a	DET
cblr-11900	1525	27	third	third	ADJ
cblr-11900	1525	28	accord	accord	NOUN
cblr-11900	1525	29	(	(	PUNCT
cblr-11900	1525	30	basel	basel	PROPN
cblr-11900	1525	31	iii	iii	PROPN
cblr-11900	1525	32	)	)	PUNCT
cblr-11900	1525	33	designed	design	VERB
cblr-11900	1525	34	to	to	PART
cblr-11900	1525	35	address	address	VERB
cblr-11900	1525	36	the	the	DET
cblr-11900	1525	37	perceived	perceive	VERB
cblr-11900	1525	38	shortcomings	shortcoming	NOUN
cblr-11900	1525	39	of	of	ADP
cblr-11900	1525	40	the	the	DET
cblr-11900	1525	41	prior	prior	ADJ
cblr-11900	1525	42	international	international	ADJ
cblr-11900	1525	43	standards	standard	NOUN
cblr-11900	1525	44	for	for	ADP
cblr-11900	1525	45	banking	banking	NOUN
cblr-11900	1525	46	supervision.341	supervision.341	VERB
cblr-11900	1525	47	the	the	DET
cblr-11900	1525	48	updated	update	VERB
cblr-11900	1525	49	capital	capital	NOUN
cblr-11900	1525	50	rules	rule	NOUN
cblr-11900	1525	51	,	,	PUNCT
cblr-11900	1525	52	later	later	ADV
cblr-11900	1525	53	implemented	implement	VERB
cblr-11900	1525	54	by	by	ADP
cblr-11900	1525	55	u.s	u.s	PROPN
cblr-11900	1525	56	.	.	PROPN
cblr-11900	1525	57	regulators,342	regulators,342	PROPN
cblr-11900	1525	58	introduced	introduce	VERB
cblr-11900	1525	59	new	new	ADJ
cblr-11900	1525	60	requirements	requirement	NOUN
cblr-11900	1525	61	tied	tie	VERB
cblr-11900	1525	62	to	to	ADP
cblr-11900	1525	63	the	the	DET
cblr-11900	1525	64	overall	overall	ADJ
cblr-11900	1525	65	size	size	NOUN
cblr-11900	1525	66	of	of	ADP
cblr-11900	1525	67	depository	depository	NOUN
cblr-11900	1525	68	institutions	institution	NOUN
cblr-11900	1525	69	and	and	CCONJ
cblr-11900	1525	70	bhcs	bhcs	NOUN
cblr-11900	1525	71	.	.	PUNCT
cblr-11900	1526	1	these	these	DET
cblr-11900	1526	2	“	"	PUNCT
cblr-11900	1526	3	leverage	leverage	NOUN
cblr-11900	1526	4	ratios	ratio	NOUN
cblr-11900	1526	5	”	"	PUNCT
cblr-11900	1526	6	compared	compare	VERB
cblr-11900	1526	7	assets	asset	NOUN
cblr-11900	1526	8	to	to	PART
cblr-11900	1526	9	capital	capital	VERB
cblr-11900	1526	10	on	on	ADP
cblr-11900	1526	11	a	a	DET
cblr-11900	1526	12	risk	risk	NOUN
cblr-11900	1526	13	-	-	PUNCT
cblr-11900	1526	14	agnostic	agnostic	ADJ
cblr-11900	1526	15	basis	basis	NOUN
cblr-11900	1526	16	—	—	PUNCT
cblr-11900	1526	17	e.g.	e.g.	ADV
cblr-11900	1526	18	,	,	PUNCT
cblr-11900	1526	19	purely	purely	ADV
cblr-11900	1526	20	federal	federal	ADJ
cblr-11900	1526	21	reserve	reserve	NOUN
cblr-11900	1526	22	liabilities	liability	NOUN
cblr-11900	1526	23	(	(	PUNCT
cblr-11900	1526	24	bank	bank	NOUN
cblr-11900	1526	25	reserves	reserve	NOUN
cblr-11900	1526	26	)	)	PUNCT
cblr-11900	1526	27	,	,	PUNCT
cblr-11900	1526	28	which	which	PRON
cblr-11900	1526	29	are	be	AUX
cblr-11900	1526	30	riskless	riskless	NOUN
cblr-11900	1526	31	,	,	PUNCT
cblr-11900	1526	32	fungible	fungible	ADJ
cblr-11900	1526	33	payment	payment	NOUN
cblr-11900	1526	34	instruments	instrument	NOUN
cblr-11900	1526	35	akin	akin	ADJ
cblr-11900	1526	36	to	to	ADP
cblr-11900	1526	37	paper	paper	NOUN
cblr-11900	1526	38	currency	currency	NOUN
cblr-11900	1526	39	,	,	PUNCT
cblr-11900	1526	40	counted	count	VERB
cblr-11900	1526	41	the	the	DET
cblr-11900	1526	42	same	same	ADJ
cblr-11900	1526	43	as	as	ADP
cblr-11900	1526	44	high	high	ADJ
cblr-11900	1526	45	-	-	PUNCT
cblr-11900	1526	46	risk	risk	NOUN
cblr-11900	1526	47	unsecured	unsecured	ADJ
cblr-11900	1526	48	corporate	corporate	ADJ
cblr-11900	1526	49	lending	lending	NOUN
cblr-11900	1526	50	.	.	PUNCT
cblr-11900	1527	1	u.s	u.s	PROPN
cblr-11900	1527	2	.	.	PROPN
cblr-11900	1527	3	regulators	regulator	NOUN
cblr-11900	1527	4	also	also	ADV
cblr-11900	1527	5	included	include	VERB
cblr-11900	1527	6	an	an	DET
cblr-11900	1527	7	enhancement	enhancement	NOUN
cblr-11900	1527	8	(	(	PUNCT
cblr-11900	1527	9	the	the	DET
cblr-11900	1527	10	supplementary	supplementary	ADJ
cblr-11900	1527	11	leverage	leverage	NOUN
cblr-11900	1527	12	ratio	ratio	NOUN
cblr-11900	1527	13	,	,	PUNCT
cblr-11900	1527	14	or	or	CCONJ
cblr-11900	1527	15	slr	slr	X
cblr-11900	1527	16	)	)	PUNCT
cblr-11900	1527	17	which	which	PRON
cblr-11900	1527	18	scoped	scope	VERB
cblr-11900	1527	19	in	in	ADP
cblr-11900	1527	20	off	off	ADP
cblr-11900	1527	21	338	338	NUM
cblr-11900	1527	22	based	base	VERB
cblr-11900	1527	23	on	on	ADP
cblr-11900	1527	24	the	the	DET
cblr-11900	1527	25	ratio	ratio	NOUN
cblr-11900	1527	26	of	of	ADP
cblr-11900	1527	27	tier	tier	NOUN
cblr-11900	1527	28	1	1	NUM
cblr-11900	1527	29	capital	capital	NOUN
cblr-11900	1527	30	to	to	ADP
cblr-11900	1527	31	total	total	ADJ
cblr-11900	1527	32	assets	asset	NOUN
cblr-11900	1527	33	.	.	PUNCT
cblr-11900	1528	1	goldman	goldman	PROPN
cblr-11900	1528	2	sachs	sachs	PROPN
cblr-11900	1528	3	grp	grp	PROPN
cblr-11900	1528	4	.	.	PROPN
cblr-11900	1528	5	,	,	PUNCT
cblr-11900	1528	6	inc	inc	PROPN
cblr-11900	1528	7	.	.	PROPN
cblr-11900	1528	8	,	,	PUNCT
cblr-11900	1528	9	quarterly	quarterly	ADJ
cblr-11900	1528	10	report	report	NOUN
cblr-11900	1528	11	(	(	PUNCT
cblr-11900	1528	12	form	form	NOUN
cblr-11900	1528	13	10	10	NUM
cblr-11900	1528	14	-	-	PUNCT
cblr-11900	1528	15	q	q	NOUN
cblr-11900	1528	16	)	)	PUNCT
cblr-11900	1528	17	(	(	PUNCT
cblr-11900	1528	18	oct	oct	PROPN
cblr-11900	1528	19	.	.	PROPN
cblr-11900	1528	20	8	8	NUM
cblr-11900	1528	21	,	,	PUNCT
cblr-11900	1528	22	2008	2008	NUM
cblr-11900	1528	23	)	)	PUNCT
cblr-11900	1528	24	;	;	PUNCT
cblr-11900	1528	25	goldman	goldman	PROPN
cblr-11900	1528	26	sachs	sachs	PROPN
cblr-11900	1528	27	grp	grp	PROPN
cblr-11900	1528	28	.	.	PROPN
cblr-11900	1528	29	inc	inc	PROPN
cblr-11900	1528	30	.	.	PROPN
cblr-11900	1528	31	,	,	PUNCT
cblr-11900	1528	32	quarterly	quarterly	ADJ
cblr-11900	1528	33	report	report	NOUN
cblr-11900	1528	34	(	(	PUNCT
cblr-11900	1528	35	form	form	NOUN
cblr-11900	1528	36	10	10	NUM
cblr-11900	1528	37	-	-	PUNCT
cblr-11900	1528	38	q	q	NOUN
cblr-11900	1528	39	)	)	PUNCT
cblr-11900	1528	40	(	(	PUNCT
cblr-11900	1528	41	jan	jan	PROPN
cblr-11900	1528	42	.	.	PROPN
cblr-11900	1528	43	27	27	NUM
cblr-11900	1528	44	,	,	PUNCT
cblr-11900	1528	45	2009	2009	NUM
cblr-11900	1528	46	)	)	PUNCT
cblr-11900	1528	47	;	;	PUNCT
cblr-11900	1528	48	goldman	goldman	PROPN
cblr-11900	1528	49	sachs	sachs	PROPN
cblr-11900	1528	50	grp	grp	PROPN
cblr-11900	1528	51	.	.	PROPN
cblr-11900	1528	52	,	,	PUNCT
cblr-11900	1528	53	inc	inc	PROPN
cblr-11900	1528	54	.	.	PROPN
cblr-11900	1528	55	,	,	PUNCT
cblr-11900	1528	56	quarterly	quarterly	ADJ
cblr-11900	1528	57	report	report	NOUN
cblr-11900	1528	58	(	(	PUNCT
cblr-11900	1528	59	form	form	NOUN
cblr-11900	1528	60	10	10	NUM
cblr-11900	1528	61	-	-	PUNCT
cblr-11900	1528	62	q	q	NOUN
cblr-11900	1528	63	)	)	PUNCT
cblr-11900	1528	64	(	(	PUNCT
cblr-11900	1528	65	may	may	PROPN
cblr-11900	1528	66	6	6	NUM
cblr-11900	1528	67	,	,	PUNCT
cblr-11900	1528	68	2009	2009	NUM
cblr-11900	1528	69	)	)	PUNCT
cblr-11900	1528	70	.	.	PUNCT
cblr-11900	1529	1	339	339	NUM
cblr-11900	1529	2	based	base	VERB
cblr-11900	1529	3	on	on	ADP
cblr-11900	1529	4	the	the	DET
cblr-11900	1529	5	ratio	ratio	NOUN
cblr-11900	1529	6	of	of	ADP
cblr-11900	1529	7	tier	tier	NOUN
cblr-11900	1529	8	1	1	NUM
cblr-11900	1529	9	capital	capital	NOUN
cblr-11900	1529	10	to	to	ADP
cblr-11900	1529	11	total	total	ADJ
cblr-11900	1529	12	assets	asset	NOUN
cblr-11900	1529	13	.	.	PUNCT
cblr-11900	1530	1	morgan	morgan	PROPN
cblr-11900	1530	2	stanley	stanley	PROPN
cblr-11900	1530	3	,	,	PUNCT
cblr-11900	1530	4	quarterly	quarterly	ADJ
cblr-11900	1530	5	report	report	NOUN
cblr-11900	1530	6	(	(	PUNCT
cblr-11900	1530	7	form	form	NOUN
cblr-11900	1530	8	10	10	NUM
cblr-11900	1530	9	-	-	PUNCT
cblr-11900	1530	10	q	q	NOUN
cblr-11900	1530	11	)	)	PUNCT
cblr-11900	1530	12	(	(	PUNCT
cblr-11900	1530	13	oct	oct	PROPN
cblr-11900	1530	14	.	.	PROPN
cblr-11900	1530	15	9	9	NUM
cblr-11900	1530	16	,	,	PUNCT
cblr-11900	1530	17	2008	2008	NUM
cblr-11900	1530	18	)	)	PUNCT
cblr-11900	1530	19	;	;	PUNCT
cblr-11900	1530	20	morgan	morgan	PROPN
cblr-11900	1530	21	stanley	stanley	PROPN
cblr-11900	1530	22	,	,	PUNCT
cblr-11900	1530	23	quarterly	quarterly	ADJ
cblr-11900	1530	24	report	report	NOUN
cblr-11900	1530	25	(	(	PUNCT
cblr-11900	1530	26	form	form	NOUN
cblr-11900	1530	27	10	10	NUM
cblr-11900	1530	28	-	-	PUNCT
cblr-11900	1530	29	q	q	NOUN
cblr-11900	1530	30	)	)	PUNCT
cblr-11900	1530	31	(	(	PUNCT
cblr-11900	1530	32	jan	jan	PROPN
cblr-11900	1530	33	.	.	PROPN
cblr-11900	1530	34	29	29	NUM
cblr-11900	1530	35	,	,	PUNCT
cblr-11900	1530	36	2009	2009	NUM
cblr-11900	1530	37	)	)	PUNCT
cblr-11900	1530	38	;	;	PUNCT
cblr-11900	1530	39	morgan	morgan	PROPN
cblr-11900	1530	40	stanley	stanley	PROPN
cblr-11900	1530	41	,	,	PUNCT
cblr-11900	1530	42	quarterly	quarterly	ADJ
cblr-11900	1530	43	report	report	NOUN
cblr-11900	1530	44	(	(	PUNCT
cblr-11900	1530	45	form	form	NOUN
cblr-11900	1530	46	10	10	NUM
cblr-11900	1530	47	-	-	PUNCT
cblr-11900	1530	48	q	q	NOUN
cblr-11900	1530	49	)	)	PUNCT
cblr-11900	1530	50	(	(	PUNCT
cblr-11900	1530	51	may	may	PROPN
cblr-11900	1530	52	7	7	NUM
cblr-11900	1530	53	,	,	PUNCT
cblr-11900	1530	54	2009	2009	NUM
cblr-11900	1530	55	)	)	PUNCT
cblr-11900	1530	56	.	.	PUNCT
cblr-11900	1531	1	340	340	NUM
cblr-11900	1531	2	the	the	DET
cblr-11900	1531	3	economic	economic	ADJ
cblr-11900	1531	4	leverage	leverage	NOUN
cblr-11900	1531	5	of	of	ADP
cblr-11900	1531	6	goldman	goldman	PROPN
cblr-11900	1531	7	sachs	sachs	PROPN
cblr-11900	1531	8	and	and	CCONJ
cblr-11900	1531	9	morgan	morgan	PROPN
cblr-11900	1531	10	stanley	stanley	PROPN
cblr-11900	1531	11	was	be	AUX
cblr-11900	1531	12	,	,	PUNCT
cblr-11900	1531	13	by	by	ADP
cblr-11900	1531	14	early-2009	early-2009	ADJ
cblr-11900	1531	15	,	,	PUNCT
cblr-11900	1531	16	comparable	comparable	ADJ
cblr-11900	1531	17	to	to	ADP
cblr-11900	1531	18	other	other	ADJ
cblr-11900	1531	19	large	large	ADJ
cblr-11900	1531	20	bhcs	bhcs	NOUN
cblr-11900	1531	21	.	.	PUNCT
cblr-11900	1532	1	as	as	ADP
cblr-11900	1532	2	of	of	ADP
cblr-11900	1532	3	the	the	DET
cblr-11900	1532	4	first	first	ADJ
cblr-11900	1532	5	quarter	quarter	NOUN
cblr-11900	1532	6	of	of	ADP
cblr-11900	1532	7	2009	2009	NUM
cblr-11900	1532	8	j.p	j.p	PROPN
cblr-11900	1532	9	.	.	PROPN
cblr-11900	1532	10	morgan	morgan	PROPN
cblr-11900	1532	11	,	,	PUNCT
cblr-11900	1532	12	bank	bank	PROPN
cblr-11900	1532	13	of	of	ADP
cblr-11900	1532	14	america	america	PROPN
cblr-11900	1532	15	,	,	PUNCT
cblr-11900	1532	16	citibank	citibank	PROPN
cblr-11900	1532	17	,	,	PUNCT
cblr-11900	1532	18	and	and	CCONJ
cblr-11900	1532	19	wells	wells	PROPN
cblr-11900	1532	20	fargo	fargo	PROPN
cblr-11900	1532	21	has	have	VERB
cblr-11900	1532	22	total	total	ADJ
cblr-11900	1532	23	asset	asset	NOUN
cblr-11900	1532	24	to	to	PART
cblr-11900	1532	25	tier	tier	NOUN
cblr-11900	1532	26	1	1	NUM
cblr-11900	1532	27	capital	capital	NOUN
cblr-11900	1532	28	ratios	ratio	NOUN
cblr-11900	1532	29	of	of	ADP
cblr-11900	1532	30	15.1x	15.1x	NUM
cblr-11900	1532	31	,	,	PUNCT
cblr-11900	1532	32	14.5x	14.5x	NUM
cblr-11900	1532	33	,	,	PUNCT
cblr-11900	1532	34	14.9x	14.9x	NUM
cblr-11900	1532	35	,	,	PUNCT
cblr-11900	1532	36	and	and	CCONJ
cblr-11900	1532	37	13.6x	13.6x	NUM
cblr-11900	1532	38	,	,	PUNCT
cblr-11900	1532	39	respectively	respectively	ADV
cblr-11900	1532	40	.	.	PUNCT
cblr-11900	1533	1	jpmorgan	jpmorgan	PROPN
cblr-11900	1533	2	chase	chase	PROPN
cblr-11900	1533	3	&	&	CCONJ
cblr-11900	1533	4	co.	co.	PROPN
cblr-11900	1533	5	,	,	PUNCT
cblr-11900	1533	6	quarterly	quarterly	ADJ
cblr-11900	1533	7	report	report	NOUN
cblr-11900	1533	8	(	(	PUNCT
cblr-11900	1533	9	form	form	NOUN
cblr-11900	1533	10	10	10	NUM
cblr-11900	1533	11	-	-	PUNCT
cblr-11900	1533	12	q	q	NOUN
cblr-11900	1533	13	)	)	PUNCT
cblr-11900	1533	14	(	(	PUNCT
cblr-11900	1533	15	may	may	PROPN
cblr-11900	1533	16	7	7	NUM
cblr-11900	1533	17	,	,	PUNCT
cblr-11900	1533	18	2009	2009	NUM
cblr-11900	1533	19	)	)	PUNCT
cblr-11900	1533	20	;	;	PUNCT
cblr-11900	1533	21	bank	bank	NOUN
cblr-11900	1533	22	of	of	ADP
cblr-11900	1533	23	am	am	PROPN
cblr-11900	1533	24	.	.	PUNCT
cblr-11900	1533	25	,	,	PUNCT
cblr-11900	1533	26	quarterly	quarterly	ADJ
cblr-11900	1533	27	report	report	NOUN
cblr-11900	1533	28	(	(	PUNCT
cblr-11900	1533	29	form	form	NOUN
cblr-11900	1533	30	10	10	NUM
cblr-11900	1533	31	-	-	PUNCT
cblr-11900	1533	32	q	q	NOUN
cblr-11900	1533	33	)	)	PUNCT
cblr-11900	1533	34	(	(	PUNCT
cblr-11900	1533	35	may	may	PROPN
cblr-11900	1533	36	7	7	NUM
cblr-11900	1533	37	,	,	PUNCT
cblr-11900	1533	38	2009	2009	NUM
cblr-11900	1533	39	)	)	PUNCT
cblr-11900	1533	40	;	;	PUNCT
cblr-11900	1533	41	citigroup	citigroup	PROPN
cblr-11900	1533	42	inc	inc	PROPN
cblr-11900	1533	43	.	.	PROPN
cblr-11900	1533	44	,	,	PUNCT
cblr-11900	1533	45	quarterly	quarterly	ADJ
cblr-11900	1533	46	report	report	NOUN
cblr-11900	1533	47	(	(	PUNCT
cblr-11900	1533	48	form	form	NOUN
cblr-11900	1533	49	10	10	NUM
cblr-11900	1533	50	-	-	PUNCT
cblr-11900	1533	51	q	q	NOUN
cblr-11900	1533	52	)	)	PUNCT
cblr-11900	1533	53	(	(	PUNCT
cblr-11900	1533	54	may	may	PROPN
cblr-11900	1533	55	11	11	NUM
cblr-11900	1533	56	,	,	PUNCT
cblr-11900	1533	57	2009	2009	NUM
cblr-11900	1533	58	)	)	PUNCT
cblr-11900	1533	59	;	;	PUNCT
cblr-11900	1533	60	wells	wells	PROPN
cblr-11900	1533	61	fargo	fargo	PROPN
cblr-11900	1533	62	&	&	CCONJ
cblr-11900	1533	63	co.	co.	PROPN
cblr-11900	1533	64	,	,	PUNCT
cblr-11900	1533	65	quarterly	quarterly	ADJ
cblr-11900	1533	66	report	report	NOUN
cblr-11900	1533	67	(	(	PUNCT
cblr-11900	1533	68	form	form	NOUN
cblr-11900	1533	69	10	10	NUM
cblr-11900	1533	70	-	-	PUNCT
cblr-11900	1533	71	q	q	NOUN
cblr-11900	1533	72	)	)	PUNCT
cblr-11900	1533	73	(	(	PUNCT
cblr-11900	1533	74	may	may	PROPN
cblr-11900	1533	75	11	11	NUM
cblr-11900	1533	76	,	,	PUNCT
cblr-11900	1533	77	2009	2009	NUM
cblr-11900	1533	78	)	)	PUNCT
cblr-11900	1533	79	.	.	PUNCT
cblr-11900	1534	1	341	341	NUM
cblr-11900	1534	2	for	for	ADP
cblr-11900	1534	3	an	an	DET
cblr-11900	1534	4	overview	overview	NOUN
cblr-11900	1534	5	,	,	PUNCT
cblr-11900	1534	6	see	see	VERB
cblr-11900	1534	7	basel	basel	PROPN
cblr-11900	1534	8	comm	comm	NOUN
cblr-11900	1534	9	.	.	PUNCT
cblr-11900	1535	1	on	on	ADP
cblr-11900	1535	2	banking	banking	NOUN
cblr-11900	1535	3	supervision	supervision	NOUN
cblr-11900	1535	4	,	,	PUNCT
cblr-11900	1535	5	basel	basel	PROPN
cblr-11900	1535	6	iii	iii	PROPN
cblr-11900	1535	7	:	:	PUNCT
cblr-11900	1535	8	a	a	DET
cblr-11900	1535	9	global	global	ADJ
cblr-11900	1535	10	regulatory	regulatory	ADJ
cblr-11900	1535	11	framework	framework	NOUN
cblr-11900	1535	12	for	for	ADP
cblr-11900	1535	13	more	more	ADV
cblr-11900	1535	14	resilient	resilient	ADJ
cblr-11900	1535	15	banks	bank	NOUN
cblr-11900	1535	16	and	and	CCONJ
cblr-11900	1535	17	banking	banking	NOUN
cblr-11900	1535	18	systems	system	NOUN
cblr-11900	1535	19	(	(	PUNCT
cblr-11900	1535	20	2011	2011	NUM
cblr-11900	1535	21	)	)	PUNCT
cblr-11900	1535	22	.	.	PUNCT
cblr-11900	1536	1	342	342	NUM
cblr-11900	1536	2	12	12	NUM
cblr-11900	1536	3	c.f.r	c.f.r	NOUN
cblr-11900	1536	4	.	.	PUNCT
cblr-11900	1537	1	§	§	PROPN
cblr-11900	1537	2	§	§	PROPN
cblr-11900	1537	3	208	208	NUM
cblr-11900	1537	4	,	,	PUNCT
cblr-11900	1537	5	217	217	NUM
cblr-11900	1537	6	,	,	PUNCT
cblr-11900	1537	7	225	225	NUM
cblr-11900	1537	8	.	.	SYM
cblr-11900	1537	9	306	306	NUM
cblr-11900	1537	10	columbia	columbia	PROPN
cblr-11900	1537	11	business	business	NOUN
cblr-11900	1537	12	law	law	PROPN
cblr-11900	1537	13	review	review	NOUN
cblr-11900	1537	14	[	[	X
cblr-11900	1537	15	vol	vol	NOUN
cblr-11900	1537	16	.	.	PUNCT
cblr-11900	1537	17	2023	2023	NUM
cblr-11900	1537	18	balance	balance	NOUN
cblr-11900	1537	19	sheet	sheet	NOUN
cblr-11900	1537	20	exposures	exposure	NOUN
cblr-11900	1537	21	(	(	PUNCT
cblr-11900	1537	22	including	include	VERB
cblr-11900	1537	23	repo).343	repo).343	PROPN
cblr-11900	1537	24	international	international	ADJ
cblr-11900	1537	25	standards	standard	NOUN
cblr-11900	1537	26	set	set	VERB
cblr-11900	1537	27	minimum	minimum	ADJ
cblr-11900	1537	28	leverage	leverage	NOUN
cblr-11900	1537	29	ratios	ratio	NOUN
cblr-11900	1537	30	at	at	ADP
cblr-11900	1537	31	3	3	NUM
cblr-11900	1537	32	%	%	NOUN
cblr-11900	1537	33	,	,	PUNCT
cblr-11900	1537	34	but	but	CCONJ
cblr-11900	1537	35	the	the	DET
cblr-11900	1537	36	u.s	u.s	PROPN
cblr-11900	1537	37	.	.	PROPN
cblr-11900	1537	38	opted	opt	VERB
cblr-11900	1537	39	for	for	ADP
cblr-11900	1537	40	an	an	DET
cblr-11900	1537	41	“	"	PUNCT
cblr-11900	1537	42	enhanced	enhance	VERB
cblr-11900	1537	43	”	"	PUNCT
cblr-11900	1537	44	slr	slr	NOUN
cblr-11900	1537	45	(	(	PUNCT
cblr-11900	1537	46	eslr	eslr	NOUN
cblr-11900	1537	47	)	)	PUNCT
cblr-11900	1537	48	for	for	ADP
cblr-11900	1537	49	banks	bank	NOUN
cblr-11900	1537	50	deemed	deem	VERB
cblr-11900	1537	51	globally	globally	ADV
cblr-11900	1537	52	systemically	systemically	ADV
cblr-11900	1537	53	important	important	ADJ
cblr-11900	1537	54	(	(	PUNCT
cblr-11900	1537	55	g	g	NOUN
cblr-11900	1537	56	-	-	PUNCT
cblr-11900	1537	57	sib	sib	NOUN
cblr-11900	1537	58	)	)	PUNCT
cblr-11900	1537	59	by	by	ADP
cblr-11900	1537	60	the	the	DET
cblr-11900	1537	61	financial	financial	ADJ
cblr-11900	1537	62	stability	stability	NOUN
cblr-11900	1537	63	board,344	board,344	PROPN
cblr-11900	1537	64	which	which	PRON
cblr-11900	1537	65	had	have	VERB
cblr-11900	1537	66	a	a	DET
cblr-11900	1537	67	higher	high	ADJ
cblr-11900	1537	68	minimum	minimum	NOUN
cblr-11900	1537	69	(	(	PUNCT
cblr-11900	1537	70	5	5	NUM
cblr-11900	1537	71	%	%	NOUN
cblr-11900	1537	72	for	for	ADP
cblr-11900	1537	73	bhcs,345	bhcs,345	NOUN
cblr-11900	1537	74	6	6	NUM
cblr-11900	1537	75	%	%	NOUN
cblr-11900	1537	76	for	for	ADP
cblr-11900	1537	77	depository	depository	NOUN
cblr-11900	1537	78	institutions346	institutions346	PROPN
cblr-11900	1537	79	)	)	PUNCT
cblr-11900	1537	80	.	.	PUNCT
cblr-11900	1538	1	the	the	DET
cblr-11900	1538	2	key	key	NOUN
cblr-11900	1538	3	here	here	ADV
cblr-11900	1538	4	is	be	AUX
cblr-11900	1538	5	the	the	DET
cblr-11900	1538	6	cost	cost	NOUN
cblr-11900	1538	7	of	of	ADP
cblr-11900	1538	8	capital	capital	NOUN
cblr-11900	1538	9	.	.	PUNCT
cblr-11900	1539	1	although	although	SCONJ
cblr-11900	1539	2	increasing	increase	VERB
cblr-11900	1539	3	the	the	DET
cblr-11900	1539	4	capital	capital	NOUN
cblr-11900	1539	5	stock	stock	NOUN
cblr-11900	1539	6	does	do	AUX
cblr-11900	1539	7	not	not	PART
cblr-11900	1539	8	incur	incur	VERB
cblr-11900	1539	9	additional	additional	ADJ
cblr-11900	1539	10	interest	interest	NOUN
cblr-11900	1539	11	expense	expense	NOUN
cblr-11900	1539	12	,	,	PUNCT
cblr-11900	1539	13	issuing	issue	VERB
cblr-11900	1539	14	more	more	ADJ
cblr-11900	1539	15	equity	equity	NOUN
cblr-11900	1539	16	reduces	reduce	VERB
cblr-11900	1539	17	overall	overall	ADJ
cblr-11900	1539	18	returns	return	NOUN
cblr-11900	1539	19	per	per	ADP
cblr-11900	1539	20	share.347	share.347	NOUN
cblr-11900	1539	21	compared	compare	VERB
cblr-11900	1539	22	to	to	ADP
cblr-11900	1539	23	the	the	DET
cblr-11900	1539	24	short	short	ADJ
cblr-11900	1539	25	-	-	PUNCT
cblr-11900	1539	26	term	term	NOUN
cblr-11900	1539	27	wholesale	wholesale	NOUN
cblr-11900	1539	28	and	and	CCONJ
cblr-11900	1539	29	deposit348	deposit348	PROPN
cblr-11900	1539	30	funding	funding	NOUN
cblr-11900	1539	31	343	343	NUM
cblr-11900	1539	32	the	the	DET
cblr-11900	1539	33	numerator	numerator	NOUN
cblr-11900	1539	34	of	of	ADP
cblr-11900	1539	35	the	the	DET
cblr-11900	1539	36	slr	slr	NOUN
cblr-11900	1539	37	is	be	AUX
cblr-11900	1539	38	tier	tier	NOUN
cblr-11900	1539	39	1	1	NUM
cblr-11900	1539	40	capital	capital	NOUN
cblr-11900	1539	41	,	,	PUNCT
cblr-11900	1539	42	as	as	SCONJ
cblr-11900	1539	43	defined	define	VERB
cblr-11900	1539	44	by	by	ADP
cblr-11900	1539	45	the	the	DET
cblr-11900	1539	46	original	original	ADJ
cblr-11900	1539	47	basel	basel	PROPN
cblr-11900	1539	48	standards	standard	NOUN
cblr-11900	1539	49	.	.	PUNCT
cblr-11900	1540	1	basel	basel	PROPN
cblr-11900	1540	2	comm	comm	NOUN
cblr-11900	1540	3	.	.	PUNCT
cblr-11900	1541	1	on	on	ADP
cblr-11900	1541	2	banking	banking	NOUN
cblr-11900	1541	3	supervision	supervision	NOUN
cblr-11900	1541	4	,	,	PUNCT
cblr-11900	1541	5	international	international	ADJ
cblr-11900	1541	6	convergence	convergence	NOUN
cblr-11900	1541	7	of	of	ADP
cblr-11900	1541	8	capital	capital	NOUN
cblr-11900	1541	9	measurement	measurement	NOUN
cblr-11900	1541	10	and	and	CCONJ
cblr-11900	1541	11	capital	capital	NOUN
cblr-11900	1541	12	standards	standard	NOUN
cblr-11900	1541	13	(	(	PUNCT
cblr-11900	1541	14	1988	1988	NUM
cblr-11900	1541	15	)	)	PUNCT
cblr-11900	1541	16	.	.	PUNCT
cblr-11900	1542	1	the	the	DET
cblr-11900	1542	2	denominator	denominator	NOUN
cblr-11900	1542	3	includes	include	VERB
cblr-11900	1542	4	all	all	DET
cblr-11900	1542	5	on	on	ADP
cblr-11900	1542	6	-	-	PUNCT
cblr-11900	1542	7	balance	balance	NOUN
cblr-11900	1542	8	sheet	sheet	NOUN
cblr-11900	1542	9	assets	asset	NOUN
cblr-11900	1542	10	as	as	ADV
cblr-11900	1542	11	well	well	ADV
cblr-11900	1542	12	as	as	ADP
cblr-11900	1542	13	add	add	ADJ
cblr-11900	1542	14	-	-	PUNCT
cblr-11900	1542	15	ons	ons	NOUN
cblr-11900	1542	16	for	for	ADP
cblr-11900	1542	17	derivative	derivative	ADJ
cblr-11900	1542	18	exposures	exposure	NOUN
cblr-11900	1542	19	,	,	PUNCT
cblr-11900	1542	20	securities	security	NOUN
cblr-11900	1542	21	financing	financing	NOUN
cblr-11900	1542	22	transactions	transaction	NOUN
cblr-11900	1542	23	(	(	PUNCT
cblr-11900	1542	24	including	include	VERB
cblr-11900	1542	25	repo	repo	NOUN
cblr-11900	1542	26	)	)	PUNCT
cblr-11900	1542	27	,	,	PUNCT
cblr-11900	1542	28	and	and	CCONJ
cblr-11900	1542	29	offbalance	offbalance	NOUN
cblr-11900	1542	30	sheet	sheet	NOUN
cblr-11900	1542	31	items	item	NOUN
cblr-11900	1542	32	(	(	PUNCT
cblr-11900	1542	33	e.g.	e.g.	ADV
cblr-11900	1542	34	,	,	PUNCT
cblr-11900	1542	35	undrawn	undrawn	ADJ
cblr-11900	1542	36	committed	commit	VERB
cblr-11900	1542	37	credit	credit	NOUN
cblr-11900	1542	38	facilities	facility	NOUN
cblr-11900	1542	39	,	,	PUNCT
cblr-11900	1542	40	letters	letter	NOUN
cblr-11900	1542	41	of	of	ADP
cblr-11900	1542	42	credit	credit	NOUN
cblr-11900	1542	43	,	,	PUNCT
cblr-11900	1542	44	etc	etc	X
cblr-11900	1542	45	.	.	X
cblr-11900	1542	46	)	)	PUNCT
cblr-11900	1542	47	.	.	PUNCT
cblr-11900	1543	1	basel	basel	PROPN
cblr-11900	1543	2	comm	comm	NOUN
cblr-11900	1543	3	.	.	PUNCT
cblr-11900	1544	1	on	on	ADP
cblr-11900	1544	2	banking	banking	NOUN
cblr-11900	1544	3	supervision	supervision	NOUN
cblr-11900	1544	4	,	,	PUNCT
cblr-11900	1544	5	basel	basel	PROPN
cblr-11900	1544	6	iii	iii	PROPN
cblr-11900	1544	7	leverage	leverage	NOUN
cblr-11900	1544	8	ratio	ratio	NOUN
cblr-11900	1544	9	framework	framework	NOUN
cblr-11900	1544	10	and	and	CCONJ
cblr-11900	1544	11	disclosure	disclosure	NOUN
cblr-11900	1544	12	requirements	requirement	NOUN
cblr-11900	1544	13	(	(	PUNCT
cblr-11900	1544	14	2014	2014	NUM
cblr-11900	1544	15	)	)	PUNCT
cblr-11900	1544	16	.	.	PUNCT
cblr-11900	1545	1	344	344	NUM
cblr-11900	1546	1	the	the	DET
cblr-11900	1546	2	definitive	definitive	ADJ
cblr-11900	1546	3	list	list	NOUN
cblr-11900	1546	4	of	of	ADP
cblr-11900	1546	5	g	g	NOUN
cblr-11900	1546	6	-	-	PUNCT
cblr-11900	1546	7	sibs	sib	NOUN
cblr-11900	1546	8	is	be	AUX
cblr-11900	1546	9	published	publish	VERB
cblr-11900	1546	10	annually	annually	ADV
cblr-11900	1546	11	by	by	ADP
cblr-11900	1546	12	the	the	DET
cblr-11900	1546	13	fsb	fsb	NOUN
cblr-11900	1546	14	.	.	PUNCT
cblr-11900	1547	1	see	see	VERB
cblr-11900	1547	2	e.g.	e.g.	ADV
cblr-11900	1547	3	,	,	PUNCT
cblr-11900	1547	4	fin	fin	NOUN
cblr-11900	1547	5	.	.	PUNCT
cblr-11900	1548	1	stability	stability	PROPN
cblr-11900	1548	2	bd	bd	PROPN
cblr-11900	1548	3	.	.	PROPN
cblr-11900	1548	4	,	,	PUNCT
cblr-11900	1548	5	2021	2021	NUM
cblr-11900	1548	6	list	list	NOUN
cblr-11900	1548	7	of	of	ADP
cblr-11900	1548	8	global	global	ADJ
cblr-11900	1548	9	systemically	systemically	ADV
cblr-11900	1548	10	important	important	ADJ
cblr-11900	1548	11	banks	bank	NOUN
cblr-11900	1548	12	,	,	PUNCT
cblr-11900	1548	13	fsb	fsb	NOUN
cblr-11900	1548	14	(	(	PUNCT
cblr-11900	1548	15	nov	nov	PROPN
cblr-11900	1548	16	.	.	PROPN
cblr-11900	1548	17	23	23	NUM
cblr-11900	1548	18	,	,	PUNCT
cblr-11900	1548	19	2021	2021	NUM
cblr-11900	1548	20	)	)	PUNCT
cblr-11900	1548	21	,	,	PUNCT
cblr-11900	1548	22	https://www.fsb.org/2021/11/2021-list-of-globalsystemically-important-banks-g-sibs/	https://www.fsb.org/2021/11/2021-list-of-globalsystemically-important-banks-g-sibs/	VERB
cblr-11900	1548	23	[	[	PRON
cblr-11900	1548	24	https://perma.cc/87ys-n77z	https://perma.cc/87ys-n77z	PROPN
cblr-11900	1548	25	]	]	PUNCT
cblr-11900	1548	26	.	.	PUNCT
cblr-11900	1549	1	for	for	ADP
cblr-11900	1549	2	a	a	DET
cblr-11900	1549	3	description	description	NOUN
cblr-11900	1549	4	of	of	ADP
cblr-11900	1549	5	the	the	DET
cblr-11900	1549	6	assessment	assessment	NOUN
cblr-11900	1549	7	methodology	methodology	NOUN
cblr-11900	1549	8	,	,	PUNCT
cblr-11900	1549	9	see	see	VERB
cblr-11900	1549	10	basel	basel	PROPN
cblr-11900	1549	11	comm	comm	NOUN
cblr-11900	1549	12	.	.	PUNCT
cblr-11900	1550	1	on	on	ADP
cblr-11900	1550	2	banking	banking	NOUN
cblr-11900	1550	3	supervision	supervision	NOUN
cblr-11900	1550	4	,	,	PUNCT
cblr-11900	1550	5	global	global	ADJ
cblr-11900	1550	6	systemically	systemically	ADV
cblr-11900	1550	7	important	important	ADJ
cblr-11900	1550	8	banks	bank	NOUN
cblr-11900	1550	9	:	:	PUNCT
cblr-11900	1550	10	assessment	assessment	NOUN
cblr-11900	1550	11	methodology	methodology	NOUN
cblr-11900	1550	12	and	and	CCONJ
cblr-11900	1550	13	the	the	DET
cblr-11900	1550	14	additional	additional	ADJ
cblr-11900	1550	15	loss	loss	NOUN
cblr-11900	1550	16	absorbency	absorbency	NOUN
cblr-11900	1550	17	requirement	requirement	NOUN
cblr-11900	1550	18	,	,	PUNCT
cblr-11900	1550	19	fsb	fsb	NOUN
cblr-11900	1550	20	(	(	PUNCT
cblr-11900	1550	21	nov	nov	PROPN
cblr-11900	1550	22	.	.	PROPN
cblr-11900	1550	23	4	4	NUM
cblr-11900	1550	24	,	,	PUNCT
cblr-11900	1550	25	2011	2011	NUM
cblr-11900	1550	26	)	)	PUNCT
cblr-11900	1550	27	,	,	PUNCT
cblr-11900	1550	28	https://www.bis.org/publ/bcbs207.htm	https://www.bis.org/publ/bcbs207.htm	X
cblr-11900	1551	1	[	[	X
cblr-11900	1551	2	https://perma.cc/8ukpunnv	https://perma.cc/8ukpunnv	X
cblr-11900	1551	3	]	]	X
cblr-11900	1551	4	.	.	PUNCT
cblr-11900	1552	1	345	345	NUM
cblr-11900	1552	2	12	12	NUM
cblr-11900	1552	3	c.f.r	c.f.r	NOUN
cblr-11900	1552	4	.	.	PUNCT
cblr-11900	1553	1	pts	pts	PROPN
cblr-11900	1553	2	.	.	PROPN
cblr-11900	1553	3	208	208	NUM
cblr-11900	1553	4	,	,	PUNCT
cblr-11900	1553	5	217	217	NUM
cblr-11900	1553	6	346	346	NUM
cblr-11900	1553	7	12	12	NUM
cblr-11900	1553	8	c.f.r	c.f.r	NOUN
cblr-11900	1553	9	.	.	PUNCT
cblr-11900	1554	1	pts	pts	PROPN
cblr-11900	1554	2	.	.	PROPN
cblr-11900	1554	3	6	6	NUM
cblr-11900	1554	4	,	,	PUNCT
cblr-11900	1554	5	324	324	NUM
cblr-11900	1554	6	.	.	X
cblr-11900	1555	1	347	347	NUM
cblr-11900	1555	2	the	the	DET
cblr-11900	1555	3	capital	capital	NOUN
cblr-11900	1555	4	asset	asset	NOUN
cblr-11900	1555	5	pricing	pricing	NOUN
cblr-11900	1555	6	model	model	NOUN
cblr-11900	1555	7	(	(	PUNCT
cblr-11900	1555	8	“	"	PUNCT
cblr-11900	1555	9	capm	capm	NOUN
cblr-11900	1555	10	”	"	PUNCT
cblr-11900	1555	11	)	)	PUNCT
cblr-11900	1555	12	states	state	VERB
cblr-11900	1555	13	that	that	SCONJ
cblr-11900	1555	14	the	the	DET
cblr-11900	1555	15	cost	cost	NOUN
cblr-11900	1555	16	of	of	ADP
cblr-11900	1555	17	capital	capital	NOUN
cblr-11900	1555	18	is	be	AUX
cblr-11900	1555	19	linked	link	VERB
cblr-11900	1555	20	to	to	ADP
cblr-11900	1555	21	the	the	DET
cblr-11900	1555	22	returns	return	NOUN
cblr-11900	1555	23	shareholders	shareholder	NOUN
cblr-11900	1555	24	expect	expect	VERB
cblr-11900	1555	25	to	to	PART
cblr-11900	1555	26	earn	earn	VERB
cblr-11900	1555	27	on	on	ADP
cblr-11900	1555	28	their	their	PRON
cblr-11900	1555	29	investment	investment	NOUN
cblr-11900	1555	30	—	—	PUNCT
cblr-11900	1555	31	for	for	ADP
cblr-11900	1555	32	large	large	ADJ
cblr-11900	1555	33	banks	bank	NOUN
cblr-11900	1555	34	and	and	CCONJ
cblr-11900	1555	35	bhcs	bhcs	NOUN
cblr-11900	1555	36	,	,	PUNCT
cblr-11900	1555	37	recent	recent	ADJ
cblr-11900	1555	38	estimates	estimate	NOUN
cblr-11900	1555	39	suggest	suggest	VERB
cblr-11900	1555	40	roughly	roughly	ADV
cblr-11900	1555	41	10	10	NUM
cblr-11900	1555	42	%	%	NOUN
cblr-11900	1555	43	is	be	AUX
cblr-11900	1555	44	a	a	DET
cblr-11900	1555	45	decent	decent	ADJ
cblr-11900	1555	46	guess	guess	NOUN
cblr-11900	1555	47	for	for	ADP
cblr-11900	1555	48	the	the	DET
cblr-11900	1555	49	average	average	ADJ
cblr-11900	1555	50	large	large	ADJ
cblr-11900	1555	51	institution	institution	NOUN
cblr-11900	1555	52	.	.	PUNCT
cblr-11900	1556	1	see	see	VERB
cblr-11900	1556	2	anna	anna	PROPN
cblr-11900	1556	3	kovner	kovner	PROPN
cblr-11900	1556	4	&	&	CCONJ
cblr-11900	1556	5	peter	peter	PROPN
cblr-11900	1556	6	van	van	PROPN
cblr-11900	1556	7	tassel	tassel	PROPN
cblr-11900	1556	8	,	,	PUNCT
cblr-11900	1556	9	fed	fed	PROPN
cblr-11900	1556	10	.	.	PUNCT
cblr-11900	1556	11	rsrv	rsrv	PROPN
cblr-11900	1556	12	.	.	PUNCT
cblr-11900	1557	1	bank	bank	PROPN
cblr-11900	1557	2	of	of	ADP
cblr-11900	1557	3	n.y	n.y	PROPN
cblr-11900	1557	4	.	.	PROPN
cblr-11900	1557	5	,	,	PUNCT
cblr-11900	1557	6	evaluating	evaluate	VERB
cblr-11900	1557	7	regulatory	regulatory	ADJ
cblr-11900	1557	8	reform	reform	NOUN
cblr-11900	1557	9	:	:	PUNCT
cblr-11900	1557	10	banks	bank	NOUN
cblr-11900	1557	11	’	'	PUNCT
cblr-11900	1557	12	cost	cost	NOUN
cblr-11900	1557	13	of	of	ADP
cblr-11900	1557	14	capital	capital	NOUN
cblr-11900	1557	15	and	and	CCONJ
cblr-11900	1557	16	lending	lending	NOUN
cblr-11900	1557	17	(	(	PUNCT
cblr-11900	1557	18	2018	2018	NUM
cblr-11900	1557	19	)	)	PUNCT
cblr-11900	1557	20	.	.	PUNCT
cblr-11900	1558	1	348	348	NUM
cblr-11900	1558	2	deposits	deposit	NOUN
cblr-11900	1558	3	typically	typically	ADV
cblr-11900	1558	4	price	price	VERB
cblr-11900	1558	5	at	at	ADP
cblr-11900	1558	6	a	a	DET
cblr-11900	1558	7	fraction	fraction	NOUN
cblr-11900	1558	8	of	of	ADP
cblr-11900	1558	9	the	the	DET
cblr-11900	1558	10	federal	federal	ADJ
cblr-11900	1558	11	funds	fund	NOUN
cblr-11900	1558	12	effective	effective	ADJ
cblr-11900	1558	13	rate	rate	NOUN
cblr-11900	1558	14	,	,	PUNCT
cblr-11900	1558	15	effective	effective	ADJ
cblr-11900	1558	16	federal	federal	ADJ
cblr-11900	1558	17	funds	fund	NOUN
cblr-11900	1558	18	rate	rate	NOUN
cblr-11900	1558	19	,	,	PUNCT
cblr-11900	1558	20	fed	fed	PROPN
cblr-11900	1558	21	.	.	PUNCT
cblr-11900	1558	22	rsrv	rsrv	PROPN
cblr-11900	1558	23	.	.	PUNCT
cblr-11900	1559	1	bank	bank	PROPN
cblr-11900	1559	2	of	of	ADP
cblr-11900	1559	3	n.y	n.y	PROPN
cblr-11900	1559	4	.	.	PROPN
cblr-11900	1559	5	,	,	PUNCT
cblr-11900	1559	6	https://www.newyorkfed.org/markets/reference-rates/effr	https://www.newyorkfed.org/markets/reference-rates/effr	PROPN
cblr-11900	1560	1	[	[	X
cblr-11900	1560	2	https://perma.cc/bxd6-82br	https://perma.cc/bxd6-82br	X
cblr-11900	1560	3	]	]	X
cblr-11900	1560	4	,	,	PUNCT
cblr-11900	1560	5	which	which	PRON
cblr-11900	1560	6	is	be	AUX
cblr-11900	1560	7	an	an	DET
cblr-11900	1560	8	index	index	NOUN
cblr-11900	1560	9	of	of	ADP
cblr-11900	1560	10	overnight	overnight	ADJ
cblr-11900	1560	11	borrowing	borrowing	NOUN
cblr-11900	1560	12	rates	rate	NOUN
cblr-11900	1560	13	for	for	ADP
cblr-11900	1560	14	trading	trading	NOUN
cblr-11900	1560	15	in	in	ADP
cblr-11900	1560	16	federal	federal	PROPN
cblr-11900	1560	17	reserve	reserve	NOUN
cblr-11900	1560	18	liabilities	liability	NOUN
cblr-11900	1560	19	that	that	PRON
cblr-11900	1560	20	serves	serve	VERB
cblr-11900	1560	21	as	as	ADP
cblr-11900	1560	22	the	the	DET
cblr-11900	1560	23	target	target	NOUN
cblr-11900	1560	24	for	for	ADP
cblr-11900	1560	25	monetary	monetary	ADJ
cblr-11900	1560	26	policy	policy	NOUN
cblr-11900	1560	27	in	in	ADP
cblr-11900	1560	28	the	the	DET
cblr-11900	1560	29	u.s	u.s	PROPN
cblr-11900	1560	30	.	.	PROPN
cblr-11900	1560	31	see	see	PROPN
cblr-11900	1560	32	,	,	PUNCT
cblr-11900	1560	33	e.g.	e.g.	ADV
cblr-11900	1560	34	,	,	PUNCT
cblr-11900	1560	35	nathan	nathan	PROPN
cblr-11900	1560	36	stovall	stovall	PROPN
cblr-11900	1560	37	,	,	PUNCT
cblr-11900	1560	38	deposit	deposit	NOUN
cblr-11900	1560	39	betas	beta	NOUN
cblr-11900	1560	40	to	to	PART
cblr-11900	1560	41	keep	keep	VERB
cblr-11900	1560	42	rising	rise	VERB
cblr-11900	1560	43	at	at	ADP
cblr-11900	1560	44	us	we	PRON
cblr-11900	1560	45	banks	bank	NOUN
cblr-11900	1560	46	even	even	ADV
cblr-11900	1560	47	as	as	SCONJ
cblr-11900	1560	48	fed	fed	PROPN
cblr-11900	1560	49	slows	slow	VERB
cblr-11900	1560	50	rate	rate	NOUN
cblr-11900	1560	51	hikes	hike	NOUN
cblr-11900	1560	52	,	,	PUNCT
cblr-11900	1560	53	s&p	s&p	PROPN
cblr-11900	1560	54	glob	glob	NOUN
cblr-11900	1560	55	.	.	PUNCT
cblr-11900	1561	1	mkt	mkt	PROPN
cblr-11900	1561	2	.	.	PUNCT
cblr-11900	1561	3	intel	intel	PROPN
cblr-11900	1561	4	.	.	PUNCT
cblr-11900	1562	1	no	no	INTJ
cblr-11900	1562	2	.	.	NOUN
cblr-11900	1562	3	1	1	NUM
cblr-11900	1562	4	]	]	ADJ
cblr-11900	1562	5	money	money	NOUN
cblr-11900	1562	6	and	and	CCONJ
cblr-11900	1562	7	the	the	DET
cblr-11900	1562	8	public	public	ADJ
cblr-11900	1562	9	debt	debt	NOUN
cblr-11900	1562	10	307	307	NUM
cblr-11900	1562	11	that	that	PRON
cblr-11900	1562	12	make	make	VERB
cblr-11900	1562	13	up	up	ADP
cblr-11900	1562	14	the	the	DET
cblr-11900	1562	15	vast	vast	ADJ
cblr-11900	1562	16	majority	majority	NOUN
cblr-11900	1562	17	of	of	ADP
cblr-11900	1562	18	bank	bank	NOUN
cblr-11900	1562	19	liabilities	liability	NOUN
cblr-11900	1562	20	,	,	PUNCT
cblr-11900	1562	21	financing	finance	VERB
cblr-11900	1562	22	assets	asset	NOUN
cblr-11900	1562	23	with	with	ADP
cblr-11900	1562	24	equity	equity	NOUN
cblr-11900	1562	25	is	be	AUX
cblr-11900	1562	26	much	much	ADV
cblr-11900	1562	27	less	less	ADV
cblr-11900	1562	28	attractive	attractive	ADJ
cblr-11900	1562	29	in	in	ADP
cblr-11900	1562	30	terms	term	NOUN
cblr-11900	1562	31	of	of	ADP
cblr-11900	1562	32	all	all	ADV
cblr-11900	1562	33	-	-	PUNCT
cblr-11900	1562	34	in	in	ADP
cblr-11900	1562	35	returns	return	NOUN
cblr-11900	1562	36	to	to	ADP
cblr-11900	1562	37	shareholders	shareholder	NOUN
cblr-11900	1562	38	.	.	PUNCT
cblr-11900	1563	1	when	when	SCONJ
cblr-11900	1563	2	certain	certain	ADJ
cblr-11900	1563	3	actions	action	NOUN
cblr-11900	1563	4	require	require	VERB
cblr-11900	1563	5	more	more	ADJ
cblr-11900	1563	6	capital	capital	NOUN
cblr-11900	1563	7	,	,	PUNCT
cblr-11900	1563	8	either	either	CCONJ
cblr-11900	1563	9	because	because	SCONJ
cblr-11900	1563	10	they	they	PRON
cblr-11900	1563	11	are	be	AUX
cblr-11900	1563	12	riskier	risky	ADJ
cblr-11900	1563	13	or	or	CCONJ
cblr-11900	1563	14	because	because	SCONJ
cblr-11900	1563	15	they	they	PRON
cblr-11900	1563	16	gross	gross	VERB
cblr-11900	1563	17	up	up	ADP
cblr-11900	1563	18	the	the	DET
cblr-11900	1563	19	size	size	NOUN
cblr-11900	1563	20	of	of	ADP
cblr-11900	1563	21	the	the	DET
cblr-11900	1563	22	institution	institution	NOUN
cblr-11900	1563	23	,	,	PUNCT
cblr-11900	1563	24	it	it	PRON
cblr-11900	1563	25	increases	increase	VERB
cblr-11900	1563	26	the	the	DET
cblr-11900	1563	27	effective	effective	ADJ
cblr-11900	1563	28	funding	funding	NOUN
cblr-11900	1563	29	costs	cost	NOUN
cblr-11900	1563	30	of	of	ADP
cblr-11900	1563	31	that	that	DET
cblr-11900	1563	32	marginal	marginal	ADJ
cblr-11900	1563	33	activity	activity	NOUN
cblr-11900	1563	34	.	.	PUNCT
cblr-11900	1564	1	leverage	leverage	NOUN
cblr-11900	1564	2	ratios	ratio	NOUN
cblr-11900	1564	3	were	be	AUX
cblr-11900	1564	4	designed	design	VERB
cblr-11900	1564	5	as	as	ADP
cblr-11900	1564	6	a	a	DET
cblr-11900	1564	7	backstop	backstop	NOUN
cblr-11900	1564	8	to	to	ADP
cblr-11900	1564	9	risk	risk	NOUN
cblr-11900	1564	10	-	-	PUNCT
cblr-11900	1564	11	based	base	VERB
cblr-11900	1564	12	capital	capital	NOUN
cblr-11900	1564	13	requirements,349	requirements,349	NOUN
cblr-11900	1564	14	and	and	CCONJ
cblr-11900	1564	15	therefore	therefore	ADV
cblr-11900	1564	16	not	not	PART
cblr-11900	1564	17	intended	intend	VERB
cblr-11900	1564	18	to	to	PART
cblr-11900	1564	19	be	be	AUX
cblr-11900	1564	20	a	a	DET
cblr-11900	1564	21	primary	primary	ADJ
cblr-11900	1564	22	consideration	consideration	NOUN
cblr-11900	1564	23	for	for	ADP
cblr-11900	1564	24	bank	bank	NOUN
cblr-11900	1564	25	activity	activity	NOUN
cblr-11900	1564	26	under	under	ADP
cblr-11900	1564	27	“	"	PUNCT
cblr-11900	1564	28	normal	normal	ADJ
cblr-11900	1564	29	”	"	PUNCT
cblr-11900	1564	30	conditions.350	conditions.350	PROPN
cblr-11900	1564	31	there	there	PRON
cblr-11900	1564	32	is	be	VERB
cblr-11900	1564	33	some	some	DET
cblr-11900	1564	34	debate	debate	NOUN
cblr-11900	1564	35	as	as	ADP
cblr-11900	1564	36	to	to	ADP
cblr-11900	1564	37	whether	whether	SCONJ
cblr-11900	1564	38	leverage	leverage	NOUN
cblr-11900	1564	39	was	be	AUX
cblr-11900	1564	40	a	a	DET
cblr-11900	1564	41	binding	bind	VERB
cblr-11900	1564	42	constraint	constraint	NOUN
cblr-11900	1564	43	in	in	ADP
cblr-11900	1564	44	practice	practice	NOUN
cblr-11900	1564	45	after	after	SCONJ
cblr-11900	1564	46	the	the	DET
cblr-11900	1564	47	phase	phase	NOUN
cblr-11900	1564	48	-	-	PUNCT
cblr-11900	1564	49	in	in	NOUN
cblr-11900	1564	50	of	of	ADP
cblr-11900	1564	51	slr	slr	NOUN
cblr-11900	1564	52	was	be	AUX
cblr-11900	1564	53	complete.351	complete.351	NOUN
cblr-11900	1564	54	regardless	regardless	ADV
cblr-11900	1564	55	,	,	PUNCT
cblr-11900	1564	56	the	the	DET
cblr-11900	1564	57	presence	presence	NOUN
cblr-11900	1564	58	of	of	ADP
cblr-11900	1564	59	blunt	blunt	ADJ
cblr-11900	1564	60	,	,	PUNCT
cblr-11900	1564	61	size	size	NOUN
cblr-11900	1564	62	-	-	PUNCT
cblr-11900	1564	63	based	base	VERB
cblr-11900	1564	64	requirements	requirement	NOUN
cblr-11900	1564	65	in	in	ADP
cblr-11900	1564	66	the	the	DET
cblr-11900	1564	67	first	first	ADJ
cblr-11900	1564	68	instance	instance	NOUN
cblr-11900	1564	69	meant	mean	VERB
cblr-11900	1564	70	that	that	SCONJ
cblr-11900	1564	71	,	,	PUNCT
cblr-11900	1564	72	for	for	SCONJ
cblr-11900	1564	73	banks	bank	NOUN
cblr-11900	1564	74	to	to	PART
cblr-11900	1564	75	make	make	VERB
cblr-11900	1564	76	longer	long	ADV
cblr-11900	1564	77	-	-	PUNCT
cblr-11900	1564	78	run	run	VERB
cblr-11900	1564	79	plans	plan	NOUN
cblr-11900	1564	80	and	and	CCONJ
cblr-11900	1564	81	allocate	allocate	ADJ
cblr-11900	1564	82	resources	resource	NOUN
cblr-11900	1564	83	like	like	ADP
cblr-11900	1564	84	capital	capital	NOUN
cblr-11900	1564	85	and	and	CCONJ
cblr-11900	1564	86	liquidity	liquidity	NOUN
cblr-11900	1564	87	,	,	PUNCT
cblr-11900	1564	88	they	they	PRON
cblr-11900	1564	89	need	need	VERB
cblr-11900	1564	90	to	to	PART
cblr-11900	1564	91	carefully	carefully	ADV
cblr-11900	1564	92	control	control	VERB
cblr-11900	1564	93	the	the	DET
cblr-11900	1564	94	size	size	NOUN
cblr-11900	1564	95	of	of	ADP
cblr-11900	1564	96	their	their	PRON
cblr-11900	1564	97	balance	balance	NOUN
cblr-11900	1564	98	sheet	sheet	NOUN
cblr-11900	1564	99	on	on	ADP
cblr-11900	1564	100	a	a	DET
cblr-11900	1564	101	multi	multi	ADJ
cblr-11900	1564	102	-	-	ADJ
cblr-11900	1564	103	year	year	NOUN
cblr-11900	1564	104	basis	basis	NOUN
cblr-11900	1564	105	.	.	PUNCT
cblr-11900	1565	1	given	give	VERB
cblr-11900	1565	2	the	the	DET
cblr-11900	1565	3	complexity	complexity	NOUN
cblr-11900	1565	4	of	of	ADP
cblr-11900	1565	5	a	a	DET
cblr-11900	1565	6	typical	typical	ADJ
cblr-11900	1565	7	bhc	bhc	NOUN
cblr-11900	1565	8	with	with	ADP
cblr-11900	1565	9	significant	significant	ADJ
cblr-11900	1565	10	dealer	dealer	NOUN
cblr-11900	1565	11	operations	operation	NOUN
cblr-11900	1565	12	,	,	PUNCT
cblr-11900	1565	13	that	that	PRON
cblr-11900	1565	14	likely	likely	ADV
cblr-11900	1565	15	meant	mean	VERB
cblr-11900	1565	16	regular	regular	ADJ
cblr-11900	1565	17	,	,	PUNCT
cblr-11900	1565	18	top	top	ADJ
cblr-11900	1565	19	-	-	PUNCT
cblr-11900	1565	20	down	down	NOUN
cblr-11900	1565	21	budgeting	budgeting	NOUN
cblr-11900	1565	22	of	of	ADP
cblr-11900	1565	23	balance	balance	NOUN
cblr-11900	1565	24	sheet	sheet	NOUN
cblr-11900	1565	25	allocations	allocation	NOUN
cblr-11900	1565	26	among	among	ADP
cblr-11900	1565	27	business	business	NOUN
cblr-11900	1565	28	lines	line	NOUN
cblr-11900	1565	29	and	and	CCONJ
cblr-11900	1565	30	,	,	PUNCT
cblr-11900	1565	31	in	in	ADP
cblr-11900	1565	32	some	some	DET
cblr-11900	1565	33	cases	case	NOUN
cblr-11900	1565	34	,	,	PUNCT
cblr-11900	1565	35	certain	certain	ADJ
cblr-11900	1565	36	activities	activity	NOUN
cblr-11900	1565	37	.	.	PUNCT
cblr-11900	1566	1	(	(	PUNCT
cblr-11900	1566	2	mar	mar	PROPN
cblr-11900	1566	3	.	.	PROPN
cblr-11900	1566	4	19	19	NUM
cblr-11900	1566	5	,	,	PUNCT
cblr-11900	1566	6	2019	2019	NUM
cblr-11900	1566	7	)	)	PUNCT
cblr-11900	1566	8	,	,	PUNCT
cblr-11900	1566	9	https://www.spglobal.com/marketintelligence/en/newsinsights/trending/kxeljtzfit2at71xiub3ja2	https://www.spglobal.com/marketintelligence/en/newsinsights/trending/kxeljtzfit2at71xiub3ja2	X
cblr-11900	1567	1	[	[	X
cblr-11900	1567	2	https://perma.cc/n96ww2n3	https://perma.cc/n96ww2n3	X
cblr-11900	1567	3	]	]	X
cblr-11900	1567	4	.	.	PUNCT
cblr-11900	1568	1	349	349	NUM
cblr-11900	1568	2	for	for	ADP
cblr-11900	1568	3	example	example	NOUN
cblr-11900	1568	4	,	,	PUNCT
cblr-11900	1568	5	the	the	DET
cblr-11900	1568	6	final	final	ADJ
cblr-11900	1568	7	basel	basel	PROPN
cblr-11900	1568	8	standards	standard	NOUN
cblr-11900	1568	9	state	state	NOUN
cblr-11900	1568	10	clearly	clearly	ADV
cblr-11900	1568	11	that	that	SCONJ
cblr-11900	1568	12	leverage	leverage	NOUN
cblr-11900	1568	13	ratios	ratio	NOUN
cblr-11900	1568	14	are	be	AUX
cblr-11900	1568	15	intended	intend	VERB
cblr-11900	1568	16	to	to	PART
cblr-11900	1568	17	“	"	PUNCT
cblr-11900	1568	18	reinforce	reinforce	VERB
cblr-11900	1568	19	the	the	DET
cblr-11900	1568	20	risk	risk	NOUN
cblr-11900	1568	21	-	-	PUNCT
cblr-11900	1568	22	based	base	VERB
cblr-11900	1568	23	requirements	requirement	NOUN
cblr-11900	1568	24	with	with	ADP
cblr-11900	1568	25	a	a	DET
cblr-11900	1568	26	simple	simple	ADJ
cblr-11900	1568	27	,	,	PUNCT
cblr-11900	1568	28	non	non	ADJ
cblr-11900	1568	29	-	-	NOUN
cblr-11900	1568	30	risk	risk	NOUN
cblr-11900	1568	31	based	base	VERB
cblr-11900	1568	32	‘	'	PUNCT
cblr-11900	1568	33	backstop	backstop	NOUN
cblr-11900	1568	34	’	'	PUNCT
cblr-11900	1568	35	measure	measure	NOUN
cblr-11900	1568	36	.	.	PUNCT
cblr-11900	1568	37	”	"	PUNCT
cblr-11900	1569	1	basel	basel	PROPN
cblr-11900	1569	2	comm	comm	NOUN
cblr-11900	1569	3	.	.	PUNCT
cblr-11900	1570	1	on	on	ADP
cblr-11900	1570	2	banking	banking	NOUN
cblr-11900	1570	3	supervision	supervision	NOUN
cblr-11900	1570	4	,	,	PUNCT
cblr-11900	1570	5	basel	basel	PROPN
cblr-11900	1570	6	iii	iii	PROPN
cblr-11900	1570	7	leverage	leverage	NOUN
cblr-11900	1570	8	ratio	ratio	NOUN
cblr-11900	1570	9	framework	framework	NOUN
cblr-11900	1570	10	and	and	CCONJ
cblr-11900	1570	11	disclosure	disclosure	NOUN
cblr-11900	1570	12	requirements	requirement	NOUN
cblr-11900	1570	13	,	,	PUNCT
cblr-11900	1570	14	supra	supra	PROPN
cblr-11900	1570	15	note	note	NOUN
cblr-11900	1570	16	348	348	NUM
cblr-11900	1570	17	.	.	PUNCT
cblr-11900	1571	1	350	350	NUM
cblr-11900	1571	2	also	also	ADV
cblr-11900	1571	3	at	at	ADP
cblr-11900	1571	4	june	june	PROPN
cblr-11900	1571	5	press	press	PROPN
cblr-11900	1571	6	conference	conference	NOUN
cblr-11900	1571	7	,	,	PUNCT
cblr-11900	1571	8	powell	powell	PROPN
cblr-11900	1571	9	noted	note	VERB
cblr-11900	1571	10	:	:	PUNCT
cblr-11900	1571	11	“	"	PUNCT
cblr-11900	1571	12	when	when	SCONJ
cblr-11900	1571	13	leverage	leverage	NOUN
cblr-11900	1571	14	requirements	requirement	NOUN
cblr-11900	1571	15	are	be	AUX
cblr-11900	1571	16	.	.	PUNCT
cblr-11900	1571	17	.	.	PUNCT
cblr-11900	1571	18	.	.	PUNCT
cblr-11900	1572	1	binding	bind	VERB
cblr-11900	1572	2	,	,	PUNCT
cblr-11900	1572	3	it	it	PRON
cblr-11900	1572	4	does	do	AUX
cblr-11900	1572	5	skew	skew	VERB
cblr-11900	1572	6	incentives	incentive	NOUN
cblr-11900	1572	7	for	for	SCONJ
cblr-11900	1572	8	firms	firm	NOUN
cblr-11900	1572	9	to	to	PART
cblr-11900	1572	10	substitute	substitute	VERB
cblr-11900	1572	11	lower	low	ADJ
cblr-11900	1572	12	-	-	PUNCT
cblr-11900	1572	13	risk	risk	NOUN
cblr-11900	1572	14	assets	asset	NOUN
cblr-11900	1572	15	for	for	ADP
cblr-11900	1572	16	high	high	ADJ
cblr-11900	1572	17	-	-	PUNCT
cblr-11900	1572	18	risk	risk	NOUN
cblr-11900	1572	19	ones	one	NOUN
cblr-11900	1572	20	.	.	PUNCT
cblr-11900	1573	1	it	it	PRON
cblr-11900	1573	2	’s	’	VERB
cblr-11900	1573	3	a	a	DET
cblr-11900	1573	4	straightforward	straightforward	ADJ
cblr-11900	1573	5	thing	thing	NOUN
cblr-11900	1573	6	.	.	PUNCT
cblr-11900	1573	7	”	"	PUNCT
cblr-11900	1574	1	jerome	jerome	PROPN
cblr-11900	1574	2	powell	powell	PROPN
cblr-11900	1574	3	,	,	PUNCT
cblr-11900	1574	4	chair	chair	NOUN
cblr-11900	1574	5	,	,	PUNCT
cblr-11900	1574	6	fed	fed	PROPN
cblr-11900	1574	7	.	.	PUNCT
cblr-11900	1574	8	rsrv	rsrv	PROPN
cblr-11900	1574	9	.	.	PUNCT
cblr-11900	1575	1	bd	bd	PROPN
cblr-11900	1575	2	.	.	PROPN
cblr-11900	1575	3	,	,	PUNCT
cblr-11900	1575	4	chair	chair	PROPN
cblr-11900	1575	5	powell	powell	PROPN
cblr-11900	1575	6	’s	’s	PART
cblr-11900	1575	7	press	press	NOUN
cblr-11900	1575	8	conference	conference	NOUN
cblr-11900	1575	9	19	19	NUM
cblr-11900	1575	10	(	(	PUNCT
cblr-11900	1575	11	june	june	PROPN
cblr-11900	1575	12	16	16	NUM
cblr-11900	1575	13	,	,	PUNCT
cblr-11900	1575	14	2011	2011	NUM
cblr-11900	1575	15	)	)	PUNCT
cblr-11900	1575	16	,	,	PUNCT
cblr-11900	1575	17	https://www.federalreserve.gov/mediacenter/files/fomcpresconf20210616	https://www.federalreserve.gov/mediacenter/files/fomcpresconf20210616	X
cblr-11900	1575	18	.	.	PUNCT
cblr-11900	1576	1	pdf	pdf	NOUN
cblr-11900	1577	1	[	[	X
cblr-11900	1577	2	https://perma.cc/37u6-bvya	https://perma.cc/37u6-bvya	X
cblr-11900	1577	3	]	]	X
cblr-11900	1577	4	.	.	PUNCT
cblr-11900	1578	1	351	351	NUM
cblr-11900	1578	2	darrell	darrell	PROPN
cblr-11900	1578	3	duffie	duffie	PROPN
cblr-11900	1578	4	,	,	PUNCT
cblr-11900	1578	5	fragmenting	fragment	VERB
cblr-11900	1578	6	markets	market	NOUN
cblr-11900	1578	7	:	:	PUNCT
cblr-11900	1578	8	post	post	ADJ
cblr-11900	1578	9	-	-	ADJ
cblr-11900	1578	10	crisis	crisis	ADJ
cblr-11900	1578	11	bank	bank	NOUN
cblr-11900	1578	12	regulations	regulation	NOUN
cblr-11900	1578	13	and	and	CCONJ
cblr-11900	1578	14	financial	financial	ADJ
cblr-11900	1578	15	market	market	NOUN
cblr-11900	1578	16	liquidity	liquidity	NOUN
cblr-11900	1578	17	(	(	PUNCT
cblr-11900	1578	18	2022	2022	NUM
cblr-11900	1578	19	)	)	PUNCT
cblr-11900	1578	20	;	;	PUNCT
cblr-11900	1578	21	robin	robin	PROPN
cblr-11900	1578	22	greenwood	greenwood	PROPN
cblr-11900	1578	23	,	,	PUNCT
cblr-11900	1578	24	samuel	samuel	PROPN
cblr-11900	1578	25	g.	g.	PROPN
cblr-11900	1578	26	hanson	hanson	PROPN
cblr-11900	1578	27	,	,	PUNCT
cblr-11900	1578	28	jeremy	jeremy	PROPN
cblr-11900	1578	29	c.	c.	PROPN
cblr-11900	1578	30	stein	stein	PROPN
cblr-11900	1578	31	,	,	PUNCT
cblr-11900	1578	32	&	&	CCONJ
cblr-11900	1578	33	adi	adi	PROPN
cblr-11900	1578	34	sunderam	sunderam	PROPN
cblr-11900	1578	35	,	,	PUNCT
cblr-11900	1578	36	strengthening	strengthen	VERB
cblr-11900	1578	37	and	and	CCONJ
cblr-11900	1578	38	streamlining	streamline	VERB
cblr-11900	1578	39	bank	bank	NOUN
cblr-11900	1578	40	capital	capital	NOUN
cblr-11900	1578	41	regulations	regulation	NOUN
cblr-11900	1578	42	,	,	PUNCT
cblr-11900	1578	43	brookings	brookings	PROPN
cblr-11900	1578	44	papers	paper	NOUN
cblr-11900	1578	45	on	on	ADP
cblr-11900	1578	46	econ	econ	PROPN
cblr-11900	1578	47	.	.	PUNCT
cblr-11900	1579	1	activity	activity	NOUN
cblr-11900	1579	2	479	479	NUM
cblr-11900	1579	3	(	(	PUNCT
cblr-11900	1579	4	sept	sept	PROPN
cblr-11900	1579	5	.	.	PROPN
cblr-11900	1579	6	2017	2017	NUM
cblr-11900	1579	7	)	)	PUNCT
cblr-11900	1579	8	.	.	PUNCT
cblr-11900	1580	1	308	308	NUM
cblr-11900	1580	2	columbia	columbia	PROPN
cblr-11900	1580	3	business	business	NOUN
cblr-11900	1580	4	law	law	PROPN
cblr-11900	1580	5	review	review	NOUN
cblr-11900	1580	6	[	[	X
cblr-11900	1580	7	vol	vol	NOUN
cblr-11900	1580	8	.	.	PUNCT
cblr-11900	1580	9	2023	2023	NUM
cblr-11900	1580	10	when	when	SCONJ
cblr-11900	1580	11	different	different	ADJ
cblr-11900	1580	12	types	type	NOUN
cblr-11900	1580	13	of	of	ADP
cblr-11900	1580	14	financial	financial	ADJ
cblr-11900	1580	15	businesses	business	NOUN
cblr-11900	1580	16	—	—	PUNCT
cblr-11900	1580	17	securities	security	NOUN
cblr-11900	1580	18	dealing	dealing	NOUN
cblr-11900	1580	19	and	and	CCONJ
cblr-11900	1580	20	banking	banking	NOUN
cblr-11900	1580	21	,	,	PUNCT
cblr-11900	1580	22	for	for	ADP
cblr-11900	1580	23	example	example	NOUN
cblr-11900	1580	24	—	—	PUNCT
cblr-11900	1580	25	are	be	AUX
cblr-11900	1580	26	housed	house	VERB
cblr-11900	1580	27	under	under	ADP
cblr-11900	1580	28	one	one	NUM
cblr-11900	1580	29	roof	roof	NOUN
cblr-11900	1580	30	,	,	PUNCT
cblr-11900	1580	31	the	the	DET
cblr-11900	1580	32	broad	broad	ADJ
cblr-11900	1580	33	,	,	PUNCT
cblr-11900	1580	34	uniform	uniform	ADJ
cblr-11900	1580	35	application	application	NOUN
cblr-11900	1580	36	of	of	ADP
cblr-11900	1580	37	a	a	DET
cblr-11900	1580	38	leverage	leverage	NOUN
cblr-11900	1580	39	ratio	ratio	NOUN
cblr-11900	1580	40	can	can	AUX
cblr-11900	1580	41	favor	favor	VERB
cblr-11900	1580	42	some	some	PRON
cblr-11900	1580	43	of	of	ADP
cblr-11900	1580	44	those	those	DET
cblr-11900	1580	45	businesses	business	NOUN
cblr-11900	1580	46	over	over	ADP
cblr-11900	1580	47	others	other	NOUN
cblr-11900	1580	48	.	.	PUNCT
cblr-11900	1581	1	activity	activity	NOUN
cblr-11900	1581	2	-	-	PUNCT
cblr-11900	1581	3	based	base	VERB
cblr-11900	1581	4	limits	limit	NOUN
cblr-11900	1581	5	are	be	AUX
cblr-11900	1581	6	particularly	particularly	ADV
cblr-11900	1581	7	useful	useful	ADJ
cblr-11900	1581	8	for	for	ADP
cblr-11900	1581	9	securities	security	NOUN
cblr-11900	1581	10	dealing	deal	VERB
cblr-11900	1581	11	since	since	ADV
cblr-11900	1581	12	,	,	PUNCT
cblr-11900	1581	13	in	in	ADP
cblr-11900	1581	14	contrast	contrast	NOUN
cblr-11900	1581	15	to	to	ADP
cblr-11900	1581	16	somewhat	somewhat	ADV
cblr-11900	1581	17	slower	slow	ADV
cblr-11900	1581	18	-	-	PUNCT
cblr-11900	1581	19	moving	move	VERB
cblr-11900	1581	20	traditional	traditional	ADJ
cblr-11900	1581	21	banking	banking	NOUN
cblr-11900	1581	22	activities	activity	NOUN
cblr-11900	1581	23	like	like	ADP
cblr-11900	1581	24	consumer	consumer	NOUN
cblr-11900	1581	25	and	and	CCONJ
cblr-11900	1581	26	commercial	commercial	ADJ
cblr-11900	1581	27	lending	lending	NOUN
cblr-11900	1581	28	,	,	PUNCT
cblr-11900	1581	29	dealer	dealer	NOUN
cblr-11900	1581	30	utilization	utilization	NOUN
cblr-11900	1581	31	of	of	ADP
cblr-11900	1581	32	balance	balance	NOUN
cblr-11900	1581	33	sheet	sheet	NOUN
cblr-11900	1581	34	can	can	AUX
cblr-11900	1581	35	be	be	AUX
cblr-11900	1581	36	very	very	ADV
cblr-11900	1581	37	dynamic	dynamic	ADJ
cblr-11900	1581	38	and	and	CCONJ
cblr-11900	1581	39	volatile	volatile	ADJ
cblr-11900	1581	40	over	over	ADP
cblr-11900	1581	41	short	short	ADJ
cblr-11900	1581	42	timescales	timescale	NOUN
cblr-11900	1581	43	.	.	PUNCT
cblr-11900	1582	1	but	but	CCONJ
cblr-11900	1582	2	when	when	SCONJ
cblr-11900	1582	3	those	those	DET
cblr-11900	1582	4	limits	limit	NOUN
cblr-11900	1582	5	are	be	AUX
cblr-11900	1582	6	based	base	VERB
cblr-11900	1582	7	on	on	ADP
cblr-11900	1582	8	size	size	NOUN
cblr-11900	1582	9	and	and	CCONJ
cblr-11900	1582	10	not	not	PART
cblr-11900	1582	11	risk	risk	NOUN
cblr-11900	1582	12	(	(	PUNCT
cblr-11900	1582	13	credit	credit	NOUN
cblr-11900	1582	14	or	or	CCONJ
cblr-11900	1582	15	otherwise	otherwise	ADV
cblr-11900	1582	16	)	)	PUNCT
cblr-11900	1582	17	,	,	PUNCT
cblr-11900	1582	18	the	the	DET
cblr-11900	1582	19	allocation	allocation	NOUN
cblr-11900	1582	20	process	process	NOUN
cblr-11900	1582	21	for	for	ADP
cblr-11900	1582	22	some	some	DET
cblr-11900	1582	23	activities	activity	NOUN
cblr-11900	1582	24	turns	turn	VERB
cblr-11900	1582	25	into	into	ADP
cblr-11900	1582	26	a	a	DET
cblr-11900	1582	27	zero	zero	NUM
cblr-11900	1582	28	-	-	PUNCT
cblr-11900	1582	29	sum	sum	NOUN
cblr-11900	1582	30	game	game	NOUN
cblr-11900	1582	31	played	play	VERB
cblr-11900	1582	32	by	by	ADP
cblr-11900	1582	33	a	a	DET
cblr-11900	1582	34	wide	wide	ADJ
cblr-11900	1582	35	range	range	NOUN
cblr-11900	1582	36	of	of	ADP
cblr-11900	1582	37	market	market	NOUN
cblr-11900	1582	38	makers	maker	NOUN
cblr-11900	1582	39	.	.	PUNCT
cblr-11900	1583	1	when	when	SCONJ
cblr-11900	1583	2	this	this	DET
cblr-11900	1583	3	kind	kind	NOUN
cblr-11900	1583	4	of	of	ADP
cblr-11900	1583	5	internal	internal	ADJ
cblr-11900	1583	6	competition	competition	NOUN
cblr-11900	1583	7	drives	drive	VERB
cblr-11900	1583	8	decision	decision	NOUN
cblr-11900	1583	9	making	making	NOUN
cblr-11900	1583	10	,	,	PUNCT
cblr-11900	1583	11	significant	significant	ADJ
cblr-11900	1583	12	frictions	friction	NOUN
cblr-11900	1583	13	can	can	AUX
cblr-11900	1583	14	arise	arise	VERB
cblr-11900	1583	15	in	in	ADP
cblr-11900	1583	16	the	the	DET
cblr-11900	1583	17	process	process	NOUN
cblr-11900	1583	18	of	of	ADP
cblr-11900	1583	19	determining	determine	VERB
cblr-11900	1583	20	local	local	ADJ
cblr-11900	1583	21	allocations	allocation	NOUN
cblr-11900	1583	22	—	—	PUNCT
cblr-11900	1583	23	particularly	particularly	ADV
cblr-11900	1583	24	during	during	ADP
cblr-11900	1583	25	periods	period	NOUN
cblr-11900	1583	26	of	of	ADP
cblr-11900	1583	27	heightened	heightened	ADJ
cblr-11900	1583	28	volatility	volatility	NOUN
cblr-11900	1583	29	and	and	CCONJ
cblr-11900	1583	30	uncertainty	uncertainty	NOUN
cblr-11900	1583	31	.	.	PUNCT
cblr-11900	1584	1	thus	thus	ADV
cblr-11900	1584	2	,	,	PUNCT
cblr-11900	1584	3	even	even	ADV
cblr-11900	1584	4	if	if	SCONJ
cblr-11900	1584	5	,	,	PUNCT
cblr-11900	1584	6	at	at	ADP
cblr-11900	1584	7	the	the	DET
cblr-11900	1584	8	holding	hold	VERB
cblr-11900	1584	9	company	company	NOUN
cblr-11900	1584	10	level	level	NOUN
cblr-11900	1584	11	,	,	PUNCT
cblr-11900	1584	12	leverage	leverage	NOUN
cblr-11900	1584	13	is	be	AUX
cblr-11900	1584	14	not	not	PART
cblr-11900	1584	15	a	a	DET
cblr-11900	1584	16	binding	bind	VERB
cblr-11900	1584	17	constraint	constraint	NOUN
cblr-11900	1584	18	,	,	PUNCT
cblr-11900	1584	19	it	it	PRON
cblr-11900	1584	20	can	can	AUX
cblr-11900	1584	21	be	be	AUX
cblr-11900	1584	22	functionally	functionally	ADV
cblr-11900	1584	23	binding	bind	VERB
cblr-11900	1584	24	for	for	ADP
cblr-11900	1584	25	specific	specific	ADJ
cblr-11900	1584	26	subunits	subunit	NOUN
cblr-11900	1584	27	of	of	ADP
cblr-11900	1584	28	the	the	DET
cblr-11900	1584	29	organization	organization	NOUN
cblr-11900	1584	30	.	.	PUNCT
cblr-11900	1585	1	that	that	DET
cblr-11900	1585	2	risk	risk	NOUN
cblr-11900	1585	3	is	be	AUX
cblr-11900	1585	4	most	most	ADV
cblr-11900	1585	5	acute	acute	ADJ
cblr-11900	1585	6	in	in	ADP
cblr-11900	1585	7	businesses	business	NOUN
cblr-11900	1585	8	that	that	PRON
cblr-11900	1585	9	utilize	utilize	VERB
cblr-11900	1585	10	more	more	ADJ
cblr-11900	1585	11	leverage	leverage	NOUN
cblr-11900	1585	12	per	per	ADP
cblr-11900	1585	13	unit	unit	NOUN
cblr-11900	1585	14	revenue	revenue	NOUN
cblr-11900	1585	15	,	,	PUNCT
cblr-11900	1585	16	such	such	ADJ
cblr-11900	1585	17	as	as	ADP
cblr-11900	1585	18	intermediating	intermediate	VERB
cblr-11900	1585	19	treasuries	treasury	NOUN
cblr-11900	1585	20	and	and	CCONJ
cblr-11900	1585	21	treasury	treasury	NOUN
cblr-11900	1585	22	repo.352	repo.352	VERB
cblr-11900	1585	23	the	the	DET
cblr-11900	1585	24	capital	capital	NOUN
cblr-11900	1585	25	surcharge	surcharge	NOUN
cblr-11900	1585	26	applied	apply	VERB
cblr-11900	1585	27	to	to	ADP
cblr-11900	1585	28	g	g	NOUN
cblr-11900	1585	29	-	-	PUNCT
cblr-11900	1585	30	sibs	sib	NOUN
cblr-11900	1585	31	was	be	AUX
cblr-11900	1585	32	another	another	DET
cblr-11900	1585	33	means	mean	NOUN
cblr-11900	1585	34	by	by	ADP
cblr-11900	1585	35	which	which	PRON
cblr-11900	1585	36	additional	additional	ADJ
cblr-11900	1585	37	capital	capital	NOUN
cblr-11900	1585	38	was	be	AUX
cblr-11900	1585	39	required	require	VERB
cblr-11900	1585	40	to	to	PART
cblr-11900	1585	41	support	support	VERB
cblr-11900	1585	42	what	what	PRON
cblr-11900	1585	43	would	would	AUX
cblr-11900	1585	44	previously	previously	ADV
cblr-11900	1585	45	be	be	AUX
cblr-11900	1585	46	considered	consider	VERB
cblr-11900	1585	47	riskless	riskless	NOUN
cblr-11900	1585	48	activities	activity	NOUN
cblr-11900	1585	49	(	(	PUNCT
cblr-11900	1585	50	at	at	ADP
cblr-11900	1585	51	least	least	ADJ
cblr-11900	1585	52	from	from	ADP
cblr-11900	1585	53	a	a	DET
cblr-11900	1585	54	credit	credit	NOUN
cblr-11900	1585	55	perspective).353	perspective).353	NOUN
cblr-11900	1585	56	this	this	DET
cblr-11900	1585	57	regulation	regulation	NOUN
cblr-11900	1585	58	was	be	AUX
cblr-11900	1585	59	designed	design	VERB
cblr-11900	1585	60	to	to	PART
cblr-11900	1585	61	ensure	ensure	VERB
cblr-11900	1585	62	that	that	SCONJ
cblr-11900	1585	63	the	the	DET
cblr-11900	1585	64	largest	large	ADJ
cblr-11900	1585	65	institutions354	institutions354	PROPN
cblr-11900	1585	66	were	be	AUX
cblr-11900	1585	67	352	352	NUM
cblr-11900	1585	68	bloomberg	bloomberg	NOUN
cblr-11900	1585	69	:	:	PUNCT
cblr-11900	1585	70	odd	odd	ADJ
cblr-11900	1585	71	lots	lot	NOUN
cblr-11900	1585	72	,	,	PUNCT
cblr-11900	1585	73	josh	josh	PROPN
cblr-11900	1585	74	younger	young	ADJ
cblr-11900	1585	75	on	on	ADP
cblr-11900	1585	76	the	the	DET
cblr-11900	1585	77	bond	bond	NOUN
cblr-11900	1585	78	market	market	NOUN
cblr-11900	1585	79	’s	’s	PART
cblr-11900	1585	80	recent	recent	ADJ
cblr-11900	1585	81	volatility	volatility	NOUN
cblr-11900	1585	82	,	,	PUNCT
cblr-11900	1585	83	bloomberg	bloomberg	PROPN
cblr-11900	1585	84	(	(	PUNCT
cblr-11900	1585	85	jul	jul	PROPN
cblr-11900	1585	86	.	.	PROPN
cblr-11900	1585	87	8	8	NUM
cblr-11900	1585	88	,	,	PUNCT
cblr-11900	1585	89	2022	2022	NUM
cblr-11900	1585	90	)	)	PUNCT
cblr-11900	1585	91	,	,	PUNCT
cblr-11900	1585	92	https://www.bloomberg.com/news/audio/2022-07-08/josh-younger-on-thebond-market-s-recent-volatility-podcast	https://www.bloomberg.com/news/audio/2022-07-08/josh-younger-on-thebond-market-s-recent-volatility-podcast	X
cblr-11900	1585	93	[	[	X
cblr-11900	1585	94	https://perma.cc/q798-eq3p	https://perma.cc/q798-eq3p	X
cblr-11900	1585	95	]	]	X
cblr-11900	1585	96	.	.	PUNCT
cblr-11900	1586	1	353	353	NUM
cblr-11900	1586	2	dealing	deal	VERB
cblr-11900	1586	3	in	in	ADP
cblr-11900	1586	4	treasury	treasury	PROPN
cblr-11900	1586	5	securities	security	NOUN
cblr-11900	1586	6	is	be	AUX
cblr-11900	1586	7	,	,	PUNCT
cblr-11900	1586	8	of	of	ADP
cblr-11900	1586	9	course	course	NOUN
cblr-11900	1586	10	,	,	PUNCT
cblr-11900	1586	11	exposed	expose	VERB
cblr-11900	1586	12	to	to	ADP
cblr-11900	1586	13	other	other	ADJ
cblr-11900	1586	14	types	type	NOUN
cblr-11900	1586	15	of	of	ADP
cblr-11900	1586	16	risk	risk	NOUN
cblr-11900	1586	17	besides	besides	SCONJ
cblr-11900	1586	18	the	the	DET
cblr-11900	1586	19	creditworthiness	creditworthiness	NOUN
cblr-11900	1586	20	of	of	ADP
cblr-11900	1586	21	the	the	DET
cblr-11900	1586	22	assets	asset	NOUN
cblr-11900	1586	23	.	.	PUNCT
cblr-11900	1587	1	market	market	NOUN
cblr-11900	1587	2	risk	risk	NOUN
cblr-11900	1587	3	refers	refer	VERB
cblr-11900	1587	4	to	to	ADP
cblr-11900	1587	5	changes	change	NOUN
cblr-11900	1587	6	in	in	ADP
cblr-11900	1587	7	price	price	NOUN
cblr-11900	1587	8	attributable	attributable	ADJ
cblr-11900	1587	9	to	to	ADP
cblr-11900	1587	10	changes	change	NOUN
cblr-11900	1587	11	in	in	ADP
cblr-11900	1587	12	market	market	NOUN
cblr-11900	1587	13	interest	interest	NOUN
cblr-11900	1587	14	rates	rate	NOUN
cblr-11900	1587	15	,	,	PUNCT
cblr-11900	1587	16	and	and	CCONJ
cblr-11900	1587	17	liquidity	liquidity	NOUN
cblr-11900	1587	18	risk	risk	NOUN
cblr-11900	1587	19	reflects	reflect	VERB
cblr-11900	1587	20	the	the	DET
cblr-11900	1587	21	potential	potential	NOUN
cblr-11900	1587	22	for	for	ADP
cblr-11900	1587	23	forced	force	VERB
cblr-11900	1587	24	sales	sale	NOUN
cblr-11900	1587	25	in	in	ADP
cblr-11900	1587	26	the	the	DET
cblr-11900	1587	27	event	event	NOUN
cblr-11900	1587	28	inventories	inventory	NOUN
cblr-11900	1587	29	can	can	AUX
cblr-11900	1587	30	not	not	PART
cblr-11900	1587	31	be	be	AUX
cblr-11900	1587	32	financed	finance	VERB
cblr-11900	1587	33	at	at	ADP
cblr-11900	1587	34	a	a	DET
cblr-11900	1587	35	rate	rate	NOUN
cblr-11900	1587	36	consistent	consistent	ADJ
cblr-11900	1587	37	with	with	ADP
cblr-11900	1587	38	profitability	profitability	NOUN
cblr-11900	1587	39	.	.	PUNCT
cblr-11900	1588	1	354	354	NUM
cblr-11900	1588	2	the	the	DET
cblr-11900	1588	3	definitive	definitive	ADJ
cblr-11900	1588	4	list	list	NOUN
cblr-11900	1588	5	of	of	ADP
cblr-11900	1588	6	g	g	NOUN
cblr-11900	1588	7	-	-	PUNCT
cblr-11900	1588	8	sibs	sib	NOUN
cblr-11900	1588	9	is	be	AUX
cblr-11900	1588	10	published	publish	VERB
cblr-11900	1588	11	annually	annually	ADV
cblr-11900	1588	12	by	by	ADP
cblr-11900	1588	13	the	the	DET
cblr-11900	1588	14	financial	financial	ADJ
cblr-11900	1588	15	stability	stability	PROPN
cblr-11900	1588	16	board	board	PROPN
cblr-11900	1588	17	.	.	PUNCT
cblr-11900	1589	1	see	see	VERB
cblr-11900	1589	2	,	,	PUNCT
cblr-11900	1589	3	e.g.	e.g.	ADV
cblr-11900	1589	4	,	,	PUNCT
cblr-11900	1589	5	2021	2021	NUM
cblr-11900	1589	6	list	list	NOUN
cblr-11900	1589	7	of	of	ADP
cblr-11900	1589	8	global	global	ADJ
cblr-11900	1589	9	systemically	systemically	ADV
cblr-11900	1589	10	important	important	ADJ
cblr-11900	1589	11	banks	bank	NOUN
cblr-11900	1589	12	,	,	PUNCT
cblr-11900	1589	13	fin	fin	NOUN
cblr-11900	1589	14	.	.	PUNCT
cblr-11900	1590	1	stability	stability	PROPN
cblr-11900	1590	2	bd	bd	PROPN
cblr-11900	1590	3	.	.	PROPN
cblr-11900	1590	4	(	(	PUNCT
cblr-11900	1590	5	2021	2021	NUM
cblr-11900	1590	6	)	)	PUNCT
cblr-11900	1590	7	,	,	PUNCT
cblr-11900	1590	8	https://www.fsb.org/wpcontent/uploads/p231121.pdf	https://www.fsb.org/wpcontent/uploads/p231121.pdf	PROPN
cblr-11900	1591	1	[	[	X
cblr-11900	1591	2	https://perma.cc/839e-4tnn	https://perma.cc/839e-4tnn	X
cblr-11900	1591	3	]	]	X
cblr-11900	1591	4	.	.	PUNCT
cblr-11900	1592	1	for	for	ADP
cblr-11900	1592	2	a	a	DET
cblr-11900	1592	3	description	description	NOUN
cblr-11900	1592	4	of	of	ADP
cblr-11900	1592	5	the	the	DET
cblr-11900	1592	6	assessment	assessment	NOUN
cblr-11900	1592	7	methodology	methodology	NOUN
cblr-11900	1592	8	,	,	PUNCT
cblr-11900	1592	9	see	see	VERB
cblr-11900	1592	10	basel	basel	PROPN
cblr-11900	1592	11	comm	comm	NOUN
cblr-11900	1592	12	.	.	PUNCT
cblr-11900	1593	1	on	on	ADP
cblr-11900	1593	2	banking	banking	NOUN
cblr-11900	1593	3	supervision	supervision	NOUN
cblr-11900	1593	4	,	,	PUNCT
cblr-11900	1593	5	global	global	ADJ
cblr-11900	1593	6	systemically	systemically	ADV
cblr-11900	1593	7	important	important	ADJ
cblr-11900	1593	8	banks	bank	NOUN
cblr-11900	1593	9	:	:	PUNCT
cblr-11900	1593	10	assessment	assessment	NOUN
cblr-11900	1593	11	no	no	INTJ
cblr-11900	1593	12	.	.	NOUN
cblr-11900	1593	13	1	1	NUM
cblr-11900	1593	14	]	]	ADJ
cblr-11900	1593	15	money	money	NOUN
cblr-11900	1593	16	and	and	CCONJ
cblr-11900	1593	17	the	the	DET
cblr-11900	1593	18	public	public	ADJ
cblr-11900	1593	19	debt	debt	NOUN
cblr-11900	1593	20	309	309	NUM
cblr-11900	1593	21	holding	hold	VERB
cblr-11900	1593	22	additional	additional	ADJ
cblr-11900	1593	23	loss	loss	NOUN
cblr-11900	1593	24	absorbing	absorb	VERB
cblr-11900	1593	25	capacity	capacity	NOUN
cblr-11900	1593	26	in	in	ADP
cblr-11900	1593	27	proportion	proportion	NOUN
cblr-11900	1593	28	to	to	ADP
cblr-11900	1593	29	their	their	PRON
cblr-11900	1593	30	overall	overall	ADJ
cblr-11900	1593	31	systemic	systemic	ADJ
cblr-11900	1593	32	importance.355	importance.355	PROPN
cblr-11900	1593	33	this	this	PRON
cblr-11900	1593	34	was	be	AUX
cblr-11900	1593	35	implemented	implement	VERB
cblr-11900	1593	36	by	by	ADP
cblr-11900	1593	37	means	mean	NOUN
cblr-11900	1593	38	of	of	ADP
cblr-11900	1593	39	an	an	DET
cblr-11900	1593	40	additional	additional	ADJ
cblr-11900	1593	41	buffer	buffer	NOUN
cblr-11900	1593	42	on	on	ADP
cblr-11900	1593	43	top	top	NOUN
cblr-11900	1593	44	of	of	ADP
cblr-11900	1593	45	minimum	minimum	NOUN
cblr-11900	1593	46	riskbased	riskbase	VERB
cblr-11900	1593	47	capital	capital	NOUN
cblr-11900	1593	48	requirements	requirement	NOUN
cblr-11900	1593	49	tailored	tailor	VERB
cblr-11900	1593	50	to	to	ADP
cblr-11900	1593	51	each	each	DET
cblr-11900	1593	52	in	in	ADP
cblr-11900	1593	53	-	-	PUNCT
cblr-11900	1593	54	scope	scope	NOUN
cblr-11900	1593	55	institution	institution	NOUN
cblr-11900	1593	56	using	use	VERB
cblr-11900	1593	57	quantitative	quantitative	ADJ
cblr-11900	1593	58	scores	score	NOUN
cblr-11900	1593	59	along	along	ADP
cblr-11900	1593	60	several	several	ADJ
cblr-11900	1593	61	dimensions	dimension	NOUN
cblr-11900	1593	62	.	.	PUNCT
cblr-11900	1594	1	in	in	ADP
cblr-11900	1594	2	the	the	DET
cblr-11900	1594	3	u.s	u.s	PROPN
cblr-11900	1594	4	.	.	PROPN
cblr-11900	1594	5	specifically	specifically	ADV
cblr-11900	1594	6	,	,	PUNCT
cblr-11900	1594	7	this	this	PRON
cblr-11900	1594	8	was	be	AUX
cblr-11900	1594	9	implemented	implement	VERB
cblr-11900	1594	10	using	use	VERB
cblr-11900	1594	11	measures	measure	NOUN
cblr-11900	1594	12	of	of	ADP
cblr-11900	1594	13	size	size	NOUN
cblr-11900	1594	14	,	,	PUNCT
cblr-11900	1594	15	interconnectedness	interconnectedness	NOUN
cblr-11900	1594	16	,	,	PUNCT
cblr-11900	1594	17	complexity	complexity	NOUN
cblr-11900	1594	18	,	,	PUNCT
cblr-11900	1594	19	crossjurisdictional	crossjurisdictional	ADJ
cblr-11900	1594	20	activity	activity	NOUN
cblr-11900	1594	21	,	,	PUNCT
cblr-11900	1594	22	and	and	CCONJ
cblr-11900	1594	23	reliance	reliance	NOUN
cblr-11900	1594	24	on	on	ADP
cblr-11900	1594	25	short	short	ADJ
cblr-11900	1594	26	-	-	PUNCT
cblr-11900	1594	27	term	term	NOUN
cblr-11900	1594	28	wholesale	wholesale	NOUN
cblr-11900	1594	29	funding.356	funding.356	VERB
cblr-11900	1594	30	treasury	treasury	PROPN
cblr-11900	1594	31	and	and	CCONJ
cblr-11900	1594	32	repo	repo	ADP
cblr-11900	1594	33	intermediation	intermediation	NOUN
cblr-11900	1594	34	contribute	contribute	VERB
cblr-11900	1594	35	to	to	ADP
cblr-11900	1594	36	several	several	ADJ
cblr-11900	1594	37	of	of	ADP
cblr-11900	1594	38	those	those	DET
cblr-11900	1594	39	categories	category	NOUN
cblr-11900	1594	40	.	.	PUNCT
cblr-11900	1595	1	in	in	ADP
cblr-11900	1595	2	that	that	DET
cblr-11900	1595	3	sense	sense	NOUN
cblr-11900	1595	4	,	,	PUNCT
cblr-11900	1595	5	increasing	increase	VERB
cblr-11900	1595	6	intermediation	intermediation	NOUN
cblr-11900	1595	7	capacity	capacity	NOUN
cblr-11900	1595	8	in	in	ADP
cblr-11900	1595	9	those	those	DET
cblr-11900	1595	10	products	product	NOUN
cblr-11900	1595	11	not	not	PART
cblr-11900	1595	12	only	only	ADV
cblr-11900	1595	13	added	add	VERB
cblr-11900	1595	14	riskweighted	riskweighte	VERB
cblr-11900	1595	15	assets	asset	NOUN
cblr-11900	1595	16	(	(	PUNCT
cblr-11900	1595	17	rwa	rwa	PROPN
cblr-11900	1595	18	)	)	PUNCT
cblr-11900	1595	19	through	through	ADP
cblr-11900	1595	20	synthetic	synthetic	ADJ
cblr-11900	1595	21	assets	asset	NOUN
cblr-11900	1595	22	designed	design	VERB
cblr-11900	1595	23	to	to	PART
cblr-11900	1595	24	capture	capture	VERB
cblr-11900	1595	25	the	the	DET
cblr-11900	1595	26	market	market	NOUN
cblr-11900	1595	27	risk	risk	NOUN
cblr-11900	1595	28	associated	associate	VERB
cblr-11900	1595	29	with	with	ADP
cblr-11900	1595	30	those	those	DET
cblr-11900	1595	31	activities	activity	NOUN
cblr-11900	1595	32	,	,	PUNCT
cblr-11900	1595	33	but	but	CCONJ
cblr-11900	1595	34	also	also	ADV
cblr-11900	1595	35	the	the	DET
cblr-11900	1595	36	minimum	minimum	ADJ
cblr-11900	1595	37	capital	capital	NOUN
cblr-11900	1595	38	ratio	ratio	NOUN
cblr-11900	1595	39	a	a	DET
cblr-11900	1595	40	g	g	NOUN
cblr-11900	1595	41	-	-	PUNCT
cblr-11900	1595	42	sib	sib	NOUN
cblr-11900	1595	43	must	must	AUX
cblr-11900	1595	44	maintain	maintain	VERB
cblr-11900	1595	45	against	against	ADP
cblr-11900	1595	46	that	that	DET
cblr-11900	1595	47	denominator	denominator	NOUN
cblr-11900	1595	48	.	.	PUNCT
cblr-11900	1596	1	b.	b.	PROPN
cblr-11900	1597	1	the	the	DET
cblr-11900	1597	2	emergence	emergence	NOUN
cblr-11900	1597	3	of	of	ADP
cblr-11900	1597	4	shadow	shadow	NOUN
cblr-11900	1597	5	dealers	dealer	NOUN
cblr-11900	1597	6	the	the	DET
cblr-11900	1597	7	true	true	ADJ
cblr-11900	1597	8	impact	impact	NOUN
cblr-11900	1597	9	of	of	ADP
cblr-11900	1597	10	leverage	leverage	NOUN
cblr-11900	1597	11	and	and	CCONJ
cblr-11900	1597	12	g	g	NOUN
cblr-11900	1597	13	-	-	PUNCT
cblr-11900	1597	14	sib	sib	NOUN
cblr-11900	1597	15	constraints	constraint	NOUN
cblr-11900	1597	16	on	on	ADP
cblr-11900	1597	17	treasury	treasury	NOUN
cblr-11900	1597	18	dealing	dealing	NOUN
cblr-11900	1597	19	is	be	AUX
cblr-11900	1597	20	still	still	ADV
cblr-11900	1597	21	the	the	DET
cblr-11900	1597	22	subject	subject	NOUN
cblr-11900	1597	23	of	of	ADP
cblr-11900	1597	24	considerable	considerable	ADJ
cblr-11900	1597	25	debate	debate	NOUN
cblr-11900	1597	26	.	.	PUNCT
cblr-11900	1598	1	but	but	CCONJ
cblr-11900	1598	2	the	the	DET
cblr-11900	1598	3	proof	proof	NOUN
cblr-11900	1598	4	is	be	AUX
cblr-11900	1598	5	arguably	arguably	ADV
cblr-11900	1598	6	in	in	ADP
cblr-11900	1598	7	the	the	DET
cblr-11900	1598	8	pudding	pudding	NOUN
cblr-11900	1598	9	.	.	PUNCT
cblr-11900	1599	1	before	before	SCONJ
cblr-11900	1599	2	the	the	DET
cblr-11900	1599	3	ink	ink	NOUN
cblr-11900	1599	4	was	be	AUX
cblr-11900	1599	5	dry	dry	ADJ
cblr-11900	1599	6	on	on	ADP
cblr-11900	1599	7	the	the	DET
cblr-11900	1599	8	phase	phase	NOUN
cblr-11900	1599	9	-	-	PUNCT
cblr-11900	1599	10	in	in	NOUN
cblr-11900	1599	11	of	of	ADP
cblr-11900	1599	12	these	these	DET
cblr-11900	1599	13	rules	rule	NOUN
cblr-11900	1599	14	,	,	PUNCT
cblr-11900	1599	15	the	the	DET
cblr-11900	1599	16	market	market	NOUN
cblr-11900	1599	17	was	be	AUX
cblr-11900	1599	18	primed	prime	VERB
cblr-11900	1599	19	to	to	PART
cblr-11900	1599	20	test	test	VERB
cblr-11900	1599	21	their	their	PRON
cblr-11900	1599	22	impact	impact	NOUN
cblr-11900	1599	23	.	.	PUNCT
cblr-11900	1600	1	in	in	ADP
cblr-11900	1600	2	2016	2016	NUM
cblr-11900	1600	3	,	,	PUNCT
cblr-11900	1600	4	fiscal	fiscal	ADJ
cblr-11900	1600	5	policy	policy	NOUN
cblr-11900	1600	6	was	be	AUX
cblr-11900	1600	7	also	also	ADV
cblr-11900	1600	8	turning	turn	VERB
cblr-11900	1600	9	the	the	DET
cblr-11900	1600	10	corner	corner	NOUN
cblr-11900	1600	11	.	.	PUNCT
cblr-11900	1601	1	after	after	ADP
cblr-11900	1601	2	a	a	DET
cblr-11900	1601	3	post	post	ADJ
cblr-11900	1601	4	-	-	ADJ
cblr-11900	1601	5	war	war	ADJ
cblr-11900	1601	6	record	record	NOUN
cblr-11900	1601	7	9.8	9.8	NUM
cblr-11900	1601	8	%	%	NOUN
cblr-11900	1601	9	of	of	ADP
cblr-11900	1601	10	gdp	gdp	NOUN
cblr-11900	1601	11	in	in	ADP
cblr-11900	1601	12	2009	2009	NUM
cblr-11900	1601	13	,	,	PUNCT
cblr-11900	1601	14	deficits	deficit	NOUN
cblr-11900	1601	15	narrowed	narrow	VERB
cblr-11900	1601	16	consistently	consistently	ADV
cblr-11900	1601	17	to	to	ADP
cblr-11900	1601	18	2.4	2.4	NUM
cblr-11900	1601	19	%	%	NOUN
cblr-11900	1601	20	of	of	ADP
cblr-11900	1601	21	gdp	gdp	NOUN
cblr-11900	1601	22	in	in	ADP
cblr-11900	1601	23	2015,357	2015,357	NUM
cblr-11900	1601	24	but	but	CCONJ
cblr-11900	1601	25	then	then	ADV
cblr-11900	1601	26	the	the	DET
cblr-11900	1601	27	trump	trump	NOUN
cblr-11900	1601	28	administration	administration	NOUN
cblr-11900	1601	29	embarked	embark	VERB
cblr-11900	1601	30	on	on	ADP
cblr-11900	1601	31	a	a	DET
cblr-11900	1601	32	series	series	NOUN
cblr-11900	1601	33	of	of	ADP
cblr-11900	1601	34	tax	tax	NOUN
cblr-11900	1601	35	cuts	cut	NOUN
cblr-11900	1601	36	and	and	CCONJ
cblr-11900	1601	37	spending	spending	NOUN
cblr-11900	1601	38	increases	increase	NOUN
cblr-11900	1601	39	.	.	PUNCT
cblr-11900	1602	1	those	those	DET
cblr-11900	1602	2	policies	policy	NOUN
cblr-11900	1602	3	grew	grow	VERB
cblr-11900	1602	4	federal	federal	ADJ
cblr-11900	1602	5	outlays	outlay	NOUN
cblr-11900	1602	6	by	by	ADP
cblr-11900	1602	7	methodology	methodology	NOUN
cblr-11900	1602	8	and	and	CCONJ
cblr-11900	1602	9	the	the	DET
cblr-11900	1602	10	additional	additional	ADJ
cblr-11900	1602	11	loss	loss	NOUN
cblr-11900	1602	12	absorbency	absorbency	NOUN
cblr-11900	1602	13	requirement	requirement	NOUN
cblr-11900	1602	14	(	(	PUNCT
cblr-11900	1602	15	2011	2011	NUM
cblr-11900	1602	16	)	)	PUNCT
cblr-11900	1602	17	,	,	PUNCT
cblr-11900	1602	18	https://www.bis.org/publ/bcbs207.htm	https://www.bis.org/publ/bcbs207.htm	X
cblr-11900	1603	1	[	[	X
cblr-11900	1603	2	https://perma.cc/ezm3-5wvj	https://perma.cc/ezm3-5wvj	PROPN
cblr-11900	1603	3	]	]	PUNCT
cblr-11900	1603	4	.	.	PROPN
cblr-11900	1603	5	355	355	NUM
cblr-11900	1603	6	basel	basel	PROPN
cblr-11900	1603	7	comm	comm	NOUN
cblr-11900	1603	8	.	.	PUNCT
cblr-11900	1604	1	on	on	ADP
cblr-11900	1604	2	banking	banking	NOUN
cblr-11900	1604	3	supervision	supervision	NOUN
cblr-11900	1604	4	,	,	PUNCT
cblr-11900	1604	5	the	the	DET
cblr-11900	1604	6	g	g	NOUN
cblr-11900	1604	7	-	-	PUNCT
cblr-11900	1604	8	sib	sib	NOUN
cblr-11900	1604	9	assessment	assessment	NOUN
cblr-11900	1604	10	methodology	methodology	NOUN
cblr-11900	1604	11	–	–	PUNCT
cblr-11900	1604	12	score	score	NOUN
cblr-11900	1604	13	calculation	calculation	NOUN
cblr-11900	1604	14	1	1	NUM
cblr-11900	1604	15	(	(	PUNCT
cblr-11900	1604	16	2014	2014	NUM
cblr-11900	1604	17	)	)	PUNCT
cblr-11900	1604	18	,	,	PUNCT
cblr-11900	1604	19	https://www.bis.org/bcbs/publ/d296.pdf	https://www.bis.org/bcbs/publ/d296.pdf	PUNCT
cblr-11900	1605	1	[	[	X
cblr-11900	1605	2	https://perma.cc/dan8-3afc	https://perma.cc/dan8-3afc	X
cblr-11900	1605	3	]	]	PUNCT
cblr-11900	1605	4	.	.	PUNCT
cblr-11900	1606	1	356	356	NUM
cblr-11900	1606	2	bd	bd	PROPN
cblr-11900	1606	3	.	.	PROPN
cblr-11900	1606	4	of	of	ADP
cblr-11900	1606	5	governors	governor	NOUN
cblr-11900	1606	6	of	of	ADP
cblr-11900	1606	7	the	the	DET
cblr-11900	1606	8	fed	fed	PROPN
cblr-11900	1606	9	.	.	PUNCT
cblr-11900	1606	10	rsrv	rsrv	PROPN
cblr-11900	1606	11	.	.	PUNCT
cblr-11900	1607	1	sys	sys	PROPN
cblr-11900	1607	2	.	.	PROPN
cblr-11900	1607	3	,	,	PUNCT
cblr-11900	1607	4	calibrating	calibrate	VERB
cblr-11900	1607	5	the	the	DET
cblr-11900	1607	6	gsib	gsib	NOUN
cblr-11900	1607	7	surcharge	surcharge	NOUN
cblr-11900	1607	8	(	(	PUNCT
cblr-11900	1607	9	2015	2015	NUM
cblr-11900	1607	10	)	)	PUNCT
cblr-11900	1607	11	,	,	PUNCT
cblr-11900	1607	12	https://www.federalreserve.gov/aboutthefed/boardmeetings/gsibmethodology-paper-20150720.pdf	https://www.federalreserve.gov/aboutthefed/boardmeetings/gsibmethodology-paper-20150720.pdf	PROPN
cblr-11900	1608	1	[	[	X
cblr-11900	1608	2	https://perma.cc/dan8-3afc	https://perma.cc/dan8-3afc	X
cblr-11900	1608	3	]	]	PUNCT
cblr-11900	1608	4	.	.	PUNCT
cblr-11900	1609	1	357	357	NUM
cblr-11900	1609	2	u.s	u.s	PROPN
cblr-11900	1609	3	.	.	PROPN
cblr-11900	1609	4	off	off	PROPN
cblr-11900	1609	5	.	.	PUNCT
cblr-11900	1609	6	of	of	ADP
cblr-11900	1609	7	mgmt	mgmt	PROPN
cblr-11900	1609	8	.	.	PUNCT
cblr-11900	1610	1	and	and	CCONJ
cblr-11900	1610	2	budget	budget	PROPN
cblr-11900	1610	3	,	,	PUNCT
cblr-11900	1610	4	federal	federal	ADJ
cblr-11900	1610	5	surplus	surplus	NOUN
cblr-11900	1610	6	of	of	ADP
cblr-11900	1610	7	deficit	deficit	NOUN
cblr-11900	1610	8	as	as	ADP
cblr-11900	1610	9	percent	percent	NOUN
cblr-11900	1610	10	of	of	ADP
cblr-11900	1610	11	gross	gross	ADJ
cblr-11900	1610	12	domestic	domestic	ADJ
cblr-11900	1610	13	product	product	NOUN
cblr-11900	1610	14	,	,	PUNCT
cblr-11900	1610	15	fed	fed	PROPN
cblr-11900	1610	16	.	.	PUNCT
cblr-11900	1610	17	rsrv	rsrv	PROPN
cblr-11900	1610	18	.	.	PUNCT
cblr-11900	1611	1	econ	econ	PROPN
cblr-11900	1611	2	.	.	PUNCT
cblr-11900	1611	3	data	data	PROPN
cblr-11900	1611	4	,	,	PUNCT
cblr-11900	1611	5	https://fred.stlouisfed.org/series/fyfsgda188s	https://fred.stlouisfed.org/series/fyfsgda188s	PROPN
cblr-11900	1611	6	[	[	X
cblr-11900	1611	7	https://perma.cc/sg7st7vs	https://perma.cc/sg7st7vs	X
cblr-11900	1611	8	]	]	X
cblr-11900	1611	9	(	(	PUNCT
cblr-11900	1611	10	last	last	ADJ
cblr-11900	1611	11	visited	visit	VERB
cblr-11900	1611	12	may	may	PROPN
cblr-11900	1611	13	23	23	NUM
cblr-11900	1611	14	,	,	PUNCT
cblr-11900	1611	15	2023	2023	NUM
cblr-11900	1611	16	)	)	PUNCT
cblr-11900	1611	17	.	.	PUNCT
cblr-11900	1612	1	310	310	NUM
cblr-11900	1612	2	columbia	columbia	PROPN
cblr-11900	1612	3	business	business	NOUN
cblr-11900	1612	4	law	law	PROPN
cblr-11900	1612	5	review	review	NOUN
cblr-11900	1612	6	[	[	X
cblr-11900	1612	7	vol	vol	NOUN
cblr-11900	1612	8	.	.	PUNCT
cblr-11900	1613	1	2023	2023	NUM
cblr-11900	1613	2	more	more	ADJ
cblr-11900	1613	3	than	than	ADP
cblr-11900	1613	4	20	20	NUM
cblr-11900	1613	5	%	%	NOUN
cblr-11900	1613	6	between	between	ADP
cblr-11900	1613	7	fiscal	fiscal	ADJ
cblr-11900	1613	8	years	year	NOUN
cblr-11900	1613	9	2016	2016	NUM
cblr-11900	1613	10	and	and	CCONJ
cblr-11900	1613	11	2019	2019	NUM
cblr-11900	1613	12	,	,	PUNCT
cblr-11900	1613	13	while	while	SCONJ
cblr-11900	1613	14	revenues	revenue	NOUN
cblr-11900	1613	15	grew	grow	VERB
cblr-11900	1613	16	less	less	ADJ
cblr-11900	1613	17	than	than	ADP
cblr-11900	1613	18	7%,358	7%,358	NOUN
cblr-11900	1613	19	pushing	push	VERB
cblr-11900	1613	20	the	the	DET
cblr-11900	1613	21	deficit	deficit	NOUN
cblr-11900	1613	22	to	to	ADP
cblr-11900	1613	23	4.6	4.6	NUM
cblr-11900	1613	24	%	%	NOUN
cblr-11900	1613	25	of	of	ADP
cblr-11900	1613	26	gdp	gdp	NOUN
cblr-11900	1613	27	—	—	PUNCT
cblr-11900	1613	28	unusual	unusual	ADJ
cblr-11900	1613	29	for	for	ADP
cblr-11900	1613	30	both	both	CCONJ
cblr-11900	1613	31	its	its	PRON
cblr-11900	1613	32	size	size	NOUN
cblr-11900	1613	33	and	and	CCONJ
cblr-11900	1613	34	the	the	DET
cblr-11900	1613	35	direction	direction	NOUN
cblr-11900	1613	36	of	of	ADP
cblr-11900	1613	37	travel	travel	NOUN
cblr-11900	1613	38	for	for	ADP
cblr-11900	1613	39	a	a	DET
cblr-11900	1613	40	peacetime	peacetime	ADJ
cblr-11900	1613	41	economic	economic	ADJ
cblr-11900	1613	42	expansion	expansion	NOUN
cblr-11900	1613	43	.	.	PUNCT
cblr-11900	1614	1	meanwhile	meanwhile	ADV
cblr-11900	1614	2	,	,	PUNCT
cblr-11900	1614	3	the	the	DET
cblr-11900	1614	4	fed	fed	PROPN
cblr-11900	1614	5	allowed	allow	VERB
cblr-11900	1614	6	its	its	PRON
cblr-11900	1614	7	treasury	treasury	NOUN
cblr-11900	1614	8	holdings	holding	NOUN
cblr-11900	1614	9	to	to	PART
cblr-11900	1614	10	run	run	VERB
cblr-11900	1614	11	off	off	ADP
cblr-11900	1614	12	,	,	PUNCT
cblr-11900	1614	13	which	which	PRON
cblr-11900	1614	14	effectively	effectively	ADV
cblr-11900	1614	15	returned	return	VERB
cblr-11900	1614	16	these	these	DET
cblr-11900	1614	17	securities	security	NOUN
cblr-11900	1614	18	to	to	ADP
cblr-11900	1614	19	private	private	ADJ
cblr-11900	1614	20	hands	hand	NOUN
cblr-11900	1614	21	—	—	PUNCT
cblr-11900	1614	22	quantitative	quantitative	ADJ
cblr-11900	1614	23	tightening359	tightening359	PROPN
cblr-11900	1614	24	(	(	PUNCT
cblr-11900	1614	25	qt	qt	NOUN
cblr-11900	1614	26	)	)	PUNCT
cblr-11900	1614	27	to	to	PART
cblr-11900	1614	28	unwind	unwind	VERB
cblr-11900	1614	29	several	several	ADJ
cblr-11900	1614	30	rounds	round	NOUN
cblr-11900	1614	31	of	of	ADP
cblr-11900	1614	32	quantitative	quantitative	ADJ
cblr-11900	1614	33	easing360	easing360	PROPN
cblr-11900	1614	34	(	(	PUNCT
cblr-11900	1614	35	qe	qe	PROPN
cblr-11900	1614	36	)	)	PUNCT
cblr-11900	1614	37	undertaken	undertake	VERB
cblr-11900	1614	38	in	in	ADP
cblr-11900	1614	39	the	the	DET
cblr-11900	1614	40	wake	wake	NOUN
cblr-11900	1614	41	of	of	ADP
cblr-11900	1614	42	the	the	DET
cblr-11900	1614	43	gfc	gfc	NOUN
cblr-11900	1614	44	.	.	PUNCT
cblr-11900	1615	1	reflecting	reflect	VERB
cblr-11900	1615	2	this	this	PRON
cblr-11900	1615	3	,	,	PUNCT
cblr-11900	1615	4	the	the	DET
cblr-11900	1615	5	privately	privately	ADV
cblr-11900	1615	6	-	-	PUNCT
cblr-11900	1615	7	owned	own	VERB
cblr-11900	1615	8	segment	segment	NOUN
cblr-11900	1615	9	of	of	ADP
cblr-11900	1615	10	marketable	marketable	ADJ
cblr-11900	1615	11	treasury	treasury	NOUN
cblr-11900	1615	12	debt	debt	NOUN
cblr-11900	1615	13	grew	grow	VERB
cblr-11900	1615	14	more	more	ADJ
cblr-11900	1615	15	than	than	ADP
cblr-11900	1615	16	$	$	SYM
cblr-11900	1615	17	2.7	2.7	NUM
cblr-11900	1615	18	trillion	trillion	NUM
cblr-11900	1615	19	(	(	PUNCT
cblr-11900	1615	20	20	20	NUM
cblr-11900	1615	21	%	%	NOUN
cblr-11900	1615	22	)	)	PUNCT
cblr-11900	1615	23	from	from	ADP
cblr-11900	1615	24	2017	2017	NUM
cblr-11900	1615	25	to	to	ADP
cblr-11900	1615	26	2019	2019	NUM
cblr-11900	1615	27	.	.	PUNCT
cblr-11900	1616	1	so	so	ADV
cblr-11900	1616	2	,	,	PUNCT
cblr-11900	1616	3	at	at	ADP
cblr-11900	1616	4	the	the	DET
cblr-11900	1616	5	same	same	ADJ
cblr-11900	1616	6	time	time	NOUN
cblr-11900	1616	7	as	as	SCONJ
cblr-11900	1616	8	the	the	DET
cblr-11900	1616	9	supply	supply	NOUN
cblr-11900	1616	10	of	of	ADP
cblr-11900	1616	11	treasury	treasury	PROPN
cblr-11900	1616	12	securities	security	NOUN
cblr-11900	1616	13	increased	increase	VERB
cblr-11900	1616	14	,	,	PUNCT
cblr-11900	1616	15	banking	banking	NOUN
cblr-11900	1616	16	regulations	regulation	NOUN
cblr-11900	1616	17	constrained	constrain	VERB
cblr-11900	1616	18	demand	demand	NOUN
cblr-11900	1616	19	from	from	ADP
cblr-11900	1616	20	u.s	u.s	PROPN
cblr-11900	1616	21	.	.	PROPN
cblr-11900	1616	22	gsibs	gsibs	PROPN
cblr-11900	1616	23	and	and	CCONJ
cblr-11900	1616	24	their	their	PRON
cblr-11900	1616	25	government	government	NOUN
cblr-11900	1616	26	securities	security	NOUN
cblr-11900	1616	27	dealing	deal	VERB
cblr-11900	1616	28	desks	desk	NOUN
cblr-11900	1616	29	.	.	PUNCT
cblr-11900	1617	1	the	the	DET
cblr-11900	1617	2	headwinds	headwind	NOUN
cblr-11900	1617	3	facing	face	VERB
cblr-11900	1617	4	bank	bank	NOUN
cblr-11900	1617	5	-	-	PUNCT
cblr-11900	1617	6	affiliated	affiliate	VERB
cblr-11900	1617	7	dealers	dealer	NOUN
cblr-11900	1617	8	considering	consider	VERB
cblr-11900	1617	9	expanded	expand	VERB
cblr-11900	1617	10	intermediation	intermediation	NOUN
cblr-11900	1617	11	capacity	capacity	NOUN
cblr-11900	1617	12	in	in	ADP
cblr-11900	1617	13	treasury	treasury	PROPN
cblr-11900	1617	14	markets	market	NOUN
cblr-11900	1617	15	are	be	AUX
cblr-11900	1617	16	evidenced	evidence	VERB
cblr-11900	1617	17	by	by	ADP
cblr-11900	1617	18	two	two	NUM
cblr-11900	1617	19	measures	measure	NOUN
cblr-11900	1617	20	.	.	PUNCT
cblr-11900	1618	1	first	first	ADV
cblr-11900	1618	2	,	,	PUNCT
cblr-11900	1618	3	turnover	turnover	NOUN
cblr-11900	1618	4	in	in	ADP
cblr-11900	1618	5	the	the	DET
cblr-11900	1618	6	free	free	ADJ
cblr-11900	1618	7	-	-	PUNCT
cblr-11900	1618	8	float	float	NOUN
cblr-11900	1618	9	of	of	ADP
cblr-11900	1618	10	treasury	treasury	PROPN
cblr-11900	1618	11	securities	security	NOUN
cblr-11900	1618	12	in	in	ADP
cblr-11900	1618	13	private	private	ADJ
cblr-11900	1618	14	hands	hand	NOUN
cblr-11900	1618	15	declined	decline	VERB
cblr-11900	1618	16	steadily	steadily	ADV
cblr-11900	1618	17	from	from	ADP
cblr-11900	1618	18	6.5	6.5	NUM
cblr-11900	1618	19	%	%	NOUN
cblr-11900	1618	20	in	in	ADP
cblr-11900	1618	21	2009	2009	NUM
cblr-11900	1618	22	to	to	ADP
cblr-11900	1618	23	4.1	4.1	NUM
cblr-11900	1618	24	%	%	NOUN
cblr-11900	1618	25	in	in	ADP
cblr-11900	1618	26	2019	2019	NUM
cblr-11900	1618	27	,	,	PUNCT
cblr-11900	1618	28	or	or	CCONJ
cblr-11900	1618	29	37	37	NUM
cblr-11900	1618	30	%	%	NOUN
cblr-11900	1618	31	in	in	ADP
cblr-11900	1618	32	trading	trading	NOUN
cblr-11900	1618	33	volume	volume	NOUN
cblr-11900	1618	34	adjusted	adjust	VERB
cblr-11900	1618	35	for	for	ADP
cblr-11900	1618	36	the	the	DET
cblr-11900	1618	37	size	size	NOUN
cblr-11900	1618	38	of	of	ADP
cblr-11900	1618	39	the	the	DET
cblr-11900	1618	40	market	market	NOUN
cblr-11900	1618	41	;	;	PUNCT
cblr-11900	1618	42	the	the	DET
cblr-11900	1618	43	effect	effect	NOUN
cblr-11900	1618	44	was	be	AUX
cblr-11900	1618	45	somewhat	somewhat	ADV
cblr-11900	1618	46	more	more	ADV
cblr-11900	1618	47	pronounced	pronounced	ADJ
cblr-11900	1618	48	among	among	ADP
cblr-11900	1618	49	longer	long	ADJ
cblr-11900	1618	50	maturities	maturity	NOUN
cblr-11900	1618	51	,	,	PUNCT
cblr-11900	1618	52	which	which	PRON
cblr-11900	1618	53	saw	see	VERB
cblr-11900	1618	54	the	the	DET
cblr-11900	1618	55	same	same	ADJ
cblr-11900	1618	56	measure	measure	NOUN
cblr-11900	1618	57	drop	drop	VERB
cblr-11900	1618	58	from	from	ADP
cblr-11900	1618	59	7.4	7.4	NUM
cblr-11900	1618	60	%	%	NOUN
cblr-11900	1618	61	to	to	PART
cblr-11900	1618	62	3.9	3.9	NUM
cblr-11900	1618	63	%	%	NOUN
cblr-11900	1618	64	over	over	ADP
cblr-11900	1618	65	the	the	DET
cblr-11900	1618	66	same	same	ADJ
cblr-11900	1618	67	period	period	NOUN
cblr-11900	1618	68	(	(	PUNCT
cblr-11900	1618	69	a	a	DET
cblr-11900	1618	70	47	47	NUM
cblr-11900	1618	71	%	%	NOUN
cblr-11900	1618	72	drop	drop	NOUN
cblr-11900	1618	73	)	)	PUNCT
cblr-11900	1618	74	.	.	PUNCT
cblr-11900	1619	1	second	second	ADJ
cblr-11900	1619	2	,	,	PUNCT
cblr-11900	1619	3	the	the	DET
cblr-11900	1619	4	quantum	quantum	NOUN
cblr-11900	1619	5	of	of	ADP
cblr-11900	1619	6	treasuries	treasury	NOUN
cblr-11900	1619	7	financed	finance	VERB
cblr-11900	1619	8	by	by	ADP
cblr-11900	1619	9	primary	primary	ADJ
cblr-11900	1619	10	dealers	dealer	NOUN
cblr-11900	1619	11	in	in	ADP
cblr-11900	1619	12	comparison	comparison	NOUN
cblr-11900	1619	13	to	to	ADP
cblr-11900	1619	14	the	the	DET
cblr-11900	1619	15	market	market	NOUN
cblr-11900	1619	16	as	as	ADP
cblr-11900	1619	17	a	a	DET
cblr-11900	1619	18	whole	whole	NOUN
cblr-11900	1619	19	stalled	stall	VERB
cblr-11900	1619	20	compared	compare	VERB
cblr-11900	1619	21	to	to	ADP
cblr-11900	1619	22	the	the	DET
cblr-11900	1619	23	stock	stock	NOUN
cblr-11900	1619	24	of	of	ADP
cblr-11900	1619	25	debt	debt	NOUN
cblr-11900	1619	26	,	,	PUNCT
cblr-11900	1619	27	as	as	SCONJ
cblr-11900	1619	28	darrell	darrell	PROPN
cblr-11900	1619	29	duffie	duffie	PROPN
cblr-11900	1619	30	and	and	CCONJ
cblr-11900	1619	31	others	other	NOUN
cblr-11900	1619	32	have	have	VERB
cblr-11900	1619	33	noted.361	noted.361	NOUN
cblr-11900	1619	34	with	with	ADP
cblr-11900	1619	35	bank	bank	NOUN
cblr-11900	1619	36	-	-	PUNCT
cblr-11900	1619	37	affiliated	affiliate	VERB
cblr-11900	1619	38	dealers	dealer	NOUN
cblr-11900	1619	39	struggling	struggle	VERB
cblr-11900	1619	40	to	to	PART
cblr-11900	1619	41	keep	keep	VERB
cblr-11900	1619	42	pace	pace	NOUN
cblr-11900	1619	43	with	with	ADP
cblr-11900	1619	44	the	the	DET
cblr-11900	1619	45	broader	broad	ADJ
cblr-11900	1619	46	growth	growth	NOUN
cblr-11900	1619	47	of	of	ADP
cblr-11900	1619	48	the	the	DET
cblr-11900	1619	49	market	market	NOUN
cblr-11900	1619	50	,	,	PUNCT
cblr-11900	1619	51	who	who	PRON
cblr-11900	1619	52	picked	pick	VERB
cblr-11900	1619	53	up	up	ADP
cblr-11900	1619	54	the	the	DET
cblr-11900	1619	55	slack	slack	NOUN
cblr-11900	1619	56	?	?	PUNCT
cblr-11900	1620	1	contenders	contender	NOUN
cblr-11900	1620	2	had	have	VERB
cblr-11900	1620	3	to	to	PART
cblr-11900	1620	4	be	be	AUX
cblr-11900	1620	5	able	able	ADJ
cblr-11900	1620	6	to	to	PART
cblr-11900	1620	7	fill	fill	VERB
cblr-11900	1620	8	two	two	NUM
cblr-11900	1620	9	key	key	ADJ
cblr-11900	1620	10	roles	role	NOUN
cblr-11900	1620	11	.	.	PUNCT
cblr-11900	1621	1	first	first	ADV
cblr-11900	1621	2	,	,	PUNCT
cblr-11900	1621	3	they	they	PRON
cblr-11900	1621	4	had	have	VERB
cblr-11900	1621	5	to	to	PART
cblr-11900	1621	6	provide	provide	VERB
cblr-11900	1621	7	trade	trade	NOUN
cblr-11900	1621	8	-	-	PUNCT
cblr-11900	1621	9	matching	matching	NOUN
cblr-11900	1621	10	services	service	NOUN
cblr-11900	1621	11	:	:	PUNCT
cblr-11900	1621	12	lining	line	VERB
cblr-11900	1621	13	up	up	ADP
cblr-11900	1621	14	buyers	buyer	NOUN
cblr-11900	1621	15	and	and	CCONJ
cblr-11900	1621	16	358	358	NUM
cblr-11900	1621	17	budget	budget	NOUN
cblr-11900	1621	18	and	and	CCONJ
cblr-11900	1621	19	economic	economic	ADJ
cblr-11900	1621	20	data	datum	NOUN
cblr-11900	1621	21	:	:	PUNCT
cblr-11900	1621	22	historical	historical	ADJ
cblr-11900	1621	23	budget	budget	NOUN
cblr-11900	1621	24	data	data	PROPN
cblr-11900	1621	25	,	,	PUNCT
cblr-11900	1621	26	cong	cong	PROPN
cblr-11900	1621	27	.	.	PUNCT
cblr-11900	1622	1	budget	budget	NOUN
cblr-11900	1622	2	off	off	ADP
cblr-11900	1622	3	,	,	PUNCT
cblr-11900	1622	4	https://www.cbo.gov/data/budget-economic-data	https://www.cbo.gov/data/budget-economic-data	PROPN
cblr-11900	1623	1	[	[	X
cblr-11900	1623	2	https://perma.cc/te2m-qkqf	https://perma.cc/te2m-qkqf	X
cblr-11900	1623	3	]	]	X
cblr-11900	1623	4	(	(	PUNCT
cblr-11900	1623	5	last	last	ADJ
cblr-11900	1623	6	visited	visit	VERB
cblr-11900	1623	7	may	may	PROPN
cblr-11900	1623	8	23	23	NUM
cblr-11900	1623	9	,	,	PUNCT
cblr-11900	1623	10	2023	2023	NUM
cblr-11900	1623	11	)	)	PUNCT
cblr-11900	1623	12	.	.	PUNCT
cblr-11900	1624	1	359	359	NUM
cblr-11900	1624	2	kristie	kristie	PROPN
cblr-11900	1624	3	m.	m.	PROPN
cblr-11900	1624	4	engemann	engemann	PROPN
cblr-11900	1624	5	,	,	PUNCT
cblr-11900	1624	6	what	what	PRON
cblr-11900	1624	7	is	be	AUX
cblr-11900	1624	8	quantitative	quantitative	ADJ
cblr-11900	1624	9	tightening	tightening	NOUN
cblr-11900	1624	10	,	,	PUNCT
cblr-11900	1624	11	fed	fed	PROPN
cblr-11900	1624	12	.	.	PUNCT
cblr-11900	1624	13	rsrv	rsrv	PROPN
cblr-11900	1624	14	.	.	PUNCT
cblr-11900	1625	1	bank	bank	PROPN
cblr-11900	1625	2	of	of	ADP
cblr-11900	1625	3	st	st	PROPN
cblr-11900	1625	4	.	.	PROPN
cblr-11900	1625	5	louis	louis	PROPN
cblr-11900	1625	6	open	open	ADJ
cblr-11900	1625	7	vault	vault	NOUN
cblr-11900	1625	8	blog	blog	NOUN
cblr-11900	1625	9	(	(	PUNCT
cblr-11900	1625	10	july	july	PROPN
cblr-11900	1625	11	17	17	NUM
cblr-11900	1625	12	,	,	PUNCT
cblr-11900	1625	13	2019	2019	NUM
cblr-11900	1625	14	)	)	PUNCT
cblr-11900	1625	15	,	,	PUNCT
cblr-11900	1625	16	https://www.stlouisfed.org/open-vault/2019/july/what-is-quantitativetightening	https://www.stlouisfed.org/open-vault/2019/july/what-is-quantitativetightene	VERB
cblr-11900	1625	17	[	[	X
cblr-11900	1625	18	https://perma.cc/45xz-5au3	https://perma.cc/45xz-5au3	X
cblr-11900	1625	19	]	]	X
cblr-11900	1625	20	.	.	PUNCT
cblr-11900	1626	1	360	360	NUM
cblr-11900	1626	2	ben	ben	PROPN
cblr-11900	1626	3	bernanke	bernanke	PROPN
cblr-11900	1626	4	,	,	PUNCT
cblr-11900	1626	5	the	the	DET
cblr-11900	1626	6	new	new	ADJ
cblr-11900	1626	7	tools	tool	NOUN
cblr-11900	1626	8	of	of	ADP
cblr-11900	1626	9	monetary	monetary	ADJ
cblr-11900	1626	10	policy	policy	NOUN
cblr-11900	1626	11	,	,	PUNCT
cblr-11900	1626	12	110	110	NUM
cblr-11900	1626	13	am	am	NOUN
cblr-11900	1626	14	.	.	PUNCT
cblr-11900	1627	1	econ	econ	PROPN
cblr-11900	1627	2	.	.	PUNCT
cblr-11900	1628	1	rev	rev	PROPN
cblr-11900	1628	2	.	.	PROPN
cblr-11900	1628	3	943	943	NUM
cblr-11900	1628	4	(	(	PUNCT
cblr-11900	1628	5	2020	2020	NUM
cblr-11900	1628	6	)	)	PUNCT
cblr-11900	1628	7	.	.	PUNCT
cblr-11900	1629	1	361	361	NUM
cblr-11900	1629	2	duffie	duffie	NOUN
cblr-11900	1629	3	,	,	PUNCT
cblr-11900	1629	4	supra	supra	PROPN
cblr-11900	1629	5	note	note	PROPN
cblr-11900	1629	6	25	25	NUM
cblr-11900	1629	7	,	,	PUNCT
cblr-11900	1629	8	at	at	ADP
cblr-11900	1629	9	fig	fig	NOUN
cblr-11900	1629	10	.	.	PUNCT
cblr-11900	1630	1	2	2	X
cblr-11900	1630	2	.	.	X
cblr-11900	1630	3	no	no	INTJ
cblr-11900	1631	1	.	.	NOUN
cblr-11900	1631	2	1	1	NUM
cblr-11900	1631	3	]	]	ADJ
cblr-11900	1631	4	money	money	NOUN
cblr-11900	1631	5	and	and	CCONJ
cblr-11900	1631	6	the	the	DET
cblr-11900	1631	7	public	public	ADJ
cblr-11900	1631	8	debt	debt	NOUN
cblr-11900	1631	9	311	311	NUM
cblr-11900	1631	10	sellers	seller	NOUN
cblr-11900	1631	11	in	in	ADP
cblr-11900	1631	12	a	a	DET
cblr-11900	1631	13	particular	particular	ADJ
cblr-11900	1631	14	security	security	NOUN
cblr-11900	1631	15	.	.	PUNCT
cblr-11900	1632	1	to	to	PART
cblr-11900	1632	2	do	do	VERB
cblr-11900	1632	3	this	this	PRON
cblr-11900	1632	4	,	,	PUNCT
cblr-11900	1632	5	dealers	dealer	NOUN
cblr-11900	1632	6	leverage	leverage	VERB
cblr-11900	1632	7	their	their	PRON
cblr-11900	1632	8	broad	broad	ADJ
cblr-11900	1632	9	and	and	CCONJ
cblr-11900	1632	10	diverse	diverse	ADJ
cblr-11900	1632	11	networks	network	NOUN
cblr-11900	1632	12	of	of	ADP
cblr-11900	1632	13	institutional	institutional	ADJ
cblr-11900	1632	14	clients	client	NOUN
cblr-11900	1632	15	.	.	PUNCT
cblr-11900	1633	1	second	second	ADJ
cblr-11900	1633	2	,	,	PUNCT
cblr-11900	1633	3	they	they	PRON
cblr-11900	1633	4	had	have	VERB
cblr-11900	1633	5	to	to	PART
cblr-11900	1633	6	provide	provide	VERB
cblr-11900	1633	7	inventory	inventory	NOUN
cblr-11900	1633	8	services	service	NOUN
cblr-11900	1633	9	:	:	PUNCT
cblr-11900	1633	10	holding	hold	VERB
cblr-11900	1633	11	unsold	unsold	ADJ
cblr-11900	1633	12	securities	security	NOUN
cblr-11900	1633	13	on	on	ADP
cblr-11900	1633	14	their	their	PRON
cblr-11900	1633	15	balance	balance	NOUN
cblr-11900	1633	16	sheet	sheet	NOUN
cblr-11900	1633	17	temporarily	temporarily	ADV
cblr-11900	1633	18	until	until	SCONJ
cblr-11900	1633	19	a	a	DET
cblr-11900	1633	20	match	match	NOUN
cblr-11900	1633	21	could	could	AUX
cblr-11900	1633	22	be	be	AUX
cblr-11900	1633	23	made	make	VERB
cblr-11900	1633	24	,	,	PUNCT
cblr-11900	1633	25	to	to	PART
cblr-11900	1633	26	mitigate	mitigate	VERB
cblr-11900	1633	27	potential	potential	ADJ
cblr-11900	1633	28	price	price	NOUN
cblr-11900	1633	29	impact	impact	NOUN
cblr-11900	1633	30	from	from	ADP
cblr-11900	1633	31	timing	time	VERB
cblr-11900	1633	32	mismatches	mismatch	NOUN
cblr-11900	1633	33	between	between	ADP
cblr-11900	1633	34	buyers	buyer	NOUN
cblr-11900	1633	35	and	and	CCONJ
cblr-11900	1633	36	sellers	seller	NOUN
cblr-11900	1633	37	.	.	PUNCT
cblr-11900	1634	1	to	to	PART
cblr-11900	1634	2	do	do	VERB
cblr-11900	1634	3	this	this	PRON
cblr-11900	1634	4	,	,	PUNCT
cblr-11900	1634	5	dealers	dealer	NOUN
cblr-11900	1634	6	leverage	leverage	VERB
cblr-11900	1634	7	their	their	PRON
cblr-11900	1634	8	preferred	preferred	ADJ
cblr-11900	1634	9	status	status	NOUN
cblr-11900	1634	10	in	in	ADP
cblr-11900	1634	11	the	the	DET
cblr-11900	1634	12	financial	financial	ADJ
cblr-11900	1634	13	system	system	NOUN
cblr-11900	1634	14	,	,	PUNCT
cblr-11900	1634	15	tapping	tap	VERB
cblr-11900	1634	16	cheap	cheap	ADJ
cblr-11900	1634	17	and	and	CCONJ
cblr-11900	1634	18	elastic	elastic	ADJ
cblr-11900	1634	19	sources	source	NOUN
cblr-11900	1634	20	of	of	ADP
cblr-11900	1634	21	(	(	PUNCT
cblr-11900	1634	22	mostly	mostly	ADV
cblr-11900	1634	23	repo	repo	NOUN
cblr-11900	1634	24	)	)	PUNCT
cblr-11900	1634	25	funding	funding	NOUN
cblr-11900	1634	26	to	to	PART
cblr-11900	1634	27	finance	finance	VERB
cblr-11900	1634	28	these	these	DET
cblr-11900	1634	29	inventories	inventory	NOUN
cblr-11900	1634	30	,	,	PUNCT
cblr-11900	1634	31	earning	earn	VERB
cblr-11900	1634	32	carry	carry	NOUN
cblr-11900	1634	33	and	and	CCONJ
cblr-11900	1634	34	policing	police	VERB
cblr-11900	1634	35	relative	relative	ADJ
cblr-11900	1634	36	value	value	NOUN
cblr-11900	1634	37	relationships.362	relationships.362	NOUN
cblr-11900	1634	38	although	although	SCONJ
cblr-11900	1634	39	the	the	DET
cblr-11900	1634	40	circumstances	circumstance	NOUN
cblr-11900	1634	41	of	of	ADP
cblr-11900	1634	42	the	the	DET
cblr-11900	1634	43	early	early	ADJ
cblr-11900	1634	44	1950s	1950	NOUN
cblr-11900	1634	45	were	be	AUX
cblr-11900	1634	46	different	different	ADJ
cblr-11900	1634	47	in	in	ADP
cblr-11900	1634	48	many	many	ADJ
cblr-11900	1634	49	important	important	ADJ
cblr-11900	1634	50	respects	respect	NOUN
cblr-11900	1634	51	,	,	PUNCT
cblr-11900	1634	52	the	the	DET
cblr-11900	1634	53	solution	solution	NOUN
cblr-11900	1634	54	was	be	AUX
cblr-11900	1634	55	,	,	PUNCT
cblr-11900	1634	56	in	in	ADP
cblr-11900	1634	57	a	a	DET
cblr-11900	1634	58	sense	sense	NOUN
cblr-11900	1634	59	,	,	PUNCT
cblr-11900	1634	60	similar	similar	ADJ
cblr-11900	1634	61	:	:	PUNCT
cblr-11900	1634	62	nonbanks	nonbank	NOUN
cblr-11900	1634	63	were	be	AUX
cblr-11900	1634	64	once	once	ADV
cblr-11900	1634	65	again	again	ADV
cblr-11900	1634	66	called	call	VERB
cblr-11900	1634	67	upon	upon	SCONJ
cblr-11900	1634	68	to	to	PART
cblr-11900	1634	69	provide	provide	VERB
cblr-11900	1634	70	intermediation	intermediation	NOUN
cblr-11900	1634	71	capacity	capacity	NOUN
cblr-11900	1634	72	.	.	PUNCT
cblr-11900	1635	1	the	the	DET
cblr-11900	1635	2	first	first	ADJ
cblr-11900	1635	3	function	function	NOUN
cblr-11900	1635	4	,	,	PUNCT
cblr-11900	1635	5	trade	trade	NOUN
cblr-11900	1635	6	matching	matching	NOUN
cblr-11900	1635	7	,	,	PUNCT
cblr-11900	1635	8	increasingly	increasingly	ADV
cblr-11900	1635	9	fell	fall	VERB
cblr-11900	1635	10	to	to	ADP
cblr-11900	1635	11	principal	principal	ADJ
cblr-11900	1635	12	trading	trading	NOUN
cblr-11900	1635	13	firms	firm	NOUN
cblr-11900	1635	14	(	(	PUNCT
cblr-11900	1635	15	ptfs	ptfs	ADJ
cblr-11900	1635	16	)	)	PUNCT
cblr-11900	1635	17	and	and	CCONJ
cblr-11900	1635	18	other	other	ADJ
cblr-11900	1635	19	high	high	ADJ
cblr-11900	1635	20	-	-	PUNCT
cblr-11900	1635	21	frequency	frequency	NOUN
cblr-11900	1635	22	traders	trader	NOUN
cblr-11900	1635	23	(	(	PUNCT
cblr-11900	1635	24	hfts	hft	NOUN
cblr-11900	1635	25	)	)	PUNCT
cblr-11900	1635	26	.	.	PUNCT
cblr-11900	1636	1	these	these	DET
cblr-11900	1636	2	enterprises	enterprise	NOUN
cblr-11900	1636	3	are	be	AUX
cblr-11900	1636	4	generally	generally	ADV
cblr-11900	1636	5	algorithmic	algorithmic	ADJ
cblr-11900	1636	6	,	,	PUNCT
cblr-11900	1636	7	automated	automate	VERB
cblr-11900	1636	8	,	,	PUNCT
cblr-11900	1636	9	and	and	CCONJ
cblr-11900	1636	10	operate	operate	VERB
cblr-11900	1636	11	at	at	ADP
cblr-11900	1636	12	high	high	ADJ
cblr-11900	1636	13	speed	speed	NOUN
cblr-11900	1636	14	.	.	PUNCT
cblr-11900	1637	1	they	they	PRON
cblr-11900	1637	2	are	be	AUX
cblr-11900	1637	3	designed	design	VERB
cblr-11900	1637	4	to	to	PART
cblr-11900	1637	5	maximize	maximize	VERB
cblr-11900	1637	6	order	order	NOUN
cblr-11900	1637	7	flow	flow	NOUN
cblr-11900	1637	8	while	while	SCONJ
cblr-11900	1637	9	minimizing	minimize	VERB
cblr-11900	1637	10	inventory	inventory	NOUN
cblr-11900	1637	11	in	in	ADP
cblr-11900	1637	12	order	order	NOUN
cblr-11900	1637	13	to	to	PART
cblr-11900	1637	14	focus	focus	VERB
cblr-11900	1637	15	entirely	entirely	ADV
cblr-11900	1637	16	on	on	ADP
cblr-11900	1637	17	monetizing	monetize	VERB
cblr-11900	1637	18	transaction	transaction	NOUN
cblr-11900	1637	19	costs	cost	NOUN
cblr-11900	1637	20	and	and	CCONJ
cblr-11900	1637	21	,	,	PUNCT
cblr-11900	1637	22	if	if	SCONJ
cblr-11900	1637	23	and	and	CCONJ
cblr-11900	1637	24	when	when	SCONJ
cblr-11900	1637	25	they	they	PRON
cblr-11900	1637	26	manifest	manifest	VERB
cblr-11900	1637	27	,	,	PUNCT
cblr-11900	1637	28	to	to	PART
cblr-11900	1637	29	profit	profit	VERB
cblr-11900	1637	30	from	from	ADP
cblr-11900	1637	31	short	short	ADJ
cblr-11900	1637	32	-	-	PUNCT
cblr-11900	1637	33	lived	live	VERB
cblr-11900	1637	34	dislocations	dislocation	NOUN
cblr-11900	1637	35	and	and	CCONJ
cblr-11900	1637	36	pricing	pricing	NOUN
cblr-11900	1637	37	differences	difference	NOUN
cblr-11900	1637	38	between	between	ADP
cblr-11900	1637	39	very	very	ADV
cblr-11900	1637	40	similar	similar	ADJ
cblr-11900	1637	41	securities	security	NOUN
cblr-11900	1637	42	.	.	PUNCT
cblr-11900	1638	1	hft	hft	PROPN
cblr-11900	1638	2	strategies	strategy	NOUN
cblr-11900	1638	3	originated	originate	VERB
cblr-11900	1638	4	in	in	ADP
cblr-11900	1638	5	equity	equity	NOUN
cblr-11900	1638	6	markets	market	NOUN
cblr-11900	1638	7	,	,	PUNCT
cblr-11900	1638	8	but	but	CCONJ
cblr-11900	1638	9	in	in	ADP
cblr-11900	1638	10	recent	recent	ADJ
cblr-11900	1638	11	years	year	NOUN
cblr-11900	1638	12	have	have	AUX
cblr-11900	1638	13	taken	take	VERB
cblr-11900	1638	14	over	over	ADP
cblr-11900	1638	15	a	a	DET
cblr-11900	1638	16	significant	significant	ADJ
cblr-11900	1638	17	fraction	fraction	NOUN
cblr-11900	1638	18	of	of	ADP
cblr-11900	1638	19	secondary	secondary	ADJ
cblr-11900	1638	20	market	market	NOUN
cblr-11900	1638	21	activity	activity	NOUN
cblr-11900	1638	22	in	in	ADP
cblr-11900	1638	23	treasuries	treasury	NOUN
cblr-11900	1638	24	as	as	ADV
cblr-11900	1638	25	well	well	ADV
cblr-11900	1638	26	—	—	PUNCT
cblr-11900	1638	27	particularly	particularly	ADV
cblr-11900	1638	28	on	on	ADP
cblr-11900	1638	29	electronic	electronic	ADJ
cblr-11900	1638	30	362	362	NUM
cblr-11900	1638	31	“	"	PUNCT
cblr-11900	1638	32	relative	relative	ADJ
cblr-11900	1638	33	value	value	NOUN
cblr-11900	1638	34	”	"	PUNCT
cblr-11900	1638	35	refers	refer	VERB
cblr-11900	1638	36	to	to	ADP
cblr-11900	1638	37	the	the	DET
cblr-11900	1638	38	difference	difference	NOUN
cblr-11900	1638	39	in	in	ADP
cblr-11900	1638	40	price	price	NOUN
cblr-11900	1638	41	between	between	ADP
cblr-11900	1638	42	otherwise	otherwise	ADV
cblr-11900	1638	43	very	very	ADV
cblr-11900	1638	44	similar	similar	ADJ
cblr-11900	1638	45	financial	financial	ADJ
cblr-11900	1638	46	instruments	instrument	NOUN
cblr-11900	1638	47	.	.	PUNCT
cblr-11900	1639	1	relative	relative	ADJ
cblr-11900	1639	2	value	value	NOUN
cblr-11900	1639	3	trading	trading	NOUN
cblr-11900	1639	4	strategies	strategy	NOUN
cblr-11900	1639	5	consider	consider	VERB
cblr-11900	1639	6	a	a	DET
cblr-11900	1639	7	range	range	NOUN
cblr-11900	1639	8	of	of	ADP
cblr-11900	1639	9	these	these	DET
cblr-11900	1639	10	relationships	relationship	NOUN
cblr-11900	1639	11	,	,	PUNCT
cblr-11900	1639	12	including	include	VERB
cblr-11900	1639	13	futures	future	NOUN
cblr-11900	1639	14	versus	versus	ADP
cblr-11900	1639	15	the	the	DET
cblr-11900	1639	16	bonds	bond	NOUN
cblr-11900	1639	17	in	in	ADP
cblr-11900	1639	18	their	their	PRON
cblr-11900	1639	19	deliverable	deliverable	ADJ
cblr-11900	1639	20	basket	basket	NOUN
cblr-11900	1639	21	,	,	PUNCT
cblr-11900	1639	22	and	and	CCONJ
cblr-11900	1639	23	previously	previously	ADV
cblr-11900	1639	24	issued	issue	VERB
cblr-11900	1639	25	treasury	treasury	NOUN
cblr-11900	1639	26	securities	security	NOUN
cblr-11900	1639	27	relative	relative	ADJ
cblr-11900	1639	28	to	to	ADP
cblr-11900	1639	29	nearby	nearby	ADJ
cblr-11900	1639	30	maturities	maturity	NOUN
cblr-11900	1639	31	and	and	CCONJ
cblr-11900	1639	32	the	the	DET
cblr-11900	1639	33	current	current	ADJ
cblr-11900	1639	34	(	(	PUNCT
cblr-11900	1639	35	most	most	ADV
cblr-11900	1639	36	recently	recently	ADV
cblr-11900	1639	37	sold	sell	VERB
cblr-11900	1639	38	)	)	PUNCT
cblr-11900	1639	39	issue	issue	NOUN
cblr-11900	1639	40	.	.	PUNCT
cblr-11900	1640	1	these	these	DET
cblr-11900	1640	2	pricing	pricing	NOUN
cblr-11900	1640	3	relationships	relationship	NOUN
cblr-11900	1640	4	fall	fall	VERB
cblr-11900	1640	5	within	within	ADP
cblr-11900	1640	6	a	a	DET
cblr-11900	1640	7	relatively	relatively	ADV
cblr-11900	1640	8	narrow	narrow	ADJ
cblr-11900	1640	9	band	band	NOUN
cblr-11900	1640	10	under	under	ADP
cblr-11900	1640	11	normal	normal	ADJ
cblr-11900	1640	12	conditions	condition	NOUN
cblr-11900	1640	13	but	but	CCONJ
cblr-11900	1640	14	can	can	AUX
cblr-11900	1640	15	occasionally	occasionally	ADV
cblr-11900	1640	16	become	become	AUX
cblr-11900	1640	17	dislocated	dislocate	VERB
cblr-11900	1640	18	by	by	ADP
cblr-11900	1640	19	large	large	ADJ
cblr-11900	1640	20	transactions	transaction	NOUN
cblr-11900	1640	21	,	,	PUNCT
cblr-11900	1640	22	one	one	NUM
cblr-11900	1640	23	-	-	PUNCT
cblr-11900	1640	24	way	way	NOUN
cblr-11900	1640	25	markets	market	NOUN
cblr-11900	1640	26	,	,	PUNCT
cblr-11900	1640	27	and	and	CCONJ
cblr-11900	1640	28	other	other	ADJ
cblr-11900	1640	29	more	more	ADV
cblr-11900	1640	30	technical	technical	ADJ
cblr-11900	1640	31	,	,	PUNCT
cblr-11900	1640	32	idiosyncratic	idiosyncratic	ADJ
cblr-11900	1640	33	,	,	PUNCT
cblr-11900	1640	34	and	and	CCONJ
cblr-11900	1640	35	temporary	temporary	ADJ
cblr-11900	1640	36	market	market	NOUN
cblr-11900	1640	37	dynamics	dynamic	NOUN
cblr-11900	1640	38	.	.	PUNCT
cblr-11900	1641	1	“	"	PUNCT
cblr-11900	1641	2	policing	police	VERB
cblr-11900	1641	3	”	"	PUNCT
cblr-11900	1641	4	these	these	DET
cblr-11900	1641	5	relationships	relationship	NOUN
cblr-11900	1641	6	refers	refer	VERB
cblr-11900	1641	7	to	to	ADP
cblr-11900	1641	8	positioning	position	VERB
cblr-11900	1641	9	for	for	ADP
cblr-11900	1641	10	some	some	DET
cblr-11900	1641	11	reversion	reversion	NOUN
cblr-11900	1641	12	to	to	ADP
cblr-11900	1641	13	the	the	DET
cblr-11900	1641	14	norm	norm	NOUN
cblr-11900	1641	15	when	when	SCONJ
cblr-11900	1641	16	that	that	PRON
cblr-11900	1641	17	occurs	occur	VERB
cblr-11900	1641	18	and	and	CCONJ
cblr-11900	1641	19	typically	typically	ADV
cblr-11900	1641	20	involves	involve	VERB
cblr-11900	1641	21	utilizing	utilize	VERB
cblr-11900	1641	22	large	large	ADJ
cblr-11900	1641	23	amounts	amount	NOUN
cblr-11900	1641	24	of	of	ADP
cblr-11900	1641	25	leverage	leverage	NOUN
cblr-11900	1641	26	as	as	SCONJ
cblr-11900	1641	27	deviations	deviation	NOUN
cblr-11900	1641	28	in	in	ADP
cblr-11900	1641	29	relative	relative	ADJ
cblr-11900	1641	30	pricing	pricing	NOUN
cblr-11900	1641	31	tend	tend	VERB
cblr-11900	1641	32	to	to	PART
cblr-11900	1641	33	be	be	AUX
cblr-11900	1641	34	quite	quite	ADV
cblr-11900	1641	35	small	small	ADJ
cblr-11900	1641	36	in	in	ADP
cblr-11900	1641	37	absolute	absolute	ADJ
cblr-11900	1641	38	terms	term	NOUN
cblr-11900	1641	39	(	(	PUNCT
cblr-11900	1641	40	fractions	fraction	NOUN
cblr-11900	1641	41	of	of	ADP
cblr-11900	1641	42	a	a	DET
cblr-11900	1641	43	percentage	percentage	NOUN
cblr-11900	1641	44	point	point	NOUN
cblr-11900	1641	45	)	)	PUNCT
cblr-11900	1641	46	.	.	PUNCT
cblr-11900	1642	1	dealers	dealer	NOUN
cblr-11900	1642	2	are	be	AUX
cblr-11900	1642	3	well	well	ADV
cblr-11900	1642	4	-	-	PUNCT
cblr-11900	1642	5	positioned	position	VERB
cblr-11900	1642	6	to	to	PART
cblr-11900	1642	7	do	do	VERB
cblr-11900	1642	8	so	so	ADV
cblr-11900	1642	9	,	,	PUNCT
cblr-11900	1642	10	owing	owe	VERB
cblr-11900	1642	11	to	to	ADP
cblr-11900	1642	12	their	their	PRON
cblr-11900	1642	13	access	access	NOUN
cblr-11900	1642	14	to	to	ADP
cblr-11900	1642	15	funding	funding	NOUN
cblr-11900	1642	16	via	via	ADP
cblr-11900	1642	17	repo	repo	NOUN
cblr-11900	1642	18	,	,	PUNCT
cblr-11900	1642	19	high	high	ADJ
cblr-11900	1642	20	level	level	NOUN
cblr-11900	1642	21	of	of	ADP
cblr-11900	1642	22	sophistication	sophistication	NOUN
cblr-11900	1642	23	,	,	PUNCT
cblr-11900	1642	24	and	and	CCONJ
cblr-11900	1642	25	informational	informational	ADJ
cblr-11900	1642	26	advantage	advantage	NOUN
cblr-11900	1642	27	.	.	PUNCT
cblr-11900	1643	1	312	312	NUM
cblr-11900	1643	2	columbia	columbia	PROPN
cblr-11900	1643	3	business	business	NOUN
cblr-11900	1643	4	law	law	PROPN
cblr-11900	1643	5	review	review	NOUN
cblr-11900	1643	6	[	[	X
cblr-11900	1643	7	vol	vol	NOUN
cblr-11900	1643	8	.	.	PUNCT
cblr-11900	1643	9	2023	2023	NUM
cblr-11900	1643	10	broker	broker	NOUN
cblr-11900	1643	11	platforms.363	platforms.363	VERB
cblr-11900	1643	12	their	their	PRON
cblr-11900	1643	13	activity	activity	NOUN
cblr-11900	1643	14	is	be	AUX
cblr-11900	1643	15	highly	highly	ADV
cblr-11900	1643	16	concentrated	concentrated	ADJ
cblr-11900	1643	17	among	among	ADP
cblr-11900	1643	18	a	a	DET
cblr-11900	1643	19	very	very	ADV
cblr-11900	1643	20	small	small	ADJ
cblr-11900	1643	21	set	set	NOUN
cblr-11900	1643	22	of	of	ADP
cblr-11900	1643	23	individual	individual	ADJ
cblr-11900	1643	24	firms.364	firms.364	NOUN
cblr-11900	1643	25	inventory	inventory	NOUN
cblr-11900	1643	26	management	management	NOUN
cblr-11900	1643	27	,	,	PUNCT
cblr-11900	1643	28	on	on	ADP
cblr-11900	1643	29	the	the	DET
cblr-11900	1643	30	other	other	ADJ
cblr-11900	1643	31	hand	hand	NOUN
cblr-11900	1643	32	,	,	PUNCT
cblr-11900	1643	33	migrated	migrate	VERB
cblr-11900	1643	34	to	to	PART
cblr-11900	1643	35	hedge	hedge	VERB
cblr-11900	1643	36	funds	fund	NOUN
cblr-11900	1643	37	and	and	CCONJ
cblr-11900	1643	38	other	other	ADJ
cblr-11900	1643	39	levered	lever	VERB
cblr-11900	1643	40	participants	participant	NOUN
cblr-11900	1643	41	.	.	PUNCT
cblr-11900	1644	1	a	a	DET
cblr-11900	1644	2	subset	subset	NOUN
cblr-11900	1644	3	of	of	ADP
cblr-11900	1644	4	these	these	DET
cblr-11900	1644	5	investors	investor	NOUN
cblr-11900	1644	6	specializes	specialize	VERB
cblr-11900	1644	7	in	in	ADP
cblr-11900	1644	8	the	the	DET
cblr-11900	1644	9	relative	relative	ADJ
cblr-11900	1644	10	value	value	NOUN
cblr-11900	1644	11	strategies	strategy	NOUN
cblr-11900	1644	12	described	describe	VERB
cblr-11900	1644	13	above	above	ADV
cblr-11900	1644	14	.	.	PUNCT
cblr-11900	1645	1	under	under	ADP
cblr-11900	1645	2	the	the	DET
cblr-11900	1645	3	old	old	ADJ
cblr-11900	1645	4	regime	regime	NOUN
cblr-11900	1645	5	,	,	PUNCT
cblr-11900	1645	6	dealers	dealer	NOUN
cblr-11900	1645	7	dominated	dominate	VERB
cblr-11900	1645	8	this	this	DET
cblr-11900	1645	9	function	function	NOUN
cblr-11900	1645	10	.	.	PUNCT
cblr-11900	1646	1	but	but	CCONJ
cblr-11900	1646	2	the	the	DET
cblr-11900	1646	3	introduction	introduction	NOUN
cblr-11900	1646	4	of	of	ADP
cblr-11900	1646	5	size	size	NOUN
cblr-11900	1646	6	constraints	constraint	NOUN
cblr-11900	1646	7	via	via	ADP
cblr-11900	1646	8	the	the	DET
cblr-11900	1646	9	slr	slr	NOUN
cblr-11900	1646	10	disincentivized	disincentivize	VERB
cblr-11900	1646	11	doing	do	VERB
cblr-11900	1646	12	so	so	ADV
cblr-11900	1646	13	.	.	PUNCT
cblr-11900	1647	1	that	that	PRON
cblr-11900	1647	2	,	,	PUNCT
cblr-11900	1647	3	of	of	ADP
cblr-11900	1647	4	course	course	NOUN
cblr-11900	1647	5	,	,	PUNCT
cblr-11900	1647	6	did	do	AUX
cblr-11900	1647	7	not	not	PART
cblr-11900	1647	8	mitigate	mitigate	VERB
cblr-11900	1647	9	the	the	DET
cblr-11900	1647	10	market	market	NOUN
cblr-11900	1647	11	’s	’s	PART
cblr-11900	1647	12	need	need	NOUN
cblr-11900	1647	13	for	for	ADP
cblr-11900	1647	14	intermediation	intermediation	NOUN
cblr-11900	1647	15	(	(	PUNCT
cblr-11900	1647	16	direct	direct	ADJ
cblr-11900	1647	17	in	in	ADP
cblr-11900	1647	18	the	the	DET
cblr-11900	1647	19	case	case	NOUN
cblr-11900	1647	20	of	of	ADP
cblr-11900	1647	21	dealers	dealer	NOUN
cblr-11900	1647	22	,	,	PUNCT
cblr-11900	1647	23	indirect	indirect	ADJ
cblr-11900	1647	24	in	in	ADP
cblr-11900	1647	25	the	the	DET
cblr-11900	1647	26	form	form	NOUN
cblr-11900	1647	27	of	of	ADP
cblr-11900	1647	28	hedge	hedge	NOUN
cblr-11900	1647	29	funds	fund	NOUN
cblr-11900	1647	30	at	at	ADP
cblr-11900	1647	31	ptfs	ptfs	ADJ
cblr-11900	1647	32	)	)	PUNCT
cblr-11900	1647	33	as	as	SCONJ
cblr-11900	1647	34	the	the	DET
cblr-11900	1647	35	total	total	ADJ
cblr-11900	1647	36	stock	stock	NOUN
cblr-11900	1647	37	of	of	ADP
cblr-11900	1647	38	public	public	ADJ
cblr-11900	1647	39	debt	debt	NOUN
cblr-11900	1647	40	continued	continue	VERB
cblr-11900	1647	41	to	to	PART
cblr-11900	1647	42	grow	grow	VERB
cblr-11900	1647	43	.	.	PUNCT
cblr-11900	1648	1	whether	whether	SCONJ
cblr-11900	1648	2	or	or	CCONJ
cblr-11900	1648	3	not	not	PART
cblr-11900	1648	4	it	it	PRON
cblr-11900	1648	5	was	be	AUX
cblr-11900	1648	6	recognized	recognize	VERB
cblr-11900	1648	7	at	at	ADP
cblr-11900	1648	8	the	the	DET
cblr-11900	1648	9	time	time	NOUN
cblr-11900	1648	10	,	,	PUNCT
cblr-11900	1648	11	hedge	hedge	NOUN
cblr-11900	1648	12	funds	fund	NOUN
cblr-11900	1648	13	were	be	AUX
cblr-11900	1648	14	incentivized	incentivize	VERB
cblr-11900	1648	15	to	to	PART
cblr-11900	1648	16	provide	provide	VERB
cblr-11900	1648	17	those	those	DET
cblr-11900	1648	18	services	service	NOUN
cblr-11900	1648	19	where	where	SCONJ
cblr-11900	1648	20	dealers	dealer	NOUN
cblr-11900	1648	21	could	could	AUX
cblr-11900	1648	22	not	not	PART
cblr-11900	1648	23	in	in	ADP
cblr-11900	1648	24	two	two	NUM
cblr-11900	1648	25	distinct	distinct	ADJ
cblr-11900	1648	26	but	but	CCONJ
cblr-11900	1648	27	important	important	ADJ
cblr-11900	1648	28	ways	way	NOUN
cblr-11900	1648	29	.	.	PUNCT
cblr-11900	1649	1	first	first	ADV
cblr-11900	1649	2	,	,	PUNCT
cblr-11900	1649	3	price	price	NOUN
cblr-11900	1649	4	signals	signal	NOUN
cblr-11900	1649	5	took	take	VERB
cblr-11900	1649	6	the	the	DET
cblr-11900	1649	7	form	form	NOUN
cblr-11900	1649	8	of	of	ADP
cblr-11900	1649	9	an	an	DET
cblr-11900	1649	10	improved	improve	VERB
cblr-11900	1649	11	carry	carry	NOUN
cblr-11900	1649	12	profile	profile	NOUN
cblr-11900	1649	13	.	.	PUNCT
cblr-11900	1650	1	this	this	PRON
cblr-11900	1650	2	was	be	AUX
cblr-11900	1650	3	most	most	ADV
cblr-11900	1650	4	apparent	apparent	ADJ
cblr-11900	1650	5	in	in	ADP
cblr-11900	1650	6	the	the	DET
cblr-11900	1650	7	increase	increase	NOUN
cblr-11900	1650	8	in	in	ADP
cblr-11900	1650	9	treasury	treasury	NOUN
cblr-11900	1650	10	yield	yield	NOUN
cblr-11900	1650	11	relative	relative	ADJ
cblr-11900	1650	12	to	to	ADP
cblr-11900	1650	13	derivatives	derivative	NOUN
cblr-11900	1650	14	,	,	PUNCT
cblr-11900	1650	15	where	where	SCONJ
cblr-11900	1650	16	“	"	PUNCT
cblr-11900	1650	17	spreads	spread	NOUN
cblr-11900	1650	18	”	"	PUNCT
cblr-11900	1650	19	(	(	PUNCT
cblr-11900	1650	20	the	the	DET
cblr-11900	1650	21	difference	difference	NOUN
cblr-11900	1650	22	in	in	ADP
cblr-11900	1650	23	yield	yield	NOUN
cblr-11900	1650	24	between	between	ADP
cblr-11900	1650	25	very	very	ADV
cblr-11900	1650	26	similar	similar	ADJ
cblr-11900	1650	27	instruments	instrument	NOUN
cblr-11900	1650	28	)	)	PUNCT
cblr-11900	1650	29	inverted	invert	VERB
cblr-11900	1650	30	around	around	ADP
cblr-11900	1650	31	the	the	DET
cblr-11900	1650	32	middle	middle	NOUN
cblr-11900	1650	33	of	of	ADP
cblr-11900	1650	34	2015.365	2015.365	NUM
cblr-11900	1650	35	all	all	PRON
cblr-11900	1650	36	else	else	ADV
cblr-11900	1650	37	equal	equal	ADJ
cblr-11900	1650	38	,	,	PUNCT
cblr-11900	1650	39	that	that	DET
cblr-11900	1650	40	dynamic	dynamic	ADJ
cblr-11900	1650	41	made	make	VERB
cblr-11900	1650	42	building	building	NOUN
cblr-11900	1650	43	and	and	CCONJ
cblr-11900	1650	44	maintaining	maintain	VERB
cblr-11900	1650	45	levered	lever	VERB
cblr-11900	1650	46	long	long	ADJ
cblr-11900	1650	47	positions	position	NOUN
cblr-11900	1650	48	(	(	PUNCT
cblr-11900	1650	49	owning	own	VERB
cblr-11900	1650	50	treasuries	treasury	NOUN
cblr-11900	1650	51	financed	finance	VERB
cblr-11900	1650	52	with	with	ADP
cblr-11900	1650	53	repo	repo	NOUN
cblr-11900	1650	54	)	)	PUNCT
cblr-11900	1650	55	a	a	DET
cblr-11900	1650	56	more	more	ADV
cblr-11900	1650	57	attractive	attractive	ADJ
cblr-11900	1650	58	trade	trade	NOUN
cblr-11900	1650	59	for	for	ADP
cblr-11900	1650	60	hedge	hedge	NOUN
cblr-11900	1650	61	funds	fund	NOUN
cblr-11900	1650	62	and	and	CCONJ
cblr-11900	1650	63	other	other	ADJ
cblr-11900	1650	64	levered	lever	VERB
cblr-11900	1650	65	market	market	NOUN
cblr-11900	1650	66	participants	participant	NOUN
cblr-11900	1650	67	.	.	PUNCT
cblr-11900	1651	1	that	that	PRON
cblr-11900	1651	2	,	,	PUNCT
cblr-11900	1651	3	in	in	ADP
cblr-11900	1651	4	turn	turn	NOUN
cblr-11900	1651	5	,	,	PUNCT
cblr-11900	1651	6	provided	provide	VERB
cblr-11900	1651	7	an	an	DET
cblr-11900	1651	8	outlet	outlet	NOUN
cblr-11900	1651	9	for	for	ADP
cblr-11900	1651	10	treasury	treasury	PROPN
cblr-11900	1651	11	securities	security	NOUN
cblr-11900	1651	12	that	that	PRON
cblr-11900	1651	13	would	would	AUX
cblr-11900	1651	14	otherwise	otherwise	ADV
cblr-11900	1651	15	have	have	AUX
cblr-11900	1651	16	been	be	AUX
cblr-11900	1651	17	relatively	relatively	ADV
cblr-11900	1651	18	expensive	expensive	ADJ
cblr-11900	1651	19	for	for	SCONJ
cblr-11900	1651	20	dealers	dealer	NOUN
cblr-11900	1651	21	to	to	PART
cblr-11900	1651	22	hold	hold	VERB
cblr-11900	1651	23	in	in	ADP
cblr-11900	1651	24	inventory	inventory	NOUN
cblr-11900	1651	25	,	,	PUNCT
cblr-11900	1651	26	and	and	CCONJ
cblr-11900	1651	27	thus	thus	ADV
cblr-11900	1651	28	likely	likely	ADV
cblr-11900	1651	29	reduced	reduce	VERB
cblr-11900	1651	30	the	the	DET
cblr-11900	1651	31	price	price	NOUN
cblr-11900	1651	32	impact	impact	NOUN
cblr-11900	1651	33	of	of	ADP
cblr-11900	1651	34	marginal	marginal	ADJ
cblr-11900	1651	35	sales	sale	NOUN
cblr-11900	1651	36	during	during	ADP
cblr-11900	1651	37	periods	period	NOUN
cblr-11900	1651	38	of	of	ADP
cblr-11900	1651	39	imbalanced	imbalanced	ADJ
cblr-11900	1651	40	flows	flow	NOUN
cblr-11900	1651	41	.	.	PUNCT
cblr-11900	1652	1	363	363	NUM
cblr-11900	1652	2	james	james	PROPN
cblr-11900	1652	3	collin	collin	PROPN
cblr-11900	1652	4	harkrader	harkrader	PROPN
cblr-11900	1652	5	&	&	CCONJ
cblr-11900	1652	6	michael	michael	PROPN
cblr-11900	1652	7	puglia	puglia	PROPN
cblr-11900	1652	8	,	,	PUNCT
cblr-11900	1652	9	bd	bd	PROPN
cblr-11900	1652	10	.	.	PROPN
cblr-11900	1652	11	of	of	ADP
cblr-11900	1652	12	governors	governor	NOUN
cblr-11900	1652	13	of	of	ADP
cblr-11900	1652	14	the	the	DET
cblr-11900	1652	15	fed	fed	PROPN
cblr-11900	1652	16	.	.	PUNCT
cblr-11900	1652	17	rsrv	rsrv	PROPN
cblr-11900	1652	18	.	.	PUNCT
cblr-11900	1653	1	sys	sys	PROPN
cblr-11900	1653	2	.	.	PROPN
cblr-11900	1653	3	,	,	PUNCT
cblr-11900	1653	4	principal	principal	ADJ
cblr-11900	1653	5	trading	trading	NOUN
cblr-11900	1653	6	firm	firm	NOUN
cblr-11900	1653	7	activity	activity	NOUN
cblr-11900	1653	8	in	in	ADP
cblr-11900	1653	9	treasury	treasury	NOUN
cblr-11900	1653	10	cash	cash	NOUN
cblr-11900	1653	11	markets	market	NOUN
cblr-11900	1653	12	,	,	PUNCT
cblr-11900	1653	13	feds	feds	PROPN
cblr-11900	1653	14	notes	note	NOUN
cblr-11900	1653	15	(	(	PUNCT
cblr-11900	1653	16	aug	aug	PROPN
cblr-11900	1653	17	.	.	PROPN
cblr-11900	1653	18	04	04	NUM
cblr-11900	1653	19	,	,	PUNCT
cblr-11900	1653	20	2020	2020	NUM
cblr-11900	1653	21	)	)	PUNCT
cblr-11900	1653	22	,	,	PUNCT
cblr-11900	1653	23	https://www.federalreserve.gov/econres/notes/feds-notes/principal-tradingfirm-activity-in-treasury-cash-markets-20200804.html	https://www.federalreserve.gov/econres/notes/feds-notes/principal-tradingfirm-activity-in-treasury-cash-markets-20200804.html	PROPN
cblr-11900	1654	1	[	[	X
cblr-11900	1654	2	https://perma.cc/zv5k-4dzz	https://perma.cc/zv5k-4dzz	X
cblr-11900	1654	3	]	]	X
cblr-11900	1654	4	.	.	PUNCT
cblr-11900	1655	1	364	364	NUM
cblr-11900	1655	2	robert	robert	PROPN
cblr-11900	1655	3	m.	m.	PROPN
cblr-11900	1655	4	smith	smith	PROPN
cblr-11900	1655	5	,	,	PUNCT
cblr-11900	1655	6	client	client	NOUN
cblr-11900	1655	7	list	list	NOUN
cblr-11900	1655	8	reveals	reveal	VERB
cblr-11900	1655	9	hft	hft	ADJ
cblr-11900	1655	10	dominance	dominance	NOUN
cblr-11900	1655	11	on	on	ADP
cblr-11900	1655	12	brokertec	brokertec	NOUN
cblr-11900	1655	13	,	,	PUNCT
cblr-11900	1655	14	risk.net	risk.net	X
cblr-11900	1655	15	(	(	PUNCT
cblr-11900	1655	16	september	september	PROPN
cblr-11900	1655	17	23	23	NUM
cblr-11900	1655	18	,	,	PUNCT
cblr-11900	1655	19	2015	2015	NUM
cblr-11900	1655	20	)	)	PUNCT
cblr-11900	1655	21	,	,	PUNCT
cblr-11900	1655	22	https://www.risk.net/derivatives/interestrate-derivatives/2426923/client-list-reveals-hft-dominance-on-brokertec	https://www.risk.net/derivatives/interestrate-derivatives/2426923/client-list-reveals-hft-dominance-on-brokertec	VERB
cblr-11900	1655	23	[	[	X
cblr-11900	1655	24	https://perma.cc/9hgy-6fqg	https://perma.cc/9hgy-6fqg	X
cblr-11900	1655	25	]	]	X
cblr-11900	1655	26	.	.	PUNCT
cblr-11900	1656	1	365	365	NUM
cblr-11900	1656	2	nina	nina	PROPN
cblr-11900	1656	3	boyarchenko	boyarchenko	PROPN
cblr-11900	1656	4	,	,	PUNCT
cblr-11900	1656	5	pooja	pooja	PROPN
cblr-11900	1656	6	gupta	gupta	PROPN
cblr-11900	1656	7	,	,	PUNCT
cblr-11900	1656	8	nick	nick	PROPN
cblr-11900	1656	9	steele	steele	PROPN
cblr-11900	1656	10	&	&	CCONJ
cblr-11900	1656	11	jacqueline	jacqueline	PROPN
cblr-11900	1656	12	yen	yen	PROPN
cblr-11900	1656	13	,	,	PUNCT
cblr-11900	1656	14	negative	negative	ADJ
cblr-11900	1656	15	swap	swap	NOUN
cblr-11900	1656	16	spreads	spread	NOUN
cblr-11900	1656	17	,	,	PUNCT
cblr-11900	1656	18	fed	fed	PROPN
cblr-11900	1656	19	.	.	PUNCT
cblr-11900	1656	20	rsrv	rsrv	PROPN
cblr-11900	1656	21	.	.	PUNCT
cblr-11900	1657	1	bank	bank	PROPN
cblr-11900	1657	2	of	of	ADP
cblr-11900	1657	3	n.y	n.y	PROPN
cblr-11900	1657	4	.	.	PROPN
cblr-11900	1657	5	econ	econ	PROPN
cblr-11900	1657	6	.	.	PUNCT
cblr-11900	1658	1	pol’y	pol’y	NOUN
cblr-11900	1658	2	rev	rev	VERB
cblr-11900	1658	3	.	.	PROPN
cblr-11900	1658	4	10	10	NUM
cblr-11900	1658	5	(	(	PUNCT
cblr-11900	1658	6	oct	oct	PROPN
cblr-11900	1658	7	.	.	PROPN
cblr-11900	1658	8	2018	2018	NUM
cblr-11900	1658	9	)	)	PUNCT
cblr-11900	1658	10	.	.	PUNCT
cblr-11900	1659	1	no	no	INTJ
cblr-11900	1659	2	.	.	NOUN
cblr-11900	1660	1	1	1	NUM
cblr-11900	1660	2	]	]	ADJ
cblr-11900	1660	3	money	money	NOUN
cblr-11900	1660	4	and	and	CCONJ
cblr-11900	1660	5	the	the	DET
cblr-11900	1660	6	public	public	ADJ
cblr-11900	1660	7	debt	debt	NOUN
cblr-11900	1660	8	313	313	NUM
cblr-11900	1660	9	second	second	ADJ
cblr-11900	1660	10	,	,	PUNCT
cblr-11900	1660	11	to	to	ADP
cblr-11900	1660	12	the	the	DET
cblr-11900	1660	13	extent	extent	NOUN
cblr-11900	1660	14	that	that	SCONJ
cblr-11900	1660	15	slr	slr	NOUN
cblr-11900	1660	16	and	and	CCONJ
cblr-11900	1660	17	other	other	ADJ
cblr-11900	1660	18	regulations	regulation	NOUN
cblr-11900	1660	19	drove	drive	VERB
cblr-11900	1660	20	their	their	PRON
cblr-11900	1660	21	internal	internal	ADJ
cblr-11900	1660	22	economic	economic	ADJ
cblr-11900	1660	23	incentives	incentive	NOUN
cblr-11900	1660	24	when	when	SCONJ
cblr-11900	1660	25	managing	manage	VERB
cblr-11900	1660	26	balance	balance	NOUN
cblr-11900	1660	27	sheet	sheet	NOUN
cblr-11900	1660	28	capacity	capacity	NOUN
cblr-11900	1660	29	,	,	PUNCT
cblr-11900	1660	30	bank	bank	NOUN
cblr-11900	1660	31	-	-	PUNCT
cblr-11900	1660	32	affiliated	affiliate	VERB
cblr-11900	1660	33	intermediaries	intermediary	NOUN
cblr-11900	1660	34	often	often	ADV
cblr-11900	1660	35	allocated	allocate	VERB
cblr-11900	1660	36	it	it	PRON
cblr-11900	1660	37	on	on	ADP
cblr-11900	1660	38	a	a	DET
cblr-11900	1660	39	“	"	PUNCT
cblr-11900	1660	40	use	use	VERB
cblr-11900	1660	41	it	it	PRON
cblr-11900	1660	42	or	or	CCONJ
cblr-11900	1660	43	lose	lose	VERB
cblr-11900	1660	44	it	it	PRON
cblr-11900	1660	45	”	"	PUNCT
cblr-11900	1660	46	basis	basis	NOUN
cblr-11900	1660	47	.	.	PUNCT
cblr-11900	1661	1	in	in	ADP
cblr-11900	1661	2	other	other	ADJ
cblr-11900	1661	3	words	word	NOUN
cblr-11900	1661	4	,	,	PUNCT
cblr-11900	1661	5	leverage	leverage	NOUN
cblr-11900	1661	6	budgets	budget	NOUN
cblr-11900	1661	7	that	that	PRON
cblr-11900	1661	8	were	be	AUX
cblr-11900	1661	9	allocated	allocate	VERB
cblr-11900	1661	10	to	to	ADP
cblr-11900	1661	11	specific	specific	ADJ
cblr-11900	1661	12	entities	entity	NOUN
cblr-11900	1661	13	but	but	CCONJ
cblr-11900	1661	14	,	,	PUNCT
cblr-11900	1661	15	if	if	SCONJ
cblr-11900	1661	16	they	they	PRON
cblr-11900	1661	17	were	be	AUX
cblr-11900	1661	18	left	leave	VERB
cblr-11900	1661	19	underutilized	underutilize	VERB
cblr-11900	1661	20	,	,	PUNCT
cblr-11900	1661	21	were	be	AUX
cblr-11900	1661	22	downsized	downsize	VERB
cblr-11900	1661	23	in	in	ADP
cblr-11900	1661	24	favor	favor	NOUN
cblr-11900	1661	25	of	of	ADP
cblr-11900	1661	26	more	more	ADV
cblr-11900	1661	27	active	active	ADJ
cblr-11900	1661	28	clients	client	NOUN
cblr-11900	1661	29	during	during	ADP
cblr-11900	1661	30	regular	regular	ADJ
cblr-11900	1661	31	reviews	review	NOUN
cblr-11900	1661	32	.	.	PUNCT
cblr-11900	1662	1	that	that	DET
cblr-11900	1662	2	motivated	motivated	ADJ
cblr-11900	1662	3	hedge	hedge	NOUN
cblr-11900	1662	4	funds	fund	NOUN
cblr-11900	1662	5	and	and	CCONJ
cblr-11900	1662	6	other	other	ADJ
cblr-11900	1662	7	major	major	ADJ
cblr-11900	1662	8	consumers	consumer	NOUN
cblr-11900	1662	9	of	of	ADP
cblr-11900	1662	10	leverage	leverage	NOUN
cblr-11900	1662	11	to	to	PART
cblr-11900	1662	12	find	find	VERB
cblr-11900	1662	13	ways	way	NOUN
cblr-11900	1662	14	to	to	PART
cblr-11900	1662	15	utilize	utilize	VERB
cblr-11900	1662	16	leverage	leverage	NOUN
cblr-11900	1662	17	allocations	allocation	NOUN
cblr-11900	1662	18	without	without	ADP
cblr-11900	1662	19	taking	take	VERB
cblr-11900	1662	20	much	much	ADJ
cblr-11900	1662	21	market	market	NOUN
cblr-11900	1662	22	risk	risk	NOUN
cblr-11900	1662	23	.	.	PUNCT
cblr-11900	1663	1	in	in	ADP
cblr-11900	1663	2	other	other	ADJ
cblr-11900	1663	3	words	word	NOUN
cblr-11900	1663	4	,	,	PUNCT
cblr-11900	1663	5	it	it	PRON
cblr-11900	1663	6	became	become	VERB
cblr-11900	1663	7	costly	costly	ADJ
cblr-11900	1663	8	not	not	PART
cblr-11900	1663	9	to	to	PART
cblr-11900	1663	10	use	use	VERB
cblr-11900	1663	11	one	one	NUM
cblr-11900	1663	12	’s	’s	PART
cblr-11900	1663	13	access	access	NOUN
cblr-11900	1663	14	to	to	ADP
cblr-11900	1663	15	bank	bank	NOUN
cblr-11900	1663	16	balance	balance	NOUN
cblr-11900	1663	17	sheet	sheet	NOUN
cblr-11900	1663	18	,	,	PUNCT
cblr-11900	1663	19	for	for	ADP
cblr-11900	1663	20	fear	fear	NOUN
cblr-11900	1663	21	that	that	SCONJ
cblr-11900	1663	22	access	access	NOUN
cblr-11900	1663	23	would	would	AUX
cblr-11900	1663	24	not	not	PART
cblr-11900	1663	25	be	be	AUX
cblr-11900	1663	26	available	available	ADJ
cblr-11900	1663	27	when	when	SCONJ
cblr-11900	1663	28	needed	need	VERB
cblr-11900	1663	29	.	.	PUNCT
cblr-11900	1664	1	cash	cash	NOUN
cblr-11900	1664	2	/	/	SYM
cblr-11900	1664	3	treasuries	treasury	NOUN
cblr-11900	1664	4	basis	basis	NOUN
cblr-11900	1664	5	trades	trade	NOUN
cblr-11900	1664	6	,	,	PUNCT
cblr-11900	1664	7	which	which	PRON
cblr-11900	1664	8	are	be	AUX
cblr-11900	1664	9	most	most	ADV
cblr-11900	1664	10	commonly	commonly	ADV
cblr-11900	1664	11	constructed	construct	VERB
cblr-11900	1664	12	as	as	ADP
cblr-11900	1664	13	a	a	DET
cblr-11900	1664	14	“	"	PUNCT
cblr-11900	1664	15	short	short	ADJ
cblr-11900	1664	16	”	"	PUNCT
cblr-11900	1664	17	in	in	ADP
cblr-11900	1664	18	futures	future	NOUN
cblr-11900	1664	19	and	and	CCONJ
cblr-11900	1664	20	a	a	DET
cblr-11900	1664	21	repo	repo	NOUN
cblr-11900	1664	22	-	-	PUNCT
cblr-11900	1664	23	financed	finance	VERB
cblr-11900	1664	24	“	"	PUNCT
cblr-11900	1664	25	long	long	ADJ
cblr-11900	1664	26	”	"	PUNCT
cblr-11900	1664	27	in	in	ADP
cblr-11900	1664	28	one	one	NUM
cblr-11900	1664	29	or	or	CCONJ
cblr-11900	1664	30	several	several	ADJ
cblr-11900	1664	31	bonds	bond	NOUN
cblr-11900	1664	32	from	from	ADP
cblr-11900	1664	33	that	that	DET
cblr-11900	1664	34	contract	contract	NOUN
cblr-11900	1664	35	’s	’s	PART
cblr-11900	1664	36	deliverable	deliverable	ADJ
cblr-11900	1664	37	basket	basket	NOUN
cblr-11900	1664	38	,	,	PUNCT
cblr-11900	1664	39	rely	rely	VERB
cblr-11900	1664	40	on	on	ADP
cblr-11900	1664	41	leverage	leverage	NOUN
cblr-11900	1664	42	but	but	CCONJ
cblr-11900	1664	43	have	have	VERB
cblr-11900	1664	44	a	a	DET
cblr-11900	1664	45	theoretically	theoretically	ADV
cblr-11900	1664	46	bounded	bound	VERB
cblr-11900	1664	47	payoff	payoff	NOUN
cblr-11900	1664	48	with	with	ADP
cblr-11900	1664	49	minimal	minimal	ADJ
cblr-11900	1664	50	market	market	NOUN
cblr-11900	1664	51	risk	risk	NOUN
cblr-11900	1664	52	in	in	ADP
cblr-11900	1664	53	a	a	DET
cblr-11900	1664	54	relatively	relatively	ADV
cblr-11900	1664	55	wide	wide	ADJ
cblr-11900	1664	56	range	range	NOUN
cblr-11900	1664	57	of	of	ADP
cblr-11900	1664	58	market	market	NOUN
cblr-11900	1664	59	conditions.366	conditions.366	NOUN
cblr-11900	1664	60	that	that	PRON
cblr-11900	1664	61	made	make	VERB
cblr-11900	1664	62	them	they	PRON
cblr-11900	1664	63	fit	fit	ADJ
cblr-11900	1664	64	for	for	ADP
cblr-11900	1664	65	purpose	purpose	NOUN
cblr-11900	1664	66	as	as	ADP
cblr-11900	1664	67	a	a	DET
cblr-11900	1664	68	placeholder	placeholder	NOUN
cblr-11900	1664	69	position	position	NOUN
cblr-11900	1664	70	to	to	PART
cblr-11900	1664	71	secure	secure	VERB
cblr-11900	1664	72	future	future	ADJ
cblr-11900	1664	73	access	access	NOUN
cblr-11900	1664	74	to	to	ADP
cblr-11900	1664	75	balance	balance	NOUN
cblr-11900	1664	76	sheet	sheet	NOUN
cblr-11900	1664	77	as	as	SCONJ
cblr-11900	1664	78	needed	need	VERB
cblr-11900	1664	79	.	.	PUNCT
cblr-11900	1665	1	hedge	hedge	NOUN
cblr-11900	1665	2	funds	fund	NOUN
cblr-11900	1665	3	thus	thus	ADV
cblr-11900	1665	4	accumulated	accumulate	VERB
cblr-11900	1665	5	large	large	ADJ
cblr-11900	1665	6	inventories	inventory	NOUN
cblr-11900	1665	7	of	of	ADP
cblr-11900	1665	8	off	off	ADP
cblr-11900	1665	9	-	-	PUNCT
cblr-11900	1665	10	therun	therun	ADJ
cblr-11900	1665	11	treasury	treasury	NOUN
cblr-11900	1665	12	securities	security	NOUN
cblr-11900	1665	13	(	(	PUNCT
cblr-11900	1665	14	i.e.	i.e.	X
cblr-11900	1665	15	,	,	PUNCT
cblr-11900	1665	16	not	not	PART
cblr-11900	1665	17	the	the	PRON
cblr-11900	1665	18	more	more	ADV
cblr-11900	1665	19	recently	recently	ADV
cblr-11900	1665	20	issued	issue	VERB
cblr-11900	1665	21	)	)	PUNCT
cblr-11900	1665	22	366	366	NUM
cblr-11900	1665	23	cash	cash	NOUN
cblr-11900	1665	24	/	/	SYM
cblr-11900	1665	25	futures	future	NOUN
cblr-11900	1665	26	basis	basis	NOUN
cblr-11900	1665	27	trades	trade	NOUN
cblr-11900	1665	28	generally	generally	ADV
cblr-11900	1665	29	consist	consist	VERB
cblr-11900	1665	30	of	of	ADP
cblr-11900	1665	31	a	a	DET
cblr-11900	1665	32	long	long	ADJ
cblr-11900	1665	33	position	position	NOUN
cblr-11900	1665	34	,	,	PUNCT
cblr-11900	1665	35	levered	lever	VERB
cblr-11900	1665	36	using	use	VERB
cblr-11900	1665	37	repo	repo	NOUN
cblr-11900	1665	38	,	,	PUNCT
cblr-11900	1665	39	in	in	ADP
cblr-11900	1665	40	a	a	DET
cblr-11900	1665	41	specific	specific	ADJ
cblr-11900	1665	42	treasury	treasury	NOUN
cblr-11900	1665	43	issue	issue	NOUN
cblr-11900	1665	44	or	or	CCONJ
cblr-11900	1665	45	group	group	NOUN
cblr-11900	1665	46	of	of	ADP
cblr-11900	1665	47	treasury	treasury	PROPN
cblr-11900	1665	48	issue	issue	NOUN
cblr-11900	1665	49	paired	pair	VERB
cblr-11900	1665	50	with	with	ADP
cblr-11900	1665	51	a	a	DET
cblr-11900	1665	52	short	short	ADJ
cblr-11900	1665	53	position	position	NOUN
cblr-11900	1665	54	in	in	ADP
cblr-11900	1665	55	a	a	DET
cblr-11900	1665	56	futures	future	NOUN
cblr-11900	1665	57	contract	contract	NOUN
cblr-11900	1665	58	into	into	ADP
cblr-11900	1665	59	which	which	PRON
cblr-11900	1665	60	those	those	DET
cblr-11900	1665	61	securities	security	NOUN
cblr-11900	1665	62	are	be	AUX
cblr-11900	1665	63	deliverable	deliverable	ADJ
cblr-11900	1665	64	.	.	PUNCT
cblr-11900	1666	1	although	although	SCONJ
cblr-11900	1666	2	in	in	ADP
cblr-11900	1666	3	the	the	DET
cblr-11900	1666	4	past	past	NOUN
cblr-11900	1666	5	,	,	PUNCT
cblr-11900	1666	6	these	these	DET
cblr-11900	1666	7	transactions	transaction	NOUN
cblr-11900	1666	8	had	have	VERB
cblr-11900	1666	9	complex	complex	ADJ
cblr-11900	1666	10	options	option	NOUN
cblr-11900	1666	11	-	-	PUNCT
cblr-11900	1666	12	like	like	ADJ
cblr-11900	1666	13	characteristics	characteristic	NOUN
cblr-11900	1666	14	that	that	PRON
cblr-11900	1666	15	hedge	hedge	NOUN
cblr-11900	1666	16	funds	fund	NOUN
cblr-11900	1666	17	and	and	CCONJ
cblr-11900	1666	18	other	other	ADJ
cblr-11900	1666	19	sought	seek	VERB
cblr-11900	1666	20	to	to	PART
cblr-11900	1666	21	monetize	monetize	VERB
cblr-11900	1666	22	,	,	PUNCT
cblr-11900	1666	23	more	more	ADV
cblr-11900	1666	24	recently	recently	ADV
cblr-11900	1666	25	they	they	PRON
cblr-11900	1666	26	have	have	AUX
cblr-11900	1666	27	become	become	VERB
cblr-11900	1666	28	low	low	ADJ
cblr-11900	1666	29	-	-	PUNCT
cblr-11900	1666	30	risk	risk	NOUN
cblr-11900	1666	31	exposures	exposure	NOUN
cblr-11900	1666	32	.	.	PUNCT
cblr-11900	1667	1	downside	downside	NOUN
cblr-11900	1667	2	is	be	AUX
cblr-11900	1667	3	limited	limit	VERB
cblr-11900	1667	4	by	by	ADP
cblr-11900	1667	5	the	the	DET
cblr-11900	1667	6	fact	fact	NOUN
cblr-11900	1667	7	that	that	SCONJ
cblr-11900	1667	8	the	the	DET
cblr-11900	1667	9	securities	security	NOUN
cblr-11900	1667	10	can	can	AUX
cblr-11900	1667	11	be	be	AUX
cblr-11900	1667	12	delivered	deliver	VERB
cblr-11900	1667	13	into	into	ADP
cblr-11900	1667	14	the	the	DET
cblr-11900	1667	15	futures	future	NOUN
cblr-11900	1667	16	contract	contract	NOUN
cblr-11900	1667	17	at	at	ADP
cblr-11900	1667	18	a	a	DET
cblr-11900	1667	19	predetermined	predetermine	VERB
cblr-11900	1667	20	price	price	NOUN
cblr-11900	1667	21	relative	relative	ADJ
cblr-11900	1667	22	to	to	ADP
cblr-11900	1667	23	their	their	PRON
cblr-11900	1667	24	purchase	purchase	NOUN
cblr-11900	1667	25	price	price	NOUN
cblr-11900	1667	26	,	,	PUNCT
cblr-11900	1667	27	and	and	CCONJ
cblr-11900	1667	28	upside	upside	ADV
cblr-11900	1667	29	is	be	AUX
cblr-11900	1667	30	limited	limit	VERB
cblr-11900	1667	31	by	by	ADP
cblr-11900	1667	32	arbitrage	arbitrage	NOUN
cblr-11900	1667	33	relationships	relationship	NOUN
cblr-11900	1667	34	in	in	ADP
cblr-11900	1667	35	the	the	DET
cblr-11900	1667	36	absence	absence	NOUN
cblr-11900	1667	37	of	of	ADP
cblr-11900	1667	38	significant	significant	ADJ
cblr-11900	1667	39	embedded	embed	VERB
cblr-11900	1667	40	optionality	optionality	NOUN
cblr-11900	1667	41	.	.	PUNCT
cblr-11900	1668	1	galen	galen	PROPN
cblr-11900	1668	2	burghardt	burghardt	PROPN
cblr-11900	1668	3	&	&	CCONJ
cblr-11900	1668	4	terry	terry	PROPN
cblr-11900	1668	5	belton	belton	PROPN
cblr-11900	1668	6	,	,	PUNCT
cblr-11900	1668	7	the	the	DET
cblr-11900	1668	8	treasury	treasury	PROPN
cblr-11900	1668	9	bond	bond	NOUN
cblr-11900	1668	10	basis	basis	NOUN
cblr-11900	1668	11	:	:	PUNCT
cblr-11900	1668	12	an	an	DET
cblr-11900	1668	13	in	in	ADP
cblr-11900	1668	14	-	-	PUNCT
cblr-11900	1668	15	depth	depth	NOUN
cblr-11900	1668	16	analysis	analysis	NOUN
cblr-11900	1668	17	for	for	ADP
cblr-11900	1668	18	hedgers	hedger	NOUN
cblr-11900	1668	19	,	,	PUNCT
cblr-11900	1668	20	speculators	speculator	NOUN
cblr-11900	1668	21	,	,	PUNCT
cblr-11900	1668	22	and	and	CCONJ
cblr-11900	1668	23	arbitrageurs	arbitrageur	NOUN
cblr-11900	1668	24	(	(	PUNCT
cblr-11900	1668	25	2005	2005	NUM
cblr-11900	1668	26	)	)	PUNCT
cblr-11900	1668	27	.	.	PUNCT
cblr-11900	1669	1	limited	limited	ADJ
cblr-11900	1669	2	downside	downside	NOUN
cblr-11900	1669	3	in	in	ADP
cblr-11900	1669	4	particular	particular	ADJ
cblr-11900	1669	5	made	make	VERB
cblr-11900	1669	6	cash	cash	NOUN
cblr-11900	1669	7	/	/	SYM
cblr-11900	1669	8	futures	future	NOUN
cblr-11900	1669	9	basis	basis	NOUN
cblr-11900	1669	10	positions	position	NOUN
cblr-11900	1669	11	,	,	PUNCT
cblr-11900	1669	12	specifically	specifically	ADV
cblr-11900	1669	13	those	those	PRON
cblr-11900	1669	14	in	in	ADP
cblr-11900	1669	15	the	the	DET
cblr-11900	1669	16	cheapest	cheap	ADJ
cblr-11900	1669	17	-	-	PUNCT
cblr-11900	1669	18	to	to	PART
cblr-11900	1669	19	-	-	PUNCT
cblr-11900	1669	20	deliver	deliver	VERB
cblr-11900	1669	21	treasury	treasury	NOUN
cblr-11900	1669	22	issue	issue	NOUN
cblr-11900	1669	23	for	for	ADP
cblr-11900	1669	24	a	a	DET
cblr-11900	1669	25	given	give	VERB
cblr-11900	1669	26	futures	future	NOUN
cblr-11900	1669	27	contract	contract	NOUN
cblr-11900	1669	28	,	,	PUNCT
cblr-11900	1669	29	a	a	DET
cblr-11900	1669	30	popular	popular	ADJ
cblr-11900	1669	31	‘	'	PUNCT
cblr-11900	1669	32	placeholder	placeholder	NOUN
cblr-11900	1669	33	’	'	PUNCT
cblr-11900	1669	34	position	position	NOUN
cblr-11900	1669	35	for	for	ADP
cblr-11900	1669	36	hedge	hedge	NOUN
cblr-11900	1669	37	funds	fund	NOUN
cblr-11900	1669	38	looking	look	VERB
cblr-11900	1669	39	to	to	PART
cblr-11900	1669	40	maintain	maintain	VERB
cblr-11900	1669	41	continuous	continuous	ADJ
cblr-11900	1669	42	access	access	NOUN
cblr-11900	1669	43	to	to	ADP
cblr-11900	1669	44	dealer	dealer	NOUN
cblr-11900	1669	45	balance	balance	NOUN
cblr-11900	1669	46	sheet	sheet	NOUN
cblr-11900	1669	47	and	and	CCONJ
cblr-11900	1669	48	repo	repo	VERB
cblr-11900	1669	49	leverage	leverage	NOUN
cblr-11900	1669	50	without	without	ADP
cblr-11900	1669	51	taking	take	VERB
cblr-11900	1669	52	significant	significant	ADJ
cblr-11900	1669	53	market	market	NOUN
cblr-11900	1669	54	risk	risk	NOUN
cblr-11900	1669	55	.	.	PUNCT
cblr-11900	1670	1	bloomberg	bloomberg	PROPN
cblr-11900	1670	2	:	:	PUNCT
cblr-11900	1670	3	odd	odd	ADJ
cblr-11900	1670	4	lots	lot	NOUN
cblr-11900	1670	5	,	,	PUNCT
cblr-11900	1670	6	how	how	SCONJ
cblr-11900	1670	7	the	the	DET
cblr-11900	1670	8	crisis	crisis	NOUN
cblr-11900	1670	9	nearly	nearly	ADV
cblr-11900	1670	10	blew	blow	VERB
cblr-11900	1670	11	up	up	ADP
cblr-11900	1670	12	one	one	NUM
cblr-11900	1670	13	of	of	ADP
cblr-11900	1670	14	the	the	DET
cblr-11900	1670	15	world	world	NOUN
cblr-11900	1670	16	’s	’s	PART
cblr-11900	1670	17	safest	safe	ADJ
cblr-11900	1670	18	trades	trade	NOUN
cblr-11900	1670	19	,	,	PUNCT
cblr-11900	1670	20	bloomberg	bloomberg	PROPN
cblr-11900	1670	21	(	(	PUNCT
cblr-11900	1670	22	mar	mar	PROPN
cblr-11900	1670	23	.	.	PROPN
cblr-11900	1670	24	26	26	NUM
cblr-11900	1670	25	,	,	PUNCT
cblr-11900	1670	26	2020	2020	NUM
cblr-11900	1670	27	)	)	PUNCT
cblr-11900	1670	28	https://www.bloomberg.com/news/articles/2020-03-26/howthe-crisis-nearly-blew-up-one-of-the-world-s-safest-trades#xj4y7vzkg	https://www.bloomberg.com/news/articles/2020-03-26/howthe-crisis-nearly-blew-up-one-of-the-world-s-safest-trades#xj4y7vzkg	NOUN
cblr-11900	1671	1	[	[	X
cblr-11900	1671	2	https://perma.cc/hgt9-grjg	https://perma.cc/hgt9-grjg	X
cblr-11900	1671	3	]	]	PUNCT
cblr-11900	1671	4	.	.	PUNCT
cblr-11900	1672	1	314	314	NUM
cblr-11900	1672	2	columbia	columbia	PROPN
cblr-11900	1672	3	business	business	NOUN
cblr-11900	1672	4	law	law	PROPN
cblr-11900	1672	5	review	review	NOUN
cblr-11900	1672	6	[	[	X
cblr-11900	1672	7	vol	vol	NOUN
cblr-11900	1672	8	.	.	PUNCT
cblr-11900	1672	9	2023	2023	NUM
cblr-11900	1672	10	hedged	hedge	VERB
cblr-11900	1672	11	with	with	ADP
cblr-11900	1672	12	short	short	ADJ
cblr-11900	1672	13	positions	position	NOUN
cblr-11900	1672	14	in	in	ADP
cblr-11900	1672	15	derivatives	derivative	NOUN
cblr-11900	1672	16	—	—	PUNCT
cblr-11900	1672	17	exposures	exposure	NOUN
cblr-11900	1672	18	which	which	PRON
cblr-11900	1672	19	resembled	resemble	VERB
cblr-11900	1672	20	,	,	PUNCT
cblr-11900	1672	21	at	at	ADP
cblr-11900	1672	22	least	least	ADJ
cblr-11900	1672	23	optically	optically	ADV
cblr-11900	1672	24	,	,	PUNCT
cblr-11900	1672	25	inventories	inventory	NOUN
cblr-11900	1672	26	managed	manage	VERB
cblr-11900	1672	27	by	by	ADP
cblr-11900	1672	28	dealers	dealer	NOUN
cblr-11900	1672	29	.	.	PUNCT
cblr-11900	1673	1	this	this	PRON
cblr-11900	1673	2	is	be	AUX
cblr-11900	1673	3	clear	clear	ADJ
cblr-11900	1673	4	from	from	ADP
cblr-11900	1673	5	sec	sec	PROPN
cblr-11900	1673	6	private	private	ADJ
cblr-11900	1673	7	funds	fund	NOUN
cblr-11900	1673	8	statistics	statistic	NOUN
cblr-11900	1673	9	,	,	PUNCT
cblr-11900	1673	10	which	which	PRON
cblr-11900	1673	11	show	show	VERB
cblr-11900	1673	12	a	a	DET
cblr-11900	1673	13	rapid	rapid	ADJ
cblr-11900	1673	14	increase	increase	NOUN
cblr-11900	1673	15	in	in	ADP
cblr-11900	1673	16	gross	gross	ADJ
cblr-11900	1673	17	exposure	exposure	NOUN
cblr-11900	1673	18	to	to	ADP
cblr-11900	1673	19	treasuries	treasury	NOUN
cblr-11900	1673	20	among	among	ADP
cblr-11900	1673	21	the	the	DET
cblr-11900	1673	22	hedge	hedge	NOUN
cblr-11900	1673	23	funds	fund	NOUN
cblr-11900	1673	24	in	in	ADP
cblr-11900	1673	25	their	their	PRON
cblr-11900	1673	26	sample	sample	NOUN
cblr-11900	1673	27	,	,	PUNCT
cblr-11900	1673	28	which	which	PRON
cblr-11900	1673	29	had	have	AUX
cblr-11900	1673	30	remained	remain	VERB
cblr-11900	1673	31	around	around	ADV
cblr-11900	1673	32	$	$	SYM
cblr-11900	1673	33	1	1	NUM
cblr-11900	1673	34	trillion	trillion	NUM
cblr-11900	1673	35	from	from	ADP
cblr-11900	1673	36	early	early	ADJ
cblr-11900	1673	37	2014	2014	NUM
cblr-11900	1673	38	(	(	PUNCT
cblr-11900	1673	39	the	the	DET
cblr-11900	1673	40	earliest	early	ADJ
cblr-11900	1673	41	data	datum	NOUN
cblr-11900	1673	42	available	available	ADJ
cblr-11900	1673	43	)	)	PUNCT
cblr-11900	1673	44	until	until	SCONJ
cblr-11900	1673	45	the	the	DET
cblr-11900	1673	46	fourth	fourth	ADJ
cblr-11900	1673	47	quarter	quarter	NOUN
cblr-11900	1673	48	of	of	ADP
cblr-11900	1673	49	2018,367	2018,367	NUM
cblr-11900	1673	50	nearly	nearly	ADV
cblr-11900	1673	51	doubling	double	VERB
cblr-11900	1673	52	to	to	ADP
cblr-11900	1673	53	$	$	SYM
cblr-11900	1673	54	2.2	2.2	NUM
cblr-11900	1673	55	trillion	trillion	NUM
cblr-11900	1673	56	by	by	ADP
cblr-11900	1673	57	the	the	DET
cblr-11900	1673	58	end	end	NOUN
cblr-11900	1673	59	of	of	ADP
cblr-11900	1673	60	2019.368	2019.368	NUM
cblr-11900	1673	61	more	more	ADV
cblr-11900	1673	62	detailed	detailed	ADJ
cblr-11900	1673	63	analysis	analysis	NOUN
cblr-11900	1673	64	using	use	VERB
cblr-11900	1673	65	confidential	confidential	ADJ
cblr-11900	1673	66	data	datum	NOUN
cblr-11900	1673	67	suggests	suggest	VERB
cblr-11900	1673	68	their	their	PRON
cblr-11900	1673	69	increased	increase	VERB
cblr-11900	1673	70	activity	activity	NOUN
cblr-11900	1673	71	was	be	AUX
cblr-11900	1673	72	generally	generally	ADV
cblr-11900	1673	73	associated	associate	VERB
cblr-11900	1673	74	with	with	ADP
cblr-11900	1673	75	higher	high	ADJ
cblr-11900	1673	76	levels	level	NOUN
cblr-11900	1673	77	of	of	ADP
cblr-11900	1673	78	concentration	concentration	NOUN
cblr-11900	1673	79	and	and	CCONJ
cblr-11900	1673	80	leverage	leverage	NOUN
cblr-11900	1673	81	,	,	PUNCT
cblr-11900	1673	82	and	and	CCONJ
cblr-11900	1673	83	was	be	AUX
cblr-11900	1673	84	associated	associate	VERB
cblr-11900	1673	85	with	with	ADP
cblr-11900	1673	86	a	a	DET
cblr-11900	1673	87	rather	rather	ADV
cblr-11900	1673	88	dramatic	dramatic	ADJ
cblr-11900	1673	89	increase	increase	NOUN
cblr-11900	1673	90	in	in	ADP
cblr-11900	1673	91	arbitrage	arbitrage	NOUN
cblr-11900	1673	92	-	-	PUNCT
cblr-11900	1673	93	style	style	NOUN
cblr-11900	1673	94	positions	position	NOUN
cblr-11900	1673	95	that	that	PRON
cblr-11900	1673	96	were	be	AUX
cblr-11900	1673	97	driven	drive	VERB
cblr-11900	1673	98	in	in	ADP
cblr-11900	1673	99	large	large	ADJ
cblr-11900	1673	100	part	part	NOUN
cblr-11900	1673	101	by	by	ADP
cblr-11900	1673	102	a	a	DET
cblr-11900	1673	103	cash	cash	NOUN
cblr-11900	1673	104	/	/	SYM
cblr-11900	1673	105	futures	future	NOUN
cblr-11900	1673	106	basis	basis	NOUN
cblr-11900	1673	107	position	position	NOUN
cblr-11900	1673	108	described	describe	VERB
cblr-11900	1673	109	above.369	above.369	ADP
cblr-11900	1673	110	c.	c.	PROPN
cblr-11900	1673	111	the	the	DET
cblr-11900	1673	112	collapse	collapse	NOUN
cblr-11900	1673	113	of	of	ADP
cblr-11900	1673	114	shadow	shadow	NOUN
cblr-11900	1673	115	dealers	dealer	NOUN
cblr-11900	1673	116	together	together	ADV
cblr-11900	1673	117	,	,	PUNCT
cblr-11900	1673	118	this	this	PRON
cblr-11900	1673	119	all	all	PRON
cblr-11900	1673	120	amounted	amount	VERB
cblr-11900	1673	121	to	to	ADP
cblr-11900	1673	122	a	a	DET
cblr-11900	1673	123	form	form	NOUN
cblr-11900	1673	124	of	of	ADP
cblr-11900	1673	125	outsourcing	outsourcing	NOUN
cblr-11900	1673	126	—	—	PUNCT
cblr-11900	1673	127	trade	trade	NOUN
cblr-11900	1673	128	matching	matching	NOUN
cblr-11900	1673	129	to	to	PART
cblr-11900	1673	130	ptfs	ptfs	VERB
cblr-11900	1673	131	,	,	PUNCT
cblr-11900	1673	132	inventory	inventory	NOUN
cblr-11900	1673	133	management	management	NOUN
cblr-11900	1673	134	to	to	PART
cblr-11900	1673	135	hedge	hedge	VERB
cblr-11900	1673	136	funds	fund	NOUN
cblr-11900	1673	137	.	.	PUNCT
cblr-11900	1674	1	the	the	DET
cblr-11900	1674	2	result	result	NOUN
cblr-11900	1674	3	was	be	AUX
cblr-11900	1674	4	a	a	DET
cblr-11900	1674	5	veneer	veneer	NOUN
cblr-11900	1674	6	of	of	ADP
cblr-11900	1674	7	stability	stability	NOUN
cblr-11900	1674	8	,	,	PUNCT
cblr-11900	1674	9	but	but	CCONJ
cblr-11900	1674	10	it	it	PRON
cblr-11900	1674	11	was	be	AUX
cblr-11900	1674	12	not	not	PART
cblr-11900	1674	13	to	to	PART
cblr-11900	1674	14	last	last	VERB
cblr-11900	1674	15	.	.	PUNCT
cblr-11900	1675	1	tremors	tremor	NOUN
cblr-11900	1675	2	started	start	VERB
cblr-11900	1675	3	as	as	ADV
cblr-11900	1675	4	early	early	ADV
cblr-11900	1675	5	as	as	ADP
cblr-11900	1675	6	2014	2014	NUM
cblr-11900	1675	7	with	with	ADP
cblr-11900	1675	8	the	the	DET
cblr-11900	1675	9	“	"	PUNCT
cblr-11900	1675	10	flash	flash	NOUN
cblr-11900	1675	11	rally	rally	NOUN
cblr-11900	1675	12	,	,	PUNCT
cblr-11900	1675	13	”	"	PUNCT
cblr-11900	1675	14	in	in	ADP
cblr-11900	1675	15	which	which	PRON
cblr-11900	1675	16	treasury	treasury	NOUN
cblr-11900	1675	17	yields	yield	NOUN
cblr-11900	1675	18	dropped	drop	VERB
cblr-11900	1675	19	precipitously	precipitously	ADV
cblr-11900	1675	20	in	in	ADP
cblr-11900	1675	21	the	the	DET
cblr-11900	1675	22	span	span	NOUN
cblr-11900	1675	23	of	of	ADP
cblr-11900	1675	24	367	367	NUM
cblr-11900	1675	25	div	div	NOUN
cblr-11900	1675	26	.	.	PUNCT
cblr-11900	1676	1	of	of	ADP
cblr-11900	1676	2	inv	inv	PROPN
cblr-11900	1676	3	.	.	PUNCT
cblr-11900	1677	1	mgmt	mgmt	PROPN
cblr-11900	1677	2	’s	’s	PART
cblr-11900	1677	3	risk	risk	NOUN
cblr-11900	1677	4	&	&	CCONJ
cblr-11900	1677	5	examinations	examination	NOUN
cblr-11900	1677	6	off	off	ADP
cblr-11900	1677	7	.	.	PUNCT
cblr-11900	1677	8	of	of	ADP
cblr-11900	1677	9	the	the	DET
cblr-11900	1677	10	u.s	u.s	PROPN
cblr-11900	1677	11	.	.	PROPN
cblr-11900	1677	12	sec	sec	PROPN
cblr-11900	1677	13	.	.	PROPN
cblr-11900	1677	14	&	&	CCONJ
cblr-11900	1677	15	exch	exch	PROPN
cblr-11900	1677	16	.	.	PUNCT
cblr-11900	1678	1	comm’n	comm’n	PROPN
cblr-11900	1678	2	,	,	PUNCT
cblr-11900	1678	3	private	private	ADJ
cblr-11900	1678	4	funds	fund	NOUN
cblr-11900	1678	5	statistics	statistic	NOUN
cblr-11900	1678	6	:	:	PUNCT
cblr-11900	1678	7	fourth	fourth	ADJ
cblr-11900	1678	8	calendar	calendar	NOUN
cblr-11900	1678	9	quarter	quarter	NOUN
cblr-11900	1678	10	2014	2014	NUM
cblr-11900	1678	11	(	(	PUNCT
cblr-11900	1678	12	2015	2015	NUM
cblr-11900	1678	13	)	)	PUNCT
cblr-11900	1678	14	,	,	PUNCT
cblr-11900	1678	15	https://www.sec.gov/divisions/investment/private-fundsstatistics/private-funds-statistics-2014-q4.pdf	https://www.sec.gov/divisions/investment/private-fundsstatistics/private-funds-statistics-2014-q4.pdf	PROPN
cblr-11900	1679	1	[	[	X
cblr-11900	1680	1	https://perma.cc/9hx8r6b3	https://perma.cc/9hx8r6b3	PROPN
cblr-11900	1680	2	]	]	X
cblr-11900	1680	3	;	;	PUNCT
cblr-11900	1680	4	div	div	PROPN
cblr-11900	1680	5	.	.	PUNCT
cblr-11900	1681	1	of	of	ADP
cblr-11900	1681	2	inv	inv	PROPN
cblr-11900	1681	3	.	.	PUNCT
cblr-11900	1682	1	mgmt	mgmt	PROPN
cblr-11900	1682	2	’s	’s	PART
cblr-11900	1682	3	analytics	analytic	NOUN
cblr-11900	1682	4	office	office	NOUN
cblr-11900	1682	5	of	of	ADP
cblr-11900	1682	6	the	the	DET
cblr-11900	1682	7	u.s	u.s	PROPN
cblr-11900	1682	8	.	.	PROPN
cblr-11900	1682	9	sec	sec	PROPN
cblr-11900	1682	10	.	.	PROPN
cblr-11900	1682	11	&	&	CCONJ
cblr-11900	1682	12	exch	exch	PROPN
cblr-11900	1682	13	.	.	PUNCT
cblr-11900	1683	1	comm’n	comm’n	PROPN
cblr-11900	1683	2	,	,	PUNCT
cblr-11900	1683	3	private	private	ADJ
cblr-11900	1683	4	funds	fund	NOUN
cblr-11900	1683	5	statistics	statistic	NOUN
cblr-11900	1683	6	:	:	PUNCT
cblr-11900	1683	7	fourth	fourth	ADJ
cblr-11900	1683	8	calendar	calendar	NOUN
cblr-11900	1683	9	quarter	quarter	NOUN
cblr-11900	1683	10	2017	2017	NUM
cblr-11900	1683	11	(	(	PUNCT
cblr-11900	1683	12	2018	2018	NUM
cblr-11900	1683	13	)	)	PUNCT
cblr-11900	1683	14	,	,	PUNCT
cblr-11900	1683	15	https://www.sec.gov/divisions/investment/private-fundsstatistics/private-funds-statistics-2017-q4.pdf	https://www.sec.gov/divisions/investment/private-fundsstatistics/private-funds-statistics-2017-q4.pdf	PROPN
cblr-11900	1684	1	[	[	X
cblr-11900	1684	2	https://perma.cc/4e7bgjx4	https://perma.cc/4e7bgjx4	NOUN
cblr-11900	1684	3	]	]	PUNCT
cblr-11900	1684	4	.	.	PUNCT
cblr-11900	1685	1	368	368	NUM
cblr-11900	1685	2	div	div	PROPN
cblr-11900	1685	3	.	.	PUNCT
cblr-11900	1685	4	of	of	ADP
cblr-11900	1685	5	inv	inv	PROPN
cblr-11900	1685	6	.	.	PUNCT
cblr-11900	1686	1	mgmt	mgmt	PROPN
cblr-11900	1686	2	’s	’s	PART
cblr-11900	1686	3	analytics	analytic	NOUN
cblr-11900	1686	4	office	office	NOUN
cblr-11900	1686	5	of	of	ADP
cblr-11900	1686	6	the	the	DET
cblr-11900	1686	7	u.s	u.s	PROPN
cblr-11900	1686	8	.	.	PROPN
cblr-11900	1686	9	sec	sec	PROPN
cblr-11900	1686	10	.	.	PROPN
cblr-11900	1686	11	&	&	CCONJ
cblr-11900	1686	12	exch	exch	PROPN
cblr-11900	1686	13	.	.	PUNCT
cblr-11900	1687	1	comm’n	comm’n	PROPN
cblr-11900	1687	2	,	,	PUNCT
cblr-11900	1687	3	private	private	ADJ
cblr-11900	1687	4	funds	fund	NOUN
cblr-11900	1687	5	statistics	statistic	NOUN
cblr-11900	1687	6	:	:	PUNCT
cblr-11900	1687	7	fourth	fourth	ADJ
cblr-11900	1687	8	calendar	calendar	NOUN
cblr-11900	1687	9	quarter	quarter	NOUN
cblr-11900	1687	10	2019	2019	NUM
cblr-11900	1687	11	(	(	PUNCT
cblr-11900	1687	12	2020	2020	NUM
cblr-11900	1687	13	)	)	PUNCT
cblr-11900	1687	14	,	,	PUNCT
cblr-11900	1687	15	https://www.sec.gov/divisions/investment/private-fundsstatistics/private-funds-statistics-2019-q4.pdf	https://www.sec.gov/divisions/investment/private-fundsstatistics/private-funds-statistics-2019-q4.pdf	NOUN
cblr-11900	1688	1	[	[	X
cblr-11900	1688	2	https://perma.cc/lt5ccmy9	https://perma.cc/lt5ccmy9	X
cblr-11900	1688	3	]	]	X
cblr-11900	1688	4	.	.	PUNCT
cblr-11900	1689	1	369	369	NUM
cblr-11900	1689	2	ayelen	ayelen	VERB
cblr-11900	1689	3	banegas	banegas	NOUN
cblr-11900	1689	4	,	,	PUNCT
cblr-11900	1689	5	phillip	phillip	PROPN
cblr-11900	1689	6	j.	j.	PROPN
cblr-11900	1689	7	monin	monin	PROPN
cblr-11900	1689	8	&	&	CCONJ
cblr-11900	1689	9	lubomir	lubomir	PROPN
cblr-11900	1689	10	petrasek	petrasek	PROPN
cblr-11900	1689	11	,	,	PUNCT
cblr-11900	1689	12	sizing	size	VERB
cblr-11900	1689	13	hedge	hedge	NOUN
cblr-11900	1689	14	funds	fund	NOUN
cblr-11900	1689	15	’	'	PUNCT
cblr-11900	1689	16	treasury	treasury	NOUN
cblr-11900	1689	17	market	market	NOUN
cblr-11900	1689	18	activities	activity	NOUN
cblr-11900	1689	19	and	and	CCONJ
cblr-11900	1689	20	holding	holding	NOUN
cblr-11900	1689	21	,	,	PUNCT
cblr-11900	1689	22	bd	bd	PROPN
cblr-11900	1689	23	.	.	PROPN
cblr-11900	1689	24	of	of	ADP
cblr-11900	1689	25	governors	governor	NOUN
cblr-11900	1689	26	of	of	ADP
cblr-11900	1689	27	the	the	DET
cblr-11900	1689	28	fed	fed	PROPN
cblr-11900	1689	29	.	.	PUNCT
cblr-11900	1689	30	rsrv	rsrv	PROPN
cblr-11900	1689	31	.	.	PUNCT
cblr-11900	1690	1	sys	sys	PROPN
cblr-11900	1690	2	.	.	PUNCT
cblr-11900	1690	3	(	(	PUNCT
cblr-11900	1690	4	oct	oct	PROPN
cblr-11900	1690	5	.	.	PROPN
cblr-11900	1690	6	6	6	NUM
cblr-11900	1690	7	,	,	PUNCT
cblr-11900	1690	8	2021	2021	NUM
cblr-11900	1690	9	)	)	PUNCT
cblr-11900	1690	10	,	,	PUNCT
cblr-11900	1690	11	https://www.federalreserve.gov/econres/notes/feds-notes/sizing-hedgefunds-treasury-market-activities-and-holdings-20211006.html	https://www.federalreserve.gov/econres/notes/feds-notes/sizing-hedgefunds-treasury-market-activities-and-holdings-20211006.html	VERB
cblr-11900	1690	12	[	[	X
cblr-11900	1690	13	https://perma.cc/4hgv-zjkh	https://perma.cc/4hgv-zjkh	NOUN
cblr-11900	1690	14	]	]	X
cblr-11900	1690	15	.	.	PUNCT
cblr-11900	1691	1	no	no	INTJ
cblr-11900	1691	2	.	.	NOUN
cblr-11900	1691	3	1	1	NUM
cblr-11900	1691	4	]	]	ADJ
cblr-11900	1691	5	money	money	NOUN
cblr-11900	1691	6	and	and	CCONJ
cblr-11900	1691	7	the	the	DET
cblr-11900	1691	8	public	public	ADJ
cblr-11900	1691	9	debt	debt	NOUN
cblr-11900	1691	10	315	315	NUM
cblr-11900	1691	11	less	less	ADJ
cblr-11900	1691	12	than	than	ADP
cblr-11900	1691	13	an	an	DET
cblr-11900	1691	14	hour	hour	NOUN
cblr-11900	1691	15	only	only	ADV
cblr-11900	1691	16	to	to	PART
cblr-11900	1691	17	recover	recover	VERB
cblr-11900	1691	18	just	just	ADV
cblr-11900	1691	19	as	as	ADP
cblr-11900	1691	20	quickly.370	quickly.370	PROPN
cblr-11900	1691	21	a	a	DET
cblr-11900	1691	22	year	year	NOUN
cblr-11900	1691	23	later	later	ADV
cblr-11900	1691	24	,	,	PUNCT
cblr-11900	1691	25	treasury	treasury	PROPN
cblr-11900	1691	26	securities	security	NOUN
cblr-11900	1691	27	started	start	VERB
cblr-11900	1691	28	pricing	price	VERB
cblr-11900	1691	29	at	at	ADP
cblr-11900	1691	30	a	a	DET
cblr-11900	1691	31	discount	discount	NOUN
cblr-11900	1691	32	(	(	PUNCT
cblr-11900	1691	33	higher	high	ADJ
cblr-11900	1691	34	yield	yield	NOUN
cblr-11900	1691	35	)	)	PUNCT
cblr-11900	1691	36	relative	relative	ADJ
cblr-11900	1691	37	to	to	ADP
cblr-11900	1691	38	derivatives	derivative	NOUN
cblr-11900	1691	39	tied	tie	VERB
cblr-11900	1691	40	to	to	ADP
cblr-11900	1691	41	libor	libor	PROPN
cblr-11900	1691	42	(	(	PUNCT
cblr-11900	1691	43	an	an	DET
cblr-11900	1691	44	unsecured	unsecured	ADJ
cblr-11900	1691	45	bank	bank	NOUN
cblr-11900	1691	46	credit	credit	NOUN
cblr-11900	1691	47	index	index	NOUN
cblr-11900	1691	48	)	)	PUNCT
cblr-11900	1691	49	,	,	PUNCT
cblr-11900	1691	50	an	an	DET
cblr-11900	1691	51	inversion	inversion	NOUN
cblr-11900	1691	52	of	of	ADP
cblr-11900	1691	53	financial	financial	ADJ
cblr-11900	1691	54	logic	logic	NOUN
cblr-11900	1691	55	that	that	PRON
cblr-11900	1691	56	was	be	AUX
cblr-11900	1691	57	only	only	ADV
cblr-11900	1691	58	explicable	explicable	ADJ
cblr-11900	1691	59	by	by	ADP
cblr-11900	1691	60	invoking	invoke	VERB
cblr-11900	1691	61	some	some	DET
cblr-11900	1691	62	version	version	NOUN
cblr-11900	1691	63	of	of	ADP
cblr-11900	1691	64	the	the	DET
cblr-11900	1691	65	leverage	leverage	NOUN
cblr-11900	1691	66	-	-	PUNCT
cblr-11900	1691	67	related	relate	VERB
cblr-11900	1691	68	balance	balance	NOUN
cblr-11900	1691	69	sheet	sheet	NOUN
cblr-11900	1691	70	costs	cost	NOUN
cblr-11900	1691	71	itemized	itemize	VERB
cblr-11900	1691	72	above.371	above.371	ADV
cblr-11900	1691	73	although	although	SCONJ
cblr-11900	1691	74	regulators	regulator	NOUN
cblr-11900	1691	75	and	and	CCONJ
cblr-11900	1691	76	market	market	NOUN
cblr-11900	1691	77	participants	participant	NOUN
cblr-11900	1691	78	continued	continue	VERB
cblr-11900	1691	79	to	to	PART
cblr-11900	1691	80	analyze	analyze	VERB
cblr-11900	1691	81	the	the	DET
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cblr-11900	1691	83	in	in	ADP
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cblr-11900	1691	96	of	of	ADP
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cblr-11900	1691	98	,	,	PUNCT
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cblr-11900	1691	100	scale	scale	NOUN
cblr-11900	1691	101	of	of	ADP
cblr-11900	1691	102	vulnerabilities	vulnerability	NOUN
cblr-11900	1691	103	embedded	embed	VERB
cblr-11900	1691	104	in	in	ADP
cblr-11900	1691	105	the	the	DET
cblr-11900	1691	106	newly	newly	ADV
cblr-11900	1691	107	restructured	restructure	VERB
cblr-11900	1691	108	treasury	treasury	NOUN
cblr-11900	1691	109	market	market	NOUN
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cblr-11900	1691	115	the	the	DET
cblr-11900	1691	116	economic	economic	ADJ
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cblr-11900	1691	118	of	of	ADP
cblr-11900	1691	119	global	global	ADJ
cblr-11900	1691	120	lockdowns	lockdown	NOUN
cblr-11900	1691	121	came	come	VERB
cblr-11900	1691	122	into	into	ADP
cblr-11900	1691	123	focus	focus	NOUN
cblr-11900	1691	124	in	in	ADP
cblr-11900	1691	125	early-2020	early-2020	ADV
cblr-11900	1691	126	,	,	PUNCT
cblr-11900	1691	127	financial	financial	ADJ
cblr-11900	1691	128	markets	market	NOUN
cblr-11900	1691	129	entered	enter	VERB
cblr-11900	1691	130	a	a	DET
cblr-11900	1691	131	panic	panic	NOUN
cblr-11900	1691	132	.	.	PUNCT
cblr-11900	1692	1	the	the	DET
cblr-11900	1692	2	stock	stock	NOUN
cblr-11900	1692	3	market	market	NOUN
cblr-11900	1692	4	gyrated	gyrate	VERB
cblr-11900	1692	5	wildly	wildly	ADV
cblr-11900	1692	6	—	—	PUNCT
cblr-11900	1692	7	volatility	volatility	NOUN
cblr-11900	1692	8	(	(	PUNCT
cblr-11900	1692	9	as	as	SCONJ
cblr-11900	1692	10	measured	measure	VERB
cblr-11900	1692	11	by	by	ADP
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cblr-11900	1692	21	in	in	ADP
cblr-11900	1692	22	2008374	2008374	NUM
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cblr-11900	1692	25	indices	index	NOUN
cblr-11900	1692	26	posted	post	VERB
cblr-11900	1692	27	one	one	NUM
cblr-11900	1692	28	of	of	ADP
cblr-11900	1692	29	their	their	PRON
cblr-11900	1692	30	worst	bad	ADJ
cblr-11900	1692	31	performances	performance	NOUN
cblr-11900	1692	32	since	since	SCONJ
cblr-11900	1692	33	the	the	DET
cblr-11900	1692	34	370	370	NUM
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cblr-11900	1692	36	.	.	PROPN
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cblr-11900	1692	46	of	of	ADP
cblr-11900	1692	47	the	the	DET
cblr-11900	1692	48	fed	fed	PROPN
cblr-11900	1692	49	.	.	PUNCT
cblr-11900	1693	1	rsrv	rsrv	PROPN
cblr-11900	1693	2	.	.	PUNCT
cblr-11900	1694	1	sys	sys	PROPN
cblr-11900	1694	2	.	.	PROPN
cblr-11900	1694	3	,	,	PUNCT
cblr-11900	1694	4	fed	fed	PROPN
cblr-11900	1694	5	.	.	PUNCT
cblr-11900	1694	6	rsrv	rsrv	PROPN
cblr-11900	1694	7	.	.	PUNCT
cblr-11900	1695	1	bank	bank	PROPN
cblr-11900	1695	2	of	of	ADP
cblr-11900	1695	3	n.y	n.y	PROPN
cblr-11900	1695	4	.	.	PROPN
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cblr-11900	1695	6	u.s	u.s	PROPN
cblr-11900	1695	7	.	.	PROPN
cblr-11900	1695	8	sec	sec	PROPN
cblr-11900	1695	9	.	.	PROPN
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cblr-11900	1695	11	exch	exch	PROPN
cblr-11900	1695	12	.	.	PUNCT
cblr-11900	1696	1	comm’n	comm’n	PROPN
cblr-11900	1696	2	&	&	CCONJ
cblr-11900	1696	3	u.s	u.s	PROPN
cblr-11900	1696	4	.	.	PROPN
cblr-11900	1696	5	commodity	commodity	NOUN
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cblr-11900	1696	7	trading	trading	NOUN
cblr-11900	1696	8	comm’n	comm’n	NOUN
cblr-11900	1696	9	,	,	PUNCT
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cblr-11900	1696	15	u.s	u.s	PROPN
cblr-11900	1696	16	.	.	PROPN
cblr-11900	1696	17	treasury	treasury	PROPN
cblr-11900	1696	18	market	market	NOUN
cblr-11900	1696	19	on	on	ADP
cblr-11900	1696	20	october	october	PROPN
cblr-11900	1696	21	15	15	NUM
cblr-11900	1696	22	,	,	PUNCT
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cblr-11900	1696	24	(	(	PUNCT
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cblr-11900	1698	3	,	,	PUNCT
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cblr-11900	1698	15	,	,	PUNCT
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cblr-11900	1698	19	.	.	PUNCT
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cblr-11900	1699	21	(	(	PUNCT
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cblr-11900	1699	25	,	,	PUNCT
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cblr-11900	1699	28	,	,	PUNCT
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cblr-11900	1705	7	(	(	PUNCT
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cblr-11900	1706	8	index	index	NOUN
cblr-11900	1706	9	:	:	PUNCT
cblr-11900	1706	10	vix	vix	PROPN
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cblr-11900	1708	8	,	,	PUNCT
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cblr-11900	1710	20	.	.	PUNCT
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cblr-11900	1712	10	-	-	PUNCT
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cblr-11900	1716	31	low	low	NOUN
cblr-11900	1716	32	of	of	ADP
cblr-11900	1716	33	not	not	PART
cblr-11900	1716	34	much	much	ADV
cblr-11900	1716	35	more	more	ADJ
cblr-11900	1716	36	than	than	ADP
cblr-11900	1716	37	0.5%;376	0.5%;376	NOUN
cblr-11900	1716	38	by	by	ADP
cblr-11900	1716	39	some	some	DET
cblr-11900	1716	40	measures	measure	NOUN
cblr-11900	1716	41	,	,	PUNCT
cblr-11900	1716	42	it	it	PRON
cblr-11900	1716	43	was	be	AUX
cblr-11900	1716	44	the	the	DET
cblr-11900	1716	45	most	most	ADV
cblr-11900	1716	46	dramatic	dramatic	ADJ
cblr-11900	1716	47	re	re	NOUN
cblr-11900	1716	48	-	-	NOUN
cblr-11900	1716	49	pricing	pricing	NOUN
cblr-11900	1716	50	of	of	ADP
cblr-11900	1716	51	interest	interest	NOUN
cblr-11900	1716	52	rate	rate	NOUN
cblr-11900	1716	53	expectations	expectation	NOUN
cblr-11900	1716	54	in	in	ADP
cblr-11900	1716	55	many	many	ADJ
cblr-11900	1716	56	decades.377	decades.377	NOUN
cblr-11900	1716	57	ptfs	ptfs	ADJ
cblr-11900	1716	58	and	and	CCONJ
cblr-11900	1716	59	other	other	ADJ
cblr-11900	1716	60	hfts	hft	NOUN
cblr-11900	1716	61	can	can	AUX
cblr-11900	1716	62	struggle	struggle	VERB
cblr-11900	1716	63	to	to	PART
cblr-11900	1716	64	cope	cope	VERB
cblr-11900	1716	65	with	with	ADP
cblr-11900	1716	66	extreme	extreme	ADJ
cblr-11900	1716	67	levels	level	NOUN
cblr-11900	1716	68	of	of	ADP
cblr-11900	1716	69	volatility	volatility	NOUN
cblr-11900	1716	70	.	.	PUNCT
cblr-11900	1717	1	their	their	PRON
cblr-11900	1717	2	strategies	strategy	NOUN
cblr-11900	1717	3	profit	profit	VERB
cblr-11900	1717	4	off	off	ADP
cblr-11900	1717	5	of	of	ADP
cblr-11900	1717	6	small	small	ADJ
cblr-11900	1717	7	and	and	CCONJ
cblr-11900	1717	8	temporary	temporary	ADJ
cblr-11900	1717	9	dislocations	dislocation	NOUN
cblr-11900	1717	10	between	between	ADP
cblr-11900	1717	11	similar	similar	ADJ
cblr-11900	1717	12	securities	security	NOUN
cblr-11900	1717	13	,	,	PUNCT
cblr-11900	1717	14	both	both	PRON
cblr-11900	1717	15	of	of	ADP
cblr-11900	1717	16	which	which	PRON
cblr-11900	1717	17	require	require	VERB
cblr-11900	1717	18	some	some	DET
cblr-11900	1717	19	degree	degree	NOUN
cblr-11900	1717	20	of	of	ADP
cblr-11900	1717	21	stability	stability	NOUN
cblr-11900	1717	22	and	and	CCONJ
cblr-11900	1717	23	mean	mean	VERB
cblr-11900	1717	24	reversion	reversion	NOUN
cblr-11900	1717	25	in	in	ADP
cblr-11900	1717	26	the	the	DET
cblr-11900	1717	27	second	second	ADJ
cblr-11900	1717	28	-	-	PUNCT
cblr-11900	1717	29	by	by	ADP
cblr-11900	1717	30	-	-	PUNCT
cblr-11900	1717	31	second	second	ADJ
cblr-11900	1717	32	and	and	CCONJ
cblr-11900	1717	33	minute	minute	NOUN
cblr-11900	1717	34	-	-	PUNCT
cblr-11900	1717	35	by	by	ADP
cblr-11900	1717	36	-	-	PUNCT
cblr-11900	1717	37	minute	minute	NOUN
cblr-11900	1717	38	levels	level	NOUN
cblr-11900	1717	39	of	of	ADP
cblr-11900	1717	40	absolute	absolute	ADJ
cblr-11900	1717	41	and	and	CCONJ
cblr-11900	1717	42	relative	relative	ADJ
cblr-11900	1717	43	prices	price	NOUN
cblr-11900	1717	44	.	.	PUNCT
cblr-11900	1718	1	when	when	SCONJ
cblr-11900	1718	2	volatility	volatility	NOUN
cblr-11900	1718	3	spikes	spike	VERB
cblr-11900	1718	4	,	,	PUNCT
cblr-11900	1718	5	their	their	PRON
cblr-11900	1718	6	reaction	reaction	NOUN
cblr-11900	1718	7	can	can	AUX
cblr-11900	1718	8	be	be	AUX
cblr-11900	1718	9	to	to	PART
cblr-11900	1718	10	simply	simply	ADV
cblr-11900	1718	11	pull	pull	VERB
cblr-11900	1718	12	the	the	DET
cblr-11900	1718	13	plug	plug	NOUN
cblr-11900	1718	14	(	(	PUNCT
cblr-11900	1718	15	i.e.	i.e.	X
cblr-11900	1718	16	,	,	PUNCT
cblr-11900	1718	17	cease	cease	VERB
cblr-11900	1718	18	making	make	VERB
cblr-11900	1718	19	markets	market	NOUN
cblr-11900	1718	20	)	)	PUNCT
cblr-11900	1718	21	,	,	PUNCT
cblr-11900	1718	22	which	which	PRON
cblr-11900	1718	23	can	can	AUX
cblr-11900	1718	24	be	be	AUX
cblr-11900	1718	25	disruptive	disruptive	ADJ
cblr-11900	1718	26	when	when	SCONJ
cblr-11900	1718	27	buyers	buyer	NOUN
cblr-11900	1718	28	and	and	CCONJ
cblr-11900	1718	29	sellers	seller	NOUN
cblr-11900	1718	30	rely	rely	VERB
cblr-11900	1718	31	on	on	ADP
cblr-11900	1718	32	them	they	PRON
cblr-11900	1718	33	to	to	PART
cblr-11900	1718	34	provide	provide	VERB
cblr-11900	1718	35	a	a	DET
cblr-11900	1718	36	material	material	NOUN
cblr-11900	1718	37	share	share	NOUN
cblr-11900	1718	38	of	of	ADP
cblr-11900	1718	39	the	the	DET
cblr-11900	1718	40	market	market	NOUN
cblr-11900	1718	41	’s	’s	PART
cblr-11900	1718	42	underlying	underlie	VERB
cblr-11900	1718	43	liquidity.378	liquidity.378	NOUN
cblr-11900	1718	44	and	and	CCONJ
cblr-11900	1718	45	pull	pull	VERB
cblr-11900	1718	46	the	the	DET
cblr-11900	1718	47	plug	plug	NOUN
cblr-11900	1718	48	they	they	PRON
cblr-11900	1718	49	did	do	VERB
cblr-11900	1718	50	—	—	PUNCT
cblr-11900	1718	51	empirical	empirical	ADJ
cblr-11900	1718	52	work	work	NOUN
cblr-11900	1718	53	suggests	suggest	VERB
cblr-11900	1718	54	that	that	SCONJ
cblr-11900	1718	55	,	,	PUNCT
cblr-11900	1718	56	by	by	ADP
cblr-11900	1718	57	early	early	ADJ
cblr-11900	1718	58	march	march	PROPN
cblr-11900	1718	59	2020	2020	NUM
cblr-11900	1718	60	,	,	PUNCT
cblr-11900	1718	61	hfts	hft	NOUN
cblr-11900	1718	62	had	have	VERB
cblr-11900	1718	63	only	only	ADV
cblr-11900	1718	64	a	a	DET
cblr-11900	1718	65	fraction	fraction	NOUN
cblr-11900	1718	66	of	of	ADP
cblr-11900	1718	67	their	their	PRON
cblr-11900	1718	68	former	former	ADJ
cblr-11900	1718	69	footprint	footprint	NOUN
cblr-11900	1718	70	in	in	ADP
cblr-11900	1718	71	the	the	DET
cblr-11900	1718	72	market.379	market.379	PROPN
cblr-11900	1718	73	that	that	SCONJ
cblr-11900	1718	74	,	,	PUNCT
cblr-11900	1718	75	in	in	ADP
cblr-11900	1718	76	turn	turn	NOUN
cblr-11900	1718	77	,	,	PUNCT
cblr-11900	1718	78	pushed	push	VERB
cblr-11900	1718	79	treasury	treasury	NOUN
cblr-11900	1718	80	traders	trader	NOUN
cblr-11900	1718	81	into	into	ADP
cblr-11900	1718	82	futures	future	NOUN
cblr-11900	1718	83	markets	market	NOUN
cblr-11900	1718	84	,	,	PUNCT
cblr-11900	1718	85	which	which	PRON
cblr-11900	1718	86	tend	tend	VERB
cblr-11900	1718	87	to	to	PART
cblr-11900	1718	88	be	be	AUX
cblr-11900	1718	89	more	more	ADV
cblr-11900	1718	90	resilient	resilient	ADJ
cblr-11900	1718	91	to	to	ADP
cblr-11900	1718	92	such	such	ADJ
cblr-11900	1718	93	shocks.380	shocks.380	PROPN
cblr-11900	1718	94	375	375	NUM
cblr-11900	1718	95	matt	matt	PROPN
cblr-11900	1718	96	egan	egan	PROPN
cblr-11900	1718	97	,	,	PUNCT
cblr-11900	1718	98	the	the	DET
cblr-11900	1718	99	dow	dow	NOUN
cblr-11900	1718	100	is	be	AUX
cblr-11900	1718	101	on	on	ADP
cblr-11900	1718	102	its	its	PRON
cblr-11900	1718	103	longest	long	ADJ
cblr-11900	1718	104	weekly	weekly	ADJ
cblr-11900	1718	105	losing	losing	NOUN
cblr-11900	1718	106	streak	streak	NOUN
cblr-11900	1718	107	since	since	SCONJ
cblr-11900	1718	108	1923	1923	NUM
cblr-11900	1718	109	,	,	PUNCT
cblr-11900	1718	110	cnn	cnn	PROPN
cblr-11900	1718	111	bus	bus	NOUN
cblr-11900	1718	112	.	.	PUNCT
cblr-11900	1719	1	(	(	PUNCT
cblr-11900	1719	2	march	march	PROPN
cblr-11900	1719	3	20	20	NUM
cblr-11900	1719	4	,	,	PUNCT
cblr-11900	1719	5	2020	2020	NUM
cblr-11900	1719	6	)	)	PUNCT
cblr-11900	1719	7	,	,	PUNCT
cblr-11900	1719	8	https://www.cnn.com/2022/05/20/investing/dow-stock-market-losingstreak/index.html	https://www.cnn.com/2022/05/20/investing/dow-stock-market-losingstreak/index.html	PROPN
cblr-11900	1720	1	[	[	X
cblr-11900	1720	2	https://perma.cc/6bx9-yu8h	https://perma.cc/6bx9-yu8h	X
cblr-11900	1720	3	]	]	X
cblr-11900	1720	4	.	.	PUNCT
cblr-11900	1721	1	376	376	NUM
cblr-11900	1721	2	bd	bd	PROPN
cblr-11900	1721	3	.	.	PROPN
cblr-11900	1721	4	of	of	ADP
cblr-11900	1721	5	governors	governor	NOUN
cblr-11900	1721	6	of	of	ADP
cblr-11900	1721	7	the	the	DET
cblr-11900	1721	8	fed	fed	PROPN
cblr-11900	1721	9	.	.	PUNCT
cblr-11900	1721	10	rsrv	rsrv	PROPN
cblr-11900	1721	11	.	.	PUNCT
cblr-11900	1722	1	sys	sys	PROPN
cblr-11900	1722	2	.	.	PROPN
cblr-11900	1722	3	,	,	PUNCT
cblr-11900	1722	4	market	market	NOUN
cblr-11900	1722	5	yield	yield	NOUN
cblr-11900	1722	6	on	on	ADP
cblr-11900	1722	7	u.s	u.s	PROPN
cblr-11900	1722	8	.	.	PROPN
cblr-11900	1722	9	treasury	treasury	PROPN
cblr-11900	1722	10	securities	security	NOUN
cblr-11900	1722	11	at	at	ADP
cblr-11900	1722	12	10	10	NUM
cblr-11900	1722	13	-	-	PUNCT
cblr-11900	1722	14	year	year	NOUN
cblr-11900	1722	15	constant	constant	ADJ
cblr-11900	1722	16	maturity	maturity	NOUN
cblr-11900	1722	17	,	,	PUNCT
cblr-11900	1722	18	quoted	quote	VERB
cblr-11900	1722	19	on	on	ADP
cblr-11900	1722	20	an	an	DET
cblr-11900	1722	21	investment	investment	NOUN
cblr-11900	1722	22	basis	basis	NOUN
cblr-11900	1722	23	,	,	PUNCT
cblr-11900	1722	24	fed	fed	PROPN
cblr-11900	1722	25	.	.	PUNCT
cblr-11900	1722	26	rsrv	rsrv	PROPN
cblr-11900	1722	27	.	.	PUNCT
cblr-11900	1723	1	econ	econ	PROPN
cblr-11900	1723	2	.	.	PUNCT
cblr-11900	1724	1	data	data	PROPN
cblr-11900	1724	2	(	(	PUNCT
cblr-11900	1724	3	mar	mar	PROPN
cblr-11900	1724	4	.	.	PROPN
cblr-11900	1724	5	3	3	NUM
cblr-11900	1724	6	,	,	PUNCT
cblr-11900	1724	7	2023	2023	NUM
cblr-11900	1724	8	)	)	PUNCT
cblr-11900	1724	9	,	,	PUNCT
cblr-11900	1724	10	https://fred.stlouisfed.org/series/dgs10	https://fred.stlouisfed.org/series/dgs10	ADJ
cblr-11900	1724	11	[	[	X
cblr-11900	1724	12	https://perma.cc/dwv5-6ndl	https://perma.cc/dwv5-6ndl	X
cblr-11900	1724	13	]	]	PUNCT
cblr-11900	1724	14	.	.	PUNCT
cblr-11900	1725	1	377	377	NUM
cblr-11900	1725	2	joshua	joshua	PROPN
cblr-11900	1725	3	younger	young	ADJ
cblr-11900	1725	4	,	,	PUNCT
cblr-11900	1725	5	revisiting	revisit	VERB
cblr-11900	1725	6	the	the	DET
cblr-11900	1725	7	ides	ide	NOUN
cblr-11900	1725	8	of	of	ADP
cblr-11900	1725	9	march	march	PROPN
cblr-11900	1725	10	,	,	PUNCT
cblr-11900	1725	11	part	part	NOUN
cblr-11900	1726	1	i	i	PRON
cblr-11900	1726	2	:	:	PUNCT
cblr-11900	1726	3	a	a	DET
cblr-11900	1726	4	thousand	thousand	NUM
cblr-11900	1726	5	year	year	NOUN
cblr-11900	1726	6	flood	flood	NOUN
cblr-11900	1726	7	,	,	PUNCT
cblr-11900	1726	8	council	council	NOUN
cblr-11900	1726	9	on	on	ADP
cblr-11900	1726	10	foreign	foreign	ADJ
cblr-11900	1726	11	rel	rel	NOUN
cblr-11900	1726	12	.	.	PUNCT
cblr-11900	1726	13	:	:	PUNCT
cblr-11900	1726	14	follow	follow	VERB
cblr-11900	1726	15	the	the	DET
cblr-11900	1726	16	money	money	NOUN
cblr-11900	1726	17	blog	blog	NOUN
cblr-11900	1726	18	(	(	PUNCT
cblr-11900	1726	19	july	july	PROPN
cblr-11900	1726	20	20	20	NUM
cblr-11900	1726	21	,	,	PUNCT
cblr-11900	1726	22	2020	2020	NUM
cblr-11900	1726	23	)	)	PUNCT
cblr-11900	1726	24	,	,	PUNCT
cblr-11900	1726	25	https://www.cfr.org/blog/revisiting-ides-march-part-i-thousand-yearflood	https://www.cfr.org/blog/revisiting-ides-march-part-i-thousand-yearflood	PROPN
cblr-11900	1727	1	[	[	X
cblr-11900	1727	2	https://perma.cc/meu2-58hz	https://perma.cc/meu2-58hz	X
cblr-11900	1727	3	]	]	X
cblr-11900	1727	4	.	.	PUNCT
cblr-11900	1727	5	378	378	NUM
cblr-11900	1727	6	munier	munier	NOUN
cblr-11900	1727	7	salem	salem	NOUN
cblr-11900	1727	8	,	,	PUNCT
cblr-11900	1727	9	joshua	joshua	PROPN
cblr-11900	1727	10	younger	younger	PROPN
cblr-11900	1727	11	,	,	PUNCT
cblr-11900	1727	12	&	&	CCONJ
cblr-11900	1727	13	henry	henry	PROPN
cblr-11900	1727	14	st	st	PROPN
cblr-11900	1727	15	.	.	PROPN
cblr-11900	1727	16	john	john	PROPN
cblr-11900	1727	17	,	,	PUNCT
cblr-11900	1727	18	fast	fast	ADJ
cblr-11900	1727	19	and	and	CCONJ
cblr-11900	1727	20	furious	furious	ADJ
cblr-11900	1727	21	:	:	PUNCT
cblr-11900	1727	22	the	the	DET
cblr-11900	1727	23	link	link	NOUN
cblr-11900	1727	24	between	between	ADP
cblr-11900	1727	25	rapid	rapid	ADJ
cblr-11900	1727	26	trading	trading	NOUN
cblr-11900	1727	27	and	and	CCONJ
cblr-11900	1727	28	u.s	u.s	PROPN
cblr-11900	1727	29	.	.	PROPN
cblr-11900	1727	30	rates	rate	NOUN
cblr-11900	1727	31	markets	market	NOUN
cblr-11900	1727	32	,	,	PUNCT
cblr-11900	1727	33	j.p	j.p	PROPN
cblr-11900	1727	34	.	.	PROPN
cblr-11900	1727	35	morgan	morgan	PROPN
cblr-11900	1727	36	u.s	u.s	PROPN
cblr-11900	1727	37	.	.	PROPN
cblr-11900	1727	38	fixed	fix	VERB
cblr-11900	1727	39	income	income	NOUN
cblr-11900	1727	40	strategy	strategy	NOUN
cblr-11900	1727	41	(	(	PUNCT
cblr-11900	1727	42	nov	nov	PROPN
cblr-11900	1727	43	.	.	PROPN
cblr-11900	1727	44	20	20	NUM
cblr-11900	1727	45	,	,	PUNCT
cblr-11900	1727	46	2018	2018	NUM
cblr-11900	1727	47	)	)	PUNCT
cblr-11900	1727	48	.	.	PUNCT
cblr-11900	1728	1	379	379	NUM
cblr-11900	1728	2	younger	young	ADJ
cblr-11900	1728	3	,	,	PUNCT
cblr-11900	1728	4	supra	supra	PROPN
cblr-11900	1728	5	note	note	NOUN
cblr-11900	1728	6	380	380	NUM
cblr-11900	1728	7	,	,	PUNCT
cblr-11900	1728	8	at	at	ADP
cblr-11900	1728	9	chart	chart	NOUN
cblr-11900	1728	10	3	3	NUM
cblr-11900	1728	11	.	.	SYM
cblr-11900	1728	12	380	380	NUM
cblr-11900	1728	13	treasury	treasury	NOUN
cblr-11900	1728	14	futures	future	NOUN
cblr-11900	1728	15	are	be	AUX
cblr-11900	1728	16	derivatives	derivative	NOUN
cblr-11900	1728	17	and	and	CCONJ
cblr-11900	1728	18	therefore	therefore	ADV
cblr-11900	1728	19	have	have	AUX
cblr-11900	1728	20	embedded	embed	VERB
cblr-11900	1728	21	leverage	leverage	NOUN
cblr-11900	1728	22	,	,	PUNCT
cblr-11900	1728	23	which	which	PRON
cblr-11900	1728	24	means	mean	VERB
cblr-11900	1728	25	they	they	PRON
cblr-11900	1728	26	do	do	AUX
cblr-11900	1728	27	not	not	PART
cblr-11900	1728	28	require	require	VERB
cblr-11900	1728	29	access	access	NOUN
cblr-11900	1728	30	to	to	ADP
cblr-11900	1728	31	cash	cash	NOUN
cblr-11900	1728	32	financing	financing	NOUN
cblr-11900	1728	33	.	.	PUNCT
cblr-11900	1729	1	that	that	PRON
cblr-11900	1729	2	significantly	significantly	ADV
cblr-11900	1729	3	reduces	reduce	VERB
cblr-11900	1729	4	the	the	DET
cblr-11900	1729	5	operational	operational	ADJ
cblr-11900	1729	6	complexity	complexity	NOUN
cblr-11900	1729	7	of	of	ADP
cblr-11900	1729	8	active	active	ADJ
cblr-11900	1729	9	trading	trading	NOUN
cblr-11900	1729	10	relative	relative	ADJ
cblr-11900	1729	11	to	to	ADP
cblr-11900	1729	12	traditional	traditional	ADJ
cblr-11900	1729	13	securities	security	NOUN
cblr-11900	1729	14	.	.	PUNCT
cblr-11900	1730	1	they	they	PRON
cblr-11900	1730	2	are	be	AUX
cblr-11900	1730	3	also	also	ADV
cblr-11900	1730	4	more	more	ADV
cblr-11900	1730	5	standardized	standardized	ADJ
cblr-11900	1730	6	,	,	PUNCT
cblr-11900	1730	7	with	with	ADP
cblr-11900	1730	8	only	only	ADV
cblr-11900	1730	9	a	a	DET
cblr-11900	1730	10	handful	handful	NOUN
cblr-11900	1730	11	of	of	ADP
cblr-11900	1730	12	contracts	contract	NOUN
cblr-11900	1730	13	in	in	ADP
cblr-11900	1730	14	contrast	contrast	NOUN
cblr-11900	1730	15	to	to	ADP
cblr-11900	1730	16	dozens	dozen	NOUN
cblr-11900	1730	17	of	of	ADP
cblr-11900	1730	18	commonly	commonly	ADV
cblr-11900	1730	19	traded	trade	VERB
cblr-11900	1730	20	treasury	treasury	NOUN
cblr-11900	1730	21	securities	security	NOUN
cblr-11900	1730	22	.	.	PUNCT
cblr-11900	1731	1	as	as	ADP
cblr-11900	1731	2	a	a	DET
cblr-11900	1731	3	result	result	NOUN
cblr-11900	1731	4	,	,	PUNCT
cblr-11900	1731	5	the	the	DET
cblr-11900	1731	6	futures	future	NOUN
cblr-11900	1731	7	market	market	NOUN
cblr-11900	1731	8	has	have	VERB
cblr-11900	1731	9	a	a	DET
cblr-11900	1731	10	much	much	ADV
cblr-11900	1731	11	broader	broad	ADJ
cblr-11900	1731	12	range	range	NOUN
cblr-11900	1731	13	of	of	ADP
cblr-11900	1731	14	direct	direct	ADJ
cblr-11900	1731	15	no	no	NOUN
cblr-11900	1731	16	.	.	NOUN
cblr-11900	1731	17	1	1	NUM
cblr-11900	1731	18	]	]	ADJ
cblr-11900	1731	19	money	money	NOUN
cblr-11900	1731	20	and	and	CCONJ
cblr-11900	1731	21	the	the	DET
cblr-11900	1731	22	public	public	ADJ
cblr-11900	1731	23	debt	debt	NOUN
cblr-11900	1731	24	317	317	NUM
cblr-11900	1731	25	but	but	CCONJ
cblr-11900	1731	26	a	a	DET
cblr-11900	1731	27	knock	knock	VERB
cblr-11900	1731	28	-	-	PUNCT
cblr-11900	1731	29	on	on	ADP
cblr-11900	1731	30	consequence	consequence	NOUN
cblr-11900	1731	31	of	of	ADP
cblr-11900	1731	32	that	that	DET
cblr-11900	1731	33	shift	shift	NOUN
cblr-11900	1731	34	was	be	AUX
cblr-11900	1731	35	a	a	DET
cblr-11900	1731	36	widening	widen	VERB
cblr-11900	1731	37	gap	gap	NOUN
cblr-11900	1731	38	in	in	ADP
cblr-11900	1731	39	pricing	pricing	NOUN
cblr-11900	1731	40	between	between	ADP
cblr-11900	1731	41	those	those	DET
cblr-11900	1731	42	futures	future	NOUN
cblr-11900	1731	43	contracts	contract	NOUN
cblr-11900	1731	44	and	and	CCONJ
cblr-11900	1731	45	the	the	DET
cblr-11900	1731	46	bonds	bond	NOUN
cblr-11900	1731	47	that	that	PRON
cblr-11900	1731	48	were	be	AUX
cblr-11900	1731	49	eligible	eligible	ADJ
cblr-11900	1731	50	for	for	ADP
cblr-11900	1731	51	delivery	delivery	NOUN
cblr-11900	1731	52	.	.	PUNCT
cblr-11900	1732	1	in	in	ADP
cblr-11900	1732	2	the	the	DET
cblr-11900	1732	3	terminology	terminology	NOUN
cblr-11900	1732	4	of	of	ADP
cblr-11900	1732	5	the	the	DET
cblr-11900	1732	6	traders	trader	NOUN
cblr-11900	1732	7	themselves	themselves	PRON
cblr-11900	1732	8	,	,	PUNCT
cblr-11900	1732	9	the	the	DET
cblr-11900	1732	10	cash	cash	NOUN
cblr-11900	1732	11	/	/	SYM
cblr-11900	1732	12	futures	future	NOUN
cblr-11900	1732	13	basis	basis	NOUN
cblr-11900	1732	14	began	begin	VERB
cblr-11900	1732	15	to	to	PART
cblr-11900	1732	16	dislocate.381	dislocate.381	VERB
cblr-11900	1732	17	that	that	PRON
cblr-11900	1732	18	put	put	VERB
cblr-11900	1732	19	increasingly	increasingly	ADV
cblr-11900	1732	20	acute	acute	ADJ
cblr-11900	1732	21	pressure	pressure	NOUN
cblr-11900	1732	22	on	on	ADP
cblr-11900	1732	23	hedge	hedge	NOUN
cblr-11900	1732	24	fund	fund	NOUN
cblr-11900	1732	25	positions	position	NOUN
cblr-11900	1732	26	,	,	PUNCT
cblr-11900	1732	27	which	which	PRON
cblr-11900	1732	28	were	be	AUX
cblr-11900	1732	29	in	in	ADP
cblr-11900	1732	30	general	general	ADJ
cblr-11900	1732	31	thinly	thinly	ADV
cblr-11900	1732	32	margined	margine	VERB
cblr-11900	1732	33	(	(	PUNCT
cblr-11900	1732	34	particularly	particularly	ADV
cblr-11900	1732	35	on	on	ADP
cblr-11900	1732	36	the	the	DET
cblr-11900	1732	37	cash	cash	NOUN
cblr-11900	1732	38	leg).382	leg).382	NOUN
cblr-11900	1732	39	it	it	PRON
cblr-11900	1732	40	was	be	AUX
cblr-11900	1732	41	exacerbated	exacerbate	VERB
cblr-11900	1732	42	by	by	ADP
cblr-11900	1732	43	a	a	DET
cblr-11900	1732	44	dramatic	dramatic	ADJ
cblr-11900	1732	45	increase	increase	NOUN
cblr-11900	1732	46	in	in	ADP
cblr-11900	1732	47	initial	initial	ADJ
cblr-11900	1732	48	margin	margin	NOUN
cblr-11900	1732	49	requirements	requirement	NOUN
cblr-11900	1732	50	on	on	ADP
cblr-11900	1732	51	the	the	DET
cblr-11900	1732	52	futures	future	NOUN
cblr-11900	1732	53	leg	leg	NOUN
cblr-11900	1732	54	of	of	ADP
cblr-11900	1732	55	those	those	DET
cblr-11900	1732	56	trades	trade	NOUN
cblr-11900	1732	57	—	—	PUNCT
cblr-11900	1732	58	in	in	ADP
cblr-11900	1732	59	some	some	DET
cblr-11900	1732	60	cases	case	NOUN
cblr-11900	1732	61	,	,	PUNCT
cblr-11900	1732	62	tripling	triple	VERB
cblr-11900	1732	63	in	in	ADP
cblr-11900	1732	64	only	only	ADV
cblr-11900	1732	65	a	a	DET
cblr-11900	1732	66	few	few	ADJ
cblr-11900	1732	67	days	day	NOUN
cblr-11900	1732	68	—	—	PUNCT
cblr-11900	1732	69	which	which	PRON
cblr-11900	1732	70	amounted	amount	VERB
cblr-11900	1732	71	to	to	ADP
cblr-11900	1732	72	a	a	DET
cblr-11900	1732	73	forced	force	VERB
cblr-11900	1732	74	de	de	NOUN
cblr-11900	1732	75	-	-	NOUN
cblr-11900	1732	76	levering	levering	NOUN
cblr-11900	1732	77	of	of	ADP
cblr-11900	1732	78	that	that	DET
cblr-11900	1732	79	market.383	market.383	NOUN
cblr-11900	1732	80	in	in	ADP
cblr-11900	1732	81	the	the	DET
cblr-11900	1732	82	participants	participant	NOUN
cblr-11900	1732	83	with	with	ADP
cblr-11900	1732	84	dealers	dealer	NOUN
cblr-11900	1732	85	more	more	ADV
cblr-11900	1732	86	frequently	frequently	ADV
cblr-11900	1732	87	acting	act	VERB
cblr-11900	1732	88	as	as	ADP
cblr-11900	1732	89	agent	agent	NOUN
cblr-11900	1732	90	(	(	PUNCT
cblr-11900	1732	91	i.e.	i.e.	X
cblr-11900	1732	92	,	,	PUNCT
cblr-11900	1732	93	connecting	connect	VERB
cblr-11900	1732	94	non	non	ADJ
cblr-11900	1732	95	-	-	ADJ
cblr-11900	1732	96	dealer	dealer	ADJ
cblr-11900	1732	97	buyers	buyer	NOUN
cblr-11900	1732	98	and	and	CCONJ
cblr-11900	1732	99	sellers	seller	NOUN
cblr-11900	1732	100	)	)	PUNCT
cblr-11900	1732	101	than	than	ADP
cblr-11900	1732	102	principle	principle	NOUN
cblr-11900	1732	103	(	(	PUNCT
cblr-11900	1732	104	warehousing	warehouse	VERB
cblr-11900	1732	105	unsold	unsold	VERB
cblr-11900	1732	106	positions)—in	positions)—in	ADJ
cblr-11900	1732	107	other	other	ADJ
cblr-11900	1732	108	words	word	NOUN
cblr-11900	1732	109	,	,	PUNCT
cblr-11900	1732	110	it	it	PRON
cblr-11900	1732	111	is	be	AUX
cblr-11900	1732	112	closer	close	ADJ
cblr-11900	1732	113	to	to	ADP
cblr-11900	1732	114	an	an	DET
cblr-11900	1732	115	“	"	PUNCT
cblr-11900	1732	116	all	all	ADV
cblr-11900	1732	117	-	-	PUNCT
cblr-11900	1732	118	to	to	ADP
cblr-11900	1732	119	-	-	PUNCT
cblr-11900	1732	120	all	all	PRON
cblr-11900	1732	121	”	"	PUNCT
cblr-11900	1732	122	market	market	NOUN
cblr-11900	1732	123	where	where	SCONJ
cblr-11900	1732	124	endusers	enduser	NOUN
cblr-11900	1732	125	face	face	VERB
cblr-11900	1732	126	each	each	DET
cblr-11900	1732	127	other	other	ADJ
cblr-11900	1732	128	directly	directly	ADV
cblr-11900	1732	129	,	,	PUNCT
cblr-11900	1732	130	rather	rather	ADV
cblr-11900	1732	131	than	than	ADP
cblr-11900	1732	132	through	through	ADP
cblr-11900	1732	133	intermediaries	intermediary	NOUN
cblr-11900	1732	134	.	.	PUNCT
cblr-11900	1733	1	all	all	PRON
cblr-11900	1733	2	else	else	ADV
cblr-11900	1733	3	equal	equal	ADJ
cblr-11900	1733	4	,	,	PUNCT
cblr-11900	1733	5	that	that	PRON
cblr-11900	1733	6	makes	make	VERB
cblr-11900	1733	7	futures	future	NOUN
cblr-11900	1733	8	market	market	NOUN
cblr-11900	1733	9	liquidity	liquidity	NOUN
cblr-11900	1733	10	more	more	ADV
cblr-11900	1733	11	resilient	resilient	ADJ
cblr-11900	1733	12	under	under	ADP
cblr-11900	1733	13	shocks	shock	NOUN
cblr-11900	1733	14	and	and	CCONJ
cblr-11900	1733	15	less	less	ADV
cblr-11900	1733	16	exposed	expose	VERB
cblr-11900	1733	17	to	to	ADP
cblr-11900	1733	18	the	the	DET
cblr-11900	1733	19	technical	technical	ADJ
cblr-11900	1733	20	constraints	constraint	NOUN
cblr-11900	1733	21	that	that	SCONJ
cblr-11900	1733	22	dealers	dealer	NOUN
cblr-11900	1733	23	contend	contend	VERB
cblr-11900	1733	24	with	with	ADP
cblr-11900	1733	25	in	in	ADP
cblr-11900	1733	26	trading	trade	VERB
cblr-11900	1733	27	traditional	traditional	ADJ
cblr-11900	1733	28	securities	security	NOUN
cblr-11900	1733	29	.	.	PUNCT
cblr-11900	1734	1	381	381	NUM
cblr-11900	1734	2	treasury	treasury	NOUN
cblr-11900	1734	3	futures	future	NOUN
cblr-11900	1734	4	contracts	contract	NOUN
cblr-11900	1734	5	operate	operate	VERB
cblr-11900	1734	6	similarly	similarly	ADV
cblr-11900	1734	7	to	to	ADP
cblr-11900	1734	8	commodities	commodity	NOUN
cblr-11900	1734	9	futures	future	NOUN
cblr-11900	1734	10	.	.	PUNCT
cblr-11900	1735	1	they	they	PRON
cblr-11900	1735	2	represent	represent	VERB
cblr-11900	1735	3	a	a	DET
cblr-11900	1735	4	commitment	commitment	NOUN
cblr-11900	1735	5	to	to	PART
cblr-11900	1735	6	purchase	purchase	VERB
cblr-11900	1735	7	securities	security	NOUN
cblr-11900	1735	8	on	on	ADP
cblr-11900	1735	9	a	a	DET
cblr-11900	1735	10	future	future	ADJ
cblr-11900	1735	11	date	date	NOUN
cblr-11900	1735	12	and	and	CCONJ
cblr-11900	1735	13	define	define	VERB
cblr-11900	1735	14	a	a	DET
cblr-11900	1735	15	“	"	PUNCT
cblr-11900	1735	16	deliverable	deliverable	ADJ
cblr-11900	1735	17	basket	basket	NOUN
cblr-11900	1735	18	”	"	PUNCT
cblr-11900	1735	19	(	(	PUNCT
cblr-11900	1735	20	the	the	DET
cblr-11900	1735	21	analogue	analogue	NOUN
cblr-11900	1735	22	of	of	ADP
cblr-11900	1735	23	“	"	PUNCT
cblr-11900	1735	24	deliverable	deliverable	ADJ
cblr-11900	1735	25	grade	grade	NOUN
cblr-11900	1735	26	”	"	PUNCT
cblr-11900	1735	27	in	in	ADP
cblr-11900	1735	28	commodities	commodity	NOUN
cblr-11900	1735	29	)	)	PUNCT
cblr-11900	1735	30	which	which	PRON
cblr-11900	1735	31	specifies	specify	VERB
cblr-11900	1735	32	precisely	precisely	ADV
cblr-11900	1735	33	which	which	DET
cblr-11900	1735	34	issue	issue	NOUN
cblr-11900	1735	35	or	or	CCONJ
cblr-11900	1735	36	issues	issue	NOUN
cblr-11900	1735	37	are	be	AUX
cblr-11900	1735	38	acceptable	acceptable	ADJ
cblr-11900	1735	39	.	.	PUNCT
cblr-11900	1736	1	this	this	PRON
cblr-11900	1736	2	is	be	AUX
cblr-11900	1736	3	typically	typically	ADV
cblr-11900	1736	4	done	do	VERB
cblr-11900	1736	5	to	to	PART
cblr-11900	1736	6	focus	focus	VERB
cblr-11900	1736	7	on	on	ADP
cblr-11900	1736	8	a	a	DET
cblr-11900	1736	9	specific	specific	ADJ
cblr-11900	1736	10	range	range	NOUN
cblr-11900	1736	11	of	of	ADP
cblr-11900	1736	12	maturities	maturity	NOUN
cblr-11900	1736	13	so	so	SCONJ
cblr-11900	1736	14	that	that	SCONJ
cblr-11900	1736	15	investors	investor	NOUN
cblr-11900	1736	16	and	and	CCONJ
cblr-11900	1736	17	hedges	hedge	NOUN
cblr-11900	1736	18	can	can	AUX
cblr-11900	1736	19	specify	specify	VERB
cblr-11900	1736	20	the	the	DET
cblr-11900	1736	21	level	level	NOUN
cblr-11900	1736	22	of	of	ADP
cblr-11900	1736	23	interest	interest	NOUN
cblr-11900	1736	24	rate	rate	NOUN
cblr-11900	1736	25	risk	risk	NOUN
cblr-11900	1736	26	they	they	PRON
cblr-11900	1736	27	would	would	AUX
cblr-11900	1736	28	like	like	VERB
cblr-11900	1736	29	to	to	PART
cblr-11900	1736	30	take	take	VERB
cblr-11900	1736	31	on	on	ADP
cblr-11900	1736	32	.	.	PUNCT
cblr-11900	1737	1	because	because	SCONJ
cblr-11900	1737	2	an	an	DET
cblr-11900	1737	3	arbitrager	arbitrager	NOUN
cblr-11900	1737	4	can	can	AUX
cblr-11900	1737	5	in	in	ADP
cblr-11900	1737	6	principle	principle	NOUN
cblr-11900	1737	7	buy	buy	VERB
cblr-11900	1737	8	the	the	DET
cblr-11900	1737	9	bonds	bond	NOUN
cblr-11900	1737	10	,	,	PUNCT
cblr-11900	1737	11	sell	sell	VERB
cblr-11900	1737	12	the	the	DET
cblr-11900	1737	13	futures	future	NOUN
cblr-11900	1737	14	contract	contract	NOUN
cblr-11900	1737	15	,	,	PUNCT
cblr-11900	1737	16	and	and	CCONJ
cblr-11900	1737	17	hold	hold	VERB
cblr-11900	1737	18	that	that	DET
cblr-11900	1737	19	position	position	NOUN
cblr-11900	1737	20	until	until	SCONJ
cblr-11900	1737	21	they	they	PRON
cblr-11900	1737	22	are	be	AUX
cblr-11900	1737	23	permitted	permit	VERB
cblr-11900	1737	24	to	to	PART
cblr-11900	1737	25	make	make	VERB
cblr-11900	1737	26	delivery	delivery	NOUN
cblr-11900	1737	27	,	,	PUNCT
cblr-11900	1737	28	the	the	DET
cblr-11900	1737	29	price	price	NOUN
cblr-11900	1737	30	of	of	ADP
cblr-11900	1737	31	a	a	DET
cblr-11900	1737	32	futures	future	NOUN
cblr-11900	1737	33	contract	contract	NOUN
cblr-11900	1737	34	is	be	AUX
cblr-11900	1737	35	conceptually	conceptually	ADV
cblr-11900	1737	36	and	and	CCONJ
cblr-11900	1737	37	in	in	ADP
cblr-11900	1737	38	practice	practice	NOUN
cblr-11900	1737	39	almost	almost	ADV
cblr-11900	1737	40	always	always	ADV
cblr-11900	1737	41	very	very	ADV
cblr-11900	1737	42	tightly	tightly	ADV
cblr-11900	1737	43	linked	link	VERB
cblr-11900	1737	44	to	to	ADP
cblr-11900	1737	45	the	the	DET
cblr-11900	1737	46	price	price	NOUN
cblr-11900	1737	47	of	of	ADP
cblr-11900	1737	48	the	the	DET
cblr-11900	1737	49	most	most	ADV
cblr-11900	1737	50	likely	likely	ADJ
cblr-11900	1737	51	bonds	bond	NOUN
cblr-11900	1737	52	to	to	PART
cblr-11900	1737	53	be	be	AUX
cblr-11900	1737	54	delivered	deliver	VERB
cblr-11900	1737	55	.	.	PUNCT
cblr-11900	1738	1	in	in	ADP
cblr-11900	1738	2	practice	practice	NOUN
cblr-11900	1738	3	that	that	PRON
cblr-11900	1738	4	requires	require	VERB
cblr-11900	1738	5	access	access	NOUN
cblr-11900	1738	6	to	to	ADP
cblr-11900	1738	7	leverage	leverage	NOUN
cblr-11900	1738	8	and	and	CCONJ
cblr-11900	1738	9	can	can	AUX
cblr-11900	1738	10	be	be	AUX
cblr-11900	1738	11	distorted	distort	VERB
cblr-11900	1738	12	by	by	ADP
cblr-11900	1738	13	temporary	temporary	ADJ
cblr-11900	1738	14	market	market	NOUN
cblr-11900	1738	15	dynamics	dynamic	NOUN
cblr-11900	1738	16	,	,	PUNCT
cblr-11900	1738	17	as	as	SCONJ
cblr-11900	1738	18	was	be	AUX
cblr-11900	1738	19	the	the	DET
cblr-11900	1738	20	case	case	NOUN
cblr-11900	1738	21	in	in	ADP
cblr-11900	1738	22	2020	2020	NUM
cblr-11900	1738	23	.	.	PUNCT
cblr-11900	1739	1	for	for	ADP
cblr-11900	1739	2	an	an	DET
cblr-11900	1739	3	overview	overview	NOUN
cblr-11900	1739	4	of	of	ADP
cblr-11900	1739	5	treasury	treasury	PROPN
cblr-11900	1739	6	futures	future	NOUN
cblr-11900	1739	7	mechanics	mechanic	NOUN
cblr-11900	1739	8	,	,	PUNCT
cblr-11900	1739	9	see	see	VERB
cblr-11900	1739	10	galen	galen	PROPN
cblr-11900	1739	11	burghardt	burghardt	PROPN
cblr-11900	1739	12	&	&	CCONJ
cblr-11900	1739	13	terry	terry	PROPN
cblr-11900	1739	14	belton	belton	PROPN
cblr-11900	1739	15	,	,	PUNCT
cblr-11900	1739	16	the	the	DET
cblr-11900	1739	17	treasury	treasury	PROPN
cblr-11900	1739	18	bond	bond	NOUN
cblr-11900	1739	19	basis	basis	NOUN
cblr-11900	1739	20	:	:	PUNCT
cblr-11900	1739	21	an	an	DET
cblr-11900	1739	22	in	in	ADP
cblr-11900	1739	23	-	-	PUNCT
cblr-11900	1739	24	depth	depth	NOUN
cblr-11900	1739	25	analysis	analysis	NOUN
cblr-11900	1739	26	for	for	ADP
cblr-11900	1739	27	hedgers	hedger	NOUN
cblr-11900	1739	28	,	,	PUNCT
cblr-11900	1739	29	speculators	speculator	NOUN
cblr-11900	1739	30	,	,	PUNCT
cblr-11900	1739	31	and	and	CCONJ
cblr-11900	1739	32	arbitrageurs	arbitrageur	NOUN
cblr-11900	1739	33	(	(	PUNCT
cblr-11900	1739	34	2005	2005	NUM
cblr-11900	1739	35	)	)	PUNCT
cblr-11900	1739	36	.	.	PUNCT
cblr-11900	1740	1	382	382	NUM
cblr-11900	1740	2	in	in	ADP
cblr-11900	1740	3	bilateral	bilateral	ADJ
cblr-11900	1740	4	repo	repo	NOUN
cblr-11900	1740	5	markets	market	NOUN
cblr-11900	1740	6	,	,	PUNCT
cblr-11900	1740	7	margins	margin	NOUN
cblr-11900	1740	8	are	be	AUX
cblr-11900	1740	9	commonly	commonly	ADV
cblr-11900	1740	10	termed	term	VERB
cblr-11900	1740	11	“	"	PUNCT
cblr-11900	1740	12	haircuts”—the	haircuts”—the	DET
cblr-11900	1740	13	fraction	fraction	NOUN
cblr-11900	1740	14	of	of	ADP
cblr-11900	1740	15	cash	cash	NOUN
cblr-11900	1740	16	required	require	VERB
cblr-11900	1740	17	to	to	PART
cblr-11900	1740	18	buy	buy	VERB
cblr-11900	1740	19	a	a	DET
cblr-11900	1740	20	security	security	NOUN
cblr-11900	1740	21	that	that	PRON
cblr-11900	1740	22	is	be	AUX
cblr-11900	1740	23	not	not	PART
cblr-11900	1740	24	provided	provide	VERB
cblr-11900	1740	25	by	by	ADP
cblr-11900	1740	26	the	the	DET
cblr-11900	1740	27	lender	lender	NOUN
cblr-11900	1740	28	.	.	PUNCT
cblr-11900	1741	1	for	for	ADP
cblr-11900	1741	2	bilateral	bilateral	ADJ
cblr-11900	1741	3	transactions	transaction	NOUN
cblr-11900	1741	4	,	,	PUNCT
cblr-11900	1741	5	it	it	PRON
cblr-11900	1741	6	was	be	AUX
cblr-11900	1741	7	and	and	CCONJ
cblr-11900	1741	8	remains	remain	VERB
cblr-11900	1741	9	commonplace	commonplace	ADJ
cblr-11900	1741	10	for	for	SCONJ
cblr-11900	1741	11	there	there	PRON
cblr-11900	1741	12	to	to	PART
cblr-11900	1741	13	be	be	AUX
cblr-11900	1741	14	no	no	DET
cblr-11900	1741	15	haircut	haircut	NOUN
cblr-11900	1741	16	at	at	ADV
cblr-11900	1741	17	all	all	ADV
cblr-11900	1741	18	associated	associate	VERB
cblr-11900	1741	19	with	with	ADP
cblr-11900	1741	20	treasury	treasury	NOUN
cblr-11900	1741	21	repobased	repobase	VERB
cblr-11900	1741	22	borrowing	borrowing	NOUN
cblr-11900	1741	23	,	,	PUNCT
cblr-11900	1741	24	which	which	PRON
cblr-11900	1741	25	in	in	ADP
cblr-11900	1741	26	principle	principle	NOUN
cblr-11900	1741	27	means	mean	VERB
cblr-11900	1741	28	an	an	DET
cblr-11900	1741	29	infinite	infinite	ADJ
cblr-11900	1741	30	amount	amount	NOUN
cblr-11900	1741	31	of	of	ADP
cblr-11900	1741	32	leverage	leverage	NOUN
cblr-11900	1741	33	on	on	ADP
cblr-11900	1741	34	the	the	DET
cblr-11900	1741	35	position	position	NOUN
cblr-11900	1741	36	.	.	PUNCT
cblr-11900	1742	1	see	see	VERB
cblr-11900	1742	2	e.g.	e.g.	ADV
cblr-11900	1742	3	,	,	PUNCT
cblr-11900	1742	4	viktoria	viktoria	PROPN
cblr-11900	1742	5	baklanova	baklanova	PROPN
cblr-11900	1742	6	,	,	PUNCT
cblr-11900	1742	7	cecilia	cecilia	PROPN
cblr-11900	1742	8	caglio	caglio	PROPN
cblr-11900	1742	9	,	,	PUNCT
cblr-11900	1742	10	marco	marco	PROPN
cblr-11900	1742	11	cipriani	cipriani	PROPN
cblr-11900	1742	12	&	&	CCONJ
cblr-11900	1742	13	adam	adam	PROPN
cblr-11900	1742	14	copeland	copeland	PROPN
cblr-11900	1742	15	,	,	PUNCT
cblr-11900	1742	16	fed	fed	PROPN
cblr-11900	1742	17	.	.	PUNCT
cblr-11900	1742	18	rsrv	rsrv	PROPN
cblr-11900	1742	19	.	.	PUNCT
cblr-11900	1743	1	bank	bank	PROPN
cblr-11900	1743	2	of	of	ADP
cblr-11900	1743	3	n.y	n.y	PROPN
cblr-11900	1743	4	.	.	PROPN
cblr-11900	1743	5	,	,	PUNCT
cblr-11900	1743	6	staff	staff	NOUN
cblr-11900	1743	7	reports	report	VERB
cblr-11900	1743	8	no	no	INTJ
cblr-11900	1743	9	.	.	NOUN
cblr-11900	1743	10	758	758	NUM
cblr-11900	1743	11	,	,	PUNCT
cblr-11900	1743	12	the	the	DET
cblr-11900	1743	13	use	use	NOUN
cblr-11900	1743	14	of	of	ADP
cblr-11900	1743	15	collateral	collateral	NOUN
cblr-11900	1743	16	in	in	ADP
cblr-11900	1743	17	bilateral	bilateral	ADJ
cblr-11900	1743	18	repurchase	repurchase	NOUN
cblr-11900	1743	19	and	and	CCONJ
cblr-11900	1743	20	securities	security	NOUN
cblr-11900	1743	21	lending	lending	NOUN
cblr-11900	1743	22	agreements	agreement	NOUN
cblr-11900	1743	23	(	(	PUNCT
cblr-11900	1743	24	2016	2016	NUM
cblr-11900	1743	25	)	)	PUNCT
cblr-11900	1743	26	.	.	PUNCT
cblr-11900	1744	1	383	383	NUM
cblr-11900	1744	2	disclosure	disclosure	NOUN
cblr-11900	1744	3	from	from	ADP
cblr-11900	1744	4	the	the	DET
cblr-11900	1744	5	chicago	chicago	PROPN
cblr-11900	1744	6	mercantile	mercantile	PROPN
cblr-11900	1744	7	exchange	exchange	PROPN
cblr-11900	1744	8	and	and	CCONJ
cblr-11900	1744	9	board	board	NOUN
cblr-11900	1744	10	of	of	ADP
cblr-11900	1744	11	trade	trade	NOUN
cblr-11900	1744	12	,	,	PUNCT
cblr-11900	1744	13	which	which	PRON
cblr-11900	1744	14	lists	list	VERB
cblr-11900	1744	15	most	most	ADJ
cblr-11900	1744	16	major	major	ADJ
cblr-11900	1744	17	interest	interest	NOUN
cblr-11900	1744	18	rate	rate	NOUN
cblr-11900	1744	19	futures	future	NOUN
cblr-11900	1744	20	contracts	contract	NOUN
cblr-11900	1744	21	in	in	ADP
cblr-11900	1744	22	the	the	DET
cblr-11900	1744	23	u.s	u.s	PROPN
cblr-11900	1744	24	.	.	PROPN
cblr-11900	1744	25	,	,	PUNCT
cblr-11900	1744	26	318	318	NUM
cblr-11900	1744	27	columbia	columbia	PROPN
cblr-11900	1744	28	business	business	NOUN
cblr-11900	1744	29	law	law	PROPN
cblr-11900	1744	30	review	review	NOUN
cblr-11900	1745	1	[	[	X
cblr-11900	1745	2	vol	vol	NOUN
cblr-11900	1745	3	.	.	PUNCT
cblr-11900	1745	4	2023	2023	NUM
cblr-11900	1745	5	meantime	meantime	NOUN
cblr-11900	1745	6	,	,	PUNCT
cblr-11900	1745	7	rumors	rumor	NOUN
cblr-11900	1745	8	were	be	AUX
cblr-11900	1745	9	circulating	circulate	VERB
cblr-11900	1745	10	that	that	SCONJ
cblr-11900	1745	11	the	the	DET
cblr-11900	1745	12	market	market	NOUN
cblr-11900	1745	13	might	might	AUX
cblr-11900	1745	14	be	be	AUX
cblr-11900	1745	15	closed	close	VERB
cblr-11900	1745	16	at	at	ADP
cblr-11900	1745	17	any	any	DET
cblr-11900	1745	18	time	time	NOUN
cblr-11900	1745	19	and	and	CCONJ
cblr-11900	1745	20	for	for	ADP
cblr-11900	1745	21	an	an	DET
cblr-11900	1745	22	indeterminant	indeterminant	ADJ
cblr-11900	1745	23	period	period	NOUN
cblr-11900	1745	24	,	,	PUNCT
cblr-11900	1745	25	which	which	PRON
cblr-11900	1745	26	increased	increase	VERB
cblr-11900	1745	27	the	the	DET
cblr-11900	1745	28	sense	sense	NOUN
cblr-11900	1745	29	of	of	ADP
cblr-11900	1745	30	urgency	urgency	NOUN
cblr-11900	1745	31	in	in	ADP
cblr-11900	1745	32	managing	manage	VERB
cblr-11900	1745	33	exposures	exposure	NOUN
cblr-11900	1745	34	.	.	PUNCT
cblr-11900	1746	1	the	the	DET
cblr-11900	1746	2	result	result	NOUN
cblr-11900	1746	3	was	be	AUX
cblr-11900	1746	4	a	a	DET
cblr-11900	1746	5	disorderly	disorderly	ADJ
cblr-11900	1746	6	delevering	delevering	NOUN
cblr-11900	1746	7	of	of	ADP
cblr-11900	1746	8	relative	relative	ADJ
cblr-11900	1746	9	value	value	NOUN
cblr-11900	1746	10	hedge	hedge	NOUN
cblr-11900	1746	11	funds	fund	NOUN
cblr-11900	1746	12	:	:	PUNCT
cblr-11900	1746	13	for	for	ADP
cblr-11900	1746	14	example	example	NOUN
cblr-11900	1746	15	,	,	PUNCT
cblr-11900	1746	16	data	datum	NOUN
cblr-11900	1746	17	collected	collect	VERB
cblr-11900	1746	18	by	by	ADP
cblr-11900	1746	19	the	the	DET
cblr-11900	1746	20	u.s	u.s	PROPN
cblr-11900	1746	21	.	.	PROPN
cblr-11900	1746	22	treasury	treasury	PROPN
cblr-11900	1746	23	show	show	VERB
cblr-11900	1746	24	that	that	SCONJ
cblr-11900	1746	25	sales	sale	NOUN
cblr-11900	1746	26	out	out	ADP
cblr-11900	1746	27	of	of	ADP
cblr-11900	1746	28	the	the	DET
cblr-11900	1746	29	cayman	cayman	PROPN
cblr-11900	1746	30	islands	island	NOUN
cblr-11900	1746	31	,	,	PUNCT
cblr-11900	1746	32	where	where	SCONJ
cblr-11900	1746	33	many	many	ADJ
cblr-11900	1746	34	hedge	hedge	NOUN
cblr-11900	1746	35	funds	fund	NOUN
cblr-11900	1746	36	are	be	AUX
cblr-11900	1746	37	domiciled	domicile	VERB
cblr-11900	1746	38	,	,	PUNCT
cblr-11900	1746	39	spiked	spike	VERB
cblr-11900	1746	40	dramatically	dramatically	ADV
cblr-11900	1746	41	in	in	ADP
cblr-11900	1746	42	march	march	PROPN
cblr-11900	1746	43	and	and	CCONJ
cblr-11900	1746	44	april.384	april.384	PRON
cblr-11900	1746	45	the	the	DET
cblr-11900	1746	46	pressure	pressure	NOUN
cblr-11900	1746	47	on	on	ADP
cblr-11900	1746	48	the	the	DET
cblr-11900	1746	49	shadow	shadow	NOUN
cblr-11900	1746	50	dealer	dealer	NOUN
cblr-11900	1746	51	system	system	NOUN
cblr-11900	1746	52	was	be	AUX
cblr-11900	1746	53	soon	soon	ADV
cblr-11900	1746	54	so	so	ADV
cblr-11900	1746	55	extreme	extreme	ADJ
cblr-11900	1746	56	that	that	SCONJ
cblr-11900	1746	57	traders	trader	NOUN
cblr-11900	1746	58	and	and	CCONJ
cblr-11900	1746	59	other	other	ADJ
cblr-11900	1746	60	market	market	NOUN
cblr-11900	1746	61	participants	participant	NOUN
cblr-11900	1746	62	feared	fear	VERB
cblr-11900	1746	63	its	its	PRON
cblr-11900	1746	64	complete	complete	ADJ
cblr-11900	1746	65	collapse	collapse	NOUN
cblr-11900	1746	66	was	be	AUX
cblr-11900	1746	67	imminent	imminent	ADJ
cblr-11900	1746	68	.	.	PUNCT
cblr-11900	1747	1	these	these	DET
cblr-11900	1747	2	issues	issue	NOUN
cblr-11900	1747	3	were	be	AUX
cblr-11900	1747	4	hardly	hardly	ADV
cblr-11900	1747	5	confined	confine	VERB
cblr-11900	1747	6	to	to	ADP
cblr-11900	1747	7	hedge	hedge	NOUN
cblr-11900	1747	8	funds	fund	NOUN
cblr-11900	1747	9	.	.	PUNCT
cblr-11900	1748	1	a	a	DET
cblr-11900	1748	2	host	host	NOUN
cblr-11900	1748	3	of	of	ADP
cblr-11900	1748	4	other	other	ADJ
cblr-11900	1748	5	economic	economic	ADJ
cblr-11900	1748	6	actors	actor	NOUN
cblr-11900	1748	7	were	be	AUX
cblr-11900	1748	8	stockpiling	stockpile	VERB
cblr-11900	1748	9	liquidity	liquidity	NOUN
cblr-11900	1748	10	:	:	PUNCT
cblr-11900	1748	11	corporate	corporate	ADJ
cblr-11900	1748	12	bond	bond	NOUN
cblr-11900	1748	13	mutual	mutual	ADJ
cblr-11900	1748	14	and	and	CCONJ
cblr-11900	1748	15	exchange	exchange	NOUN
cblr-11900	1748	16	-	-	PUNCT
cblr-11900	1748	17	traded	trade	VERB
cblr-11900	1748	18	funds	fund	NOUN
cblr-11900	1748	19	facing	face	VERB
cblr-11900	1748	20	accelerating	accelerate	VERB
cblr-11900	1748	21	outflows	outflow	NOUN
cblr-11900	1748	22	,	,	PUNCT
cblr-11900	1748	23	foreign	foreign	ADJ
cblr-11900	1748	24	central	central	ADJ
cblr-11900	1748	25	banks	bank	NOUN
cblr-11900	1748	26	selling	sell	VERB
cblr-11900	1748	27	treasuries	treasury	NOUN
cblr-11900	1748	28	to	to	PART
cblr-11900	1748	29	raise	raise	VERB
cblr-11900	1748	30	u.s	u.s	PROPN
cblr-11900	1748	31	.	.	PROPN
cblr-11900	1748	32	dollars	dollar	NOUN
cblr-11900	1748	33	for	for	ADP
cblr-11900	1748	34	currency	currency	NOUN
cblr-11900	1748	35	interventions	intervention	NOUN
cblr-11900	1748	36	,	,	PUNCT
cblr-11900	1748	37	a	a	DET
cblr-11900	1748	38	global	global	ADJ
cblr-11900	1748	39	grab	grab	NOUN
cblr-11900	1748	40	for	for	ADP
cblr-11900	1748	41	dollars	dollar	NOUN
cblr-11900	1748	42	from	from	ADP
cblr-11900	1748	43	the	the	DET
cblr-11900	1748	44	private	private	ADJ
cblr-11900	1748	45	sector	sector	NOUN
cblr-11900	1748	46	,	,	PUNCT
cblr-11900	1748	47	corporations	corporation	NOUN
cblr-11900	1748	48	tapping	tap	VERB
cblr-11900	1748	49	revolver	revolver	NOUN
cblr-11900	1748	50	facilities	facility	NOUN
cblr-11900	1748	51	,	,	PUNCT
cblr-11900	1748	52	and	and	CCONJ
cblr-11900	1748	53	many	many	ADJ
cblr-11900	1748	54	others.385	others.385	VERB
cblr-11900	1748	55	when	when	SCONJ
cblr-11900	1748	56	markets	market	NOUN
cblr-11900	1748	57	attempt	attempt	VERB
cblr-11900	1748	58	to	to	PART
cblr-11900	1748	59	raise	raise	VERB
cblr-11900	1748	60	liquidity	liquidity	NOUN
cblr-11900	1748	61	by	by	ADP
cblr-11900	1748	62	monetizing	monetize	VERB
cblr-11900	1748	63	financial	financial	ADJ
cblr-11900	1748	64	assets	asset	NOUN
cblr-11900	1748	65	,	,	PUNCT
cblr-11900	1748	66	somebody	somebody	PRON
cblr-11900	1748	67	has	have	VERB
cblr-11900	1748	68	to	to	PART
cblr-11900	1748	69	do	do	VERB
cblr-11900	1748	70	the	the	DET
cblr-11900	1748	71	maturity	maturity	NOUN
cblr-11900	1748	72	transformation	transformation	NOUN
cblr-11900	1748	73	;	;	PUNCT
cblr-11900	1748	74	very	very	ADV
cblr-11900	1748	75	often	often	ADV
cblr-11900	1748	76	,	,	PUNCT
cblr-11900	1748	77	that	that	DET
cblr-11900	1748	78	job	job	NOUN
cblr-11900	1748	79	falls	fall	VERB
cblr-11900	1748	80	to	to	ADP
cblr-11900	1748	81	a	a	DET
cblr-11900	1748	82	commercial	commercial	ADJ
cblr-11900	1748	83	bank	bank	NOUN
cblr-11900	1748	84	,	,	PUNCT
cblr-11900	1748	85	which	which	PRON
cblr-11900	1748	86	in	in	ADP
cblr-11900	1748	87	turn	turn	NOUN
cblr-11900	1748	88	means	mean	VERB
cblr-11900	1748	89	more	more	ADJ
cblr-11900	1748	90	leverage	leverage	NOUN
cblr-11900	1748	91	in	in	ADP
cblr-11900	1748	92	the	the	DET
cblr-11900	1748	93	banking	banking	NOUN
cblr-11900	1748	94	system	system	NOUN
cblr-11900	1748	95	as	as	ADP
cblr-11900	1748	96	a	a	DET
cblr-11900	1748	97	whole	whole	NOUN
cblr-11900	1748	98	.	.	PUNCT
cblr-11900	1749	1	thus	thus	ADV
cblr-11900	1749	2	,	,	PUNCT
cblr-11900	1749	3	a	a	DET
cblr-11900	1749	4	toxic	toxic	ADJ
cblr-11900	1749	5	cycle	cycle	NOUN
cblr-11900	1749	6	began	begin	VERB
cblr-11900	1749	7	,	,	PUNCT
cblr-11900	1749	8	of	of	ADP
cblr-11900	1749	9	market	market	NOUN
cblr-11900	1749	10	panic	panic	NOUN
cblr-11900	1749	11	spurring	spur	VERB
cblr-11900	1749	12	demands	demand	NOUN
cblr-11900	1749	13	for	for	ADP
cblr-11900	1749	14	liquidity	liquidity	NOUN
cblr-11900	1749	15	,	,	PUNCT
cblr-11900	1749	16	which	which	PRON
cblr-11900	1749	17	further	far	ADV
cblr-11900	1749	18	impede	impede	VERB
cblr-11900	1749	19	the	the	DET
cblr-11900	1749	20	ability	ability	NOUN
cblr-11900	1749	21	of	of	ADP
cblr-11900	1749	22	bank	bank	NOUN
cblr-11900	1749	23	-	-	PUNCT
cblr-11900	1749	24	affiliated	affiliate	VERB
cblr-11900	1749	25	dealers	dealer	NOUN
cblr-11900	1749	26	to	to	PART
cblr-11900	1749	27	intermediate	intermediate	VERB
cblr-11900	1749	28	effectively	effectively	ADV
cblr-11900	1749	29	,	,	PUNCT
cblr-11900	1749	30	increasing	increase	VERB
cblr-11900	1749	31	risk	risk	NOUN
cblr-11900	1749	32	aversion	aversion	NOUN
cblr-11900	1749	33	and	and	CCONJ
cblr-11900	1749	34	driving	driving	NOUN
cblr-11900	1749	35	transaction	transaction	NOUN
cblr-11900	1749	36	suggests	suggest	VERB
cblr-11900	1749	37	that	that	SCONJ
cblr-11900	1749	38	participants	participant	NOUN
cblr-11900	1749	39	in	in	ADP
cblr-11900	1749	40	that	that	DET
cblr-11900	1749	41	market	market	NOUN
cblr-11900	1749	42	had	have	VERB
cblr-11900	1749	43	to	to	PART
cblr-11900	1749	44	come	come	VERB
cblr-11900	1749	45	up	up	ADP
cblr-11900	1749	46	with	with	ADP
cblr-11900	1749	47	more	more	ADJ
cblr-11900	1749	48	than	than	ADP
cblr-11900	1749	49	$	$	SYM
cblr-11900	1749	50	10	10	NUM
cblr-11900	1749	51	billion	billion	NUM
cblr-11900	1749	52	of	of	ADP
cblr-11900	1749	53	new	new	ADJ
cblr-11900	1749	54	cash	cash	NOUN
cblr-11900	1749	55	on	on	ADP
cblr-11900	1749	56	a	a	DET
cblr-11900	1749	57	single	single	ADJ
cblr-11900	1749	58	day	day	NOUN
cblr-11900	1749	59	and	and	CCONJ
cblr-11900	1749	60	$	$	SYM
cblr-11900	1749	61	80	80	NUM
cblr-11900	1749	62	billion	billion	NUM
cblr-11900	1749	63	by	by	ADP
cblr-11900	1749	64	the	the	DET
cblr-11900	1749	65	end	end	NOUN
cblr-11900	1749	66	of	of	ADP
cblr-11900	1749	67	march	march	PROPN
cblr-11900	1749	68	2020	2020	NUM
cblr-11900	1749	69	.	.	PUNCT
cblr-11900	1750	1	joshua	joshua	PROPN
cblr-11900	1750	2	younger	younger	PROPN
cblr-11900	1750	3	,	,	PUNCT
cblr-11900	1750	4	cross	cross	ADJ
cblr-11900	1750	5	-	-	ADJ
cblr-11900	1750	6	margining	margining	ADJ
cblr-11900	1750	7	and	and	CCONJ
cblr-11900	1750	8	financial	financial	ADJ
cblr-11900	1750	9	stability	stability	NOUN
cblr-11900	1750	10	,	,	PUNCT
cblr-11900	1750	11	yale	yale	PROPN
cblr-11900	1750	12	fin	fin	PROPN
cblr-11900	1750	13	.	.	PUNCT
cblr-11900	1751	1	stability	stability	PROPN
cblr-11900	1751	2	blog	blog	PROPN
cblr-11900	1751	3	(	(	PUNCT
cblr-11900	1751	4	june	june	PROPN
cblr-11900	1751	5	22	22	NUM
cblr-11900	1751	6	,	,	PUNCT
cblr-11900	1751	7	2021	2021	NUM
cblr-11900	1751	8	)	)	PUNCT
cblr-11900	1751	9	,	,	PUNCT
cblr-11900	1751	10	https://som.yale.edu/blog/cross-marginingand-financial-stability	https://som.yale.edu/blog/cross-marginingand-financial-stability	NOUN
cblr-11900	1752	1	[	[	X
cblr-11900	1752	2	https://perma.cc/g5tv-vu8y	https://perma.cc/g5tv-vu8y	X
cblr-11900	1752	3	]	]	X
cblr-11900	1752	4	.	.	PUNCT
cblr-11900	1753	1	384	384	NUM
cblr-11900	1753	2	joshua	joshua	PROPN
cblr-11900	1753	3	younger	young	ADJ
cblr-11900	1753	4	,	,	PUNCT
cblr-11900	1753	5	revisiting	revisit	VERB
cblr-11900	1753	6	the	the	DET
cblr-11900	1753	7	ides	ide	NOUN
cblr-11900	1753	8	of	of	ADP
cblr-11900	1753	9	march	march	PROPN
cblr-11900	1753	10	,	,	PUNCT
cblr-11900	1753	11	part	part	PROPN
cblr-11900	1753	12	ii	ii	PROPN
cblr-11900	1753	13	:	:	PUNCT
cblr-11900	1753	14	the	the	DET
cblr-11900	1753	15	going	go	VERB
cblr-11900	1753	16	gets	get	VERB
cblr-11900	1753	17	weird	weird	ADJ
cblr-11900	1753	18	,	,	PUNCT
cblr-11900	1753	19	council	council	NOUN
cblr-11900	1753	20	on	on	ADP
cblr-11900	1753	21	foreign	foreign	ADJ
cblr-11900	1753	22	rel	rel	NOUN
cblr-11900	1753	23	.	.	PUNCT
cblr-11900	1753	24	:	:	PUNCT
cblr-11900	1753	25	follow	follow	VERB
cblr-11900	1753	26	the	the	DET
cblr-11900	1753	27	money	money	NOUN
cblr-11900	1753	28	blog	blog	NOUN
cblr-11900	1753	29	chart	chart	NOUN
cblr-11900	1753	30	3	3	NUM
cblr-11900	1753	31	(	(	PUNCT
cblr-11900	1753	32	july	july	PROPN
cblr-11900	1753	33	22	22	NUM
cblr-11900	1753	34	,	,	PUNCT
cblr-11900	1753	35	2020	2020	NUM
cblr-11900	1753	36	)	)	PUNCT
cblr-11900	1753	37	,	,	PUNCT
cblr-11900	1753	38	https://www.cfr.org/blog/revisiting-ides-march-part-ii-going-gets-weird	https://www.cfr.org/blog/revisiting-ides-march-part-ii-going-gets-weird	PUNCT
cblr-11900	1754	1	[	[	X
cblr-11900	1754	2	https://perma.cc/3t2e-uf2h	https://perma.cc/3t2e-uf2h	NUM
cblr-11900	1754	3	]	]	X
cblr-11900	1754	4	.	.	PUNCT
cblr-11900	1755	1	385	385	NUM
cblr-11900	1755	2	for	for	ADP
cblr-11900	1755	3	a	a	DET
cblr-11900	1755	4	complete	complete	ADJ
cblr-11900	1755	5	overview	overview	NOUN
cblr-11900	1755	6	,	,	PUNCT
cblr-11900	1755	7	see	see	VERB
cblr-11900	1755	8	fin	fin	NOUN
cblr-11900	1755	9	.	.	PUNCT
cblr-11900	1756	1	stability	stability	PROPN
cblr-11900	1756	2	bd	bd	PROPN
cblr-11900	1756	3	.	.	PROPN
cblr-11900	1756	4	,	,	PUNCT
cblr-11900	1756	5	holistic	holistic	ADJ
cblr-11900	1756	6	review	review	NOUN
cblr-11900	1756	7	of	of	ADP
cblr-11900	1756	8	the	the	DET
cblr-11900	1756	9	march	march	NOUN
cblr-11900	1756	10	turmoil	turmoil	NOUN
cblr-11900	1756	11	(	(	PUNCT
cblr-11900	1756	12	2020	2020	NUM
cblr-11900	1756	13	)	)	PUNCT
cblr-11900	1756	14	.	.	PUNCT
cblr-11900	1757	1	no	no	INTJ
cblr-11900	1757	2	.	.	NOUN
cblr-11900	1758	1	1	1	NUM
cblr-11900	1758	2	]	]	ADJ
cblr-11900	1758	3	money	money	NOUN
cblr-11900	1758	4	and	and	CCONJ
cblr-11900	1758	5	the	the	DET
cblr-11900	1758	6	public	public	ADJ
cblr-11900	1758	7	debt	debt	NOUN
cblr-11900	1758	8	319	319	NUM
cblr-11900	1758	9	costs	cost	NOUN
cblr-11900	1758	10	to	to	ADP
cblr-11900	1758	11	levels	level	NOUN
cblr-11900	1758	12	never	never	ADV
cblr-11900	1758	13	previously	previously	ADV
cblr-11900	1758	14	seen	see	VERB
cblr-11900	1758	15	in	in	ADP
cblr-11900	1758	16	the	the	DET
cblr-11900	1758	17	treasury	treasury	NOUN
cblr-11900	1758	18	market.386	market.386	NUM
cblr-11900	1758	19	it	it	PRON
cblr-11900	1758	20	took	take	VERB
cblr-11900	1758	21	a	a	DET
cblr-11900	1758	22	historic	historic	ADJ
cblr-11900	1758	23	intervention	intervention	NOUN
cblr-11900	1758	24	by	by	ADP
cblr-11900	1758	25	the	the	DET
cblr-11900	1758	26	fed	fed	PROPN
cblr-11900	1758	27	to	to	PART
cblr-11900	1758	28	break	break	VERB
cblr-11900	1758	29	the	the	DET
cblr-11900	1758	30	cycle	cycle	NOUN
cblr-11900	1758	31	.	.	PUNCT
cblr-11900	1759	1	this	this	PRON
cblr-11900	1759	2	came	come	VERB
cblr-11900	1759	3	in	in	ADP
cblr-11900	1759	4	three	three	NUM
cblr-11900	1759	5	parts	part	NOUN
cblr-11900	1759	6	and	and	CCONJ
cblr-11900	1759	7	phases	phase	NOUN
cblr-11900	1759	8	.	.	PUNCT
cblr-11900	1760	1	first	first	ADV
cblr-11900	1760	2	,	,	PUNCT
cblr-11900	1760	3	the	the	DET
cblr-11900	1760	4	federal	federal	PROPN
cblr-11900	1760	5	reserve	reserve	PROPN
cblr-11900	1760	6	bank	bank	PROPN
cblr-11900	1760	7	of	of	ADP
cblr-11900	1760	8	new	new	PROPN
cblr-11900	1760	9	york	york	PROPN
cblr-11900	1760	10	announced	announce	VERB
cblr-11900	1760	11	a	a	DET
cblr-11900	1760	12	dramatic	dramatic	ADJ
cblr-11900	1760	13	expansion	expansion	NOUN
cblr-11900	1760	14	of	of	ADP
cblr-11900	1760	15	their	their	PRON
cblr-11900	1760	16	repurchase	repurchase	NOUN
cblr-11900	1760	17	facility	facility	NOUN
cblr-11900	1760	18	,	,	PUNCT
cblr-11900	1760	19	offering	offer	VERB
cblr-11900	1760	20	in	in	ADP
cblr-11900	1760	21	principle	principle	NOUN
cblr-11900	1760	22	to	to	PART
cblr-11900	1760	23	finance	finance	VERB
cblr-11900	1760	24	trillions	trillion	NOUN
cblr-11900	1760	25	of	of	ADP
cblr-11900	1760	26	treasuries	treasury	NOUN
cblr-11900	1760	27	and	and	CCONJ
cblr-11900	1760	28	mortgage	mortgage	NOUN
cblr-11900	1760	29	-	-	PUNCT
cblr-11900	1760	30	backed	back	VERB
cblr-11900	1760	31	securities	security	NOUN
cblr-11900	1760	32	issued	issue	VERB
cblr-11900	1760	33	or	or	CCONJ
cblr-11900	1760	34	guaranteed	guarantee	VERB
cblr-11900	1760	35	by	by	ADP
cblr-11900	1760	36	federal	federal	ADJ
cblr-11900	1760	37	agencies.387	agencies.387	NOUN
cblr-11900	1760	38	only	only	ADJ
cblr-11900	1760	39	days	day	NOUN
cblr-11900	1760	40	later	later	ADV
cblr-11900	1760	41	,	,	PUNCT
cblr-11900	1760	42	the	the	DET
cblr-11900	1760	43	fomc	fomc	NOUN
cblr-11900	1760	44	convened	convene	VERB
cblr-11900	1760	45	an	an	DET
cblr-11900	1760	46	emergency	emergency	NOUN
cblr-11900	1760	47	session	session	NOUN
cblr-11900	1760	48	to	to	PART
cblr-11900	1760	49	approve	approve	VERB
cblr-11900	1760	50	rate	rate	NOUN
cblr-11900	1760	51	cuts	cut	NOUN
cblr-11900	1760	52	(	(	PUNCT
cblr-11900	1760	53	back	back	ADV
cblr-11900	1760	54	to	to	ADP
cblr-11900	1760	55	the	the	DET
cblr-11900	1760	56	zero	zero	NUM
cblr-11900	1760	57	bound	bind	VERB
cblr-11900	1760	58	)	)	PUNCT
cblr-11900	1760	59	and	and	CCONJ
cblr-11900	1760	60	also	also	ADV
cblr-11900	1760	61	a	a	DET
cblr-11900	1760	62	sizeable	sizeable	ADJ
cblr-11900	1760	63	and	and	CCONJ
cblr-11900	1760	64	flexible	flexible	ADJ
cblr-11900	1760	65	openended	openende	VERB
cblr-11900	1760	66	qe	qe	PROPN
cblr-11900	1760	67	program.388	program.388	PRON
cblr-11900	1760	68	roughly	roughly	ADV
cblr-11900	1760	69	a	a	DET
cblr-11900	1760	70	week	week	NOUN
cblr-11900	1760	71	later	later	ADV
cblr-11900	1760	72	,	,	PUNCT
cblr-11900	1760	73	at	at	ADP
cblr-11900	1760	74	their	their	PRON
cblr-11900	1760	75	previously	previously	ADV
cblr-11900	1760	76	scheduled	schedule	VERB
cblr-11900	1760	77	meeting	meeting	NOUN
cblr-11900	1760	78	,	,	PUNCT
cblr-11900	1760	79	the	the	DET
cblr-11900	1760	80	committee	committee	NOUN
cblr-11900	1760	81	approved	approve	VERB
cblr-11900	1760	82	purchases	purchase	NOUN
cblr-11900	1760	83	“	"	PUNCT
cblr-11900	1760	84	in	in	ADP
cblr-11900	1760	85	the	the	DET
cblr-11900	1760	86	amounts	amount	NOUN
cblr-11900	1760	87	needed	need	VERB
cblr-11900	1760	88	to	to	PART
cblr-11900	1760	89	support	support	VERB
cblr-11900	1760	90	smooth	smooth	ADJ
cblr-11900	1760	91	market	market	NOUN
cblr-11900	1760	92	functioning	function	VERB
cblr-11900	1760	93	and	and	CCONJ
cblr-11900	1760	94	effective	effective	ADJ
cblr-11900	1760	95	transmission	transmission	NOUN
cblr-11900	1760	96	of	of	ADP
cblr-11900	1760	97	monetary	monetary	ADJ
cblr-11900	1760	98	policy	policy	NOUN
cblr-11900	1760	99	to	to	ADP
cblr-11900	1760	100	broader	broad	ADJ
cblr-11900	1760	101	financial	financial	ADJ
cblr-11900	1760	102	conditions	condition	NOUN
cblr-11900	1760	103	.	.	PUNCT
cblr-11900	1761	1	”389	”389	PROPN
cblr-11900	1761	2	this	this	DET
cblr-11900	1761	3	kind	kind	NOUN
cblr-11900	1761	4	of	of	ADP
cblr-11900	1761	5	unspecified	unspecified	ADJ
cblr-11900	1761	6	commitment	commitment	NOUN
cblr-11900	1761	7	tied	tie	VERB
cblr-11900	1761	8	to	to	ADP
cblr-11900	1761	9	outcomes	outcome	NOUN
cblr-11900	1761	10	rather	rather	ADV
cblr-11900	1761	11	than	than	ADP
cblr-11900	1761	12	the	the	DET
cblr-11900	1761	13	quantity	quantity	NOUN
cblr-11900	1761	14	or	or	CCONJ
cblr-11900	1761	15	pace	pace	NOUN
cblr-11900	1761	16	of	of	ADP
cblr-11900	1761	17	bonds	bond	NOUN
cblr-11900	1761	18	to	to	PART
cblr-11900	1761	19	be	be	AUX
cblr-11900	1761	20	purchased	purchase	VERB
cblr-11900	1761	21	was	be	AUX
cblr-11900	1761	22	a	a	DET
cblr-11900	1761	23	sharp	sharp	ADJ
cblr-11900	1761	24	and	and	CCONJ
cblr-11900	1761	25	important	important	ADJ
cblr-11900	1761	26	departure	departure	NOUN
cblr-11900	1761	27	from	from	ADP
cblr-11900	1761	28	prior	prior	ADJ
cblr-11900	1761	29	qe	qe	PROPN
cblr-11900	1761	30	programs	program	NOUN
cblr-11900	1761	31	.	.	PUNCT
cblr-11900	1762	1	before	before	ADP
cblr-11900	1762	2	long	long	ADV
cblr-11900	1762	3	,	,	PUNCT
cblr-11900	1762	4	the	the	DET
cblr-11900	1762	5	fed	fed	PROPN
cblr-11900	1762	6	was	be	AUX
cblr-11900	1762	7	buying	buy	VERB
cblr-11900	1762	8	treasuries	treasury	NOUN
cblr-11900	1762	9	and	and	CCONJ
cblr-11900	1762	10	mortgage	mortgage	NOUN
cblr-11900	1762	11	-	-	PUNCT
cblr-11900	1762	12	backed	back	VERB
cblr-11900	1762	13	securities	security	NOUN
cblr-11900	1762	14	at	at	ADP
cblr-11900	1762	15	a	a	DET
cblr-11900	1762	16	combined	combined	ADJ
cblr-11900	1762	17	pace	pace	NOUN
cblr-11900	1762	18	of	of	ADP
cblr-11900	1762	19	more	more	ADJ
cblr-11900	1762	20	than	than	ADP
cblr-11900	1762	21	$	$	SYM
cblr-11900	1762	22	100	100	NUM
cblr-11900	1762	23	billion	billion	NUM
cblr-11900	1762	24	per	per	ADP
cblr-11900	1762	25	day	day	NOUN
cblr-11900	1762	26	—	—	PUNCT
cblr-11900	1762	27	noticeably	noticeably	ADV
cblr-11900	1762	28	more	more	ADJ
cblr-11900	1762	29	than	than	ADP
cblr-11900	1762	30	386	386	NUM
cblr-11900	1762	31	see	see	NOUN
cblr-11900	1762	32	lorie	lorie	PROPN
cblr-11900	1762	33	k.	k.	PROPN
cblr-11900	1762	34	logan	logan	PROPN
cblr-11900	1762	35	,	,	PUNCT
cblr-11900	1762	36	executive	executive	ADJ
cblr-11900	1762	37	vice	vice	NOUN
cblr-11900	1762	38	president	president	NOUN
cblr-11900	1762	39	,	,	PUNCT
cblr-11900	1762	40	the	the	DET
cblr-11900	1762	41	federal	federal	PROPN
cblr-11900	1762	42	reserve	reserve	PROPN
cblr-11900	1762	43	’s	’s	PART
cblr-11900	1762	44	market	market	NOUN
cblr-11900	1762	45	functioning	function	VERB
cblr-11900	1762	46	purchases	purchase	NOUN
cblr-11900	1762	47	:	:	PUNCT
cblr-11900	1762	48	from	from	ADP
cblr-11900	1762	49	supporting	support	VERB
cblr-11900	1762	50	to	to	ADP
cblr-11900	1762	51	sustaining	sustain	VERB
cblr-11900	1762	52	,	,	PUNCT
cblr-11900	1762	53	remarks	remark	NOUN
cblr-11900	1762	54	at	at	ADP
cblr-11900	1762	55	sifma	sifma	NOUN
cblr-11900	1762	56	webinar	webinar	NOUN
cblr-11900	1762	57	(	(	PUNCT
cblr-11900	1762	58	july	july	PROPN
cblr-11900	1762	59	15	15	NUM
cblr-11900	1762	60	,	,	PUNCT
cblr-11900	1762	61	2020	2020	NUM
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cblr-11900	1762	63	,	,	PUNCT
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cblr-11900	1762	65	[	[	X
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cblr-11900	1762	68	.	.	PUNCT
cblr-11900	1763	1	387	387	NUM
cblr-11900	1763	2	see	see	VERB
cblr-11900	1763	3	statement	statement	NOUN
cblr-11900	1763	4	regarding	regard	VERB
cblr-11900	1763	5	treasury	treasury	PROPN
cblr-11900	1763	6	reserve	reserve	PROPN
cblr-11900	1763	7	management	management	NOUN
cblr-11900	1763	8	purchases	purchase	NOUN
cblr-11900	1763	9	and	and	CCONJ
cblr-11900	1763	10	repurchase	repurchase	VERB
cblr-11900	1763	11	operations	operation	NOUN
cblr-11900	1763	12	,	,	PUNCT
cblr-11900	1763	13	fed	fed	PROPN
cblr-11900	1763	14	.	.	PUNCT
cblr-11900	1763	15	rsrv	rsrv	PROPN
cblr-11900	1763	16	.	.	PUNCT
cblr-11900	1764	1	bank	bank	PROPN
cblr-11900	1764	2	of	of	ADP
cblr-11900	1764	3	n.y	n.y	PROPN
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cblr-11900	1764	6	mar	mar	PROPN
cblr-11900	1764	7	.	.	PROPN
cblr-11900	1764	8	12	12	NUM
cblr-11900	1764	9	,	,	PUNCT
cblr-11900	1764	10	2020	2020	NUM
cblr-11900	1764	11	)	)	PUNCT
cblr-11900	1764	12	,	,	PUNCT
cblr-11900	1764	13	https://www.newyorkfed.org/markets/opolicy/	https://www.newyorkfed.org/markets/opolicy/	PROPN
cblr-11900	1764	14	operating_policy_200312a	operating_policy_200312a	PROPN
cblr-11900	1765	1	[	[	X
cblr-11900	1765	2	https://perma.cc/uj5t-eyae	https://perma.cc/uj5t-eyae	X
cblr-11900	1765	3	]	]	X
cblr-11900	1765	4	.	.	PUNCT
cblr-11900	1766	1	388	388	NUM
cblr-11900	1766	2	press	press	NOUN
cblr-11900	1766	3	release	release	NOUN
cblr-11900	1766	4	,	,	PUNCT
cblr-11900	1766	5	bd	bd	PROPN
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cblr-11900	1766	8	governors	governor	NOUN
cblr-11900	1766	9	of	of	ADP
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cblr-11900	1766	11	fed	fed	PROPN
cblr-11900	1766	12	.	.	PUNCT
cblr-11900	1766	13	rsrv	rsrv	PROPN
cblr-11900	1766	14	.	.	PUNCT
cblr-11900	1767	1	sys	sys	PROPN
cblr-11900	1767	2	.	.	PROPN
cblr-11900	1767	3	,	,	PUNCT
cblr-11900	1767	4	federal	federal	PROPN
cblr-11900	1767	5	reserve	reserve	PROPN
cblr-11900	1767	6	issues	issue	NOUN
cblr-11900	1767	7	fomc	fomc	NOUN
cblr-11900	1767	8	statement	statement	NOUN
cblr-11900	1767	9	(	(	PUNCT
cblr-11900	1767	10	mar	mar	PROPN
cblr-11900	1767	11	.	.	PROPN
cblr-11900	1767	12	15	15	NUM
cblr-11900	1767	13	,	,	PUNCT
cblr-11900	1767	14	2020	2020	NUM
cblr-11900	1767	15	)	)	PUNCT
cblr-11900	1767	16	,	,	PUNCT
cblr-11900	1767	17	https://www.federalreserve.gov/monetarypolicy/files/monetary20200315a1	https://www.federalreserve.gov/monetarypolicy/files/monetary20200315a1	PROPN
cblr-11900	1767	18	.	.	PROPN
cblr-11900	1767	19	pdf	pdf	NOUN
cblr-11900	1768	1	[	[	X
cblr-11900	1768	2	https://perma.cc/5cg5-vcap	https://perma.cc/5cg5-vcap	X
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cblr-11900	1768	4	(	(	PUNCT
cblr-11900	1768	5	“	"	PUNCT
cblr-11900	1768	6	the	the	DET
cblr-11900	1768	7	committee	committee	NOUN
cblr-11900	1768	8	will	will	AUX
cblr-11900	1768	9	increase	increase	VERB
cblr-11900	1768	10	its	its	PRON
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cblr-11900	1768	12	of	of	ADP
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cblr-11900	1768	14	securities	security	NOUN
cblr-11900	1768	15	by	by	ADP
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cblr-11900	1768	19	500	500	NUM
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cblr-11900	1768	29	securities	security	NOUN
cblr-11900	1768	30	by	by	ADP
cblr-11900	1768	31	at	at	ADV
cblr-11900	1768	32	least	least	ADV
cblr-11900	1768	33	$	$	SYM
cblr-11900	1768	34	200	200	NUM
cblr-11900	1768	35	billion	billion	NUM
cblr-11900	1768	36	”	"	PUNCT
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cblr-11900	1768	38	(	(	PUNCT
cblr-11900	1768	39	emphasis	emphasis	NOUN
cblr-11900	1768	40	added	add	VERB
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cblr-11900	1768	42	.	.	PUNCT
cblr-11900	1769	1	389	389	NUM
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cblr-11900	1769	4	,	,	PUNCT
cblr-11900	1769	5	bd	bd	PROPN
cblr-11900	1769	6	.	.	PROPN
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cblr-11900	1769	9	of	of	ADP
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cblr-11900	1769	12	.	.	PUNCT
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cblr-11900	1770	3	,	,	PUNCT
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cblr-11900	1770	6	issues	issue	NOUN
cblr-11900	1770	7	fomc	fomc	NOUN
cblr-11900	1770	8	statement	statement	NOUN
cblr-11900	1770	9	(	(	PUNCT
cblr-11900	1770	10	mar	mar	PROPN
cblr-11900	1770	11	.	.	PROPN
cblr-11900	1770	12	23	23	NUM
cblr-11900	1770	13	,	,	PUNCT
cblr-11900	1770	14	2020	2020	NUM
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cblr-11900	1770	16	,	,	PUNCT
cblr-11900	1770	17	https://www.federalreserve.gov/newsevents/pressreleases/monetary202003	https://www.federalreserve.gov/newsevents/pressreleases/monetary202003	VERB
cblr-11900	1770	18	23a.htm	23a.htm	NUM
cblr-11900	1771	1	[	[	X
cblr-11900	1771	2	https://perma.cc/f6ny-c6hw	https://perma.cc/f6ny-c6hw	X
cblr-11900	1771	3	]	]	X
cblr-11900	1771	4	.	.	PUNCT
cblr-11900	1771	5	320	320	NUM
cblr-11900	1771	6	columbia	columbia	PROPN
cblr-11900	1771	7	business	business	NOUN
cblr-11900	1771	8	law	law	PROPN
cblr-11900	1771	9	review	review	NOUN
cblr-11900	1771	10	[	[	X
cblr-11900	1771	11	vol	vol	NOUN
cblr-11900	1771	12	.	.	PUNCT
cblr-11900	1771	13	2023	2023	NUM
cblr-11900	1771	14	was	be	AUX
cblr-11900	1771	15	bought	buy	VERB
cblr-11900	1771	16	in	in	ADP
cblr-11900	1771	17	a	a	DET
cblr-11900	1771	18	month	month	NOUN
cblr-11900	1771	19	as	as	ADP
cblr-11900	1771	20	part	part	NOUN
cblr-11900	1771	21	of	of	ADP
cblr-11900	1771	22	prior	prior	ADJ
cblr-11900	1771	23	qe	qe	PROPN
cblr-11900	1771	24	programs.390	programs.390	NOUN
cblr-11900	1771	25	implementation	implementation	NOUN
cblr-11900	1771	26	notes	note	NOUN
cblr-11900	1771	27	retained	retain	VERB
cblr-11900	1771	28	very	very	ADV
cblr-11900	1771	29	flexible	flexible	ADJ
cblr-11900	1771	30	language	language	NOUN
cblr-11900	1771	31	for	for	ADP
cblr-11900	1771	32	months	month	NOUN
cblr-11900	1771	33	,	,	PUNCT
cblr-11900	1771	34	authorizing	authorize	VERB
cblr-11900	1771	35	the	the	DET
cblr-11900	1771	36	federal	federal	PROPN
cblr-11900	1771	37	reserve	reserve	PROPN
cblr-11900	1771	38	bank	bank	PROPN
cblr-11900	1771	39	of	of	ADP
cblr-11900	1771	40	new	new	PROPN
cblr-11900	1771	41	york	york	PROPN
cblr-11900	1771	42	to	to	PART
cblr-11900	1771	43	purchase	purchase	VERB
cblr-11900	1771	44	securities	security	NOUN
cblr-11900	1771	45	“	"	PUNCT
cblr-11900	1771	46	as	as	SCONJ
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cblr-11900	1771	48	to	to	PART
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cblr-11900	1771	50	smooth	smooth	ADJ
cblr-11900	1771	51	functioning	functioning	NOUN
cblr-11900	1771	52	of	of	ADP
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cblr-11900	1771	55	”391	”391	VERB
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cblr-11900	1771	57	as	as	SCONJ
cblr-11900	1771	58	purchases	purchase	NOUN
cblr-11900	1771	59	shifted	shift	VERB
cblr-11900	1771	60	back	back	ADV
cblr-11900	1771	61	towards	towards	ADP
cblr-11900	1771	62	a	a	DET
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cblr-11900	1771	65	qe	qe	PROPN
cblr-11900	1771	66	program	program	NOUN
cblr-11900	1771	67	around	around	ADP
cblr-11900	1771	68	june	june	PROPN
cblr-11900	1771	69	,	,	PUNCT
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cblr-11900	1771	71	was	be	AUX
cblr-11900	1771	72	not	not	PART
cblr-11900	1771	73	until	until	ADP
cblr-11900	1771	74	december	december	PROPN
cblr-11900	1771	75	that	that	SCONJ
cblr-11900	1771	76	the	the	DET
cblr-11900	1771	77	committee	committee	NOUN
cblr-11900	1771	78	explicitly	explicitly	ADV
cblr-11900	1771	79	limited	limit	VERB
cblr-11900	1771	80	purchases	purchase	NOUN
cblr-11900	1771	81	to	to	ADP
cblr-11900	1771	82	$	$	SYM
cblr-11900	1771	83	120	120	NUM
cblr-11900	1771	84	billion	billion	NUM
cblr-11900	1771	85	per	per	ADP
cblr-11900	1771	86	month.392	month.392	NOUN
cblr-11900	1771	87	purchases	purchase	NOUN
cblr-11900	1771	88	and	and	CCONJ
cblr-11900	1771	89	financing	financing	NOUN
cblr-11900	1771	90	proved	prove	VERB
cblr-11900	1771	91	an	an	DET
cblr-11900	1771	92	effective	effective	ADJ
cblr-11900	1771	93	treatment	treatment	NOUN
cblr-11900	1771	94	—	—	PUNCT
cblr-11900	1771	95	transaction	transaction	NOUN
cblr-11900	1771	96	costs	cost	NOUN
cblr-11900	1771	97	peaked	peak	VERB
cblr-11900	1771	98	in	in	ADP
cblr-11900	1771	99	those	those	DET
cblr-11900	1771	100	frantic	frantic	ADJ
cblr-11900	1771	101	days	day	NOUN
cblr-11900	1771	102	in	in	ADP
cblr-11900	1771	103	the	the	DET
cblr-11900	1771	104	second	second	ADJ
cblr-11900	1771	105	and	and	CCONJ
cblr-11900	1771	106	third	third	ADJ
cblr-11900	1771	107	weeks	week	NOUN
cblr-11900	1771	108	of	of	ADP
cblr-11900	1771	109	march	march	PROPN
cblr-11900	1771	110	2020	2020	NUM
cblr-11900	1771	111	and	and	CCONJ
cblr-11900	1771	112	began	begin	VERB
cblr-11900	1771	113	to	to	PART
cblr-11900	1771	114	slowly	slowly	ADV
cblr-11900	1771	115	normalize	normalize	VERB
cblr-11900	1771	116	by	by	ADP
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cblr-11900	1771	119	of	of	ADP
cblr-11900	1771	120	the	the	DET
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cblr-11900	1771	122	there	there	PRON
cblr-11900	1771	123	were	be	VERB
cblr-11900	1771	124	,	,	PUNCT
cblr-11900	1771	125	however	however	ADV
cblr-11900	1771	126	,	,	PUNCT
cblr-11900	1771	127	potentially	potentially	ADV
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cblr-11900	1771	131	.	.	PUNCT
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cblr-11900	1772	3	fed	fed	PROPN
cblr-11900	1772	4	purchases	purchase	VERB
cblr-11900	1772	5	securities	security	NOUN
cblr-11900	1772	6	,	,	PUNCT
cblr-11900	1772	7	it	it	PRON
cblr-11900	1772	8	“	"	PUNCT
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cblr-11900	1772	10	”	"	PUNCT
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cblr-11900	1772	15	to	to	ADP
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cblr-11900	1772	26	program	program	NOUN
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cblr-11900	1772	30	rapid	rapid	ADJ
cblr-11900	1772	31	and	and	CCONJ
cblr-11900	1772	32	dramatic	dramatic	ADJ
cblr-11900	1772	33	increase	increase	NOUN
cblr-11900	1772	34	in	in	ADP
cblr-11900	1772	35	bank	bank	NOUN
cblr-11900	1772	36	reserve	reserve	NOUN
cblr-11900	1772	37	balances	balance	NOUN
cblr-11900	1772	38	,	,	PUNCT
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cblr-11900	1772	40	increased	increase	VERB
cblr-11900	1772	41	nearly	nearly	ADV
cblr-11900	1772	42	$	$	SYM
cblr-11900	1772	43	2	2	NUM
cblr-11900	1772	44	trillion	trillion	NUM
cblr-11900	1772	45	in	in	ADP
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cblr-11900	1772	47	the	the	DET
cblr-11900	1772	48	last	last	ADJ
cblr-11900	1772	49	two	two	NUM
cblr-11900	1772	50	weeks	week	NOUN
cblr-11900	1772	51	of	of	ADP
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cblr-11900	1772	56	can	can	AUX
cblr-11900	1772	57	only	only	ADV
cblr-11900	1772	58	be	be	AUX
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cblr-11900	1772	65	transaction	transaction	NOUN
cblr-11900	1772	66	data	datum	NOUN
cblr-11900	1772	67	,	,	PUNCT
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cblr-11900	1772	69	.	.	PUNCT
cblr-11900	1772	70	rsrv	rsrv	PROPN
cblr-11900	1772	71	.	.	PUNCT
cblr-11900	1773	1	bank	bank	PROPN
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cblr-11900	1773	3	n.y	n.y	PROPN
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cblr-11900	1773	5	,	,	PUNCT
cblr-11900	1774	1	https://www.newyorkfed.org/markets/omo_transaction_data	https://www.newyorkfed.org/markets/omo_transaction_data	ADJ
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cblr-11900	1774	5	;	;	PUNCT
cblr-11900	1774	6	see	see	VERB
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cblr-11900	1774	8	michael	michael	PROPN
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cblr-11900	1775	13	(	(	PUNCT
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cblr-11900	1776	5	,	,	PUNCT
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cblr-11900	1776	8	,	,	PUNCT
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cblr-11900	1777	1	sys	sys	PROPN
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cblr-11900	1778	4	.	.	PUNCT
cblr-11900	1779	1	392	392	NUM
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cblr-11900	1779	29	unconventional	unconventional	ADJ
cblr-11900	1779	30	monetary	monetary	ADJ
cblr-11900	1779	31	policy	policy	NOUN
cblr-11900	1779	32	,	,	PUNCT
cblr-11900	1779	33	fed	fed	PROPN
cblr-11900	1779	34	.	.	PUNCT
cblr-11900	1779	35	rsrv	rsrv	PROPN
cblr-11900	1779	36	.	.	PUNCT
cblr-11900	1780	1	bank	bank	PROPN
cblr-11900	1780	2	of	of	ADP
cblr-11900	1780	3	richmond	richmond	PROPN
cblr-11900	1780	4	econ	econ	PROPN
cblr-11900	1780	5	.	.	PUNCT
cblr-11900	1781	1	brief	brief	PROPN
cblr-11900	1781	2	eb12	eb12	PROPN
cblr-11900	1781	3	-	-	PUNCT
cblr-11900	1781	4	12	12	NUM
cblr-11900	1781	5	,	,	PUNCT
cblr-11900	1781	6	at	at	ADP
cblr-11900	1781	7	1	1	NUM
cblr-11900	1781	8	(	(	PUNCT
cblr-11900	1781	9	dec	dec	PROPN
cblr-11900	1781	10	.	.	PROPN
cblr-11900	1781	11	2012	2012	NUM
cblr-11900	1781	12	)	)	PUNCT
cblr-11900	1781	13	.	.	PUNCT
cblr-11900	1782	1	395	395	NUM
cblr-11900	1782	2	bd	bd	NOUN
cblr-11900	1782	3	.	.	PROPN
cblr-11900	1782	4	of	of	ADP
cblr-11900	1782	5	governors	governor	NOUN
cblr-11900	1782	6	of	of	ADP
cblr-11900	1782	7	the	the	DET
cblr-11900	1782	8	fed	fed	PROPN
cblr-11900	1782	9	.	.	PUNCT
cblr-11900	1782	10	rsrv	rsrv	PROPN
cblr-11900	1782	11	.	.	PUNCT
cblr-11900	1783	1	sys	sys	PROPN
cblr-11900	1783	2	.	.	PROPN
cblr-11900	1783	3	,	,	PUNCT
cblr-11900	1783	4	federal	federal	PROPN
cblr-11900	1783	5	reserve	reserve	PROPN
cblr-11900	1783	6	statistical	statistical	ADJ
cblr-11900	1783	7	release	release	NOUN
cblr-11900	1783	8	,	,	PUNCT
cblr-11900	1783	9	h.4.1	h.4.1	ADJ
cblr-11900	1783	10	factors	factor	NOUN
cblr-11900	1783	11	affecting	affect	VERB
cblr-11900	1783	12	reserve	reserve	NOUN
cblr-11900	1783	13	balances	balance	NOUN
cblr-11900	1783	14	:	:	PUNCT
cblr-11900	1783	15	march	march	NOUN
cblr-11900	1783	16	12	12	NUM
cblr-11900	1783	17	,	,	PUNCT
cblr-11900	1783	18	2020	2020	NUM
cblr-11900	1783	19	(	(	PUNCT
cblr-11900	1783	20	2020	2020	NUM
cblr-11900	1783	21	)	)	PUNCT
cblr-11900	1783	22	,	,	PUNCT
cblr-11900	1783	23	http://www.federalreserve.gov/releases/h41/20200312/	http://www.federalreserve.gov/releases/h41/20200312/	X
cblr-11900	1784	1	[	[	X
cblr-11900	1784	2	https://perma.cc/9pgm-a78f	https://perma.cc/9pgm-a78f	X
cblr-11900	1784	3	]	]	X
cblr-11900	1784	4	;	;	PUNCT
cblr-11900	1784	5	bd	bd	PROPN
cblr-11900	1784	6	.	.	PROPN
cblr-11900	1784	7	of	of	ADP
cblr-11900	1784	8	governors	governor	NOUN
cblr-11900	1784	9	of	of	ADP
cblr-11900	1784	10	the	the	DET
cblr-11900	1784	11	fed	fed	PROPN
cblr-11900	1784	12	.	.	PUNCT
cblr-11900	1784	13	rsrv	rsrv	PROPN
cblr-11900	1784	14	.	.	PUNCT
cblr-11900	1785	1	sys	sys	PROPN
cblr-11900	1785	2	.	.	PROPN
cblr-11900	1785	3	,	,	PUNCT
cblr-11900	1785	4	federal	federal	PROPN
cblr-11900	1785	5	reserve	reserve	PROPN
cblr-11900	1785	6	statictical	statictical	PROPN
cblr-11900	1785	7	release	release	NOUN
cblr-11900	1785	8	,	,	PUNCT
cblr-11900	1785	9	h.4.1	h.4.1	ADJ
cblr-11900	1785	10	factors	factor	NOUN
cblr-11900	1785	11	affecting	affect	VERB
cblr-11900	1785	12	reserve	reserve	NOUN
cblr-11900	1785	13	balances	balance	NOUN
cblr-11900	1785	14	:	:	PUNCT
cblr-11900	1785	15	march	march	PROPN
cblr-11900	1785	16	26	26	NUM
cblr-11900	1785	17	,	,	PUNCT
cblr-11900	1785	18	2020	2020	NUM
cblr-11900	1785	19	(	(	PUNCT
cblr-11900	1785	20	2020	2020	NUM
cblr-11900	1785	21	)	)	PUNCT
cblr-11900	1785	22	,	,	PUNCT
cblr-11900	1785	23	https://www.federalreserve.gov/releases/h41/20200326/	https://www.federalreserve.gov/releases/h41/20200326/	NUM
cblr-11900	1786	1	[	[	X
cblr-11900	1786	2	https://perma.cc/bgc8-fbdv	https://perma.cc/bgc8-fbdv	PROPN
cblr-11900	1786	3	]	]	PUNCT
cblr-11900	1786	4	.	.	PUNCT
cblr-11900	1787	1	no	no	INTJ
cblr-11900	1787	2	.	.	NOUN
cblr-11900	1787	3	1	1	NUM
cblr-11900	1787	4	]	]	ADJ
cblr-11900	1787	5	money	money	NOUN
cblr-11900	1787	6	and	and	CCONJ
cblr-11900	1787	7	the	the	DET
cblr-11900	1787	8	public	public	ADJ
cblr-11900	1787	9	debt	debt	NOUN
cblr-11900	1787	10	321	321	NUM
cblr-11900	1787	11	those	those	DET
cblr-11900	1787	12	actions	action	NOUN
cblr-11900	1787	13	mechanically	mechanically	ADV
cblr-11900	1787	14	inflate	inflate	VERB
cblr-11900	1787	15	the	the	DET
cblr-11900	1787	16	size	size	NOUN
cblr-11900	1787	17	of	of	ADP
cblr-11900	1787	18	the	the	DET
cblr-11900	1787	19	banking	banking	NOUN
cblr-11900	1787	20	system.396	system.396	NOUN
cblr-11900	1787	21	as	as	SCONJ
cblr-11900	1787	22	the	the	DET
cblr-11900	1787	23	system	system	NOUN
cblr-11900	1787	24	grew	grow	VERB
cblr-11900	1787	25	,	,	PUNCT
cblr-11900	1787	26	leverage	leverage	NOUN
cblr-11900	1787	27	ratios	ratio	NOUN
cblr-11900	1787	28	became	become	VERB
cblr-11900	1787	29	more	more	ADV
cblr-11900	1787	30	binding	binding	ADJ
cblr-11900	1787	31	,	,	PUNCT
cblr-11900	1787	32	which	which	PRON
cblr-11900	1787	33	in	in	ADP
cblr-11900	1787	34	turn	turn	NOUN
cblr-11900	1787	35	risked	risk	VERB
cblr-11900	1787	36	undermining	undermine	VERB
cblr-11900	1787	37	the	the	DET
cblr-11900	1787	38	progress	progress	NOUN
cblr-11900	1787	39	that	that	SCONJ
cblr-11900	1787	40	the	the	DET
cblr-11900	1787	41	fed	fed	PROPN
cblr-11900	1787	42	’s	’s	PART
cblr-11900	1787	43	purchase	purchase	NOUN
cblr-11900	1787	44	program	program	NOUN
cblr-11900	1787	45	was	be	AUX
cblr-11900	1787	46	making	make	VERB
cblr-11900	1787	47	in	in	ADP
cblr-11900	1787	48	restoring	restore	VERB
cblr-11900	1787	49	normal	normal	ADJ
cblr-11900	1787	50	market	market	NOUN
cblr-11900	1787	51	functioning	function	VERB
cblr-11900	1787	52	.	.	PUNCT
cblr-11900	1788	1	in	in	ADP
cblr-11900	1788	2	a	a	DET
cblr-11900	1788	3	nod	nod	NOUN
cblr-11900	1788	4	to	to	ADP
cblr-11900	1788	5	potential	potential	ADJ
cblr-11900	1788	6	connection	connection	NOUN
cblr-11900	1788	7	between	between	ADP
cblr-11900	1788	8	regulatory	regulatory	ADJ
cblr-11900	1788	9	constraints	constraint	NOUN
cblr-11900	1788	10	and	and	CCONJ
cblr-11900	1788	11	stress	stress	NOUN
cblr-11900	1788	12	in	in	ADP
cblr-11900	1788	13	treasury	treasury	NOUN
cblr-11900	1788	14	markets	market	NOUN
cblr-11900	1788	15	(	(	PUNCT
cblr-11900	1788	16	and	and	CCONJ
cblr-11900	1788	17	an	an	DET
cblr-11900	1788	18	interesting	interesting	ADJ
cblr-11900	1788	19	example	example	NOUN
cblr-11900	1788	20	of	of	ADP
cblr-11900	1788	21	administrative	administrative	ADJ
cblr-11900	1788	22	discretion	discretion	NOUN
cblr-11900	1788	23	exercised	exercise	VERB
cblr-11900	1788	24	in	in	ADP
cblr-11900	1788	25	a	a	DET
cblr-11900	1788	26	law	law	NOUN
cblr-11900	1788	27	-	-	PUNCT
cblr-11900	1788	28	and	and	CCONJ
cblr-11900	1788	29	-	-	PUNCT
cblr-11900	1788	30	macroeconomics	macroeconomic	NOUN
cblr-11900	1788	31	framework),397	framework),397	ADP
cblr-11900	1788	32	the	the	DET
cblr-11900	1788	33	fed	fed	PROPN
cblr-11900	1788	34	offered	offer	VERB
cblr-11900	1788	35	some	some	DET
cblr-11900	1788	36	relief	relief	NOUN
cblr-11900	1788	37	via	via	ADP
cblr-11900	1788	38	a	a	DET
cblr-11900	1788	39	temporary	temporary	ADJ
cblr-11900	1788	40	but	but	CCONJ
cblr-11900	1788	41	material	material	NOUN
cblr-11900	1788	42	adjustment	adjustment	NOUN
cblr-11900	1788	43	to	to	ADP
cblr-11900	1788	44	the	the	DET
cblr-11900	1788	45	slr	slr	NOUN
cblr-11900	1788	46	:	:	PUNCT
cblr-11900	1788	47	to	to	PART
cblr-11900	1788	48	“	"	PUNCT
cblr-11900	1788	49	ease	ease	VERB
cblr-11900	1788	50	strains	strain	NOUN
cblr-11900	1788	51	in	in	ADP
cblr-11900	1788	52	the	the	DET
cblr-11900	1788	53	treasury	treasury	NOUN
cblr-11900	1788	54	market	market	NOUN
cblr-11900	1788	55	resulting	result	VERB
cblr-11900	1788	56	from	from	ADP
cblr-11900	1788	57	the	the	DET
cblr-11900	1788	58	coronavirus,”398	coronavirus,”398	NOUN
cblr-11900	1788	59	a	a	DET
cblr-11900	1788	60	temporary	temporary	ADJ
cblr-11900	1788	61	redefinition	redefinition	NOUN
cblr-11900	1788	62	of	of	ADP
cblr-11900	1788	63	total	total	ADJ
cblr-11900	1788	64	leverage	leverage	NOUN
cblr-11900	1788	65	exposure	exposure	NOUN
cblr-11900	1788	66	for	for	ADP
cblr-11900	1788	67	bhcs	bhcs	NOUN
cblr-11900	1788	68	to	to	PART
cblr-11900	1788	69	exclude	exclude	VERB
cblr-11900	1788	70	treasuries	treasury	NOUN
cblr-11900	1788	71	and	and	CCONJ
cblr-11900	1788	72	reserves	reserve	NOUN
cblr-11900	1788	73	,	,	PUNCT
cblr-11900	1788	74	set	set	VERB
cblr-11900	1788	75	to	to	PART
cblr-11900	1788	76	expire	expire	VERB
cblr-11900	1788	77	after	after	ADP
cblr-11900	1788	78	one	one	NUM
cblr-11900	1788	79	year.399	year.399	NOUN
cblr-11900	1788	80	although	although	SCONJ
cblr-11900	1788	81	seemingly	seemingly	ADV
cblr-11900	1788	82	technical	technical	ADJ
cblr-11900	1788	83	and	and	CCONJ
cblr-11900	1788	84	arcane	arcane	ADJ
cblr-11900	1788	85	,	,	PUNCT
cblr-11900	1788	86	this	this	DET
cblr-11900	1788	87	regulatory	regulatory	ADJ
cblr-11900	1788	88	change	change	NOUN
cblr-11900	1788	89	was	be	AUX
cblr-11900	1788	90	a	a	DET
cblr-11900	1788	91	strong	strong	ADJ
cblr-11900	1788	92	response	response	NOUN
cblr-11900	1788	93	.	.	PUNCT
cblr-11900	1789	1	capital	capital	NOUN
cblr-11900	1789	2	forbearance	forbearance	NOUN
cblr-11900	1789	3	as	as	ADP
cblr-11900	1789	4	a	a	DET
cblr-11900	1789	5	396	396	NUM
cblr-11900	1789	6	the	the	DET
cblr-11900	1789	7	specific	specific	ADJ
cblr-11900	1789	8	scenario	scenario	NOUN
cblr-11900	1789	9	,	,	PUNCT
cblr-11900	1789	10	which	which	PRON
cblr-11900	1789	11	is	be	AUX
cblr-11900	1789	12	also	also	ADV
cblr-11900	1789	13	the	the	DET
cblr-11900	1789	14	most	most	ADV
cblr-11900	1789	15	common	common	ADJ
cblr-11900	1789	16	,	,	PUNCT
cblr-11900	1789	17	is	be	AUX
cblr-11900	1789	18	when	when	SCONJ
cblr-11900	1789	19	nonbanks	nonbank	NOUN
cblr-11900	1789	20	sell	sell	VERB
cblr-11900	1789	21	treasuries	treasury	NOUN
cblr-11900	1789	22	and	and	CCONJ
cblr-11900	1789	23	other	other	ADJ
cblr-11900	1789	24	securities	security	NOUN
cblr-11900	1789	25	to	to	ADP
cblr-11900	1789	26	the	the	DET
cblr-11900	1789	27	fed	fed	PROPN
cblr-11900	1789	28	via	via	ADP
cblr-11900	1789	29	primary	primary	ADJ
cblr-11900	1789	30	dealers	dealer	NOUN
cblr-11900	1789	31	.	.	PUNCT
cblr-11900	1790	1	that	that	PRON
cblr-11900	1790	2	involves	involve	VERB
cblr-11900	1790	3	two	two	NUM
cblr-11900	1790	4	transactions	transaction	NOUN
cblr-11900	1790	5	,	,	PUNCT
cblr-11900	1790	6	one	one	NUM
cblr-11900	1790	7	in	in	ADP
cblr-11900	1790	8	which	which	PRON
cblr-11900	1790	9	the	the	DET
cblr-11900	1790	10	primary	primary	ADJ
cblr-11900	1790	11	dealer	dealer	NOUN
cblr-11900	1790	12	purchases	purchase	VERB
cblr-11900	1790	13	those	those	DET
cblr-11900	1790	14	bonds	bond	NOUN
cblr-11900	1790	15	(	(	PUNCT
cblr-11900	1790	16	a	a	DET
cblr-11900	1790	17	new	new	ADJ
cblr-11900	1790	18	asset	asset	NOUN
cblr-11900	1790	19	)	)	PUNCT
cblr-11900	1790	20	and	and	CCONJ
cblr-11900	1790	21	credits	credit	VERB
cblr-11900	1790	22	the	the	DET
cblr-11900	1790	23	seller	seller	NOUN
cblr-11900	1790	24	’s	’s	PART
cblr-11900	1790	25	deposit	deposit	NOUN
cblr-11900	1790	26	account	account	NOUN
cblr-11900	1790	27	(	(	PUNCT
cblr-11900	1790	28	a	a	DET
cblr-11900	1790	29	new	new	ADJ
cblr-11900	1790	30	liability	liability	NOUN
cblr-11900	1790	31	)	)	PUNCT
cblr-11900	1790	32	.	.	PUNCT
cblr-11900	1791	1	they	they	PRON
cblr-11900	1791	2	then	then	ADV
cblr-11900	1791	3	sell	sell	VERB
cblr-11900	1791	4	those	those	DET
cblr-11900	1791	5	bonds	bond	NOUN
cblr-11900	1791	6	to	to	ADP
cblr-11900	1791	7	the	the	DET
cblr-11900	1791	8	fed	fed	PROPN
cblr-11900	1791	9	which	which	PRON
cblr-11900	1791	10	creates	create	VERB
cblr-11900	1791	11	a	a	DET
cblr-11900	1791	12	new	new	ADJ
cblr-11900	1791	13	liability	liability	NOUN
cblr-11900	1791	14	to	to	ADP
cblr-11900	1791	15	the	the	DET
cblr-11900	1791	16	banking	banking	NOUN
cblr-11900	1791	17	system	system	NOUN
cblr-11900	1791	18	(	(	PUNCT
cblr-11900	1791	19	reserves	reserve	NOUN
cblr-11900	1791	20	)	)	PUNCT
cblr-11900	1791	21	,	,	PUNCT
cblr-11900	1791	22	which	which	PRON
cblr-11900	1791	23	are	be	AUX
cblr-11900	1791	24	,	,	PUNCT
cblr-11900	1791	25	in	in	ADP
cblr-11900	1791	26	turn	turn	NOUN
cblr-11900	1791	27	.	.	PUNCT
cblr-11900	1792	1	a	a	DET
cblr-11900	1792	2	new	new	ADJ
cblr-11900	1792	3	bank	bank	NOUN
cblr-11900	1792	4	asset	asset	NOUN
cblr-11900	1792	5	.	.	PUNCT
cblr-11900	1793	1	thus	thus	ADV
cblr-11900	1793	2	qe	qe	PROPN
cblr-11900	1793	3	in	in	ADP
cblr-11900	1793	4	a	a	DET
cblr-11900	1793	5	sense	sense	NOUN
cblr-11900	1793	6	brings	bring	VERB
cblr-11900	1793	7	non	non	ADJ
cblr-11900	1793	8	-	-	ADJ
cblr-11900	1793	9	bank	bank	ADJ
cblr-11900	1793	10	assets	asset	NOUN
cblr-11900	1793	11	into	into	ADP
cblr-11900	1793	12	the	the	DET
cblr-11900	1793	13	banking	banking	NOUN
cblr-11900	1793	14	system	system	NOUN
cblr-11900	1793	15	and	and	CCONJ
cblr-11900	1793	16	traps	trap	VERB
cblr-11900	1793	17	them	they	PRON
cblr-11900	1793	18	there	there	ADV
cblr-11900	1793	19	,	,	PUNCT
cblr-11900	1793	20	mechanically	mechanically	ADV
cblr-11900	1793	21	increasing	increase	VERB
cblr-11900	1793	22	leverage	leverage	NOUN
cblr-11900	1793	23	.	.	PUNCT
cblr-11900	1794	1	the	the	DET
cblr-11900	1794	2	reverse	reverse	NOUN
cblr-11900	1794	3	repo	repo	ADP
cblr-11900	1794	4	facility	facility	NOUN
cblr-11900	1794	5	is	be	AUX
cblr-11900	1794	6	an	an	DET
cblr-11900	1794	7	important	important	ADJ
cblr-11900	1794	8	pressure	pressure	NOUN
cblr-11900	1794	9	relief	relief	NOUN
cblr-11900	1794	10	valve	valve	NOUN
cblr-11900	1794	11	,	,	PUNCT
cblr-11900	1794	12	but	but	CCONJ
cblr-11900	1794	13	tends	tend	VERB
cblr-11900	1794	14	not	not	PART
cblr-11900	1794	15	to	to	PART
cblr-11900	1794	16	come	come	VERB
cblr-11900	1794	17	into	into	ADP
cblr-11900	1794	18	play	play	NOUN
cblr-11900	1794	19	until	until	ADP
cblr-11900	1794	20	leverage	leverage	NOUN
cblr-11900	1794	21	is	be	AUX
cblr-11900	1794	22	more	more	ADV
cblr-11900	1794	23	strictly	strictly	ADV
cblr-11900	1794	24	binding	bind	VERB
cblr-11900	1794	25	(	(	PUNCT
cblr-11900	1794	26	and	and	CCONJ
cblr-11900	1794	27	a	a	DET
cblr-11900	1794	28	full	full	ADJ
cblr-11900	1794	29	discussion	discussion	NOUN
cblr-11900	1794	30	of	of	ADP
cblr-11900	1794	31	this	this	DET
cblr-11900	1794	32	dynamic	dynamic	NOUN
cblr-11900	1794	33	is	be	AUX
cblr-11900	1794	34	beyond	beyond	ADP
cblr-11900	1794	35	the	the	DET
cblr-11900	1794	36	scope	scope	NOUN
cblr-11900	1794	37	of	of	ADP
cblr-11900	1794	38	this	this	DET
cblr-11900	1794	39	article	article	NOUN
cblr-11900	1794	40	)	)	PUNCT
cblr-11900	1794	41	.	.	PUNCT
cblr-11900	1795	1	see	see	VERB
cblr-11900	1795	2	gara	gara	PROPN
cblr-11900	1795	3	afonso	afonso	PROPN
cblr-11900	1795	4	,	,	PUNCT
cblr-11900	1795	5	lorie	lorie	PROPN
cblr-11900	1795	6	logan	logan	PROPN
cblr-11900	1795	7	,	,	PUNCT
cblr-11900	1795	8	antoine	antoine	PROPN
cblr-11900	1795	9	martin	martin	PROPN
cblr-11900	1795	10	,	,	PUNCT
cblr-11900	1795	11	william	william	PROPN
cblr-11900	1795	12	riordan	riordan	PROPN
cblr-11900	1795	13	&	&	CCONJ
cblr-11900	1795	14	patricia	patricia	PROPN
cblr-11900	1795	15	zobel	zobel	PROPN
cblr-11900	1795	16	,	,	PUNCT
cblr-11900	1795	17	how	how	SCONJ
cblr-11900	1795	18	the	the	DET
cblr-11900	1795	19	fed	fed	PROPN
cblr-11900	1795	20	’s	’s	PART
cblr-11900	1795	21	overnight	overnight	ADJ
cblr-11900	1795	22	reverse	reverse	NOUN
cblr-11900	1795	23	repo	repo	ADP
cblr-11900	1795	24	facility	facility	NOUN
cblr-11900	1795	25	works	work	NOUN
cblr-11900	1795	26	,	,	PUNCT
cblr-11900	1795	27	fed	fed	PROPN
cblr-11900	1795	28	.	.	PUNCT
cblr-11900	1795	29	rsrv	rsrv	PROPN
cblr-11900	1795	30	.	.	PUNCT
cblr-11900	1796	1	bank	bank	PROPN
cblr-11900	1796	2	of	of	ADP
cblr-11900	1796	3	n.y	n.y	PROPN
cblr-11900	1796	4	.	.	PROPN
cblr-11900	1796	5	liberty	liberty	PROPN
cblr-11900	1796	6	st	st	PROPN
cblr-11900	1796	7	.	.	PROPN
cblr-11900	1796	8	econ	econ	PROPN
cblr-11900	1796	9	.	.	PUNCT
cblr-11900	1797	1	(	(	PUNCT
cblr-11900	1797	2	jan	jan	PROPN
cblr-11900	1797	3	.	.	PROPN
cblr-11900	1797	4	11	11	NUM
cblr-11900	1797	5	,	,	PUNCT
cblr-11900	1797	6	2022	2022	NUM
cblr-11900	1797	7	)	)	PUNCT
cblr-11900	1797	8	,	,	PUNCT
cblr-11900	1797	9	https://libertystreeteconomics.newyorkfed.org/2022/01/how-the-fedsovernight-reverse-repo-facility-works/	https://libertystreeteconomics.newyorkfed.org/2022/01/how-the-fedsovernight-reverse-repo-facility-works/	VERB
cblr-11900	1798	1	[	[	X
cblr-11900	1798	2	https://perma.cc/9bfz-crr4	https://perma.cc/9bfz-crr4	NOUN
cblr-11900	1798	3	]	]	X
cblr-11900	1798	4	.	.	PUNCT
cblr-11900	1799	1	397	397	NUM
cblr-11900	1799	2	gabriel	gabriel	PROPN
cblr-11900	1799	3	rauterberg	rauterberg	PROPN
cblr-11900	1799	4	&	&	CCONJ
cblr-11900	1799	5	joshua	joshua	PROPN
cblr-11900	1799	6	younger	younger	PROPN
cblr-11900	1799	7	,	,	PUNCT
cblr-11900	1799	8	what	what	PRON
cblr-11900	1799	9	is	be	AUX
cblr-11900	1799	10	the	the	DET
cblr-11900	1799	11	law	law	NOUN
cblr-11900	1799	12	’s	’s	PART
cblr-11900	1799	13	role	role	NOUN
cblr-11900	1799	14	in	in	ADP
cblr-11900	1799	15	a	a	DET
cblr-11900	1799	16	recession	recession	NOUN
cblr-11900	1799	17	?	?	PUNCT
cblr-11900	1799	18	,	,	PUNCT
cblr-11900	1799	19	135	135	NUM
cblr-11900	1799	20	harv	harv	NOUN
cblr-11900	1799	21	.	.	PUNCT
cblr-11900	1800	1	l.	l.	PROPN
cblr-11900	1800	2	rev	rev	PROPN
cblr-11900	1800	3	.	.	PROPN
cblr-11900	1800	4	1351	1351	NUM
cblr-11900	1800	5	(	(	PUNCT
cblr-11900	1800	6	2022	2022	NUM
cblr-11900	1800	7	)	)	PUNCT
cblr-11900	1800	8	.	.	PUNCT
cblr-11900	1801	1	398	398	NUM
cblr-11900	1801	2	press	press	NOUN
cblr-11900	1801	3	release	release	NOUN
cblr-11900	1801	4	,	,	PUNCT
cblr-11900	1801	5	bd	bd	PROPN
cblr-11900	1801	6	.	.	PROPN
cblr-11900	1801	7	of	of	ADP
cblr-11900	1801	8	governors	governor	NOUN
cblr-11900	1801	9	of	of	ADP
cblr-11900	1801	10	the	the	DET
cblr-11900	1801	11	fed	fed	PROPN
cblr-11900	1801	12	.	.	PUNCT
cblr-11900	1801	13	rsrv	rsrv	PROPN
cblr-11900	1801	14	.	.	PUNCT
cblr-11900	1802	1	sys	sys	PROPN
cblr-11900	1802	2	.	.	PROPN
cblr-11900	1802	3	,	,	PUNCT
cblr-11900	1802	4	federal	federal	PROPN
cblr-11900	1802	5	reserve	reserve	PROPN
cblr-11900	1802	6	board	board	PROPN
cblr-11900	1802	7	announces	announce	VERB
cblr-11900	1802	8	temporary	temporary	ADJ
cblr-11900	1802	9	change	change	NOUN
cblr-11900	1802	10	to	to	ADP
cblr-11900	1802	11	its	its	PRON
cblr-11900	1802	12	supplementary	supplementary	ADJ
cblr-11900	1802	13	leverage	leverage	NOUN
cblr-11900	1802	14	ratio	ratio	NOUN
cblr-11900	1802	15	rule	rule	NOUN
cblr-11900	1802	16	to	to	PART
cblr-11900	1802	17	ease	ease	VERB
cblr-11900	1802	18	strains	strain	NOUN
cblr-11900	1802	19	in	in	ADP
cblr-11900	1802	20	the	the	DET
cblr-11900	1802	21	treasury	treasury	NOUN
cblr-11900	1802	22	market	market	NOUN
cblr-11900	1802	23	resulting	result	VERB
cblr-11900	1802	24	from	from	ADP
cblr-11900	1802	25	the	the	DET
cblr-11900	1802	26	coronavirus	coronavirus	NOUN
cblr-11900	1802	27	and	and	CCONJ
cblr-11900	1802	28	increase	increase	VERB
cblr-11900	1802	29	banking	banking	NOUN
cblr-11900	1802	30	organizations	organization	NOUN
cblr-11900	1802	31	’	'	PUNCT
cblr-11900	1802	32	ability	ability	NOUN
cblr-11900	1802	33	to	to	PART
cblr-11900	1802	34	provide	provide	VERB
cblr-11900	1802	35	credit	credit	NOUN
cblr-11900	1802	36	to	to	ADP
cblr-11900	1802	37	households	household	NOUN
cblr-11900	1802	38	and	and	CCONJ
cblr-11900	1802	39	businesses	business	NOUN
cblr-11900	1802	40	(	(	PUNCT
cblr-11900	1802	41	apr	apr	PROPN
cblr-11900	1802	42	.	.	PROPN
cblr-11900	1802	43	1	1	NUM
cblr-11900	1802	44	,	,	PUNCT
cblr-11900	1802	45	2020	2020	NUM
cblr-11900	1802	46	)	)	PUNCT
cblr-11900	1802	47	,	,	PUNCT
cblr-11900	1802	48	https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200401a	https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200401a	NOUN
cblr-11900	1802	49	.	.	PUNCT
cblr-11900	1803	1	htm	htm	PROPN
cblr-11900	1804	1	[	[	X
cblr-11900	1804	2	https://perma.cc/5ve9-8esk	https://perma.cc/5ve9-8esk	X
cblr-11900	1804	3	]	]	X
cblr-11900	1804	4	.	.	PUNCT
cblr-11900	1805	1	399	399	NUM
cblr-11900	1805	2	temporary	temporary	ADJ
cblr-11900	1805	3	exclusion	exclusion	NOUN
cblr-11900	1805	4	of	of	ADP
cblr-11900	1805	5	u.s	u.s	PROPN
cblr-11900	1805	6	.	.	PROPN
cblr-11900	1805	7	treasury	treasury	PROPN
cblr-11900	1805	8	securities	security	NOUN
cblr-11900	1805	9	and	and	CCONJ
cblr-11900	1805	10	deposits	deposit	NOUN
cblr-11900	1805	11	at	at	ADP
cblr-11900	1805	12	federal	federal	PROPN
cblr-11900	1805	13	reserve	reserve	NOUN
cblr-11900	1805	14	banks	bank	NOUN
cblr-11900	1805	15	from	from	ADP
cblr-11900	1805	16	the	the	DET
cblr-11900	1805	17	supplementary	supplementary	ADJ
cblr-11900	1805	18	leverage	leverage	NOUN
cblr-11900	1805	19	ratio	ratio	NOUN
cblr-11900	1805	20	,	,	PUNCT
cblr-11900	1805	21	85	85	NUM
cblr-11900	1805	22	fed	feed	VERB
cblr-11900	1805	23	.	.	PUNCT
cblr-11900	1806	1	reg	reg	PROPN
cblr-11900	1806	2	.	.	PUNCT
cblr-11900	1807	1	20578	20578	NUM
cblr-11900	1807	2	(	(	PUNCT
cblr-11900	1807	3	apr	apr	PROPN
cblr-11900	1807	4	.	.	PROPN
cblr-11900	1807	5	14	14	NUM
cblr-11900	1807	6	,	,	PUNCT
cblr-11900	1807	7	2020	2020	NUM
cblr-11900	1807	8	)	)	PUNCT
cblr-11900	1807	9	(	(	PUNCT
cblr-11900	1807	10	to	to	PART
cblr-11900	1807	11	be	be	AUX
cblr-11900	1807	12	codified	codify	VERB
cblr-11900	1807	13	at	at	ADP
cblr-11900	1807	14	12	12	NUM
cblr-11900	1807	15	c.f.r	c.f.r	NOUN
cblr-11900	1807	16	.	.	PUNCT
cblr-11900	1808	1	pt	pt	PROPN
cblr-11900	1808	2	.	.	PROPN
cblr-11900	1808	3	217	217	NUM
cblr-11900	1808	4	)	)	PUNCT
cblr-11900	1808	5	.	.	PUNCT
cblr-11900	1809	1	322	322	NUM
cblr-11900	1809	2	columbia	columbia	PROPN
cblr-11900	1809	3	business	business	NOUN
cblr-11900	1809	4	law	law	PROPN
cblr-11900	1809	5	review	review	NOUN
cblr-11900	1809	6	[	[	X
cblr-11900	1809	7	vol	vol	NOUN
cblr-11900	1809	8	.	.	PUNCT
cblr-11900	1809	9	2023	2023	NUM
cblr-11900	1809	10	general	general	ADJ
cblr-11900	1809	11	matter	matter	NOUN
cblr-11900	1809	12	has	have	VERB
cblr-11900	1809	13	a	a	DET
cblr-11900	1809	14	checkered	checker	VERB
cblr-11900	1809	15	history	history	NOUN
cblr-11900	1809	16	,	,	PUNCT
cblr-11900	1809	17	particularly	particularly	ADV
cblr-11900	1809	18	in	in	ADP
cblr-11900	1809	19	the	the	DET
cblr-11900	1809	20	u.s	u.s	PROPN
cblr-11900	1809	21	.	.	PROPN
cblr-11900	1809	22	and	and	CCONJ
cblr-11900	1809	23	japan.400	japan.400	NOUN
cblr-11900	1809	24	it	it	PRON
cblr-11900	1809	25	also	also	ADV
cblr-11900	1809	26	deviates	deviate	VERB
cblr-11900	1809	27	from	from	ADP
cblr-11900	1809	28	international	international	ADJ
cblr-11900	1809	29	standards	standard	NOUN
cblr-11900	1809	30	set	set	VERB
cblr-11900	1809	31	by	by	ADP
cblr-11900	1809	32	basel	basel	PROPN
cblr-11900	1809	33	.	.	PUNCT
cblr-11900	1810	1	while	while	SCONJ
cblr-11900	1810	2	the	the	DET
cblr-11900	1810	3	most	most	ADV
cblr-11900	1810	4	recent	recent	ADJ
cblr-11900	1810	5	version	version	NOUN
cblr-11900	1810	6	of	of	ADP
cblr-11900	1810	7	those	those	DET
cblr-11900	1810	8	guidelines	guideline	NOUN
cblr-11900	1810	9	for	for	ADP
cblr-11900	1810	10	leverage	leverage	NOUN
cblr-11900	1810	11	ratios	ratio	NOUN
cblr-11900	1810	12	permits	permit	VERB
cblr-11900	1810	13	temporary	temporary	ADJ
cblr-11900	1810	14	adjustments	adjustment	NOUN
cblr-11900	1810	15	to	to	ADP
cblr-11900	1810	16	the	the	DET
cblr-11900	1810	17	exposure	exposure	NOUN
cblr-11900	1810	18	calculation	calculation	NOUN
cblr-11900	1810	19	“	"	PUNCT
cblr-11900	1810	20	to	to	PART
cblr-11900	1810	21	facilitate	facilitate	VERB
cblr-11900	1810	22	the	the	DET
cblr-11900	1810	23	implementation	implementation	NOUN
cblr-11900	1810	24	of	of	ADP
cblr-11900	1810	25	monetary	monetary	ADJ
cblr-11900	1810	26	policies	policy	NOUN
cblr-11900	1810	27	,	,	PUNCT
cblr-11900	1810	28	”	"	PUNCT
cblr-11900	1810	29	they	they	PRON
cblr-11900	1810	30	do	do	VERB
cblr-11900	1810	31	so	so	ADV
cblr-11900	1810	32	only	only	ADV
cblr-11900	1810	33	with	with	ADP
cblr-11900	1810	34	respect	respect	NOUN
cblr-11900	1810	35	to	to	ADP
cblr-11900	1810	36	central	central	ADJ
cblr-11900	1810	37	bank	bank	NOUN
cblr-11900	1810	38	liabilities	liability	NOUN
cblr-11900	1810	39	and	and	CCONJ
cblr-11900	1810	40	require	require	VERB
cblr-11900	1810	41	increasing	increase	VERB
cblr-11900	1810	42	“	"	PUNCT
cblr-11900	1810	43	the	the	DET
cblr-11900	1810	44	calibration	calibration	NOUN
cblr-11900	1810	45	of	of	ADP
cblr-11900	1810	46	the	the	DET
cblr-11900	1810	47	minimum	minimum	ADJ
cblr-11900	1810	48	leverage	leverage	NOUN
cblr-11900	1810	49	ratio	ratio	NOUN
cblr-11900	1810	50	requirement	requirement	NOUN
cblr-11900	1810	51	commensurately	commensurately	ADV
cblr-11900	1810	52	to	to	PART
cblr-11900	1810	53	offset	offset	VERB
cblr-11900	1810	54	the	the	DET
cblr-11900	1810	55	impact	impact	NOUN
cblr-11900	1810	56	[	[	X
cblr-11900	1810	57	of	of	ADP
cblr-11900	1810	58	those	those	DET
cblr-11900	1810	59	changes].”401	changes].”401	PROPN
cblr-11900	1810	60	as	as	ADP
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cblr-11900	1810	62	tarullo	tarullo	PROPN
cblr-11900	1810	63	,	,	PUNCT
cblr-11900	1810	64	a	a	DET
cblr-11900	1810	65	former	former	ADJ
cblr-11900	1810	66	member	member	NOUN
cblr-11900	1810	67	of	of	ADP
cblr-11900	1810	68	the	the	DET
cblr-11900	1810	69	board	board	NOUN
cblr-11900	1810	70	of	of	ADP
cblr-11900	1810	71	governors	governor	NOUN
cblr-11900	1810	72	and	and	CCONJ
cblr-11900	1810	73	scholar	scholar	NOUN
cblr-11900	1810	74	of	of	ADP
cblr-11900	1810	75	banking	banking	NOUN
cblr-11900	1810	76	law	law	NOUN
cblr-11900	1810	77	recently	recently	ADV
cblr-11900	1810	78	observed	observe	VERB
cblr-11900	1810	79	,	,	PUNCT
cblr-11900	1810	80	these	these	PRON
cblr-11900	1810	81	make	make	VERB
cblr-11900	1810	82	the	the	DET
cblr-11900	1810	83	exclusion	exclusion	NOUN
cblr-11900	1810	84	of	of	ADP
cblr-11900	1810	85	treasuries	treasury	NOUN
cblr-11900	1810	86	from	from	ADP
cblr-11900	1810	87	the	the	DET
cblr-11900	1810	88	slr	slr	NOUN
cblr-11900	1810	89	,	,	PUNCT
cblr-11900	1810	90	even	even	ADV
cblr-11900	1810	91	temporarily	temporarily	ADV
cblr-11900	1810	92	,	,	PUNCT
cblr-11900	1810	93	more	more	ADJ
cblr-11900	1810	94	notable.402	notable.402	NOUN
cblr-11900	1810	95	in	in	ADP
cblr-11900	1810	96	theory,403	theory,403	NOUN
cblr-11900	1810	97	the	the	DET
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cblr-11900	1810	100	change	change	NOUN
cblr-11900	1810	101	increased	increase	VERB
cblr-11900	1810	102	overall	overall	ADJ
cblr-11900	1810	103	intermediation	intermediation	NOUN
cblr-11900	1810	104	capacity	capacity	NOUN
cblr-11900	1810	105	and	and	CCONJ
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cblr-11900	1810	110	affiliated	affiliate	VERB
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cblr-11900	1812	9	,	,	PUNCT
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cblr-11900	1814	10	&	&	CCONJ
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cblr-11900	1814	12	pol’y	pol’y	NOUN
cblr-11900	1814	13	at	at	ADP
cblr-11900	1814	14	brookings	brookings	PROPN
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cblr-11900	1814	18	and	and	CCONJ
cblr-11900	1814	19	the	the	DET
cblr-11900	1814	20	treasury	treasury	NOUN
cblr-11900	1814	21	market	market	NOUN
cblr-11900	1814	22	4–5	4–5	PROPN
cblr-11900	1814	23	(	(	PUNCT
cblr-11900	1814	24	2023	2023	NUM
cblr-11900	1814	25	)	)	PUNCT
cblr-11900	1814	26	,	,	PUNCT
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cblr-11900	1815	1	[	[	X
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cblr-11900	1815	4	.	.	PUNCT
cblr-11900	1816	1	403	403	NUM
cblr-11900	1816	2	there	there	PRON
cblr-11900	1816	3	is	be	VERB
cblr-11900	1816	4	some	some	DET
cblr-11900	1816	5	debate	debate	NOUN
cblr-11900	1816	6	as	as	ADP
cblr-11900	1816	7	to	to	ADP
cblr-11900	1816	8	the	the	DET
cblr-11900	1816	9	efficacy	efficacy	NOUN
cblr-11900	1816	10	of	of	ADP
cblr-11900	1816	11	temporary	temporary	ADJ
cblr-11900	1816	12	regulatory	regulatory	ADJ
cblr-11900	1816	13	relief	relief	NOUN
cblr-11900	1816	14	in	in	ADP
cblr-11900	1816	15	practice	practice	NOUN
cblr-11900	1816	16	.	.	PUNCT
cblr-11900	1817	1	banks	bank	NOUN
cblr-11900	1817	2	are	be	AUX
cblr-11900	1817	3	generally	generally	ADV
cblr-11900	1817	4	risk	risk	VERB
cblr-11900	1817	5	averse	averse	ADJ
cblr-11900	1817	6	when	when	SCONJ
cblr-11900	1817	7	it	it	PRON
cblr-11900	1817	8	comes	come	VERB
cblr-11900	1817	9	to	to	ADP
cblr-11900	1817	10	incorporating	incorporate	VERB
cblr-11900	1817	11	new	new	ADJ
cblr-11900	1817	12	rules	rule	NOUN
cblr-11900	1817	13	into	into	ADP
cblr-11900	1817	14	their	their	PRON
cblr-11900	1817	15	business	business	NOUN
cblr-11900	1817	16	planning	planning	NOUN
cblr-11900	1817	17	and	and	CCONJ
cblr-11900	1817	18	resource	resource	NOUN
cblr-11900	1817	19	allocation	allocation	NOUN
cblr-11900	1817	20	.	.	PUNCT
cblr-11900	1818	1	for	for	ADP
cblr-11900	1818	2	example	example	NOUN
cblr-11900	1818	3	,	,	PUNCT
cblr-11900	1818	4	during	during	ADP
cblr-11900	1818	5	the	the	DET
cblr-11900	1818	6	j.p	j.p	PROPN
cblr-11900	1818	7	.	.	PROPN
cblr-11900	1818	8	morgan	morgan	PROPN
cblr-11900	1818	9	conference	conference	NOUN
cblr-11900	1818	10	call	call	NOUN
cblr-11900	1818	11	in	in	ADP
cblr-11900	1818	12	july	july	PROPN
cblr-11900	1818	13	2020	2020	NUM
cblr-11900	1818	14	discussing	discuss	VERB
cblr-11900	1818	15	quarterly	quarterly	ADJ
cblr-11900	1818	16	earnings	earning	NOUN
cblr-11900	1818	17	,	,	PUNCT
cblr-11900	1818	18	then	then	ADV
cblr-11900	1818	19	chief	chief	ADJ
cblr-11900	1818	20	financial	financial	ADJ
cblr-11900	1818	21	officer	officer	NOUN
cblr-11900	1818	22	jenn	jenn	PROPN
cblr-11900	1818	23	piepszak	piepszak	PROPN
cblr-11900	1818	24	noted	note	VERB
cblr-11900	1818	25	in	in	ADP
cblr-11900	1818	26	reference	reference	NOUN
cblr-11900	1818	27	to	to	ADP
cblr-11900	1818	28	the	the	DET
cblr-11900	1818	29	temporary	temporary	ADJ
cblr-11900	1818	30	slr	slr	NOUN
cblr-11900	1818	31	changes	change	NOUN
cblr-11900	1818	32	“	"	PUNCT
cblr-11900	1818	33	it	it	PRON
cblr-11900	1818	34	’s	’	VERB
cblr-11900	1818	35	worth	worth	ADJ
cblr-11900	1818	36	noting	note	VERB
cblr-11900	1818	37	that	that	SCONJ
cblr-11900	1818	38	we	we	PRON
cblr-11900	1818	39	’re	’re	AUX
cblr-11900	1818	40	not	not	PART
cblr-11900	1818	41	going	go	VERB
cblr-11900	1818	42	to	to	PART
cblr-11900	1818	43	rely	rely	VERB
cblr-11900	1818	44	on	on	ADP
cblr-11900	1818	45	temporary	temporary	ADJ
cblr-11900	1818	46	relief	relief	NOUN
cblr-11900	1818	47	”	"	PUNCT
cblr-11900	1818	48	and	and	CCONJ
cblr-11900	1818	49	that	that	SCONJ
cblr-11900	1818	50	she	she	PRON
cblr-11900	1818	51	does	do	AUX
cblr-11900	1818	52	n’t	not	PART
cblr-11900	1818	53	“	"	PUNCT
cblr-11900	1818	54	necessarily	necessarily	ADV
cblr-11900	1818	55	think	think	VERB
cblr-11900	1818	56	about	about	ADP
cblr-11900	1818	57	that	that	PRON
cblr-11900	1818	58	as	as	ADP
cblr-11900	1818	59	temporary	temporary	ADJ
cblr-11900	1818	60	like	like	ADP
cblr-11900	1818	61	slr	slr	NOUN
cblr-11900	1818	62	.	.	PUNCT
cblr-11900	1819	1	slr	slr	NOUN
cblr-11900	1819	2	,	,	PUNCT
cblr-11900	1819	3	at	at	ADP
cblr-11900	1819	4	this	this	DET
cblr-11900	1819	5	point	point	NOUN
cblr-11900	1819	6	,	,	PUNCT
cblr-11900	1819	7	.	.	PUNCT
cblr-11900	1819	8	.	.	PUNCT
cblr-11900	1819	9	.	.	PUNCT
cblr-11900	1819	10	is	be	AUX
cblr-11900	1819	11	temporary	temporary	ADJ
cblr-11900	1819	12	.	.	PUNCT
cblr-11900	1820	1	it	it	PRON
cblr-11900	1820	2	is	be	AUX
cblr-11900	1820	3	due	due	ADJ
cblr-11900	1820	4	to	to	PART
cblr-11900	1820	5	expire	expire	VERB
cblr-11900	1820	6	in	in	ADP
cblr-11900	1820	7	the	the	DET
cblr-11900	1820	8	first	first	ADJ
cblr-11900	1820	9	quarter	quarter	NOUN
cblr-11900	1820	10	of	of	ADP
cblr-11900	1820	11	next	next	ADJ
cblr-11900	1820	12	year	year	NOUN
cblr-11900	1820	13	which	which	PRON
cblr-11900	1820	14	is	be	AUX
cblr-11900	1820	15	why	why	SCONJ
cblr-11900	1820	16	we	we	PRON
cblr-11900	1820	17	’re	’re	VERB
cblr-11900	1820	18	very	very	ADV
cblr-11900	1820	19	focused	focused	ADJ
cblr-11900	1820	20	on	on	ADP
cblr-11900	1820	21	managing	manage	VERB
cblr-11900	1820	22	that	that	SCONJ
cblr-11900	1820	23	without	without	ADP
cblr-11900	1820	24	big	big	ADJ
cblr-11900	1820	25	exclusions	exclusion	NOUN
cblr-11900	1820	26	.	.	PUNCT
cblr-11900	1820	27	”	"	PUNCT
cblr-11900	1821	1	transcript	transcript	NOUN
cblr-11900	1821	2	,	,	PUNCT
cblr-11900	1821	3	jpmorgan	jpmorgan	PROPN
cblr-11900	1821	4	chase	chase	PROPN
cblr-11900	1821	5	&	&	CCONJ
cblr-11900	1821	6	co.	co.	PROPN
cblr-11900	1821	7	,	,	PUNCT
cblr-11900	1821	8	2q20	2q20	NUM
cblr-11900	1821	9	financial	financial	ADJ
cblr-11900	1821	10	results	result	NOUN
cblr-11900	1821	11	:	:	PUNCT
cblr-11900	1821	12	earnings	earning	NOUN
cblr-11900	1821	13	call	call	NOUN
cblr-11900	1821	14	transcript	transcript	NOUN
cblr-11900	1821	15	(	(	PUNCT
cblr-11900	1821	16	jul	jul	PROPN
cblr-11900	1821	17	.	.	PROPN
cblr-11900	1821	18	14	14	NUM
cblr-11900	1821	19	,	,	PUNCT
cblr-11900	1821	20	2020	2020	NUM
cblr-11900	1821	21	)	)	PUNCT
cblr-11900	1821	22	(	(	PUNCT
cblr-11900	1821	23	https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chaseand-co/investor-relations/documents/quarterly-earnings/2020/2ndquarter/2q20-earnings-transcript.pdf	https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chaseand-co/investor-relations/documents/quarterly-earnings/2020/2ndquarter/2q20-earnings-transcript.pdf	PROPN
cblr-11900	1821	24	[	[	X
cblr-11900	1821	25	https://perma.cc/b8w4-wbkg	https://perma.cc/b8w4-wbkg	NOUN
cblr-11900	1821	26	]	]	PUNCT
cblr-11900	1821	27	)	)	PUNCT
cblr-11900	1821	28	.	.	PUNCT
cblr-11900	1822	1	she	she	PRON
cblr-11900	1822	2	reiterated	reiterate	VERB
cblr-11900	1822	3	that	that	DET
cblr-11900	1822	4	view	view	NOUN
cblr-11900	1822	5	after	after	ADP
cblr-11900	1822	6	first	first	ADJ
cblr-11900	1822	7	quarter	quarter	NOUN
cblr-11900	1822	8	2021	2021	NUM
cblr-11900	1822	9	earnings	earning	NOUN
cblr-11900	1822	10	:	:	PUNCT
cblr-11900	1822	11	“	"	PUNCT
cblr-11900	1822	12	as	as	SCONJ
cblr-11900	1822	13	we	we	PRON
cblr-11900	1822	14	’ve	’ve	AUX
cblr-11900	1822	15	said	say	VERB
cblr-11900	1822	16	all	all	ADV
cblr-11900	1822	17	along	along	ADV
cblr-11900	1822	18	,	,	PUNCT
cblr-11900	1822	19	we	we	PRON
cblr-11900	1822	20	were	be	AUX
cblr-11900	1822	21	never	never	ADV
cblr-11900	1822	22	going	go	VERB
cblr-11900	1822	23	to	to	PART
cblr-11900	1822	24	rely	rely	VERB
cblr-11900	1822	25	on	on	ADP
cblr-11900	1822	26	short	short	ADJ
cblr-11900	1822	27	-	-	PUNCT
cblr-11900	1822	28	term	term	NOUN
cblr-11900	1822	29	temporary	temporary	ADJ
cblr-11900	1822	30	relief	relief	NOUN
cblr-11900	1822	31	as	as	ADP
cblr-11900	1822	32	a	a	DET
cblr-11900	1822	33	longterm	longterm	NOUN
cblr-11900	1822	34	planning	planning	NOUN
cblr-11900	1822	35	matter	matter	NOUN
cblr-11900	1822	36	,	,	PUNCT
cblr-11900	1822	37	and	and	CCONJ
cblr-11900	1822	38	this	this	PRON
cblr-11900	1822	39	is	be	AUX
cblr-11900	1822	40	evidenced	evidence	VERB
cblr-11900	1822	41	by	by	ADP
cblr-11900	1822	42	actions	action	NOUN
cblr-11900	1822	43	we	we	PRON
cblr-11900	1822	44	’ve	’ve	AUX
cblr-11900	1822	45	taken	take	VERB
cblr-11900	1822	46	.	.	PUNCT
cblr-11900	1822	47	”	"	PUNCT
cblr-11900	1823	1	transcript	transcript	NOUN
cblr-11900	1823	2	,	,	PUNCT
cblr-11900	1823	3	jpmorgan	jpmorgan	PROPN
cblr-11900	1823	4	chase	chase	PROPN
cblr-11900	1823	5	&	&	CCONJ
cblr-11900	1823	6	co.	co.	PROPN
cblr-11900	1823	7	,	,	PUNCT
cblr-11900	1823	8	1q21	1q21	ADJ
cblr-11900	1823	9	financial	financial	ADJ
cblr-11900	1823	10	results	result	NOUN
cblr-11900	1823	11	:	:	PUNCT
cblr-11900	1823	12	earnings	earning	NOUN
cblr-11900	1823	13	call	call	NOUN
cblr-11900	1823	14	transcript	transcript	NOUN
cblr-11900	1823	15	(	(	PUNCT
cblr-11900	1823	16	apr	apr	NOUN
cblr-11900	1823	17	.	.	PROPN
cblr-11900	1823	18	14	14	NUM
cblr-11900	1823	19	,	,	PUNCT
cblr-11900	1823	20	2021	2021	NUM
cblr-11900	1823	21	)	)	PUNCT
cblr-11900	1823	22	(	(	PUNCT
cblr-11900	1823	23	https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and	https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and	INTJ
cblr-11900	1823	24	no	no	INTJ
cblr-11900	1823	25	.	.	NOUN
cblr-11900	1823	26	1	1	NUM
cblr-11900	1823	27	]	]	ADJ
cblr-11900	1823	28	money	money	NOUN
cblr-11900	1823	29	and	and	CCONJ
cblr-11900	1823	30	the	the	DET
cblr-11900	1823	31	public	public	ADJ
cblr-11900	1823	32	debt	debt	NOUN
cblr-11900	1823	33	323	323	NUM
cblr-11900	1823	34	dealers	dealer	NOUN
cblr-11900	1823	35	in	in	ADP
cblr-11900	1823	36	two	two	NUM
cblr-11900	1823	37	ways	way	NOUN
cblr-11900	1823	38	.	.	PUNCT
cblr-11900	1824	1	first	first	ADV
cblr-11900	1824	2	,	,	PUNCT
cblr-11900	1824	3	it	it	PRON
cblr-11900	1824	4	created	create	VERB
cblr-11900	1824	5	new	new	ADJ
cblr-11900	1824	6	leverage	leverage	NOUN
cblr-11900	1824	7	capacity	capacity	NOUN
cblr-11900	1824	8	as	as	ADP
cblr-11900	1824	9	a	a	DET
cblr-11900	1824	10	general	general	ADJ
cblr-11900	1824	11	matter	matter	NOUN
cblr-11900	1824	12	—	—	PUNCT
cblr-11900	1824	13	the	the	DET
cblr-11900	1824	14	consolidated	consolidated	ADJ
cblr-11900	1824	15	slr	slr	NOUN
cblr-11900	1824	16	ratio	ratio	NOUN
cblr-11900	1824	17	among	among	ADP
cblr-11900	1824	18	the	the	DET
cblr-11900	1824	19	four	four	NUM
cblr-11900	1824	20	largest	large	ADJ
cblr-11900	1824	21	commercial	commercial	ADJ
cblr-11900	1824	22	banks	bank	NOUN
cblr-11900	1824	23	as	as	ADP
cblr-11900	1824	24	of	of	ADP
cblr-11900	1824	25	the	the	DET
cblr-11900	1824	26	first	first	ADJ
cblr-11900	1824	27	quarter	quarter	NOUN
cblr-11900	1824	28	of	of	ADP
cblr-11900	1824	29	2020	2020	NUM
cblr-11900	1824	30	was	be	AUX
cblr-11900	1824	31	7.0	7.0	NUM
cblr-11900	1824	32	%	%	NOUN
cblr-11900	1824	33	with	with	ADP
cblr-11900	1824	34	the	the	DET
cblr-11900	1824	35	relief	relief	NOUN
cblr-11900	1824	36	as	as	SCONJ
cblr-11900	1824	37	compared	compare	VERB
cblr-11900	1824	38	to	to	ADP
cblr-11900	1824	39	6.1	6.1	NUM
cblr-11900	1824	40	%	%	NOUN
cblr-11900	1824	41	without	without	ADP
cblr-11900	1824	42	,	,	PUNCT
cblr-11900	1824	43	and	and	CCONJ
cblr-11900	1824	44	for	for	ADP
cblr-11900	1824	45	the	the	DET
cblr-11900	1824	46	former	former	ADJ
cblr-11900	1824	47	investment	investment	NOUN
cblr-11900	1824	48	banks	bank	NOUN
cblr-11900	1824	49	the	the	DET
cblr-11900	1824	50	ratio	ratio	NOUN
cblr-11900	1824	51	was	be	AUX
cblr-11900	1824	52	6.9	6.9	NUM
cblr-11900	1824	53	%	%	NOUN
cblr-11900	1824	54	compared	compare	VERB
cblr-11900	1824	55	to	to	ADP
cblr-11900	1824	56	6.0%.404	6.0%.404	NUM
cblr-11900	1824	57	with	with	ADP
cblr-11900	1824	58	much	much	ADV
cblr-11900	1824	59	more	more	ADJ
cblr-11900	1824	60	room	room	NOUN
cblr-11900	1824	61	to	to	PART
cblr-11900	1824	62	maneuver	maneuver	VERB
cblr-11900	1824	63	,	,	PUNCT
cblr-11900	1824	64	banks	bank	NOUN
cblr-11900	1824	65	could	could	AUX
cblr-11900	1824	66	take	take	VERB
cblr-11900	1824	67	on	on	ADP
cblr-11900	1824	68	additional	additional	ADJ
cblr-11900	1824	69	leverage	leverage	NOUN
cblr-11900	1824	70	for	for	ADP
cblr-11900	1824	71	a	a	DET
cblr-11900	1824	72	range	range	NOUN
cblr-11900	1824	73	of	of	ADP
cblr-11900	1824	74	activities	activity	NOUN
cblr-11900	1824	75	without	without	ADP
cblr-11900	1824	76	having	have	VERB
cblr-11900	1824	77	to	to	PART
cblr-11900	1824	78	make	make	VERB
cblr-11900	1824	79	hard	hard	ADJ
cblr-11900	1824	80	decisions	decision	NOUN
cblr-11900	1824	81	elsewhere	elsewhere	ADV
cblr-11900	1824	82	.	.	PUNCT
cblr-11900	1825	1	that	that	PRON
cblr-11900	1825	2	could	could	AUX
cblr-11900	1825	3	have	have	AUX
cblr-11900	1825	4	proved	prove	VERB
cblr-11900	1825	5	especially	especially	ADV
cblr-11900	1825	6	helpful	helpful	ADJ
cblr-11900	1825	7	in	in	ADP
cblr-11900	1825	8	managing	manage	VERB
cblr-11900	1825	9	more	more	ADJ
cblr-11900	1825	10	dynamic	dynamic	ADJ
cblr-11900	1825	11	business	business	NOUN
cblr-11900	1825	12	segments	segment	NOUN
cblr-11900	1825	13	that	that	PRON
cblr-11900	1825	14	could	could	AUX
cblr-11900	1825	15	be	be	AUX
cblr-11900	1825	16	ramped	ramp	VERB
cblr-11900	1825	17	up	up	ADP
cblr-11900	1825	18	and	and	CCONJ
cblr-11900	1825	19	down	down	ADV
cblr-11900	1825	20	quickly	quickly	ADV
cblr-11900	1825	21	,	,	PUNCT
cblr-11900	1825	22	like	like	ADP
cblr-11900	1825	23	short	short	ADJ
cblr-11900	1825	24	-	-	PUNCT
cblr-11900	1825	25	term	term	NOUN
cblr-11900	1825	26	lending	lending	NOUN
cblr-11900	1825	27	(	(	PUNCT
cblr-11900	1825	28	repo	repo	NOUN
cblr-11900	1825	29	)	)	PUNCT
cblr-11900	1825	30	and	and	CCONJ
cblr-11900	1825	31	market	market	NOUN
cblr-11900	1825	32	-	-	PUNCT
cblr-11900	1825	33	making	making	NOUN
cblr-11900	1825	34	.	.	PUNCT
cblr-11900	1826	1	second	second	ADV
cblr-11900	1826	2	,	,	PUNCT
cblr-11900	1826	3	it	it	PRON
cblr-11900	1826	4	specifically	specifically	ADV
cblr-11900	1826	5	exempted	exempt	VERB
cblr-11900	1826	6	treasury	treasury	NOUN
cblr-11900	1826	7	securities	security	NOUN
cblr-11900	1826	8	from	from	ADP
cblr-11900	1826	9	the	the	DET
cblr-11900	1826	10	ratio	ratio	NOUN
cblr-11900	1826	11	calculation	calculation	NOUN
cblr-11900	1826	12	,	,	PUNCT
cblr-11900	1826	13	including	include	VERB
cblr-11900	1826	14	those	those	PRON
cblr-11900	1826	15	held	hold	VERB
cblr-11900	1826	16	in	in	ADP
cblr-11900	1826	17	inventory	inventory	NOUN
cblr-11900	1826	18	by	by	ADP
cblr-11900	1826	19	the	the	DET
cblr-11900	1826	20	dealer	dealer	NOUN
cblr-11900	1826	21	subsidiaries	subsidiary	NOUN
cblr-11900	1826	22	of	of	ADP
cblr-11900	1826	23	bhcs	bhcs	NOUN
cblr-11900	1826	24	.	.	PUNCT
cblr-11900	1827	1	that	that	PRON
cblr-11900	1827	2	could	could	AUX
cblr-11900	1827	3	have	have	AUX
cblr-11900	1827	4	provided	provide	VERB
cblr-11900	1827	5	some	some	DET
cblr-11900	1827	6	marketmaking	marketmake	VERB
cblr-11900	1827	7	desks	desk	NOUN
cblr-11900	1827	8	with	with	ADP
cblr-11900	1827	9	additional	additional	ADJ
cblr-11900	1827	10	capacity	capacity	NOUN
cblr-11900	1827	11	to	to	PART
cblr-11900	1827	12	grow	grow	VERB
cblr-11900	1827	13	their	their	PRON
cblr-11900	1827	14	footprint	footprint	NOUN
cblr-11900	1827	15	tactically	tactically	ADV
cblr-11900	1827	16	without	without	ADP
cblr-11900	1827	17	impacting	impact	VERB
cblr-11900	1827	18	the	the	DET
cblr-11900	1827	19	broader	broad	ADJ
cblr-11900	1827	20	leverage	leverage	NOUN
cblr-11900	1827	21	capital	capital	NOUN
cblr-11900	1827	22	requirements	requirement	NOUN
cblr-11900	1827	23	of	of	ADP
cblr-11900	1827	24	the	the	DET
cblr-11900	1827	25	firm	firm	NOUN
cblr-11900	1827	26	.	.	PUNCT
cblr-11900	1828	1	although	although	SCONJ
cblr-11900	1828	2	it	it	PRON
cblr-11900	1828	3	is	be	AUX
cblr-11900	1828	4	difficult	difficult	ADJ
cblr-11900	1828	5	to	to	PART
cblr-11900	1828	6	convincingly	convincingly	ADV
cblr-11900	1828	7	estimate	estimate	VERB
cblr-11900	1828	8	the	the	DET
cblr-11900	1828	9	relative	relative	ADJ
cblr-11900	1828	10	impact	impact	NOUN
cblr-11900	1828	11	of	of	ADP
cblr-11900	1828	12	these	these	DET
cblr-11900	1828	13	purchases	purchase	NOUN
cblr-11900	1828	14	and	and	CCONJ
cblr-11900	1828	15	regulatory	regulatory	ADJ
cblr-11900	1828	16	changes	change	NOUN
cblr-11900	1828	17	on	on	ADP
cblr-11900	1828	18	treasury	treasury	NOUN
cblr-11900	1828	19	market	market	NOUN
cblr-11900	1828	20	functioning	functioning	NOUN
cblr-11900	1828	21	,	,	PUNCT
cblr-11900	1828	22	their	their	PRON
cblr-11900	1828	23	combined	combine	VERB
cblr-11900	1828	24	effect	effect	NOUN
cblr-11900	1828	25	was	be	AUX
cblr-11900	1828	26	fairly	fairly	ADV
cblr-11900	1828	27	clear	clear	ADJ
cblr-11900	1828	28	.	.	PUNCT
cblr-11900	1829	1	transaction	transaction	NOUN
cblr-11900	1829	2	costs	cost	NOUN
cblr-11900	1829	3	normalized	normalize	VERB
cblr-11900	1829	4	by	by	ADP
cblr-11900	1829	5	may	may	AUX
cblr-11900	1829	6	2020.405	2020.405	NUM
cblr-11900	1829	7	thus	thus	ADV
cblr-11900	1829	8	ended	end	VERB
cblr-11900	1829	9	the	the	DET
cblr-11900	1829	10	second	second	ADJ
cblr-11900	1829	11	shadow	shadow	NOUN
cblr-11900	1829	12	banking	banking	NOUN
cblr-11900	1829	13	system	system	NOUN
cblr-11900	1829	14	collapse	collapse	NOUN
cblr-11900	1829	15	.	.	PUNCT
cblr-11900	1830	1	this	this	DET
cblr-11900	1830	2	time	time	NOUN
cblr-11900	1830	3	,	,	PUNCT
cblr-11900	1830	4	the	the	DET
cblr-11900	1830	5	fireworks	firework	NOUN
cblr-11900	1830	6	were	be	AUX
cblr-11900	1830	7	concentrated	concentrate	VERB
cblr-11900	1830	8	in	in	ADP
cblr-11900	1830	9	a	a	DET
cblr-11900	1830	10	very	very	ADV
cblr-11900	1830	11	different	different	ADJ
cblr-11900	1830	12	corner	corner	NOUN
cblr-11900	1830	13	of	of	ADP
cblr-11900	1830	14	the	the	DET
cblr-11900	1830	15	market	market	NOUN
cblr-11900	1830	16	—	—	PUNCT
cblr-11900	1830	17	not	not	PART
cblr-11900	1830	18	in	in	ADP
cblr-11900	1830	19	mispriced	misprice	VERB
cblr-11900	1830	20	credit	credit	NOUN
cblr-11900	1830	21	risk	risk	NOUN
cblr-11900	1830	22	,	,	PUNCT
cblr-11900	1830	23	but	but	CCONJ
cblr-11900	1830	24	in	in	ADP
cblr-11900	1830	25	riskless	riskless	NOUN
cblr-11900	1830	26	assets	asset	NOUN
cblr-11900	1830	27	themselves	themselves	PRON
cblr-11900	1830	28	.	.	PUNCT
cblr-11900	1831	1	but	but	CCONJ
cblr-11900	1831	2	the	the	DET
cblr-11900	1831	3	gfc	gfc	NOUN
cblr-11900	1831	4	and	and	CCONJ
cblr-11900	1831	5	covid	covid	PROPN
cblr-11900	1831	6	panic	panic	PROPN
cblr-11900	1831	7	share	share	NOUN
cblr-11900	1831	8	two	two	NUM
cblr-11900	1831	9	co	co	ADJ
cblr-11900	1831	10	/	/	SYM
cblr-11900	1831	11	investor	investor	NOUN
cblr-11900	1831	12	-	-	PUNCT
cblr-11900	1831	13	relations	relation	NOUN
cblr-11900	1831	14	/	/	SYM
cblr-11900	1831	15	documents	document	NOUN
cblr-11900	1831	16	/	/	SYM
cblr-11900	1831	17	quarterly	quarterly	ADJ
cblr-11900	1831	18	-	-	PUNCT
cblr-11900	1831	19	earnings/2021/1st	earnings/2021/1st	NOUN
cblr-11900	1831	20	-	-	PUNCT
cblr-11900	1831	21	quarter/1q21earnings	quarter/1q21earning	NOUN
cblr-11900	1831	22	-	-	PUNCT
cblr-11900	1831	23	transcript.pdf	transcript.pdf	X
cblr-11900	1832	1	[	[	X
cblr-11900	1832	2	https://perma.cc/ft46-wnm6	https://perma.cc/ft46-wnm6	PROPN
cblr-11900	1832	3	]	]	PUNCT
cblr-11900	1832	4	)	)	PUNCT
cblr-11900	1832	5	.	.	PUNCT
cblr-11900	1833	1	404	404	NUM
cblr-11900	1834	1	these	these	DET
cblr-11900	1834	2	data	datum	NOUN
cblr-11900	1834	3	are	be	AUX
cblr-11900	1834	4	based	base	VERB
cblr-11900	1834	5	on	on	ADP
cblr-11900	1834	6	disclosure	disclosure	NOUN
cblr-11900	1834	7	for	for	ADP
cblr-11900	1834	8	the	the	DET
cblr-11900	1834	9	second	second	ADJ
cblr-11900	1834	10	quarter	quarter	NOUN
cblr-11900	1834	11	of	of	ADP
cblr-11900	1834	12	2020	2020	NUM
cblr-11900	1834	13	from	from	ADP
cblr-11900	1834	14	the	the	DET
cblr-11900	1834	15	“	"	PUNCT
cblr-11900	1834	16	regulatory	regulatory	ADJ
cblr-11900	1834	17	capital	capital	NOUN
cblr-11900	1834	18	reporting	report	VERB
cblr-11900	1834	19	for	for	ADP
cblr-11900	1834	20	institutions	institution	NOUN
cblr-11900	1834	21	subject	subject	ADJ
cblr-11900	1834	22	to	to	ADP
cblr-11900	1834	23	the	the	DET
cblr-11900	1834	24	advanced	advanced	ADJ
cblr-11900	1834	25	capital	capital	NOUN
cblr-11900	1834	26	adequacy	adequacy	NOUN
cblr-11900	1834	27	framework	framework	NOUN
cblr-11900	1834	28	”	"	PUNCT
cblr-11900	1834	29	(	(	PUNCT
cblr-11900	1834	30	form	form	NOUN
cblr-11900	1834	31	101	101	NUM
cblr-11900	1834	32	;	;	PUNCT
cblr-11900	1834	33	https://www.ffiec.gov/forms101.htm	https://www.ffiec.gov/forms101.htm	NUM
cblr-11900	1834	34	)	)	PUNCT
cblr-11900	1834	35	from	from	ADP
cblr-11900	1834	36	the	the	DET
cblr-11900	1834	37	federal	federal	ADJ
cblr-11900	1834	38	financial	financial	ADJ
cblr-11900	1834	39	institutions	institution	NOUN
cblr-11900	1834	40	examination	examination	PROPN
cblr-11900	1834	41	council	council	PROPN
cblr-11900	1834	42	(	(	PUNCT
cblr-11900	1834	43	ffiec	ffiec	NOUN
cblr-11900	1834	44	)	)	PUNCT
cblr-11900	1834	45	.	.	PUNCT
cblr-11900	1835	1	the	the	DET
cblr-11900	1835	2	four	four	NUM
cblr-11900	1835	3	largest	large	ADJ
cblr-11900	1835	4	commercial	commercial	ADJ
cblr-11900	1835	5	banks	bank	NOUN
cblr-11900	1835	6	are	be	AUX
cblr-11900	1835	7	j.p	j.p	PROPN
cblr-11900	1835	8	.	.	PROPN
cblr-11900	1835	9	morgan	morgan	PROPN
cblr-11900	1835	10	,	,	PUNCT
cblr-11900	1835	11	chase	chase	PROPN
cblr-11900	1835	12	&	&	CCONJ
cblr-11900	1835	13	co.	co.	PROPN
cblr-11900	1835	14	(	(	PUNCT
cblr-11900	1835	15	rsid	rsid	VERB
cblr-11900	1835	16	1039502	1039502	NUM
cblr-11900	1835	17	)	)	PUNCT
cblr-11900	1835	18	,	,	PUNCT
cblr-11900	1835	19	bank	bank	PROPN
cblr-11900	1835	20	of	of	ADP
cblr-11900	1835	21	america	america	PROPN
cblr-11900	1835	22	corporation	corporation	PROPN
cblr-11900	1835	23	(	(	PUNCT
cblr-11900	1835	24	1073757	1073757	NUM
cblr-11900	1835	25	)	)	PUNCT
cblr-11900	1835	26	,	,	PUNCT
cblr-11900	1835	27	citigroup	citigroup	PROPN
cblr-11900	1835	28	inc	inc	PROPN
cblr-11900	1835	29	.	.	PROPN
cblr-11900	1836	1	(	(	PUNCT
cblr-11900	1836	2	1951350	1951350	NUM
cblr-11900	1836	3	)	)	PUNCT
cblr-11900	1836	4	,	,	PUNCT
cblr-11900	1836	5	and	and	CCONJ
cblr-11900	1836	6	wells	wells	PROPN
cblr-11900	1836	7	fargo	fargo	PROPN
cblr-11900	1836	8	&	&	CCONJ
cblr-11900	1836	9	company	company	PROPN
cblr-11900	1836	10	(	(	PUNCT
cblr-11900	1836	11	1120754	1120754	NUM
cblr-11900	1836	12	)	)	PUNCT
cblr-11900	1836	13	;	;	PUNCT
cblr-11900	1836	14	the	the	DET
cblr-11900	1836	15	former	former	ADJ
cblr-11900	1836	16	investment	investment	NOUN
cblr-11900	1836	17	banks	bank	NOUN
cblr-11900	1836	18	are	be	AUX
cblr-11900	1836	19	the	the	DET
cblr-11900	1836	20	goldman	goldman	PROPN
cblr-11900	1836	21	sachs	sachs	PROPN
cblr-11900	1836	22	group	group	PROPN
cblr-11900	1836	23	,	,	PUNCT
cblr-11900	1836	24	inc	inc	PROPN
cblr-11900	1836	25	.	.	PROPN
cblr-11900	1836	26	(	(	PUNCT
cblr-11900	1836	27	2380443	2380443	NUM
cblr-11900	1836	28	)	)	PUNCT
cblr-11900	1836	29	and	and	CCONJ
cblr-11900	1836	30	morgan	morgan	PROPN
cblr-11900	1836	31	stanley	stanley	PROPN
cblr-11900	1836	32	(	(	PUNCT
cblr-11900	1836	33	2162966	2162966	NUM
cblr-11900	1836	34	)	)	PUNCT
cblr-11900	1836	35	.	.	PUNCT
cblr-11900	1837	1	we	we	PRON
cblr-11900	1837	2	specifically	specifically	ADV
cblr-11900	1837	3	use	use	VERB
cblr-11900	1837	4	“	"	PUNCT
cblr-11900	1837	5	total	total	ADJ
cblr-11900	1837	6	leverage	leverage	NOUN
cblr-11900	1837	7	exposure	exposure	NOUN
cblr-11900	1837	8	”	"	PUNCT
cblr-11900	1837	9	(	(	PUNCT
cblr-11900	1837	10	rssid	rssid	VERB
cblr-11900	1837	11	h015	h015	PROPN
cblr-11900	1837	12	)	)	PUNCT
cblr-11900	1837	13	,	,	PUNCT
cblr-11900	1837	14	“	"	PUNCT
cblr-11900	1837	15	adjustments	adjustment	NOUN
cblr-11900	1837	16	for	for	ADP
cblr-11900	1837	17	deductions	deduction	NOUN
cblr-11900	1837	18	of	of	ADP
cblr-11900	1837	19	qualifying	qualify	VERB
cblr-11900	1837	20	central	central	ADJ
cblr-11900	1837	21	bank	bank	NOUN
cblr-11900	1837	22	deposits	deposit	NOUN
cblr-11900	1837	23	for	for	ADP
cblr-11900	1837	24	custodial	custodial	ADJ
cblr-11900	1837	25	banking	banking	NOUN
cblr-11900	1837	26	organizations	organization	NOUN
cblr-11900	1837	27	”	"	PUNCT
cblr-11900	1837	28	(	(	PUNCT
cblr-11900	1837	29	the	the	DET
cblr-11900	1837	30	carve	carve	NOUN
cblr-11900	1837	31	-	-	PUNCT
cblr-11900	1837	32	outs	out	NOUN
cblr-11900	1837	33	;	;	PUNCT
cblr-11900	1837	34	lb41	lb41	PROPN
cblr-11900	1837	35	)	)	PUNCT
cblr-11900	1837	36	,	,	PUNCT
cblr-11900	1837	37	and	and	CCONJ
cblr-11900	1837	38	the	the	DET
cblr-11900	1837	39	reported	report	VERB
cblr-11900	1837	40	slr	slr	NOUN
cblr-11900	1837	41	(	(	PUNCT
cblr-11900	1837	42	h015	h015	PROPN
cblr-11900	1837	43	)	)	PUNCT
cblr-11900	1837	44	.	.	PUNCT
cblr-11900	1838	1	405	405	NUM
cblr-11900	1838	2	logan	logan	NOUN
cblr-11900	1838	3	,	,	PUNCT
cblr-11900	1838	4	supra	supra	PROPN
cblr-11900	1838	5	note	note	PROPN
cblr-11900	1838	6	388	388	NUM
cblr-11900	1838	7	,	,	PUNCT
cblr-11900	1838	8	at	at	ADP
cblr-11900	1838	9	fig	fig	NOUN
cblr-11900	1838	10	.	.	PUNCT
cblr-11900	1839	1	7(a	7(a	NUM
cblr-11900	1839	2	)	)	PUNCT
cblr-11900	1839	3	.	.	PUNCT
cblr-11900	1840	1	https://www.ffiec.gov/forms101.htm	https://www.ffiec.gov/forms101.htm	X
cblr-11900	1840	2	324	324	NUM
cblr-11900	1840	3	columbia	columbia	PROPN
cblr-11900	1840	4	business	business	NOUN
cblr-11900	1840	5	law	law	PROPN
cblr-11900	1840	6	review	review	NOUN
cblr-11900	1841	1	[	[	X
cblr-11900	1841	2	vol	vol	NOUN
cblr-11900	1841	3	.	.	PUNCT
cblr-11900	1841	4	2023	2023	NUM
cblr-11900	1841	5	important	important	ADJ
cblr-11900	1841	6	traits	trait	NOUN
cblr-11900	1841	7	in	in	ADP
cblr-11900	1841	8	common	common	ADJ
cblr-11900	1841	9	.	.	PUNCT
cblr-11900	1842	1	both	both	PRON
cblr-11900	1842	2	saw	see	VERB
cblr-11900	1842	3	money	money	NOUN
cblr-11900	1842	4	-	-	PUNCT
cblr-11900	1842	5	financed	finance	VERB
cblr-11900	1842	6	intermediation	intermediation	NOUN
cblr-11900	1842	7	pushed	push	VERB
cblr-11900	1842	8	outside	outside	ADP
cblr-11900	1842	9	the	the	DET
cblr-11900	1842	10	banking	banking	NOUN
cblr-11900	1842	11	perimeter	perimeter	NOUN
cblr-11900	1842	12	by	by	ADP
cblr-11900	1842	13	a	a	DET
cblr-11900	1842	14	mix	mix	NOUN
cblr-11900	1842	15	of	of	ADP
cblr-11900	1842	16	intended	intended	ADJ
cblr-11900	1842	17	and	and	CCONJ
cblr-11900	1842	18	unintended	unintended	ADJ
cblr-11900	1842	19	consequences	consequence	NOUN
cblr-11900	1842	20	of	of	ADP
cblr-11900	1842	21	policy	policy	NOUN
cblr-11900	1842	22	and	and	CCONJ
cblr-11900	1842	23	administrative	administrative	ADJ
cblr-11900	1842	24	decisions	decision	NOUN
cblr-11900	1842	25	.	.	PUNCT
cblr-11900	1843	1	and	and	CCONJ
cblr-11900	1843	2	both	both	PRON
cblr-11900	1843	3	saw	see	VERB
cblr-11900	1843	4	the	the	DET
cblr-11900	1843	5	collapse	collapse	NOUN
cblr-11900	1843	6	of	of	ADP
cblr-11900	1843	7	that	that	DET
cblr-11900	1843	8	system	system	NOUN
cblr-11900	1843	9	when	when	SCONJ
cblr-11900	1843	10	it	it	PRON
cblr-11900	1843	11	proved	prove	VERB
cblr-11900	1843	12	less	less	ADJ
cblr-11900	1843	13	than	than	ADP
cblr-11900	1843	14	resilient	resilient	ADJ
cblr-11900	1843	15	to	to	ADP
cblr-11900	1843	16	shocks	shock	NOUN
cblr-11900	1843	17	.	.	PUNCT
cblr-11900	1844	1	v.	v.	ADP
cblr-11900	1844	2	a	a	DET
cblr-11900	1844	3	money	money	NOUN
cblr-11900	1844	4	view	view	NOUN
cblr-11900	1844	5	of	of	ADP
cblr-11900	1844	6	treasury	treasury	NOUN
cblr-11900	1844	7	market	market	NOUN
cblr-11900	1844	8	reform	reform	NOUN
cblr-11900	1844	9	unsurprisingly	unsurprisingly	ADV
cblr-11900	1844	10	,	,	PUNCT
cblr-11900	1844	11	there	there	PRON
cblr-11900	1844	12	has	have	AUX
cblr-11900	1844	13	been	be	AUX
cblr-11900	1844	14	a	a	DET
cblr-11900	1844	15	robust	robust	ADJ
cblr-11900	1844	16	policy	policy	NOUN
cblr-11900	1844	17	dialogue	dialogue	NOUN
cblr-11900	1844	18	around	around	ADP
cblr-11900	1844	19	potential	potential	ADJ
cblr-11900	1844	20	reforms	reform	NOUN
cblr-11900	1844	21	to	to	ADP
cblr-11900	1844	22	treasury	treasury	NOUN
cblr-11900	1844	23	market	market	NOUN
cblr-11900	1844	24	structure	structure	NOUN
cblr-11900	1844	25	to	to	PART
cblr-11900	1844	26	address	address	VERB
cblr-11900	1844	27	the	the	DET
cblr-11900	1844	28	frailties	frailty	NOUN
cblr-11900	1844	29	revealed	reveal	VERB
cblr-11900	1844	30	by	by	ADP
cblr-11900	1844	31	the	the	DET
cblr-11900	1844	32	events	event	NOUN
cblr-11900	1844	33	of	of	ADP
cblr-11900	1844	34	march	march	PROPN
cblr-11900	1844	35	2020	2020	NUM
cblr-11900	1844	36	.	.	PUNCT
cblr-11900	1845	1	a	a	DET
cblr-11900	1845	2	range	range	NOUN
cblr-11900	1845	3	of	of	ADP
cblr-11900	1845	4	recommendations	recommendation	NOUN
cblr-11900	1845	5	—	—	PUNCT
cblr-11900	1845	6	though	though	SCONJ
cblr-11900	1845	7	with	with	ADP
cblr-11900	1845	8	a	a	DET
cblr-11900	1845	9	number	number	NOUN
cblr-11900	1845	10	of	of	ADP
cblr-11900	1845	11	commonalities	commonality	NOUN
cblr-11900	1845	12	—	—	PUNCT
cblr-11900	1845	13	have	have	AUX
cblr-11900	1845	14	come	come	VERB
cblr-11900	1845	15	from	from	ADP
cblr-11900	1845	16	large	large	ADJ
cblr-11900	1845	17	groups	group	NOUN
cblr-11900	1845	18	of	of	ADP
cblr-11900	1845	19	academics	academic	NOUN
cblr-11900	1845	20	and	and	CCONJ
cblr-11900	1845	21	former	former	ADJ
cblr-11900	1845	22	regulators,406	regulators,406	VERB
cblr-11900	1845	23	smaller	small	ADJ
cblr-11900	1845	24	collaborations,407	collaborations,407	PROPN
cblr-11900	1845	25	trade	trade	NOUN
cblr-11900	1845	26	organizations,408	organizations,408	ADP
cblr-11900	1845	27	the	the	DET
cblr-11900	1845	28	inter	inter	ADJ
cblr-11900	1845	29	-	-	ADJ
cblr-11900	1845	30	agency	agency	ADJ
cblr-11900	1845	31	working	working	NOUN
cblr-11900	1845	32	group	group	NOUN
cblr-11900	1845	33	representing	represent	VERB
cblr-11900	1845	34	a	a	DET
cblr-11900	1845	35	number	number	NOUN
cblr-11900	1845	36	of	of	ADP
cblr-11900	1845	37	regulatory	regulatory	ADJ
cblr-11900	1845	38	stakeholders,409	stakeholders,409	PROPN
cblr-11900	1845	39	and	and	CCONJ
cblr-11900	1845	40	individual	individual	ADJ
cblr-11900	1845	41	agencies	agency	NOUN
cblr-11900	1845	42	.	.	PUNCT
cblr-11900	1846	1	among	among	ADP
cblr-11900	1846	2	those	those	DET
cblr-11900	1846	3	proposals	proposal	NOUN
cblr-11900	1846	4	,	,	PUNCT
cblr-11900	1846	5	most	most	ADV
cblr-11900	1846	6	significant	significant	ADJ
cblr-11900	1846	7	reforms	reform	NOUN
cblr-11900	1846	8	are	be	AUX
cblr-11900	1846	9	focused	focus	VERB
cblr-11900	1846	10	on	on	ADP
cblr-11900	1846	11	bank	bank	NOUN
cblr-11900	1846	12	capital	capital	NOUN
cblr-11900	1846	13	requirements	requirement	NOUN
cblr-11900	1846	14	and	and	CCONJ
cblr-11900	1846	15	their	their	PRON
cblr-11900	1846	16	impact	impact	NOUN
cblr-11900	1846	17	on	on	ADP
cblr-11900	1846	18	dealer	dealer	NOUN
cblr-11900	1846	19	capacity	capacity	NOUN
cblr-11900	1846	20	.	.	PUNCT
cblr-11900	1847	1	the	the	DET
cblr-11900	1847	2	group	group	NOUN
cblr-11900	1847	3	of	of	ADP
cblr-11900	1847	4	thirty	thirty	NUM
cblr-11900	1847	5	report	report	NOUN
cblr-11900	1847	6	,	,	PUNCT
cblr-11900	1847	7	for	for	ADP
cblr-11900	1847	8	example	example	NOUN
cblr-11900	1847	9	,	,	PUNCT
cblr-11900	1847	10	argues	argue	VERB
cblr-11900	1847	11	for	for	ADP
cblr-11900	1847	12	“	"	PUNCT
cblr-11900	1847	13	identifying	identify	VERB
cblr-11900	1847	14	provisions	provision	NOUN
cblr-11900	1847	15	that	that	PRON
cblr-11900	1847	16	could	could	AUX
cblr-11900	1847	17	be	be	AUX
cblr-11900	1847	18	modified	modify	VERB
cblr-11900	1847	19	to	to	PART
cblr-11900	1847	20	avoid	avoid	VERB
cblr-11900	1847	21	disincentivizing	disincentivize	VERB
cblr-11900	1847	22	market	market	NOUN
cblr-11900	1847	23	intermediation	intermediation	NOUN
cblr-11900	1847	24	,	,	PUNCT
cblr-11900	1847	25	without	without	ADP
cblr-11900	1847	26	weakening	weaken	VERB
cblr-11900	1847	27	overall	overall	ADJ
cblr-11900	1847	28	resilience	resilience	NOUN
cblr-11900	1847	29	of	of	ADP
cblr-11900	1847	30	the	the	DET
cblr-11900	1847	31	banking	banking	NOUN
cblr-11900	1847	32	system	system	NOUN
cblr-11900	1847	33	.	.	PUNCT
cblr-11900	1848	1	”410	”410	ADP
cblr-11900	1848	2	406	406	NUM
cblr-11900	1848	3	see	see	NOUN
cblr-11900	1848	4	,	,	PUNCT
cblr-11900	1848	5	e.g.	e.g.	ADV
cblr-11900	1848	6	,	,	PUNCT
cblr-11900	1848	7	g30	g30	PROPN
cblr-11900	1848	8	working	working	PROPN
cblr-11900	1848	9	grp	grp	PROPN
cblr-11900	1848	10	.	.	PROPN
cblr-11900	1849	1	on	on	ADP
cblr-11900	1849	2	treasury	treasury	PROPN
cblr-11900	1849	3	mkt	mkt	PROPN
cblr-11900	1849	4	.	.	PUNCT
cblr-11900	1850	1	liquidity	liquidity	PROPN
cblr-11900	1850	2	,	,	PUNCT
cblr-11900	1850	3	u.s	u.s	PROPN
cblr-11900	1850	4	.	.	PROPN
cblr-11900	1850	5	treasury	treasury	PROPN
cblr-11900	1850	6	markets	market	NOUN
cblr-11900	1850	7	:	:	PUNCT
cblr-11900	1850	8	steps	step	NOUN
cblr-11900	1850	9	toward	toward	ADP
cblr-11900	1850	10	increased	increase	VERB
cblr-11900	1850	11	resilience	resilience	NOUN
cblr-11900	1850	12	(	(	PUNCT
cblr-11900	1850	13	2021	2021	NUM
cblr-11900	1850	14	)	)	PUNCT
cblr-11900	1850	15	and	and	CCONJ
cblr-11900	1850	16	glenn	glenn	PROPN
cblr-11900	1850	17	hubbard	hubbard	PROPN
cblr-11900	1850	18	et	et	PROPN
cblr-11900	1850	19	al	al	PROPN
cblr-11900	1850	20	.	.	PROPN
cblr-11900	1850	21	,	,	PUNCT
cblr-11900	1850	22	hutchins	hutchins	PROPN
cblr-11900	1850	23	ctr	ctr	PROPN
cblr-11900	1850	24	.	.	PUNCT
cblr-11900	1851	1	on	on	ADP
cblr-11900	1851	2	fiscal	fiscal	ADJ
cblr-11900	1851	3	&	&	CCONJ
cblr-11900	1851	4	monetary	monetary	ADJ
cblr-11900	1851	5	pol’y	pol’y	NOUN
cblr-11900	1851	6	at	at	ADP
cblr-11900	1851	7	brookings	brookings	PROPN
cblr-11900	1851	8	&	&	CCONJ
cblr-11900	1851	9	chi	chi	PROPN
cblr-11900	1851	10	.	.	PUNCT
cblr-11900	1852	1	booth	booth	NOUN
cblr-11900	1852	2	initiative	initiative	NOUN
cblr-11900	1852	3	on	on	ADP
cblr-11900	1852	4	glob	glob	PROPN
cblr-11900	1852	5	.	.	PUNCT
cblr-11900	1852	6	mrkts	mrkts	PROPN
cblr-11900	1852	7	.	.	PUNCT
cblr-11900	1852	8	,	,	PUNCT
cblr-11900	1852	9	task	task	NOUN
cblr-11900	1852	10	force	force	NOUN
cblr-11900	1852	11	on	on	ADP
cblr-11900	1852	12	financial	financial	ADJ
cblr-11900	1852	13	stability	stability	NOUN
cblr-11900	1852	14	34–52	34–52	NUM
cblr-11900	1852	15	(	(	PUNCT
cblr-11900	1852	16	2021	2021	NUM
cblr-11900	1852	17	)	)	PUNCT
cblr-11900	1852	18	.	.	PUNCT
cblr-11900	1853	1	407	407	NUM
cblr-11900	1853	2	see	see	VERB
cblr-11900	1853	3	,	,	PUNCT
cblr-11900	1853	4	e.g.	e.g.	ADV
cblr-11900	1853	5	,	,	PUNCT
cblr-11900	1853	6	liang	liang	PROPN
cblr-11900	1853	7	&	&	CCONJ
cblr-11900	1853	8	parkinson	parkinson	PROPN
cblr-11900	1853	9	,	,	PUNCT
cblr-11900	1853	10	supra	supra	PROPN
cblr-11900	1853	11	note	note	PROPN
cblr-11900	1853	12	12	12	NUM
cblr-11900	1853	13	;	;	PUNCT
cblr-11900	1853	14	yadav	yadav	PROPN
cblr-11900	1853	15	,	,	PUNCT
cblr-11900	1853	16	supra	supra	PROPN
cblr-11900	1853	17	note	note	NOUN
cblr-11900	1853	18	12	12	NUM
cblr-11900	1853	19	.	.	PUNCT
cblr-11900	1853	20	408	408	NUM
cblr-11900	1854	1	arguably	arguably	ADV
cblr-11900	1854	2	the	the	DET
cblr-11900	1854	3	original	original	ADJ
cblr-11900	1854	4	proposal	proposal	NOUN
cblr-11900	1854	5	comes	come	VERB
cblr-11900	1854	6	from	from	ADP
cblr-11900	1854	7	duffie	duffie	PROPN
cblr-11900	1854	8	,	,	PUNCT
cblr-11900	1854	9	supra	supra	PROPN
cblr-11900	1854	10	note	note	PROPN
cblr-11900	1854	11	25	25	NUM
cblr-11900	1854	12	.	.	PROPN
cblr-11900	1854	13	409	409	NUM
cblr-11900	1855	1	u.s	u.s	PROPN
cblr-11900	1855	2	.	.	PROPN
cblr-11900	1855	3	dep’t	dep’t	NOUN
cblr-11900	1855	4	of	of	ADP
cblr-11900	1855	5	the	the	DET
cblr-11900	1855	6	treasury	treasury	PROPN
cblr-11900	1855	7	,	,	PUNCT
cblr-11900	1855	8	bd	bd	PROPN
cblr-11900	1855	9	.	.	PROPN
cblr-11900	1855	10	of	of	ADP
cblr-11900	1855	11	governors	governor	NOUN
cblr-11900	1855	12	of	of	ADP
cblr-11900	1855	13	the	the	DET
cblr-11900	1855	14	fed	fed	PROPN
cblr-11900	1855	15	.	.	PUNCT
cblr-11900	1855	16	rsrv	rsrv	PROPN
cblr-11900	1855	17	.	.	PUNCT
cblr-11900	1856	1	sys	sys	PROPN
cblr-11900	1856	2	.	.	PROPN
cblr-11900	1856	3	,	,	PUNCT
cblr-11900	1856	4	fed	fed	PROPN
cblr-11900	1856	5	.	.	PUNCT
cblr-11900	1856	6	rsrv	rsrv	PROPN
cblr-11900	1856	7	.	.	PUNCT
cblr-11900	1857	1	bank	bank	PROPN
cblr-11900	1857	2	of	of	ADP
cblr-11900	1857	3	n.y	n.y	PROPN
cblr-11900	1857	4	.	.	PROPN
cblr-11900	1857	5	,	,	PUNCT
cblr-11900	1857	6	u.s	u.s	PROPN
cblr-11900	1857	7	.	.	PROPN
cblr-11900	1857	8	sec	sec	PROPN
cblr-11900	1857	9	.	.	PROPN
cblr-11900	1857	10	&	&	CCONJ
cblr-11900	1857	11	exch	exch	PROPN
cblr-11900	1857	12	.	.	PUNCT
cblr-11900	1858	1	comm’n	comm’n	PROPN
cblr-11900	1858	2	,	,	PUNCT
cblr-11900	1858	3	u.s	u.s	PROPN
cblr-11900	1858	4	.	.	PROPN
cblr-11900	1858	5	commodity	commodity	NOUN
cblr-11900	1858	6	futures	future	NOUN
cblr-11900	1858	7	trading	trading	NOUN
cblr-11900	1858	8	comm’n	comm’n	NOUN
cblr-11900	1858	9	,	,	PUNCT
cblr-11900	1858	10	recent	recent	ADJ
cblr-11900	1858	11	disruptions	disruption	NOUN
cblr-11900	1858	12	and	and	CCONJ
cblr-11900	1858	13	potential	potential	ADJ
cblr-11900	1858	14	reforms	reform	NOUN
cblr-11900	1858	15	in	in	ADP
cblr-11900	1858	16	the	the	DET
cblr-11900	1858	17	u.s	u.s	PROPN
cblr-11900	1858	18	.	.	PROPN
cblr-11900	1858	19	treasury	treasury	PROPN
cblr-11900	1858	20	market	market	NOUN
cblr-11900	1858	21	:	:	PUNCT
cblr-11900	1858	22	a	a	DET
cblr-11900	1858	23	staff	staff	NOUN
cblr-11900	1858	24	progress	progress	NOUN
cblr-11900	1858	25	report	report	NOUN
cblr-11900	1858	26	(	(	PUNCT
cblr-11900	1858	27	2021	2021	NUM
cblr-11900	1858	28	)	)	PUNCT
cblr-11900	1858	29	.	.	PUNCT
cblr-11900	1859	1	410	410	NUM
cblr-11900	1859	2	see	see	VERB
cblr-11900	1859	3	g30	g30	PROPN
cblr-11900	1859	4	working	working	PROPN
cblr-11900	1859	5	grp	grp	PROPN
cblr-11900	1859	6	.	.	PROPN
cblr-11900	1860	1	on	on	ADP
cblr-11900	1860	2	treasury	treasury	PROPN
cblr-11900	1860	3	mkt	mkt	PROPN
cblr-11900	1860	4	.	.	PUNCT
cblr-11900	1861	1	liquidity	liquidity	PROPN
cblr-11900	1861	2	,	,	PUNCT
cblr-11900	1861	3	supra	supra	PROPN
cblr-11900	1861	4	note	note	PROPN
cblr-11900	1861	5	408	408	NUM
cblr-11900	1861	6	,	,	PUNCT
cblr-11900	1861	7	at	at	ADP
cblr-11900	1861	8	16	16	NUM
cblr-11900	1861	9	.	.	PUNCT
cblr-11900	1862	1	no	no	INTJ
cblr-11900	1862	2	.	.	NOUN
cblr-11900	1862	3	1	1	NUM
cblr-11900	1862	4	]	]	ADJ
cblr-11900	1862	5	money	money	NOUN
cblr-11900	1862	6	and	and	CCONJ
cblr-11900	1862	7	the	the	DET
cblr-11900	1862	8	public	public	ADJ
cblr-11900	1862	9	debt	debt	NOUN
cblr-11900	1862	10	325	325	NUM
cblr-11900	1862	11	this	this	DET
cblr-11900	1862	12	part	part	NOUN
cblr-11900	1862	13	reviews	review	VERB
cblr-11900	1862	14	potential	potential	ADJ
cblr-11900	1862	15	reforms	reform	NOUN
cblr-11900	1862	16	designed	design	VERB
cblr-11900	1862	17	to	to	PART
cblr-11900	1862	18	improve	improve	VERB
cblr-11900	1862	19	the	the	DET
cblr-11900	1862	20	functioning	functioning	NOUN
cblr-11900	1862	21	of	of	ADP
cblr-11900	1862	22	the	the	DET
cblr-11900	1862	23	treasury	treasury	NOUN
cblr-11900	1862	24	market	market	NOUN
cblr-11900	1862	25	under	under	ADP
cblr-11900	1862	26	stress.411	stress.411	NOUN
cblr-11900	1862	27	most	most	ADJ
cblr-11900	1862	28	have	have	AUX
cblr-11900	1862	29	been	be	AUX
cblr-11900	1862	30	presented	present	VERB
cblr-11900	1862	31	in	in	ADP
cblr-11900	1862	32	greater	great	ADJ
cblr-11900	1862	33	detail	detail	NOUN
cblr-11900	1862	34	elsewhere	elsewhere	ADV
cblr-11900	1862	35	.	.	PUNCT
cblr-11900	1863	1	we	we	PRON
cblr-11900	1863	2	do	do	AUX
cblr-11900	1863	3	not	not	PART
cblr-11900	1863	4	attempt	attempt	VERB
cblr-11900	1863	5	to	to	PART
cblr-11900	1863	6	identify	identify	VERB
cblr-11900	1863	7	a	a	DET
cblr-11900	1863	8	best	good	ADJ
cblr-11900	1863	9	path	path	NOUN
cblr-11900	1863	10	forward	forward	ADV
cblr-11900	1863	11	,	,	PUNCT
cblr-11900	1863	12	but	but	CCONJ
cblr-11900	1863	13	instead	instead	ADV
cblr-11900	1863	14	to	to	PART
cblr-11900	1863	15	compare	compare	VERB
cblr-11900	1863	16	and	and	CCONJ
cblr-11900	1863	17	contrast	contrast	VERB
cblr-11900	1863	18	the	the	DET
cblr-11900	1863	19	options	option	NOUN
cblr-11900	1863	20	.	.	PUNCT
cblr-11900	1864	1	it	it	PRON
cblr-11900	1864	2	is	be	AUX
cblr-11900	1864	3	also	also	ADV
cblr-11900	1864	4	important	important	ADJ
cblr-11900	1864	5	to	to	PART
cblr-11900	1864	6	note	note	VERB
cblr-11900	1864	7	that	that	SCONJ
cblr-11900	1864	8	these	these	DET
cblr-11900	1864	9	proposals	proposal	NOUN
cblr-11900	1864	10	are	be	AUX
cblr-11900	1864	11	generally	generally	ADV
cblr-11900	1864	12	designed	design	VERB
cblr-11900	1864	13	to	to	PART
cblr-11900	1864	14	adjust	adjust	VERB
cblr-11900	1864	15	incentives	incentive	NOUN
cblr-11900	1864	16	to	to	PART
cblr-11900	1864	17	reduce	reduce	VERB
cblr-11900	1864	18	the	the	DET
cblr-11900	1864	19	cost	cost	NOUN
cblr-11900	1864	20	of	of	ADP
cblr-11900	1864	21	intermediation	intermediation	NOUN
cblr-11900	1864	22	elasticity	elasticity	NOUN
cblr-11900	1864	23	for	for	ADP
cblr-11900	1864	24	government	government	NOUN
cblr-11900	1864	25	securities	security	NOUN
cblr-11900	1864	26	dealers	dealer	NOUN
cblr-11900	1864	27	,	,	PUNCT
cblr-11900	1864	28	particularly	particularly	ADV
cblr-11900	1864	29	those	those	PRON
cblr-11900	1864	30	housed	house	VERB
cblr-11900	1864	31	within	within	ADP
cblr-11900	1864	32	bhcs	bhcs	NOUN
cblr-11900	1864	33	.	.	PUNCT
cblr-11900	1865	1	they	they	PRON
cblr-11900	1865	2	are	be	AUX
cblr-11900	1865	3	less	less	ADV
cblr-11900	1865	4	focused	focused	ADJ
cblr-11900	1865	5	on	on	ADP
cblr-11900	1865	6	the	the	DET
cblr-11900	1865	7	market	market	NOUN
cblr-11900	1865	8	and	and	CCONJ
cblr-11900	1865	9	other	other	ADJ
cblr-11900	1865	10	risk	risk	NOUN
cblr-11900	1865	11	factors	factor	NOUN
cblr-11900	1865	12	which	which	PRON
cblr-11900	1865	13	can	can	AUX
cblr-11900	1865	14	be	be	AUX
cblr-11900	1865	15	a	a	DET
cblr-11900	1865	16	significant	significant	ADJ
cblr-11900	1865	17	determinant	determinant	NOUN
cblr-11900	1865	18	of	of	ADP
cblr-11900	1865	19	overall	overall	ADJ
cblr-11900	1865	20	liquidity	liquidity	NOUN
cblr-11900	1865	21	conditions	condition	NOUN
cblr-11900	1865	22	and	and	CCONJ
cblr-11900	1865	23	market	market	NOUN
cblr-11900	1865	24	functioning.412	functioning.412	SCONJ
cblr-11900	1865	25	these	these	DET
cblr-11900	1865	26	proposals	proposal	NOUN
cblr-11900	1865	27	are	be	AUX
cblr-11900	1865	28	also	also	ADV
cblr-11900	1865	29	specifically	specifically	ADV
cblr-11900	1865	30	concerned	concerned	ADJ
cblr-11900	1865	31	with	with	ADP
cblr-11900	1865	32	market	market	NOUN
cblr-11900	1865	33	making	making	NOUN
cblr-11900	1865	34	,	,	PUNCT
cblr-11900	1865	35	which	which	PRON
cblr-11900	1865	36	involves	involve	VERB
cblr-11900	1865	37	short	short	ADJ
cblr-11900	1865	38	-	-	PUNCT
cblr-11900	1865	39	term	term	NOUN
cblr-11900	1865	40	buying	buying	NOUN
cblr-11900	1865	41	and	and	CCONJ
cblr-11900	1865	42	selling	selling	NOUN
cblr-11900	1865	43	of	of	ADP
cblr-11900	1865	44	securities	security	NOUN
cblr-11900	1865	45	while	while	SCONJ
cblr-11900	1865	46	taking	take	VERB
cblr-11900	1865	47	relatively	relatively	ADV
cblr-11900	1865	48	little	little	ADJ
cblr-11900	1865	49	directional	directional	ADJ
cblr-11900	1865	50	risk	risk	NOUN
cblr-11900	1865	51	;	;	PUNCT
cblr-11900	1865	52	portfolio	portfolio	NOUN
cblr-11900	1865	53	holdings	holding	NOUN
cblr-11900	1865	54	,	,	PUNCT
cblr-11900	1865	55	on	on	ADP
cblr-11900	1865	56	the	the	DET
cblr-11900	1865	57	other	other	ADJ
cblr-11900	1865	58	hand	hand	NOUN
cblr-11900	1865	59	,	,	PUNCT
cblr-11900	1865	60	come	come	VERB
cblr-11900	1865	61	with	with	ADP
cblr-11900	1865	62	significant	significant	ADJ
cblr-11900	1865	63	outright	outright	ADJ
cblr-11900	1865	64	exposure	exposure	NOUN
cblr-11900	1865	65	to	to	ADP
cblr-11900	1865	66	interest	interest	NOUN
cblr-11900	1865	67	rates	rate	NOUN
cblr-11900	1865	68	,	,	PUNCT
cblr-11900	1865	69	as	as	SCONJ
cblr-11900	1865	70	has	have	AUX
cblr-11900	1865	71	been	be	AUX
cblr-11900	1865	72	discussed	discuss	VERB
cblr-11900	1865	73	at	at	ADP
cblr-11900	1865	74	length	length	NOUN
cblr-11900	1865	75	in	in	ADP
cblr-11900	1865	76	the	the	DET
cblr-11900	1865	77	context	context	NOUN
cblr-11900	1865	78	of	of	ADP
cblr-11900	1865	79	stress	stress	NOUN
cblr-11900	1865	80	among	among	ADP
cblr-11900	1865	81	regional	regional	ADJ
cblr-11900	1865	82	banks.413	banks.413	PROPN
cblr-11900	1865	83	411	411	NUM
cblr-11900	1865	84	more	more	ADV
cblr-11900	1865	85	recently	recently	ADV
cblr-11900	1865	86	,	,	PUNCT
cblr-11900	1865	87	some	some	DET
cblr-11900	1865	88	researchers	researcher	NOUN
cblr-11900	1865	89	have	have	AUX
cblr-11900	1865	90	considered	consider	VERB
cblr-11900	1865	91	how	how	SCONJ
cblr-11900	1865	92	best	good	ADJ
cblr-11900	1865	93	to	to	PART
cblr-11900	1865	94	execute	execute	VERB
cblr-11900	1865	95	market	market	NOUN
cblr-11900	1865	96	-	-	PUNCT
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cblr-11900	1865	102	that	that	PRON
cblr-11900	1865	103	,	,	PUNCT
cblr-11900	1865	104	while	while	SCONJ
cblr-11900	1865	105	not	not	PART
cblr-11900	1865	106	desirable	desirable	ADJ
cblr-11900	1865	107	and	and	CCONJ
cblr-11900	1865	108	ideally	ideally	ADV
cblr-11900	1865	109	relegated	relegate	VERB
cblr-11900	1865	110	to	to	ADP
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cblr-11900	1865	112	extreme	extreme	ADJ
cblr-11900	1865	113	environments	environment	NOUN
cblr-11900	1865	114	,	,	PUNCT
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cblr-11900	1866	6	keane	keane	PROPN
cblr-11900	1866	7	,	,	PUNCT
cblr-11900	1866	8	fed	fed	PROPN
cblr-11900	1866	9	.	.	PUNCT
cblr-11900	1866	10	rsrv	rsrv	PROPN
cblr-11900	1866	11	.	.	PUNCT
cblr-11900	1867	1	bank	bank	PROPN
cblr-11900	1867	2	of	of	ADP
cblr-11900	1867	3	n.y	n.y	PROPN
cblr-11900	1867	4	.	.	PROPN
cblr-11900	1867	5	,	,	PUNCT
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cblr-11900	1867	8	asset	asset	NOUN
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cblr-11900	1867	10	(	(	PUNCT
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cblr-11900	1868	4	,	,	PUNCT
cblr-11900	1868	5	412	412	NUM
cblr-11900	1868	6	see	see	VERB
cblr-11900	1868	7	e.g.	e.g.	ADV
cblr-11900	1868	8	,	,	PUNCT
cblr-11900	1868	9	alice	alice	PROPN
cblr-11900	1868	10	abboud	abboud	PROPN
cblr-11900	1868	11	,	,	PUNCT
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cblr-11900	1868	14	,	,	PUNCT
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cblr-11900	1868	16	game	game	PROPN
cblr-11900	1868	17	,	,	PUNCT
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cblr-11900	1868	19	iercosan	iercosan	PROPN
cblr-11900	1868	20	,	,	PUNCT
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cblr-11900	1868	35	:	:	PUNCT
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cblr-11900	1870	9	bank	bank	PROPN
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cblr-11900	1870	20	.	.	PUNCT
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cblr-11900	1871	6	,	,	PUNCT
cblr-11900	1871	7	2023	2023	NUM
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cblr-11900	1871	9	,	,	PUNCT
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cblr-11900	1872	1	[	[	X
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cblr-11900	1872	3	]	]	PUNCT
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cblr-11900	1872	5	robin	robin	PROPN
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cblr-11900	1872	17	hedge	hedge	NOUN
cblr-11900	1872	18	strategy	strategy	NOUN
cblr-11900	1872	19	?	?	PUNCT
cblr-11900	1872	20	,	,	PUNCT
cblr-11900	1872	21	fin	fin	PROPN
cblr-11900	1872	22	.	.	PUNCT
cblr-11900	1873	1	times	times	PROPN
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cblr-11900	1873	7	2023	2023	NUM
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cblr-11900	1873	9	,	,	PUNCT
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cblr-11900	1873	11	[	[	X
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cblr-11900	1873	28	in	in	ADP
cblr-11900	1873	29	mbs	mb	NOUN
cblr-11900	1873	30	?	?	PUNCT
cblr-11900	1874	1	(	(	PUNCT
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cblr-11900	1874	12	,	,	PUNCT
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cblr-11900	1875	2	[	[	X
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cblr-11900	1875	4	m	m	VERB
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cblr-11900	1875	6	;	;	PUNCT
cblr-11900	1875	7	itamar	itamar	PROPN
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cblr-11900	1875	9	,	,	PUNCT
cblr-11900	1875	10	alexi	alexi	PROPN
cblr-11900	1875	11	savov	savov	PROPN
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cblr-11900	1875	17	to	to	PART
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cblr-11900	1875	20	deposit	deposit	NOUN
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cblr-11900	1875	26	,	,	PUNCT
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cblr-11900	1876	1	[	[	X
cblr-11900	1876	2	vol	vol	NOUN
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cblr-11900	1877	1	2023	2023	NUM
cblr-11900	1877	2	one	one	NUM
cblr-11900	1877	3	approach	approach	NOUN
cblr-11900	1877	4	targets	target	VERB
cblr-11900	1877	5	bank	bank	NOUN
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cblr-11900	1877	25	a	a	DET
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cblr-11900	1877	39	a	a	DET
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cblr-11900	1877	53	under	under	ADP
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cblr-11900	1877	56	recent	recent	ADJ
cblr-11900	1877	57	sec	sec	PROPN
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cblr-11900	1877	59	,	,	PUNCT
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cblr-11900	1877	63	of	of	ADP
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cblr-11900	1878	7	,	,	PUNCT
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cblr-11900	1878	13	unpublished	unpublished	ADJ
cblr-11900	1878	14	powerpoint	powerpoint	NOUN
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cblr-11900	1878	16	,	,	PUNCT
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cblr-11900	1879	2	[	[	X
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cblr-11900	1879	5	;	;	PUNCT
cblr-11900	1879	6	stephan	stephan	PROPN
cblr-11900	1879	7	luck	luck	PROPN
cblr-11900	1879	8	,	,	PUNCT
cblr-11900	1879	9	matthew	matthew	PROPN
cblr-11900	1879	10	plosser	plosser	PROPN
cblr-11900	1879	11	&	&	CCONJ
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cblr-11900	1879	13	younger	young	ADJ
cblr-11900	1879	14	,	,	PUNCT
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cblr-11900	1879	16	do	do	VERB
cblr-11900	1879	17	interest	interest	NOUN
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cblr-11900	1879	19	(	(	PUNCT
cblr-11900	1879	20	and	and	CCONJ
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cblr-11900	1879	22	)	)	PUNCT
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cblr-11900	1879	26	bank	bank	NOUN
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cblr-11900	1880	1	(	(	PUNCT
cblr-11900	1880	2	apr	apr	NOUN
cblr-11900	1880	3	.	.	PROPN
cblr-11900	1880	4	7	7	NUM
cblr-11900	1880	5	,	,	PUNCT
cblr-11900	1880	6	2023	2023	NUM
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cblr-11900	1880	8	,	,	PUNCT
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cblr-11900	1882	1	[	[	X
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cblr-11900	1883	2	see	see	VERB
cblr-11900	1883	3	duffie	duffie	NOUN
cblr-11900	1883	4	,	,	PUNCT
cblr-11900	1883	5	supra	supra	PROPN
cblr-11900	1883	6	note	note	NOUN
cblr-11900	1883	7	25	25	NUM
cblr-11900	1883	8	.	.	PUNCT
cblr-11900	1884	1	415	415	NUM
cblr-11900	1884	2	17	17	NUM
cblr-11900	1884	3	c.f.r	c.f.r	NOUN
cblr-11900	1884	4	.	.	PUNCT
cblr-11900	1885	1	pts	pts	PROPN
cblr-11900	1885	2	.	.	PROPN
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cblr-11900	1885	4	,	,	PUNCT
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cblr-11900	1885	6	,	,	PUNCT
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cblr-11900	1885	8	,	,	PUNCT
cblr-11900	1885	9	50	50	NUM
cblr-11900	1885	10	.	.	PUNCT
cblr-11900	1885	11	416	416	NUM
cblr-11900	1885	12	standards	standard	NOUN
cblr-11900	1885	13	for	for	ADP
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cblr-11900	1885	16	agencies	agency	NOUN
cblr-11900	1885	17	for	for	ADP
cblr-11900	1885	18	u.s	u.s	PROPN
cblr-11900	1885	19	.	.	PROPN
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cblr-11900	1885	21	securities	security	NOUN
cblr-11900	1885	22	and	and	CCONJ
cblr-11900	1885	23	application	application	NOUN
cblr-11900	1885	24	of	of	ADP
cblr-11900	1885	25	the	the	DET
cblr-11900	1885	26	broker	broker	NOUN
cblr-11900	1885	27	-	-	PUNCT
cblr-11900	1885	28	dealer	dealer	NOUN
cblr-11900	1885	29	customer	customer	NOUN
cblr-11900	1885	30	protection	protection	NOUN
cblr-11900	1885	31	rule	rule	NOUN
cblr-11900	1885	32	with	with	ADP
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cblr-11900	1885	34	to	to	ADP
cblr-11900	1885	35	u.s	u.s	PROPN
cblr-11900	1885	36	.	.	PROPN
cblr-11900	1885	37	treasury	treasury	PROPN
cblr-11900	1885	38	securities	securities	PROPN
cblr-11900	1885	39	,	,	PUNCT
cblr-11900	1885	40	87	87	NUM
cblr-11900	1885	41	fed	fed	PROPN
cblr-11900	1885	42	.	.	PUNCT
cblr-11900	1886	1	reg	reg	PROPN
cblr-11900	1886	2	.	.	PUNCT
cblr-11900	1887	1	64610	64610	NUM
cblr-11900	1887	2	(	(	PUNCT
cblr-11900	1887	3	proposed	propose	VERB
cblr-11900	1887	4	oct	oct	PROPN
cblr-11900	1887	5	.	.	PROPN
cblr-11900	1887	6	25	25	NUM
cblr-11900	1887	7	,	,	PUNCT
cblr-11900	1887	8	2022	2022	NUM
cblr-11900	1887	9	)	)	PUNCT
cblr-11900	1887	10	(	(	PUNCT
cblr-11900	1887	11	to	to	PART
cblr-11900	1887	12	be	be	AUX
cblr-11900	1887	13	codified	codify	VERB
cblr-11900	1887	14	at	at	ADP
cblr-11900	1887	15	17	17	NUM
cblr-11900	1887	16	c.f.r	c.f.r	NOUN
cblr-11900	1887	17	.	.	PUNCT
cblr-11900	1888	1	pt	pt	PROPN
cblr-11900	1888	2	.	.	PROPN
cblr-11900	1888	3	240	240	NUM
cblr-11900	1888	4	)	)	PUNCT
cblr-11900	1888	5	.	.	PUNCT
cblr-11900	1889	1	417	417	NUM
cblr-11900	1889	2	its	its	PRON
cblr-11900	1889	3	proponents	proponent	NOUN
cblr-11900	1889	4	also	also	ADV
cblr-11900	1889	5	claim	claim	VERB
cblr-11900	1889	6	a	a	DET
cblr-11900	1889	7	broad	broad	ADJ
cblr-11900	1889	8	clearing	clearing	NOUN
cblr-11900	1889	9	mandate	mandate	NOUN
cblr-11900	1889	10	for	for	ADP
cblr-11900	1889	11	the	the	DET
cblr-11900	1889	12	treasury	treasury	NOUN
cblr-11900	1889	13	market	market	NOUN
cblr-11900	1889	14	would	would	AUX
cblr-11900	1889	15	reduce	reduce	VERB
cblr-11900	1889	16	the	the	DET
cblr-11900	1889	17	risk	risk	NOUN
cblr-11900	1889	18	of	of	ADP
cblr-11900	1889	19	failures	failure	NOUN
cblr-11900	1889	20	to	to	PART
cblr-11900	1889	21	deliver	deliver	VERB
cblr-11900	1889	22	and	and	CCONJ
cblr-11900	1889	23	other	other	ADJ
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cblr-11900	1889	25	of	of	ADP
cblr-11900	1889	26	broken	broken	ADJ
cblr-11900	1889	27	settlement	settlement	NOUN
cblr-11900	1889	28	,	,	PUNCT
cblr-11900	1889	29	improve	improve	VERB
cblr-11900	1889	30	market	market	NOUN
cblr-11900	1889	31	transparency	transparency	NOUN
cblr-11900	1889	32	,	,	PUNCT
cblr-11900	1889	33	increase	increase	VERB
cblr-11900	1889	34	the	the	DET
cblr-11900	1889	35	netting	net	VERB
cblr-11900	1889	36	efficiency	efficiency	NOUN
cblr-11900	1889	37	of	of	ADP
cblr-11900	1889	38	repo	repo	ADJ
cblr-11900	1889	39	exposures	exposure	NOUN
cblr-11900	1889	40	and	and	CCONJ
cblr-11900	1889	41	improve	improve	VERB
cblr-11900	1889	42	elasticity	elasticity	NOUN
cblr-11900	1889	43	of	of	ADP
cblr-11900	1889	44	intermediation	intermediation	NOUN
cblr-11900	1889	45	,	,	PUNCT
cblr-11900	1889	46	and	and	CCONJ
cblr-11900	1889	47	facilitate	facilitate	VERB
cblr-11900	1889	48	cross	cross	ADJ
cblr-11900	1889	49	-	-	ADJ
cblr-11900	1889	50	margining	margining	NOUN
cblr-11900	1889	51	of	of	ADP
cblr-11900	1889	52	cash	cash	NOUN
cblr-11900	1889	53	and	and	CCONJ
cblr-11900	1889	54	derivatives	derivative	NOUN
cblr-11900	1889	55	positions	position	NOUN
cblr-11900	1889	56	to	to	PART
cblr-11900	1889	57	reduce	reduce	VERB
cblr-11900	1889	58	the	the	DET
cblr-11900	1889	59	impact	impact	NOUN
cblr-11900	1889	60	of	of	ADP
cblr-11900	1889	61	margin	margin	NOUN
cblr-11900	1889	62	cycles	cycle	NOUN
cblr-11900	1889	63	.	.	PUNCT
cblr-11900	1890	1	see	see	VERB
cblr-11900	1890	2	darrell	darrell	PROPN
cblr-11900	1890	3	duffie	duffie	PROPN
cblr-11900	1890	4	,	,	PUNCT
cblr-11900	1890	5	still	still	ADV
cblr-11900	1890	6	the	the	DET
cblr-11900	1890	7	world	world	NOUN
cblr-11900	1890	8	’s	’s	PART
cblr-11900	1890	9	safe	safe	ADJ
cblr-11900	1890	10	haven	haven	NOUN
cblr-11900	1890	11	?	?	PUNCT
cblr-11900	1891	1	redesigning	redesign	VERB
cblr-11900	1891	2	the	the	DET
cblr-11900	1891	3	u.s	u.s	PROPN
cblr-11900	1891	4	.	.	PROPN
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cblr-11900	1891	6	market	market	NOUN
cblr-11900	1891	7	after	after	ADP
cblr-11900	1891	8	the	the	DET
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cblr-11900	1891	11	,	,	PUNCT
cblr-11900	1891	12	brookings	brookings	PROPN
cblr-11900	1891	13	(	(	PUNCT
cblr-11900	1891	14	june	june	PROPN
cblr-11900	1891	15	22	22	NUM
cblr-11900	1891	16	,	,	PUNCT
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cblr-11900	1891	19	,	,	PUNCT
cblr-11900	1891	20	https://www.brookings.edu/articles/still-the-worlds-safe-haven/.	https://www.brookings.edu/articles/still-the-worlds-safe-haven/.	PROPN
cblr-11900	1891	21	418	418	NUM
cblr-11900	1891	22	the	the	DET
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cblr-11900	1891	24	component	component	NOUN
cblr-11900	1891	25	of	of	ADP
cblr-11900	1891	26	total	total	ADJ
cblr-11900	1891	27	leverage	leverage	NOUN
cblr-11900	1891	28	exposure	exposure	NOUN
cblr-11900	1891	29	allows	allow	VERB
cblr-11900	1891	30	for	for	ADP
cblr-11900	1891	31	economic	economic	ADJ
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cblr-11900	1891	33	of	of	ADP
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cblr-11900	1891	35	(	(	PUNCT
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cblr-11900	1891	38	and	and	CCONJ
cblr-11900	1891	39	short	short	ADJ
cblr-11900	1891	40	(	(	PUNCT
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cblr-11900	1891	42	)	)	PUNCT
cblr-11900	1891	43	repo	repo	ADP
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cblr-11900	1891	45	that	that	PRON
cblr-11900	1891	46	meet	meet	VERB
cblr-11900	1891	47	the	the	DET
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cblr-11900	1891	49	of	of	ADP
cblr-11900	1891	50	the	the	DET
cblr-11900	1891	51	financial	financial	ADJ
cblr-11900	1891	52	accounting	accounting	NOUN
cblr-11900	1891	53	standards	standards	PROPN
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cblr-11900	1891	55	(	(	PUNCT
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cblr-11900	1891	58	.	.	PUNCT
cblr-11900	1892	1	among	among	ADP
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cblr-11900	1892	10	.	.	PUNCT
cblr-11900	1893	1	fin	fin	NOUN
cblr-11900	1893	2	acct	acct	NOUN
cblr-11900	1893	3	.	.	PUNCT
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cblr-11900	1894	7	:	:	PUNCT
cblr-11900	1894	8	fasb	fasb	PROPN
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cblr-11900	1895	1	no	no	INTJ
cblr-11900	1895	2	.	.	PROPN
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cblr-11900	1897	1	:	:	PUNCT
cblr-11900	1897	2	no	no	INTJ
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cblr-11900	1897	13	,	,	PUNCT
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cblr-11900	1897	23	to	to	PART
cblr-11900	1897	24	grow	grow	VERB
cblr-11900	1897	25	in	in	ADP
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cblr-11900	1897	27	to	to	PART
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cblr-11900	1897	30	.	.	PUNCT
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cblr-11900	1898	9	available	available	ADJ
cblr-11900	1898	10	in	in	ADP
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cblr-11900	1898	12	to	to	ADP
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cblr-11900	1898	17	service419	service419	PROPN
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cblr-11900	1898	19	by	by	ADP
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cblr-11900	1898	21	fixed	fix	VERB
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cblr-11900	1898	23	clearing	clearing	NOUN
cblr-11900	1898	24	corporation	corporation	NOUN
cblr-11900	1898	25	(	(	PUNCT
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cblr-11900	1898	27	far	far	ADV
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cblr-11900	1898	31	for	for	ADP
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cblr-11900	1898	41	operationally	operationally	ADV
cblr-11900	1898	42	challenging	challenging	ADJ
cblr-11900	1898	43	at	at	ADP
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cblr-11900	1898	45	in	in	ADP
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cblr-11900	1899	6	repo	repo	NOUN
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cblr-11900	1899	13	incremental	incremental	ADJ
cblr-11900	1899	14	increase	increase	NOUN
cblr-11900	1899	15	in	in	ADP
cblr-11900	1899	16	netting	net	VERB
cblr-11900	1899	17	offered	offer	VERB
cblr-11900	1899	18	by	by	ADP
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cblr-11900	1899	22	,	,	PUNCT
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cblr-11900	1899	24	by	by	ADP
cblr-11900	1899	25	extension	extension	NOUN
cblr-11900	1899	26	the	the	DET
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cblr-11900	1899	28	in	in	ADP
cblr-11900	1899	29	balance	balance	NOUN
cblr-11900	1899	30	sheet	sheet	NOUN
cblr-11900	1899	31	capacity	capacity	NOUN
cblr-11900	1899	32	relative	relative	ADJ
cblr-11900	1899	33	to	to	ADP
cblr-11900	1899	34	the	the	DET
cblr-11900	1899	35	current	current	ADJ
cblr-11900	1899	36	market	market	NOUN
cblr-11900	1899	37	structure	structure	NOUN
cblr-11900	1899	38	,	,	PUNCT
cblr-11900	1899	39	would	would	AUX
cblr-11900	1899	40	likely	likely	ADV
cblr-11900	1899	41	be	be	AUX
cblr-11900	1899	42	modest	modest	ADJ
cblr-11900	1899	43	.	.	PUNCT
cblr-11900	1900	1	it	it	PRON
cblr-11900	1900	2	would	would	AUX
cblr-11900	1900	3	also	also	ADV
cblr-11900	1900	4	not	not	PART
cblr-11900	1900	5	directly	directly	ADV
cblr-11900	1900	6	address	address	VERB
cblr-11900	1900	7	the	the	DET
cblr-11900	1900	8	capital	capital	NOUN
cblr-11900	1900	9	costs	cost	NOUN
cblr-11900	1900	10	associated	associate	VERB
cblr-11900	1900	11	with	with	ADP
cblr-11900	1900	12	holding	hold	VERB
cblr-11900	1900	13	large	large	ADJ
cblr-11900	1900	14	inventories	inventory	NOUN
cblr-11900	1900	15	of	of	ADP
cblr-11900	1900	16	securities	security	NOUN
cblr-11900	1900	17	.	.	PUNCT
cblr-11900	1901	1	that	that	PRON
cblr-11900	1901	2	is	be	AUX
cblr-11900	1901	3	not	not	PART
cblr-11900	1901	4	to	to	PART
cblr-11900	1901	5	say	say	VERB
cblr-11900	1901	6	clearing	clearing	NOUN
cblr-11900	1901	7	would	would	AUX
cblr-11900	1901	8	not	not	PART
cblr-11900	1901	9	offer	offer	VERB
cblr-11900	1901	10	other	other	ADJ
cblr-11900	1901	11	benefits.420	benefits.420	NOUN
cblr-11900	1901	12	those	those	PRON
cblr-11900	1901	13	looking	look	VERB
cblr-11900	1901	14	to	to	PART
cblr-11900	1901	15	go	go	VERB
cblr-11900	1901	16	further	further	ADJ
cblr-11900	1901	17	support	support	NOUN
cblr-11900	1901	18	adjusting	adjust	VERB
cblr-11900	1901	19	the	the	DET
cblr-11900	1901	20	slr	slr	NOUN
cblr-11900	1901	21	itself.421	itself.421	NOUN
cblr-11900	1901	22	the	the	DET
cblr-11900	1901	23	most	most	ADV
cblr-11900	1901	24	logical	logical	ADJ
cblr-11900	1901	25	place	place	NOUN
cblr-11900	1901	26	to	to	PART
cblr-11900	1901	27	start	start	VERB
cblr-11900	1901	28	would	would	AUX
cblr-11900	1901	29	be	be	AUX
cblr-11900	1901	30	by	by	ADP
cblr-11900	1901	31	excluding	exclude	VERB
cblr-11900	1901	32	central	central	ADJ
cblr-11900	1901	33	bank	bank	NOUN
cblr-11900	1901	34	liabilities	liability	NOUN
cblr-11900	1901	35	(	(	PUNCT
cblr-11900	1901	36	reserves	reserve	NOUN
cblr-11900	1901	37	)	)	PUNCT
cblr-11900	1901	38	from	from	ADP
cblr-11900	1901	39	the	the	DET
cblr-11900	1901	40	exposure	exposure	NOUN
cblr-11900	1901	41	measure	measure	NOUN
cblr-11900	1901	42	.	.	PUNCT
cblr-11900	1902	1	reserves	reserve	NOUN
cblr-11900	1902	2	are	be	AUX
cblr-11900	1902	3	riskless	riskless	NOUN
cblr-11900	1902	4	,	,	PUNCT
cblr-11900	1902	5	fungible	fungible	ADJ
cblr-11900	1902	6	payment	payment	NOUN
cblr-11900	1902	7	instruments	instrument	NOUN
cblr-11900	1902	8	that	that	PRON
cblr-11900	1902	9	never	never	ADV
cblr-11900	1902	10	change	change	VERB
cblr-11900	1902	11	in	in	ADP
cblr-11900	1902	12	“	"	PUNCT
cblr-11900	1902	13	price	price	NOUN
cblr-11900	1902	14	.	.	PUNCT
cblr-11900	1902	15	”422	”422	PUNCT
cblr-11900	1903	1	although	although	SCONJ
cblr-11900	1903	2	international	international	ADJ
cblr-11900	1903	3	standards	standard	NOUN
cblr-11900	1903	4	maintained	maintain	VERB
cblr-11900	1903	5	by	by	ADP
cblr-11900	1903	6	basel	basel	PROPN
cblr-11900	1903	7	allow	allow	VERB
cblr-11900	1903	8	for	for	ADP
cblr-11900	1903	9	such	such	DET
cblr-11900	1903	10	an	an	DET
cblr-11900	1903	11	exemption	exemption	NOUN
cblr-11900	1903	12	,	,	PUNCT
cblr-11900	1903	13	they	they	PRON
cblr-11900	1903	14	offsetting	offset	VERB
cblr-11900	1903	15	of	of	ADP
cblr-11900	1903	16	amounts	amount	NOUN
cblr-11900	1903	17	related	relate	VERB
cblr-11900	1903	18	to	to	ADP
cblr-11900	1903	19	certain	certain	ADJ
cblr-11900	1903	20	repurchase	repurchase	NOUN
cblr-11900	1903	21	and	and	CCONJ
cblr-11900	1903	22	reverse	reverse	VERB
cblr-11900	1903	23	repurchase	repurchase	NOUN
cblr-11900	1903	24	agreements	agreement	NOUN
cblr-11900	1903	25	,	,	PUNCT
cblr-11900	1903	26	an	an	DET
cblr-11900	1903	27	interpretation	interpretation	NOUN
cblr-11900	1903	28	of	of	ADP
cblr-11900	1903	29	apb	apb	PROPN
cblr-11900	1903	30	opinion	opinion	PROPN
cblr-11900	1903	31	no	no	INTJ
cblr-11900	1903	32	.	.	PROPN
cblr-11900	1903	33	10	10	NUM
cblr-11900	1903	34	and	and	CCONJ
cblr-11900	1903	35	a	a	DET
cblr-11900	1903	36	modification	modification	NOUN
cblr-11900	1903	37	of	of	ADP
cblr-11900	1903	38	fasb	fasb	PROPN
cblr-11900	1903	39	interpretation	interpretation	PROPN
cblr-11900	1903	40	no	no	INTJ
cblr-11900	1903	41	.	.	PROPN
cblr-11900	1903	42	39	39	NUM
cblr-11900	1903	43	.	.	PUNCT
cblr-11900	1904	1	(	(	PUNCT
cblr-11900	1904	2	2008	2008	NUM
cblr-11900	1904	3	)	)	PUNCT
cblr-11900	1904	4	.	.	PUNCT
cblr-11900	1905	1	thus	thus	ADV
cblr-11900	1905	2	,	,	PUNCT
cblr-11900	1905	3	a	a	DET
cblr-11900	1905	4	market	market	NOUN
cblr-11900	1905	5	with	with	ADP
cblr-11900	1905	6	a	a	DET
cblr-11900	1905	7	central	central	ADJ
cblr-11900	1905	8	counterparty	counterparty	NOUN
cblr-11900	1905	9	to	to	ADP
cblr-11900	1905	10	the	the	DET
cblr-11900	1905	11	vast	vast	ADJ
cblr-11900	1905	12	majority	majority	NOUN
cblr-11900	1905	13	of	of	ADP
cblr-11900	1905	14	trades	trade	NOUN
cblr-11900	1905	15	would	would	AUX
cblr-11900	1905	16	have	have	VERB
cblr-11900	1905	17	high	high	ADJ
cblr-11900	1905	18	levels	level	NOUN
cblr-11900	1905	19	of	of	ADP
cblr-11900	1905	20	netting	net	VERB
cblr-11900	1905	21	than	than	ADP
cblr-11900	1905	22	one	one	NUM
cblr-11900	1905	23	with	with	ADP
cblr-11900	1905	24	a	a	DET
cblr-11900	1905	25	significant	significant	ADJ
cblr-11900	1905	26	bilateral	bilateral	ADJ
cblr-11900	1905	27	segment	segment	NOUN
cblr-11900	1905	28	and	and	CCONJ
cblr-11900	1905	29	therefore	therefore	ADV
cblr-11900	1905	30	many	many	ADJ
cblr-11900	1905	31	more	more	ADJ
cblr-11900	1905	32	counterparties	counterpartie	NOUN
cblr-11900	1905	33	.	.	PUNCT
cblr-11900	1906	1	419	419	NUM
cblr-11900	1906	2	j.p	j.p	PROPN
cblr-11900	1906	3	.	.	PROPN
cblr-11900	1906	4	morgan	morgan	PROPN
cblr-11900	1906	5	,	,	PUNCT
cblr-11900	1906	6	a	a	DET
cblr-11900	1906	7	primer	primer	NOUN
cblr-11900	1906	8	on	on	ADP
cblr-11900	1906	9	sponsored	sponsor	VERB
cblr-11900	1906	10	repo	repo	NOUN
cblr-11900	1906	11	:	:	PUNCT
cblr-11900	1906	12	how	how	SCONJ
cblr-11900	1906	13	has	have	AUX
cblr-11900	1906	14	the	the	DET
cblr-11900	1906	15	world	world	NOUN
cblr-11900	1906	16	of	of	ADP
cblr-11900	1906	17	fixed	fix	VERB
cblr-11900	1906	18	-	-	PUNCT
cblr-11900	1906	19	income	income	NOUN
cblr-11900	1906	20	financing	financing	NOUN
cblr-11900	1906	21	evolved	evolve	VERB
cblr-11900	1906	22	?	?	PUNCT
cblr-11900	1907	1	(	(	PUNCT
cblr-11900	1907	2	2019	2019	NUM
cblr-11900	1907	3	)	)	PUNCT
cblr-11900	1907	4	.	.	PUNCT
cblr-11900	1908	1	420	420	NUM
cblr-11900	1908	2	standards	standard	NOUN
cblr-11900	1908	3	for	for	ADP
cblr-11900	1908	4	covered	covered	ADJ
cblr-11900	1908	5	clearing	clearing	NOUN
cblr-11900	1908	6	agencies	agency	NOUN
cblr-11900	1908	7	for	for	ADP
cblr-11900	1908	8	u.s	u.s	PROPN
cblr-11900	1908	9	.	.	PROPN
cblr-11900	1908	10	treasury	treasury	PROPN
cblr-11900	1908	11	securities	security	NOUN
cblr-11900	1908	12	and	and	CCONJ
cblr-11900	1908	13	application	application	NOUN
cblr-11900	1908	14	of	of	ADP
cblr-11900	1908	15	the	the	DET
cblr-11900	1908	16	broker	broker	NOUN
cblr-11900	1908	17	-	-	PUNCT
cblr-11900	1908	18	dealer	dealer	NOUN
cblr-11900	1908	19	customer	customer	NOUN
cblr-11900	1908	20	protection	protection	NOUN
cblr-11900	1908	21	rule	rule	NOUN
cblr-11900	1908	22	with	with	ADP
cblr-11900	1908	23	respect	respect	NOUN
cblr-11900	1908	24	to	to	ADP
cblr-11900	1908	25	u.s	u.s	PROPN
cblr-11900	1908	26	.	.	PROPN
cblr-11900	1908	27	treasury	treasury	PROPN
cblr-11900	1908	28	securities	securities	PROPN
cblr-11900	1908	29	,	,	PUNCT
cblr-11900	1908	30	securities	security	NOUN
cblr-11900	1908	31	act	act	NOUN
cblr-11900	1908	32	release	release	VERB
cblr-11900	1908	33	no	no	PRON
cblr-11900	1908	34	.	.	PUNCT
cblr-11900	1909	1	3495763	3495763	NUM
cblr-11900	1909	2	(	(	PUNCT
cblr-11900	1909	3	sept	sept	PROPN
cblr-11900	1909	4	.	.	PROPN
cblr-11900	1909	5	14	14	NUM
cblr-11900	1909	6	,	,	PUNCT
cblr-11900	1909	7	2022	2022	NUM
cblr-11900	1909	8	)	)	PUNCT
cblr-11900	1909	9	.	.	PUNCT
cblr-11900	1910	1	421	421	NUM
cblr-11900	1910	2	see	see	VERB
cblr-11900	1910	3	,	,	PUNCT
cblr-11900	1910	4	e.g.	e.g.	ADV
cblr-11900	1910	5	,	,	PUNCT
cblr-11900	1910	6	daniel	daniel	PROPN
cblr-11900	1910	7	k.	k.	PROPN
cblr-11900	1910	8	tarullo	tarullo	PROPN
cblr-11900	1910	9	,	,	PUNCT
cblr-11900	1910	10	capital	capital	NOUN
cblr-11900	1910	11	regulation	regulation	NOUN
cblr-11900	1910	12	and	and	CCONJ
cblr-11900	1910	13	the	the	DET
cblr-11900	1910	14	treasury	treasury	NOUN
cblr-11900	1910	15	market	market	NOUN
cblr-11900	1910	16	,	,	PUNCT
cblr-11900	1910	17	brookings	brookings	PROPN
cblr-11900	1910	18	(	(	PUNCT
cblr-11900	1910	19	mar	mar	PROPN
cblr-11900	1910	20	.	.	PROPN
cblr-11900	1910	21	17	17	NUM
cblr-11900	1910	22	,	,	PUNCT
cblr-11900	1910	23	2023	2023	NUM
cblr-11900	1910	24	)	)	PUNCT
cblr-11900	1910	25	,	,	PUNCT
cblr-11900	1910	26	https://www.brookings.edu/research/capital-regulation-and-the-treasurymarket/	https://www.brookings.edu/research/capital-regulation-and-the-treasurymarket/	PROPN
cblr-11900	1910	27	[	[	X
cblr-11900	1910	28	https://perma.cc/59tk-nykx	https://perma.cc/59tk-nykx	X
cblr-11900	1910	29	]	]	PUNCT
cblr-11900	1910	30	;	;	PUNCT
cblr-11900	1910	31	liang	liang	PROPN
cblr-11900	1910	32	&	&	CCONJ
cblr-11900	1910	33	parkinson	parkinson	PROPN
cblr-11900	1910	34	,	,	PUNCT
cblr-11900	1910	35	supra	supra	PROPN
cblr-11900	1910	36	note	note	NOUN
cblr-11900	1910	37	12	12	NUM
cblr-11900	1910	38	.	.	PUNCT
cblr-11900	1910	39	422	422	NUM
cblr-11900	1911	1	in	in	ADP
cblr-11900	1911	2	many	many	ADJ
cblr-11900	1911	3	ways	way	NOUN
cblr-11900	1911	4	,	,	PUNCT
cblr-11900	1911	5	all	all	DET
cblr-11900	1911	6	other	other	ADJ
cblr-11900	1911	7	financial	financial	ADJ
cblr-11900	1911	8	assets	asset	NOUN
cblr-11900	1911	9	can	can	AUX
cblr-11900	1911	10	be	be	AUX
cblr-11900	1911	11	said	say	VERB
cblr-11900	1911	12	to	to	PART
cblr-11900	1911	13	be	be	AUX
cblr-11900	1911	14	denominated	denominate	VERB
cblr-11900	1911	15	in	in	ADP
cblr-11900	1911	16	reserve	reserve	NOUN
cblr-11900	1911	17	units	unit	NOUN
cblr-11900	1911	18	.	.	PUNCT
cblr-11900	1912	1	that	that	PRON
cblr-11900	1912	2	means	mean	VERB
cblr-11900	1912	3	their	their	PRON
cblr-11900	1912	4	“	"	PUNCT
cblr-11900	1912	5	value	value	NOUN
cblr-11900	1912	6	”	"	PUNCT
cblr-11900	1912	7	is	be	AUX
cblr-11900	1912	8	precisely	precisely	ADV
cblr-11900	1912	9	defined	define	VERB
cblr-11900	1912	10	as	as	ADP
cblr-11900	1912	11	the	the	DET
cblr-11900	1912	12	reserves	reserve	NOUN
cblr-11900	1912	13	that	that	PRON
cblr-11900	1912	14	they	they	PRON
cblr-11900	1912	15	can	can	AUX
cblr-11900	1912	16	conceptually	conceptually	ADV
cblr-11900	1912	17	receive	receive	VERB
cblr-11900	1912	18	in	in	ADP
cblr-11900	1912	19	exchange	exchange	NOUN
cblr-11900	1912	20	for	for	ADP
cblr-11900	1912	21	a	a	DET
cblr-11900	1912	22	transfer	transfer	NOUN
cblr-11900	1912	23	of	of	ADP
cblr-11900	1912	24	ownership	ownership	NOUN
cblr-11900	1912	25	.	.	PUNCT
cblr-11900	1913	1	328	328	NUM
cblr-11900	1913	2	columbia	columbia	PROPN
cblr-11900	1913	3	business	business	NOUN
cblr-11900	1913	4	law	law	PROPN
cblr-11900	1913	5	review	review	NOUN
cblr-11900	1913	6	[	[	X
cblr-11900	1913	7	vol	vol	NOUN
cblr-11900	1913	8	.	.	PUNCT
cblr-11900	1913	9	2023	2023	NUM
cblr-11900	1913	10	require	require	VERB
cblr-11900	1913	11	it	it	PRON
cblr-11900	1913	12	be	be	VERB
cblr-11900	1913	13	temporary423	temporary423	PROPN
cblr-11900	1913	14	and	and	CCONJ
cblr-11900	1913	15	paired	pair	VERB
cblr-11900	1913	16	with	with	ADP
cblr-11900	1913	17	a	a	DET
cblr-11900	1913	18	recalibration	recalibration	NOUN
cblr-11900	1913	19	in	in	ADP
cblr-11900	1913	20	minimum	minimum	ADJ
cblr-11900	1913	21	regulatory	regulatory	ADJ
cblr-11900	1913	22	ratios	ratio	NOUN
cblr-11900	1913	23	to	to	PART
cblr-11900	1913	24	maintain	maintain	VERB
cblr-11900	1913	25	the	the	DET
cblr-11900	1913	26	total	total	ADJ
cblr-11900	1913	27	quantum	quantum	NOUN
cblr-11900	1913	28	of	of	ADP
cblr-11900	1913	29	required	require	VERB
cblr-11900	1913	30	bank	bank	PROPN
cblr-11900	1913	31	capital.424	capital.424	PROPN
cblr-11900	1913	32	were	be	AUX
cblr-11900	1913	33	the	the	DET
cblr-11900	1913	34	u.s	u.s	PROPN
cblr-11900	1913	35	.	.	PROPN
cblr-11900	1913	36	to	to	PART
cblr-11900	1913	37	strictly	strictly	ADV
cblr-11900	1913	38	follow	follow	VERB
cblr-11900	1913	39	basel	basel	PROPN
cblr-11900	1913	40	guidelines	guideline	NOUN
cblr-11900	1913	41	,	,	PUNCT
cblr-11900	1913	42	their	their	PRON
cblr-11900	1913	43	more	more	ADV
cblr-11900	1913	44	important	important	ADJ
cblr-11900	1913	45	impact	impact	NOUN
cblr-11900	1913	46	would	would	AUX
cblr-11900	1913	47	be	be	AUX
cblr-11900	1913	48	to	to	PART
cblr-11900	1913	49	mitigate	mitigate	VERB
cblr-11900	1913	50	the	the	DET
cblr-11900	1913	51	risk	risk	NOUN
cblr-11900	1913	52	that	that	SCONJ
cblr-11900	1913	53	new	new	ADJ
cblr-11900	1913	54	reserves	reserve	NOUN
cblr-11900	1913	55	created	create	VERB
cblr-11900	1913	56	through	through	ADP
cblr-11900	1913	57	qe	qe	PROPN
cblr-11900	1913	58	operations	operation	NOUN
cblr-11900	1913	59	increase	increase	VERB
cblr-11900	1913	60	the	the	DET
cblr-11900	1913	61	total	total	ADJ
cblr-11900	1913	62	leverage	leverage	NOUN
cblr-11900	1913	63	exposure	exposure	NOUN
cblr-11900	1913	64	of	of	ADP
cblr-11900	1913	65	the	the	DET
cblr-11900	1913	66	banking	banking	NOUN
cblr-11900	1913	67	system	system	NOUN
cblr-11900	1913	68	.	.	PUNCT
cblr-11900	1914	1	that	that	PRON
cblr-11900	1914	2	would	would	AUX
cblr-11900	1914	3	,	,	PUNCT
cblr-11900	1914	4	in	in	ADP
cblr-11900	1914	5	effect	effect	NOUN
cblr-11900	1914	6	,	,	PUNCT
cblr-11900	1914	7	severe	severe	ADJ
cblr-11900	1914	8	the	the	DET
cblr-11900	1914	9	link	link	NOUN
cblr-11900	1914	10	between	between	ADP
cblr-11900	1914	11	bank	bank	NOUN
cblr-11900	1914	12	capital	capital	NOUN
cblr-11900	1914	13	and	and	CCONJ
cblr-11900	1914	14	the	the	DET
cblr-11900	1914	15	size	size	NOUN
cblr-11900	1914	16	of	of	ADP
cblr-11900	1914	17	the	the	DET
cblr-11900	1914	18	fed	fed	PROPN
cblr-11900	1914	19	’s	’s	PART
cblr-11900	1914	20	balance	balance	NOUN
cblr-11900	1914	21	sheet	sheet	NOUN
cblr-11900	1914	22	,	,	PUNCT
cblr-11900	1914	23	thus	thus	ADV
cblr-11900	1914	24	avoiding	avoid	VERB
cblr-11900	1914	25	the	the	DET
cblr-11900	1914	26	pressure	pressure	NOUN
cblr-11900	1914	27	to	to	PART
cblr-11900	1914	28	offer	offer	VERB
cblr-11900	1914	29	forbearance	forbearance	NOUN
cblr-11900	1914	30	in	in	ADP
cblr-11900	1914	31	some	some	DET
cblr-11900	1914	32	future	future	ADJ
cblr-11900	1914	33	crisis	crisis	NOUN
cblr-11900	1914	34	.	.	PUNCT
cblr-11900	1915	1	but	but	CCONJ
cblr-11900	1915	2	they	they	PRON
cblr-11900	1915	3	would	would	AUX
cblr-11900	1915	4	not	not	PART
cblr-11900	1915	5	provide	provide	VERB
cblr-11900	1915	6	any	any	DET
cblr-11900	1915	7	outright	outright	ADJ
cblr-11900	1915	8	capital	capital	NOUN
cblr-11900	1915	9	relief	relief	NOUN
cblr-11900	1915	10	,	,	PUNCT
cblr-11900	1915	11	which	which	PRON
cblr-11900	1915	12	would	would	AUX
cblr-11900	1915	13	leave	leave	VERB
cblr-11900	1915	14	the	the	DET
cblr-11900	1915	15	current	current	ADJ
cblr-11900	1915	16	constraints	constraint	NOUN
cblr-11900	1915	17	—	—	PUNCT
cblr-11900	1915	18	arising	arise	VERB
cblr-11900	1915	19	from	from	ADP
cblr-11900	1915	20	both	both	PRON
cblr-11900	1915	21	institutional	institutional	ADJ
cblr-11900	1915	22	requirements	requirement	NOUN
cblr-11900	1915	23	and	and	CCONJ
cblr-11900	1915	24	business	business	NOUN
cblr-11900	1915	25	processes	process	NOUN
cblr-11900	1915	26	—	—	PUNCT
cblr-11900	1915	27	largely	largely	ADV
cblr-11900	1915	28	intact	intact	ADJ
cblr-11900	1915	29	.	.	PUNCT
cblr-11900	1916	1	even	even	ADV
cblr-11900	1916	2	if	if	SCONJ
cblr-11900	1916	3	the	the	DET
cblr-11900	1916	4	u.s	u.s	PROPN
cblr-11900	1916	5	.	.	PROPN
cblr-11900	1916	6	were	be	AUX
cblr-11900	1916	7	to	to	PART
cblr-11900	1916	8	run	run	VERB
cblr-11900	1916	9	afoul	afoul	ADV
cblr-11900	1916	10	of	of	ADP
cblr-11900	1916	11	basel,425	basel,425	PROPN
cblr-11900	1916	12	the	the	DET
cblr-11900	1916	13	impact	impact	NOUN
cblr-11900	1916	14	of	of	ADP
cblr-11900	1916	15	excluding	exclude	VERB
cblr-11900	1916	16	reserves	reserve	NOUN
cblr-11900	1916	17	on	on	ADP
cblr-11900	1916	18	slr	slr	NOUN
cblr-11900	1916	19	would	would	AUX
cblr-11900	1916	20	hardly	hardly	ADV
cblr-11900	1916	21	be	be	AUX
cblr-11900	1916	22	a	a	DET
cblr-11900	1916	23	game	game	NOUN
cblr-11900	1916	24	-	-	PUNCT
cblr-11900	1916	25	changer	changer	NOUN
cblr-11900	1916	26	for	for	ADP
cblr-11900	1916	27	capital	capital	NOUN
cblr-11900	1916	28	planners	planner	NOUN
cblr-11900	1916	29	,	,	PUNCT
cblr-11900	1916	30	and	and	CCONJ
cblr-11900	1916	31	even	even	ADV
cblr-11900	1916	32	more	more	ADV
cblr-11900	1916	33	modest	modest	ADJ
cblr-11900	1916	34	where	where	SCONJ
cblr-11900	1916	35	the	the	DET
cblr-11900	1916	36	fed	fed	PROPN
cblr-11900	1916	37	’s	’s	PART
cblr-11900	1916	38	balance	balance	NOUN
cblr-11900	1916	39	sheet	sheet	NOUN
cblr-11900	1916	40	is	be	AUX
cblr-11900	1916	41	smaller.426	smaller.426	NOUN
cblr-11900	1916	42	423	423	NUM
cblr-11900	1916	43	see	see	NOUN
cblr-11900	1916	44	supra	supra	PROPN
cblr-11900	1916	45	note	note	VERB
cblr-11900	1916	46	403	403	NUM
cblr-11900	1916	47	for	for	ADP
cblr-11900	1916	48	a	a	DET
cblr-11900	1916	49	discussion	discussion	NOUN
cblr-11900	1916	50	of	of	ADP
cblr-11900	1916	51	the	the	DET
cblr-11900	1916	52	utility	utility	NOUN
cblr-11900	1916	53	of	of	ADP
cblr-11900	1916	54	temporary	temporary	ADJ
cblr-11900	1916	55	changes	change	NOUN
cblr-11900	1916	56	to	to	ADP
cblr-11900	1916	57	banking	banking	NOUN
cblr-11900	1916	58	regulations	regulation	NOUN
cblr-11900	1916	59	.	.	PUNCT
cblr-11900	1917	1	424	424	NUM
cblr-11900	1917	2	basel	basel	PROPN
cblr-11900	1917	3	comm	comm	NOUN
cblr-11900	1917	4	.	.	PUNCT
cblr-11900	1918	1	on	on	ADP
cblr-11900	1918	2	banking	banking	NOUN
cblr-11900	1918	3	supervision	supervision	NOUN
cblr-11900	1918	4	,	,	PUNCT
cblr-11900	1918	5	supra	supra	PROPN
cblr-11900	1918	6	note	note	PROPN
cblr-11900	1918	7	403	403	NUM
cblr-11900	1918	8	,	,	PUNCT
cblr-11900	1918	9	at	at	ADP
cblr-11900	1918	10	para	para	NOUN
cblr-11900	1918	11	30.4	30.4	NUM
cblr-11900	1918	12	.	.	NOUN
cblr-11900	1918	13	425	425	NUM
cblr-11900	1918	14	an	an	DET
cblr-11900	1918	15	assessment	assessment	NOUN
cblr-11900	1918	16	of	of	ADP
cblr-11900	1918	17	u.s	u.s	PROPN
cblr-11900	1918	18	.	.	PROPN
cblr-11900	1918	19	rules	rule	NOUN
cblr-11900	1918	20	conducted	conduct	VERB
cblr-11900	1918	21	by	by	ADP
cblr-11900	1918	22	the	the	DET
cblr-11900	1918	23	bank	bank	NOUN
cblr-11900	1918	24	for	for	ADP
cblr-11900	1918	25	international	international	ADJ
cblr-11900	1918	26	settlements	settlement	NOUN
cblr-11900	1918	27	in	in	ADP
cblr-11900	1918	28	2014	2014	NUM
cblr-11900	1918	29	,	,	PUNCT
cblr-11900	1918	30	for	for	ADP
cblr-11900	1918	31	example	example	NOUN
cblr-11900	1918	32	,	,	PUNCT
cblr-11900	1918	33	found	find	VERB
cblr-11900	1918	34	“	"	PUNCT
cblr-11900	1918	35	material	material	ADJ
cblr-11900	1918	36	deviations	deviation	NOUN
cblr-11900	1918	37	”	"	PUNCT
cblr-11900	1918	38	in	in	ADP
cblr-11900	1918	39	several	several	ADJ
cblr-11900	1918	40	areas	area	NOUN
cblr-11900	1918	41	.	.	PUNCT
cblr-11900	1919	1	basel	basel	PROPN
cblr-11900	1919	2	comm	comm	NOUN
cblr-11900	1919	3	.	.	PUNCT
cblr-11900	1920	1	on	on	ADP
cblr-11900	1920	2	banking	banking	NOUN
cblr-11900	1920	3	supervision	supervision	NOUN
cblr-11900	1920	4	,	,	PUNCT
cblr-11900	1920	5	regulatory	regulatory	ADJ
cblr-11900	1920	6	consistency	consistency	NOUN
cblr-11900	1920	7	assessment	assessment	NOUN
cblr-11900	1920	8	programme	programme	NOUN
cblr-11900	1920	9	(	(	PUNCT
cblr-11900	1920	10	rcap	rcap	NOUN
cblr-11900	1920	11	)	)	PUNCT
cblr-11900	1920	12	assessment	assessment	NOUN
cblr-11900	1920	13	of	of	ADP
cblr-11900	1920	14	basel	basel	PROPN
cblr-11900	1920	15	iii	iii	PROPN
cblr-11900	1920	16	regulations	regulation	NOUN
cblr-11900	1920	17	–	–	PUNCT
cblr-11900	1920	18	united	united	PROPN
cblr-11900	1920	19	states	states	PROPN
cblr-11900	1920	20	of	of	ADP
cblr-11900	1920	21	america	america	PROPN
cblr-11900	1920	22	(	(	PUNCT
cblr-11900	1920	23	2014	2014	NUM
cblr-11900	1920	24	)	)	PUNCT
cblr-11900	1920	25	.	.	PUNCT
cblr-11900	1921	1	more	more	ADV
cblr-11900	1921	2	recently	recently	ADV
cblr-11900	1921	3	the	the	DET
cblr-11900	1921	4	temporary	temporary	ADJ
cblr-11900	1921	5	slr	slr	NOUN
cblr-11900	1921	6	relief	relief	NOUN
cblr-11900	1921	7	provided	provide	VERB
cblr-11900	1921	8	by	by	ADP
cblr-11900	1921	9	the	the	DET
cblr-11900	1921	10	fed	fed	PROPN
cblr-11900	1921	11	in	in	ADP
cblr-11900	1921	12	april	april	PROPN
cblr-11900	1921	13	2020	2020	NUM
cblr-11900	1921	14	both	both	PRON
cblr-11900	1921	15	included	include	VERB
cblr-11900	1921	16	treasuries	treasury	NOUN
cblr-11900	1921	17	and	and	CCONJ
cblr-11900	1921	18	did	do	AUX
cblr-11900	1921	19	not	not	PART
cblr-11900	1921	20	recalibrate	recalibrate	VERB
cblr-11900	1921	21	minimum	minimum	ADJ
cblr-11900	1921	22	ratios	ratio	NOUN
cblr-11900	1921	23	.	.	PUNCT
cblr-11900	1922	1	temporary	temporary	ADJ
cblr-11900	1922	2	exclusion	exclusion	NOUN
cblr-11900	1922	3	of	of	ADP
cblr-11900	1922	4	u.s	u.s	PROPN
cblr-11900	1922	5	.	.	PROPN
cblr-11900	1922	6	treasury	treasury	PROPN
cblr-11900	1922	7	securities	security	NOUN
cblr-11900	1922	8	and	and	CCONJ
cblr-11900	1922	9	deposits	deposit	NOUN
cblr-11900	1922	10	at	at	ADP
cblr-11900	1922	11	federal	federal	PROPN
cblr-11900	1922	12	reserve	reserve	NOUN
cblr-11900	1922	13	banks	bank	NOUN
cblr-11900	1922	14	from	from	ADP
cblr-11900	1922	15	the	the	DET
cblr-11900	1922	16	supplementary	supplementary	ADJ
cblr-11900	1922	17	leverage	leverage	NOUN
cblr-11900	1922	18	ratio	ratio	NOUN
cblr-11900	1922	19	,	,	PUNCT
cblr-11900	1922	20	85	85	NUM
cblr-11900	1922	21	fed	feed	VERB
cblr-11900	1922	22	.	.	PUNCT
cblr-11900	1923	1	reg	reg	PROPN
cblr-11900	1923	2	.	.	PUNCT
cblr-11900	1924	1	20578	20578	NUM
cblr-11900	1924	2	(	(	PUNCT
cblr-11900	1924	3	apr	apr	PROPN
cblr-11900	1924	4	.	.	PROPN
cblr-11900	1924	5	14	14	NUM
cblr-11900	1924	6	,	,	PUNCT
cblr-11900	1924	7	2020	2020	NUM
cblr-11900	1924	8	)	)	PUNCT
cblr-11900	1924	9	(	(	PUNCT
cblr-11900	1924	10	to	to	PART
cblr-11900	1924	11	be	be	AUX
cblr-11900	1924	12	codified	codify	VERB
cblr-11900	1924	13	at	at	ADP
cblr-11900	1924	14	12	12	NUM
cblr-11900	1924	15	c.f.r	c.f.r	NOUN
cblr-11900	1924	16	.	.	PUNCT
cblr-11900	1925	1	pt	pt	PROPN
cblr-11900	1925	2	.	.	PROPN
cblr-11900	1925	3	217	217	NUM
cblr-11900	1925	4	)	)	PUNCT
cblr-11900	1925	5	.	.	PUNCT
cblr-11900	1926	1	426	426	NUM
cblr-11900	1926	2	for	for	ADP
cblr-11900	1926	3	example	example	NOUN
cblr-11900	1926	4	,	,	PUNCT
cblr-11900	1926	5	as	as	ADP
cblr-11900	1926	6	of	of	ADP
cblr-11900	1926	7	the	the	DET
cblr-11900	1926	8	second	second	ADJ
cblr-11900	1926	9	quarter	quarter	NOUN
cblr-11900	1926	10	of	of	ADP
cblr-11900	1926	11	2022	2022	NUM
cblr-11900	1926	12	,	,	PUNCT
cblr-11900	1926	13	public	public	ADJ
cblr-11900	1926	14	disclosure	disclosure	NOUN
cblr-11900	1926	15	indicates	indicate	VERB
cblr-11900	1926	16	that	that	SCONJ
cblr-11900	1926	17	the	the	DET
cblr-11900	1926	18	aggregate	aggregate	ADJ
cblr-11900	1926	19	slr	slr	NOUN
cblr-11900	1926	20	of	of	ADP
cblr-11900	1926	21	the	the	DET
cblr-11900	1926	22	largest	large	ADJ
cblr-11900	1926	23	money	money	NOUN
cblr-11900	1926	24	center	center	NOUN
cblr-11900	1926	25	banks	bank	NOUN
cblr-11900	1926	26	(	(	PUNCT
cblr-11900	1926	27	typically	typically	ADV
cblr-11900	1926	28	j.p	j.p	PROPN
cblr-11900	1926	29	.	.	PROPN
cblr-11900	1926	30	morgan	morgan	PROPN
cblr-11900	1926	31	,	,	PUNCT
cblr-11900	1926	32	bank	bank	PROPN
cblr-11900	1926	33	of	of	ADP
cblr-11900	1926	34	america	america	PROPN
cblr-11900	1926	35	,	,	PUNCT
cblr-11900	1926	36	citibank	citibank	PROPN
cblr-11900	1926	37	,	,	PUNCT
cblr-11900	1926	38	and	and	CCONJ
cblr-11900	1926	39	wells	wells	PROPN
cblr-11900	1926	40	fargo	fargo	PROPN
cblr-11900	1926	41	)	)	PUNCT
cblr-11900	1926	42	and	and	CCONJ
cblr-11900	1926	43	former	former	ADJ
cblr-11900	1926	44	broker	broker	NOUN
cblr-11900	1926	45	/	/	SYM
cblr-11900	1926	46	dealers	dealer	NOUN
cblr-11900	1926	47	(	(	PUNCT
cblr-11900	1926	48	goldman	goldman	NOUN
cblr-11900	1926	49	sachs	sachs	PROPN
cblr-11900	1926	50	and	and	CCONJ
cblr-11900	1926	51	morgan	morgan	PROPN
cblr-11900	1926	52	stanley	stanley	PROPN
cblr-11900	1926	53	)	)	PUNCT
cblr-11900	1926	54	was	be	AUX
cblr-11900	1926	55	roughly	roughly	ADV
cblr-11900	1926	56	5.6	5.6	NUM
cblr-11900	1926	57	%	%	NOUN
cblr-11900	1926	58	relative	relative	ADJ
cblr-11900	1926	59	to	to	ADP
cblr-11900	1926	60	a	a	DET
cblr-11900	1926	61	regulatory	regulatory	ADJ
cblr-11900	1926	62	minimum	minimum	NOUN
cblr-11900	1926	63	of	of	ADP
cblr-11900	1926	64	5	5	NUM
cblr-11900	1926	65	%	%	NOUN
cblr-11900	1926	66	;	;	PUNCT
cblr-11900	1926	67	if	if	SCONJ
cblr-11900	1926	68	reserves	reserve	NOUN
cblr-11900	1926	69	were	be	AUX
cblr-11900	1926	70	excluded	exclude	VERB
cblr-11900	1926	71	from	from	ADP
cblr-11900	1926	72	the	the	DET
cblr-11900	1926	73	denominator	denominator	NOUN
cblr-11900	1926	74	of	of	ADP
cblr-11900	1926	75	that	that	DET
cblr-11900	1926	76	ratio	ratio	NOUN
cblr-11900	1926	77	(	(	PUNCT
cblr-11900	1926	78	total	total	ADJ
cblr-11900	1926	79	leverage	leverage	NOUN
cblr-11900	1926	80	exposure	exposure	NOUN
cblr-11900	1926	81	)	)	PUNCT
cblr-11900	1926	82	it	it	PRON
cblr-11900	1926	83	would	would	AUX
cblr-11900	1926	84	increase	increase	VERB
cblr-11900	1926	85	to	to	ADP
cblr-11900	1926	86	6.0	6.0	NUM
cblr-11900	1926	87	%	%	NOUN
cblr-11900	1926	88	.	.	PUNCT
cblr-11900	1927	1	that	that	DET
cblr-11900	1927	2	adjustment	adjustment	NOUN
cblr-11900	1927	3	is	be	AUX
cblr-11900	1927	4	hardly	hardly	ADV
cblr-11900	1927	5	a	a	DET
cblr-11900	1927	6	game	game	NOUN
cblr-11900	1927	7	changer	changer	NOUN
cblr-11900	1927	8	—	—	PUNCT
cblr-11900	1927	9	for	for	ADP
cblr-11900	1927	10	context	context	NOUN
cblr-11900	1927	11	,	,	PUNCT
cblr-11900	1927	12	as	as	ADP
cblr-11900	1927	13	of	of	ADP
cblr-11900	1927	14	the	the	DET
cblr-11900	1927	15	end	end	NOUN
cblr-11900	1927	16	of	of	ADP
cblr-11900	1927	17	2019	2019	NUM
cblr-11900	1927	18	,	,	PUNCT
cblr-11900	1927	19	when	when	SCONJ
cblr-11900	1927	20	reserves	reserve	NOUN
cblr-11900	1927	21	were	be	AUX
cblr-11900	1927	22	close	close	ADJ
cblr-11900	1927	23	to	to	ADP
cblr-11900	1927	24	the	the	DET
cblr-11900	1927	25	lows	low	NOUN
cblr-11900	1927	26	of	of	ADP
cblr-11900	1927	27	the	the	DET
cblr-11900	1927	28	last	last	ADJ
cblr-11900	1927	29	cycle	cycle	NOUN
cblr-11900	1927	30	,	,	PUNCT
cblr-11900	1927	31	the	the	DET
cblr-11900	1927	32	consolidated	consolidated	ADJ
cblr-11900	1927	33	slr	slr	NOUN
cblr-11900	1927	34	for	for	ADP
cblr-11900	1927	35	those	those	DET
cblr-11900	1927	36	same	same	ADJ
cblr-11900	1927	37	banks	bank	NOUN
cblr-11900	1927	38	was	be	AUX
cblr-11900	1927	39	6.4	6.4	NUM
cblr-11900	1927	40	%	%	NOUN
cblr-11900	1927	41	(	(	PUNCT
cblr-11900	1927	42	6.6	6.6	NUM
cblr-11900	1927	43	%	%	NOUN
cblr-11900	1927	44	with	with	ADP
cblr-11900	1927	45	reserves	reserve	NOUN
cblr-11900	1927	46	excluded	exclude	VERB
cblr-11900	1927	47	)	)	PUNCT
cblr-11900	1927	48	.	.	PUNCT
cblr-11900	1928	1	reserve	reserve	NOUN
cblr-11900	1928	2	balances	balance	NOUN
cblr-11900	1928	3	are	be	AUX
cblr-11900	1928	4	disclosed	disclose	VERB
cblr-11900	1928	5	on	on	ADP
cblr-11900	1928	6	a	a	DET
cblr-11900	1928	7	quarterly	quarterly	ADJ
cblr-11900	1928	8	basis	basis	NOUN
cblr-11900	1928	9	in	in	ADP
cblr-11900	1928	10	call	call	NOUN
cblr-11900	1928	11	reports	report	NOUN
cblr-11900	1928	12	for	for	ADP
cblr-11900	1928	13	commercial	commercial	ADJ
cblr-11900	1928	14	banks	bank	NOUN
cblr-11900	1928	15	(	(	PUNCT
cblr-11900	1928	16	form	form	NOUN
cblr-11900	1928	17	031	031	NUM
cblr-11900	1928	18	,	,	PUNCT
cblr-11900	1928	19	schedule	schedule	NOUN
cblr-11900	1928	20	rc	rc	PROPN
cblr-11900	1928	21	-	-	PUNCT
cblr-11900	1928	22	a	a	PRON
cblr-11900	1928	23	,	,	PUNCT
cblr-11900	1928	24	item	item	NOUN
cblr-11900	1928	25	rcfd0090	rcfd0090	PROPN
cblr-11900	1928	26	)	)	PUNCT
cblr-11900	1928	27	released	release	VERB
cblr-11900	1928	28	at	at	ADP
cblr-11900	1928	29	the	the	DET
cblr-11900	1928	30	central	central	ADJ
cblr-11900	1928	31	data	datum	NOUN
cblr-11900	1928	32	repository	repository	NOUN
cblr-11900	1928	33	maintained	maintain	VERB
cblr-11900	1928	34	by	by	ADP
cblr-11900	1928	35	the	the	DET
cblr-11900	1928	36	ffiec	ffiec	NOUN
cblr-11900	1928	37	and	and	CCONJ
cblr-11900	1928	38	no	no	INTJ
cblr-11900	1928	39	.	.	NOUN
cblr-11900	1928	40	1	1	NUM
cblr-11900	1928	41	]	]	ADJ
cblr-11900	1928	42	money	money	NOUN
cblr-11900	1928	43	and	and	CCONJ
cblr-11900	1928	44	the	the	DET
cblr-11900	1928	45	public	public	ADJ
cblr-11900	1928	46	debt	debt	NOUN
cblr-11900	1928	47	329	329	NUM
cblr-11900	1928	48	an	an	DET
cblr-11900	1928	49	even	even	ADV
cblr-11900	1928	50	more	more	ADV
cblr-11900	1928	51	significant	significant	ADJ
cblr-11900	1928	52	change	change	NOUN
cblr-11900	1928	53	would	would	AUX
cblr-11900	1928	54	be	be	AUX
cblr-11900	1928	55	to	to	PART
cblr-11900	1928	56	exclude	exclude	VERB
cblr-11900	1928	57	onbalance	onbalance	ADJ
cblr-11900	1928	58	sheet	sheet	NOUN
cblr-11900	1928	59	treasuries	treasury	NOUN
cblr-11900	1928	60	,	,	PUNCT
cblr-11900	1928	61	and	and	CCONJ
cblr-11900	1928	62	potentially	potentially	ADV
cblr-11900	1928	63	even	even	ADV
cblr-11900	1928	64	treasury	treasury	PROPN
cblr-11900	1928	65	repo	repo	NOUN
cblr-11900	1928	66	,	,	PUNCT
cblr-11900	1928	67	from	from	ADP
cblr-11900	1928	68	total	total	ADJ
cblr-11900	1928	69	leverage	leverage	NOUN
cblr-11900	1928	70	exposure	exposure	NOUN
cblr-11900	1928	71	calculations	calculation	NOUN
cblr-11900	1928	72	.	.	PUNCT
cblr-11900	1929	1	doing	do	VERB
cblr-11900	1929	2	so	so	ADV
cblr-11900	1929	3	would	would	AUX
cblr-11900	1929	4	have	have	VERB
cblr-11900	1929	5	a	a	DET
cblr-11900	1929	6	greater	great	ADJ
cblr-11900	1929	7	headline	headline	NOUN
cblr-11900	1929	8	impact	impact	NOUN
cblr-11900	1929	9	on	on	ADP
cblr-11900	1929	10	bank	bank	NOUN
cblr-11900	1929	11	capital	capital	NOUN
cblr-11900	1929	12	requirements.427	requirements.427	NOUN
cblr-11900	1929	13	that	that	PRON
cblr-11900	1929	14	would	would	AUX
cblr-11900	1929	15	in	in	ADP
cblr-11900	1929	16	turn	turn	NOUN
cblr-11900	1929	17	create	create	VERB
cblr-11900	1929	18	much	much	ADV
cblr-11900	1929	19	more	more	ADJ
cblr-11900	1929	20	excess	excess	ADJ
cblr-11900	1929	21	leverage	leverage	NOUN
cblr-11900	1929	22	capital	capital	NOUN
cblr-11900	1929	23	which	which	PRON
cblr-11900	1929	24	large	large	ADJ
cblr-11900	1929	25	banks	bank	NOUN
cblr-11900	1929	26	could	could	AUX
cblr-11900	1929	27	allocate	allocate	VERB
cblr-11900	1929	28	to	to	ADP
cblr-11900	1929	29	treasury	treasury	NOUN
cblr-11900	1929	30	dealing	dealing	NOUN
cblr-11900	1929	31	.	.	PUNCT
cblr-11900	1930	1	if	if	SCONJ
cblr-11900	1930	2	treasuries	treasury	NOUN
cblr-11900	1930	3	were	be	AUX
cblr-11900	1930	4	rendered	render	VERB
cblr-11900	1930	5	invisible	invisible	ADJ
cblr-11900	1930	6	to	to	ADP
cblr-11900	1930	7	the	the	DET
cblr-11900	1930	8	slr	slr	NOUN
cblr-11900	1930	9	,	,	PUNCT
cblr-11900	1930	10	bank	bank	NOUN
cblr-11900	1930	11	-	-	PUNCT
cblr-11900	1930	12	affiliated	affiliate	VERB
cblr-11900	1930	13	dealers	dealer	NOUN
cblr-11900	1930	14	would	would	AUX
cblr-11900	1930	15	have	have	VERB
cblr-11900	1930	16	more	more	ADJ
cblr-11900	1930	17	flexibility	flexibility	NOUN
cblr-11900	1930	18	to	to	PART
cblr-11900	1930	19	grow	grow	VERB
cblr-11900	1930	20	their	their	PRON
cblr-11900	1930	21	inventories	inventory	NOUN
cblr-11900	1930	22	in	in	ADP
cblr-11900	1930	23	response	response	NOUN
cblr-11900	1930	24	to	to	ADP
cblr-11900	1930	25	market	market	NOUN
cblr-11900	1930	26	conditions	condition	NOUN
cblr-11900	1930	27	without	without	ADP
cblr-11900	1930	28	incurring	incur	VERB
cblr-11900	1930	29	additional	additional	ADJ
cblr-11900	1930	30	capital	capital	NOUN
cblr-11900	1930	31	costs	cost	NOUN
cblr-11900	1930	32	.	.	PUNCT
cblr-11900	1931	1	it	it	PRON
cblr-11900	1931	2	would	would	AUX
cblr-11900	1931	3	,	,	PUNCT
cblr-11900	1931	4	however	however	ADV
cblr-11900	1931	5	,	,	PUNCT
cblr-11900	1931	6	be	be	AUX
cblr-11900	1931	7	a	a	DET
cblr-11900	1931	8	much	much	ADV
cblr-11900	1931	9	more	more	ADJ
cblr-11900	1931	10	material	material	NOUN
cblr-11900	1931	11	deviation	deviation	NOUN
cblr-11900	1931	12	from	from	ADP
cblr-11900	1931	13	international	international	ADJ
cblr-11900	1931	14	standards.428	standards.428	PROPN
cblr-11900	1931	15	recent	recent	ADJ
cblr-11900	1931	16	events429	events429	PROPN
cblr-11900	1931	17	also	also	ADV
cblr-11900	1931	18	highlight	highlight	VERB
cblr-11900	1931	19	the	the	DET
cblr-11900	1931	20	fact	fact	NOUN
cblr-11900	1931	21	that	that	SCONJ
cblr-11900	1931	22	treasuries	treasury	NOUN
cblr-11900	1931	23	held	hold	VERB
cblr-11900	1931	24	outright	outright	ADV
cblr-11900	1931	25	in	in	ADP
cblr-11900	1931	26	bank	bank	NOUN
cblr-11900	1931	27	portfolios	portfolio	NOUN
cblr-11900	1931	28	(	(	PUNCT
cblr-11900	1931	29	as	as	SCONJ
cblr-11900	1931	30	opposed	oppose	VERB
cblr-11900	1931	31	to	to	ADP
cblr-11900	1931	32	market	market	NOUN
cblr-11900	1931	33	making	make	VERB
cblr-11900	1931	34	inventories	inventory	NOUN
cblr-11900	1931	35	)	)	PUNCT
cblr-11900	1931	36	are	be	AUX
cblr-11900	1931	37	far	far	ADV
cblr-11900	1931	38	from	from	ADP
cblr-11900	1931	39	riskless	riskless	NOUN
cblr-11900	1931	40	—	—	PUNCT
cblr-11900	1931	41	a	a	DET
cblr-11900	1931	42	point	point	NOUN
cblr-11900	1931	43	raised	raise	VERB
cblr-11900	1931	44	by	by	ADP
cblr-11900	1931	45	nellie	nellie	PROPN
cblr-11900	1931	46	liang	liang	PROPN
cblr-11900	1931	47	and	and	CCONJ
cblr-11900	1931	48	pat	pat	PROPN
cblr-11900	1931	49	parkinson	parkinson	NOUN
cblr-11900	1931	50	in	in	ADP
cblr-11900	1931	51	their	their	PRON
cblr-11900	1931	52	analysis	analysis	NOUN
cblr-11900	1931	53	of	of	ADP
cblr-11900	1931	54	treasury	treasury	NOUN
cblr-11900	1931	55	market	market	NOUN
cblr-11900	1931	56	structure	structure	NOUN
cblr-11900	1931	57	published	publish	VERB
cblr-11900	1931	58	in	in	ADP
cblr-11900	1931	59	late	late	ADJ
cblr-11900	1931	60	2020.430	2020.430	NUM
cblr-11900	1931	61	more	more	ADV
cblr-11900	1931	62	available	available	ADJ
cblr-11900	1931	63	on	on	ADP
cblr-11900	1931	64	their	their	PRON
cblr-11900	1931	65	website	website	NOUN
cblr-11900	1931	66	.	.	PUNCT
cblr-11900	1932	1	central	central	ADJ
cblr-11900	1932	2	data	datum	NOUN
cblr-11900	1932	3	repository	repository	NOUN
cblr-11900	1932	4	’s	’s	PART
cblr-11900	1932	5	public	public	ADJ
cblr-11900	1932	6	data	datum	NOUN
cblr-11900	1932	7	distribution	distribution	NOUN
cblr-11900	1932	8	,	,	PUNCT
cblr-11900	1932	9	fed	fed	PROPN
cblr-11900	1932	10	.	.	PUNCT
cblr-11900	1933	1	fin	fin	PROPN
cblr-11900	1933	2	.	.	PUNCT
cblr-11900	1933	3	inst	inst	PROPN
cblr-11900	1933	4	.	.	PROPN
cblr-11900	1933	5	examination	examination	NOUN
cblr-11900	1933	6	council	council	PROPN
cblr-11900	1933	7	,	,	PUNCT
cblr-11900	1933	8	https://cdr.ffiec.gov/public/managefacsimiles.aspx	https://cdr.ffiec.gov/public/managefacsimiles.aspx	X
cblr-11900	1934	1	[	[	X
cblr-11900	1934	2	https://perma.cc/l6mq-xpsf	https://perma.cc/l6mq-xpsf	X
cblr-11900	1934	3	]	]	X
cblr-11900	1934	4	.	.	PUNCT
cblr-11900	1935	1	total	total	ADJ
cblr-11900	1935	2	leverage	leverage	NOUN
cblr-11900	1935	3	exposure	exposure	NOUN
cblr-11900	1935	4	and	and	CCONJ
cblr-11900	1935	5	slr	slr	NOUN
cblr-11900	1935	6	measures	measure	NOUN
cblr-11900	1935	7	are	be	AUX
cblr-11900	1935	8	also	also	ADV
cblr-11900	1935	9	provided	provide	VERB
cblr-11900	1935	10	by	by	ADP
cblr-11900	1935	11	the	the	DET
cblr-11900	1935	12	ffiec	ffiec	NOUN
cblr-11900	1935	13	on	on	ADP
cblr-11900	1935	14	roughly	roughly	ADV
cblr-11900	1935	15	the	the	DET
cblr-11900	1935	16	same	same	ADJ
cblr-11900	1935	17	quarterly	quarterly	ADJ
cblr-11900	1935	18	schedule	schedule	NOUN
cblr-11900	1935	19	at	at	ADP
cblr-11900	1935	20	the	the	DET
cblr-11900	1935	21	consolidated	consolidated	PROPN
cblr-11900	1935	22	bank	bank	NOUN
cblr-11900	1935	23	holding	hold	VERB
cblr-11900	1935	24	company	company	NOUN
cblr-11900	1935	25	level	level	NOUN
cblr-11900	1935	26	(	(	PUNCT
cblr-11900	1935	27	form	form	NOUN
cblr-11900	1935	28	101	101	NUM
cblr-11900	1935	29	,	,	PUNCT
cblr-11900	1935	30	schedule	schedule	NOUN
cblr-11900	1935	31	a	a	DET
cblr-11900	1935	32	,	,	PUNCT
cblr-11900	1935	33	items	item	NOUN
cblr-11900	1935	34	h015	h015	PROPN
cblr-11900	1935	35	and	and	CCONJ
cblr-11900	1935	36	h036	h036	PROPN
cblr-11900	1935	37	)	)	PUNCT
cblr-11900	1935	38	and	and	CCONJ
cblr-11900	1935	39	available	available	ADJ
cblr-11900	1935	40	on	on	ADP
cblr-11900	1935	41	a	a	DET
cblr-11900	1935	42	different	different	ADJ
cblr-11900	1935	43	website	website	NOUN
cblr-11900	1935	44	.	.	PUNCT
cblr-11900	1936	1	large	large	ADJ
cblr-11900	1936	2	holding	hold	VERB
cblr-11900	1936	3	companies	company	NOUN
cblr-11900	1936	4	,	,	PUNCT
cblr-11900	1936	5	nic	nic	PROPN
cblr-11900	1936	6	nat’l	nat’l	PROPN
cblr-11900	1936	7	info	info	NOUN
cblr-11900	1936	8	.	.	PUNCT
cblr-11900	1937	1	ctr	ctr	PROPN
cblr-11900	1937	2	.	.	PROPN
cblr-11900	1937	3	,	,	PUNCT
cblr-11900	1937	4	https://www.ffiec.gov/npw/institution/topholdings	https://www.ffiec.gov/npw/institution/topholdings	X
cblr-11900	1938	1	[	[	X
cblr-11900	1938	2	https://perma.cc/y56pnsyn	https://perma.cc/y56pnsyn	X
cblr-11900	1938	3	]	]	PUNCT
cblr-11900	1938	4	.	.	PUNCT
cblr-11900	1939	1	427	427	NUM
cblr-11900	1940	1	as	as	ADP
cblr-11900	1940	2	of	of	ADP
cblr-11900	1940	3	the	the	DET
cblr-11900	1940	4	first	first	ADJ
cblr-11900	1940	5	quarter	quarter	NOUN
cblr-11900	1940	6	of	of	ADP
cblr-11900	1940	7	2022	2022	NUM
cblr-11900	1940	8	,	,	PUNCT
cblr-11900	1940	9	the	the	DET
cblr-11900	1940	10	aggregate	aggregate	ADJ
cblr-11900	1940	11	slr	slr	NOUN
cblr-11900	1940	12	estimated	estimate	VERB
cblr-11900	1940	13	earlier	early	ADV
cblr-11900	1940	14	would	would	AUX
cblr-11900	1940	15	have	have	AUX
cblr-11900	1940	16	been	be	AUX
cblr-11900	1940	17	6.6	6.6	NUM
cblr-11900	1940	18	%	%	NOUN
cblr-11900	1940	19	if	if	SCONJ
cblr-11900	1940	20	both	both	CCONJ
cblr-11900	1940	21	treasuries	treasury	NOUN
cblr-11900	1940	22	and	and	CCONJ
cblr-11900	1940	23	reserves	reserve	NOUN
cblr-11900	1940	24	were	be	AUX
cblr-11900	1940	25	excluded	exclude	VERB
cblr-11900	1940	26	(	(	PUNCT
cblr-11900	1940	27	versus	versus	ADP
cblr-11900	1940	28	5.4	5.4	NUM
cblr-11900	1940	29	%	%	NOUN
cblr-11900	1940	30	under	under	ADP
cblr-11900	1940	31	current	current	ADJ
cblr-11900	1940	32	law	law	NOUN
cblr-11900	1940	33	and	and	CCONJ
cblr-11900	1940	34	6.0	6.0	NUM
cblr-11900	1940	35	%	%	NOUN
cblr-11900	1940	36	excluding	exclude	VERB
cblr-11900	1940	37	reserves	reserve	NOUN
cblr-11900	1940	38	)	)	PUNCT
cblr-11900	1940	39	;	;	PUNCT
cblr-11900	1940	40	in	in	ADP
cblr-11900	1940	41	the	the	DET
cblr-11900	1940	42	fourth	fourth	ADJ
cblr-11900	1940	43	quarter	quarter	NOUN
cblr-11900	1940	44	of	of	ADP
cblr-11900	1940	45	2019	2019	NUM
cblr-11900	1940	46	it	it	PRON
cblr-11900	1940	47	would	would	AUX
cblr-11900	1940	48	have	have	AUX
cblr-11900	1940	49	been	be	AUX
cblr-11900	1940	50	7.1	7.1	NUM
cblr-11900	1940	51	%	%	NOUN
cblr-11900	1940	52	(	(	PUNCT
cblr-11900	1940	53	versus	versus	ADP
cblr-11900	1940	54	6.4	6.4	NUM
cblr-11900	1940	55	%	%	NOUN
cblr-11900	1940	56	under	under	ADP
cblr-11900	1940	57	current	current	ADJ
cblr-11900	1940	58	law	law	NOUN
cblr-11900	1940	59	and	and	CCONJ
cblr-11900	1940	60	6.6	6.6	NUM
cblr-11900	1940	61	%	%	NOUN
cblr-11900	1940	62	excluding	exclude	VERB
cblr-11900	1940	63	reserves	reserve	NOUN
cblr-11900	1940	64	)	)	PUNCT
cblr-11900	1940	65	.	.	PUNCT
cblr-11900	1941	1	treasury	treasury	NOUN
cblr-11900	1941	2	holdings	holding	NOUN
cblr-11900	1941	3	for	for	ADP
cblr-11900	1941	4	the	the	DET
cblr-11900	1941	5	consolidated	consolidated	ADJ
cblr-11900	1941	6	holding	hold	VERB
cblr-11900	1941	7	company	company	NOUN
cblr-11900	1941	8	are	be	AUX
cblr-11900	1941	9	reported	report	VERB
cblr-11900	1941	10	quarterly	quarterly	ADV
cblr-11900	1941	11	in	in	ADP
cblr-11900	1941	12	ffiec	ffiec	ADJ
cblr-11900	1941	13	disclosure	disclosure	NOUN
cblr-11900	1941	14	(	(	PUNCT
cblr-11900	1941	15	form	form	NOUN
cblr-11900	1941	16	fr	fr	PROPN
cblr-11900	1941	17	y-9c	y-9c	PROPN
cblr-11900	1941	18	)	)	PUNCT
cblr-11900	1941	19	split	split	VERB
cblr-11900	1941	20	into	into	ADP
cblr-11900	1941	21	held	hold	VERB
cblr-11900	1941	22	-	-	PUNCT
cblr-11900	1941	23	for	for	ADP
cblr-11900	1941	24	-	-	PUNCT
cblr-11900	1941	25	trading	trading	NOUN
cblr-11900	1941	26	(	(	PUNCT
cblr-11900	1941	27	schedule	schedule	NOUN
cblr-11900	1941	28	hc	hc	PROPN
cblr-11900	1941	29	-	-	PUNCT
cblr-11900	1941	30	d	d	NOUN
cblr-11900	1941	31	,	,	PUNCT
cblr-11900	1941	32	item	item	NOUN
cblr-11900	1941	33	bhcm	bhcm	NOUN
cblr-11900	1941	34	3531	3531	NUM
cblr-11900	1941	35	)	)	PUNCT
cblr-11900	1941	36	,	,	PUNCT
cblr-11900	1941	37	held	hold	VERB
cblr-11900	1941	38	-	-	PUNCT
cblr-11900	1941	39	to	to	ADP
cblr-11900	1941	40	-	-	PUNCT
cblr-11900	1941	41	maturity	maturity	NOUN
cblr-11900	1941	42	(	(	PUNCT
cblr-11900	1941	43	schedule	schedule	NOUN
cblr-11900	1941	44	hc	hc	PROPN
cblr-11900	1941	45	-	-	PUNCT
cblr-11900	1941	46	b	b	NOUN
cblr-11900	1941	47	,	,	PUNCT
cblr-11900	1941	48	item	item	NOUN
cblr-11900	1941	49	bhck	bhck	NOUN
cblr-11900	1941	50	0211	0211	NUM
cblr-11900	1941	51	)	)	PUNCT
cblr-11900	1941	52	,	,	PUNCT
cblr-11900	1941	53	and	and	CCONJ
cblr-11900	1941	54	available	available	ADJ
cblr-11900	1941	55	-	-	PUNCT
cblr-11900	1941	56	for	for	ADP
cblr-11900	1941	57	-	-	PUNCT
cblr-11900	1941	58	sale	sale	NOUN
cblr-11900	1941	59	(	(	PUNCT
cblr-11900	1941	60	schedule	schedule	NOUN
cblr-11900	1941	61	hc	hc	PROPN
cblr-11900	1941	62	-	-	PUNCT
cblr-11900	1941	63	b	b	NOUN
cblr-11900	1941	64	,	,	PUNCT
cblr-11900	1941	65	item	item	NOUN
cblr-11900	1941	66	bhck	bhck	NOUN
cblr-11900	1941	67	1286	1286	NUM
cblr-11900	1941	68	)	)	PUNCT
cblr-11900	1941	69	accounting	accounting	NOUN
cblr-11900	1941	70	designations	designation	NOUN
cblr-11900	1941	71	.	.	PUNCT
cblr-11900	1942	1	428	428	NUM
cblr-11900	1942	2	see	see	VERB
cblr-11900	1942	3	also	also	ADV
cblr-11900	1942	4	tarullo	tarullo	PROPN
cblr-11900	1942	5	,	,	PUNCT
cblr-11900	1942	6	supra	supra	PROPN
cblr-11900	1942	7	note	note	VERB
cblr-11900	1942	8	404	404	NUM
cblr-11900	1942	9	.	.	PUNCT
cblr-11900	1943	1	429	429	NUM
cblr-11900	1943	2	us	us	PROPN
cblr-11900	1943	3	banks	bank	NOUN
cblr-11900	1943	4	have	have	VERB
cblr-11900	1943	5	$	$	SYM
cblr-11900	1943	6	620	620	NUM
cblr-11900	1943	7	billion	billion	NUM
cblr-11900	1943	8	of	of	ADP
cblr-11900	1943	9	unrealized	unrealized	ADJ
cblr-11900	1943	10	losses	loss	NOUN
cblr-11900	1943	11	on	on	ADP
cblr-11900	1943	12	their	their	PRON
cblr-11900	1943	13	books	book	NOUN
cblr-11900	1943	14	,	,	PUNCT
cblr-11900	1943	15	bloomberg	bloomberg	PROPN
cblr-11900	1943	16	(	(	PUNCT
cblr-11900	1943	17	mar	mar	PROPN
cblr-11900	1943	18	.	.	PROPN
cblr-11900	1943	19	31	31	NUM
cblr-11900	1943	20	,	,	PUNCT
cblr-11900	1943	21	2023	2023	NUM
cblr-11900	1943	22	)	)	PUNCT
cblr-11900	1943	23	,	,	PUNCT
cblr-11900	1943	24	https://www.bloomberg.com/graphics/2023svb-exposed-risks-banks/	https://www.bloomberg.com/graphics/2023svb-exposed-risks-banks/	NOUN
cblr-11900	1944	1	[	[	X
cblr-11900	1944	2	https://perma.cc/gp2d-8wf2	https://perma.cc/gp2d-8wf2	X
cblr-11900	1944	3	]	]	PUNCT
cblr-11900	1944	4	.	.	PUNCT
cblr-11900	1945	1	430	430	NUM
cblr-11900	1945	2	nellie	nellie	PROPN
cblr-11900	1945	3	liang	liang	PROPN
cblr-11900	1945	4	&	&	CCONJ
cblr-11900	1945	5	pat	pat	PROPN
cblr-11900	1945	6	parkinson	parkinson	PROPN
cblr-11900	1945	7	,	,	PUNCT
cblr-11900	1945	8	enhancing	enhance	VERB
cblr-11900	1945	9	liquidity	liquidity	NOUN
cblr-11900	1945	10	of	of	ADP
cblr-11900	1945	11	the	the	DET
cblr-11900	1945	12	u.s	u.s	PROPN
cblr-11900	1945	13	.	.	PROPN
cblr-11900	1945	14	treasury	treasury	PROPN
cblr-11900	1945	15	market	market	NOUN
cblr-11900	1945	16	under	under	ADP
cblr-11900	1945	17	stress	stress	NOUN
cblr-11900	1945	18	3	3	NUM
cblr-11900	1945	19	,	,	PUNCT
cblr-11900	1945	20	11	11	NUM
cblr-11900	1945	21	(	(	PUNCT
cblr-11900	1945	22	hutchins	hutchins	PROPN
cblr-11900	1945	23	ctr	ctr	PROPN
cblr-11900	1945	24	.	.	PUNCT
cblr-11900	1945	25	working	working	PROPN
cblr-11900	1945	26	paper	paper	NOUN
cblr-11900	1945	27	#	#	SYM
cblr-11900	1945	28	72	72	NUM
cblr-11900	1945	29	,	,	PUNCT
cblr-11900	1945	30	2020	2020	NUM
cblr-11900	1945	31	)	)	PUNCT
cblr-11900	1945	32	.	.	PUNCT
cblr-11900	1946	1	330	330	NUM
cblr-11900	1946	2	columbia	columbia	PROPN
cblr-11900	1946	3	business	business	NOUN
cblr-11900	1946	4	law	law	NOUN
cblr-11900	1946	5	review	review	NOUN
cblr-11900	1946	6	[	[	X
cblr-11900	1946	7	vol	vol	NOUN
cblr-11900	1946	8	.	.	PUNCT
cblr-11900	1946	9	2023	2023	NUM
cblr-11900	1946	10	generally	generally	ADV
cblr-11900	1946	11	,	,	PUNCT
cblr-11900	1946	12	when	when	SCONJ
cblr-11900	1946	13	it	it	PRON
cblr-11900	1946	14	comes	come	VERB
cblr-11900	1946	15	to	to	ADP
cblr-11900	1946	16	regulating	regulate	VERB
cblr-11900	1946	17	the	the	DET
cblr-11900	1946	18	amount	amount	NOUN
cblr-11900	1946	19	and	and	CCONJ
cblr-11900	1946	20	nature	nature	NOUN
cblr-11900	1946	21	of	of	ADP
cblr-11900	1946	22	leverage	leverage	NOUN
cblr-11900	1946	23	in	in	ADP
cblr-11900	1946	24	the	the	DET
cblr-11900	1946	25	banking	banking	NOUN
cblr-11900	1946	26	system	system	NOUN
cblr-11900	1946	27	,	,	PUNCT
cblr-11900	1946	28	the	the	DET
cblr-11900	1946	29	gfc	gfc	NOUN
cblr-11900	1946	30	still	still	ADV
cblr-11900	1946	31	casts	cast	VERB
cblr-11900	1946	32	a	a	DET
cblr-11900	1946	33	long	long	ADJ
cblr-11900	1946	34	shadow	shadow	NOUN
cblr-11900	1946	35	.	.	PUNCT
cblr-11900	1947	1	and	and	CCONJ
cblr-11900	1947	2	experience	experience	NOUN
cblr-11900	1947	3	suggests	suggest	VERB
cblr-11900	1947	4	that	that	SCONJ
cblr-11900	1947	5	deviating	deviate	VERB
cblr-11900	1947	6	far	far	ADV
cblr-11900	1947	7	from	from	ADP
cblr-11900	1947	8	international	international	ADJ
cblr-11900	1947	9	standards	standard	NOUN
cblr-11900	1947	10	is	be	AUX
cblr-11900	1947	11	difficult	difficult	ADJ
cblr-11900	1947	12	absent	absent	ADJ
cblr-11900	1947	13	a	a	DET
cblr-11900	1947	14	sense	sense	NOUN
cblr-11900	1947	15	of	of	ADP
cblr-11900	1947	16	crisisdriven	crisisdriven	VERB
cblr-11900	1947	17	urgency	urgency	NOUN
cblr-11900	1947	18	.	.	PUNCT
cblr-11900	1948	1	a	a	DET
cblr-11900	1948	2	twist	twist	NOUN
cblr-11900	1948	3	on	on	ADP
cblr-11900	1948	4	exempting	exempt	VERB
cblr-11900	1948	5	treasuries431	treasuries431	PROPN
cblr-11900	1948	6	would	would	AUX
cblr-11900	1948	7	be	be	AUX
cblr-11900	1948	8	for	for	SCONJ
cblr-11900	1948	9	the	the	DET
cblr-11900	1948	10	fed	fed	PROPN
cblr-11900	1948	11	to	to	PART
cblr-11900	1948	12	maintain	maintain	VERB
cblr-11900	1948	13	current	current	ADJ
cblr-11900	1948	14	rules	rule	NOUN
cblr-11900	1948	15	but	but	CCONJ
cblr-11900	1948	16	be	be	AUX
cblr-11900	1948	17	more	more	ADV
cblr-11900	1948	18	explicit	explicit	ADJ
cblr-11900	1948	19	about	about	ADP
cblr-11900	1948	20	relaxing	relax	VERB
cblr-11900	1948	21	them	they	PRON
cblr-11900	1948	22	under	under	ADP
cblr-11900	1948	23	“	"	PUNCT
cblr-11900	1948	24	exigent	exigent	ADJ
cblr-11900	1948	25	circumstances	circumstance	NOUN
cblr-11900	1948	26	.	.	PUNCT
cblr-11900	1948	27	”	"	PUNCT
cblr-11900	1949	1	the	the	DET
cblr-11900	1949	2	market	market	NOUN
cblr-11900	1949	3	may	may	AUX
cblr-11900	1949	4	already	already	ADV
cblr-11900	1949	5	presume	presume	VERB
cblr-11900	1949	6	this	this	PRON
cblr-11900	1949	7	to	to	ADP
cblr-11900	1949	8	some	some	DET
cblr-11900	1949	9	extent	extent	NOUN
cblr-11900	1949	10	—	—	PUNCT
cblr-11900	1949	11	there	there	PRON
cblr-11900	1949	12	is	be	VERB
cblr-11900	1949	13	,	,	PUNCT
cblr-11900	1949	14	of	of	ADP
cblr-11900	1949	15	course	course	NOUN
cblr-11900	1949	16	,	,	PUNCT
cblr-11900	1949	17	one	one	NUM
cblr-11900	1949	18	important	important	ADJ
cblr-11900	1949	19	and	and	CCONJ
cblr-11900	1949	20	recent	recent	ADJ
cblr-11900	1949	21	precedent	precedent	NOUN
cblr-11900	1949	22	from	from	ADP
cblr-11900	1949	23	april	april	PROPN
cblr-11900	1949	24	2020.432	2020.432	PROPN
cblr-11900	1949	25	but	but	CCONJ
cblr-11900	1949	26	being	be	AUX
cblr-11900	1949	27	more	more	ADV
cblr-11900	1949	28	explicit	explicit	ADJ
cblr-11900	1949	29	offers	offer	NOUN
cblr-11900	1949	30	,	,	PUNCT
cblr-11900	1949	31	as	as	SCONJ
cblr-11900	1949	32	daniel	daniel	PROPN
cblr-11900	1949	33	tarullo	tarullo	PROPN
cblr-11900	1949	34	has	have	AUX
cblr-11900	1949	35	described	describe	VERB
cblr-11900	1949	36	,	,	PUNCT
cblr-11900	1949	37	the	the	DET
cblr-11900	1949	38	advantage	advantage	NOUN
cblr-11900	1949	39	of	of	ADP
cblr-11900	1949	40	allowing	allow	VERB
cblr-11900	1949	41	banks	bank	NOUN
cblr-11900	1949	42	and	and	CCONJ
cblr-11900	1949	43	bank	bank	NOUN
cblr-11900	1949	44	-	-	PUNCT
cblr-11900	1949	45	affiliated	affiliate	VERB
cblr-11900	1949	46	dealers	dealer	NOUN
cblr-11900	1949	47	to	to	PART
cblr-11900	1949	48	update	update	VERB
cblr-11900	1949	49	their	their	PRON
cblr-11900	1949	50	crisis	crisis	NOUN
cblr-11900	1949	51	“	"	PUNCT
cblr-11900	1949	52	playbook	playbook	NOUN
cblr-11900	1949	53	.	.	PUNCT
cblr-11900	1949	54	”433	”433	PUNCT
cblr-11900	1950	1	although	although	SCONJ
cblr-11900	1950	2	actually	actually	ADV
cblr-11900	1950	3	using	use	VERB
cblr-11900	1950	4	buffers	buffer	NOUN
cblr-11900	1950	5	can	can	AUX
cblr-11900	1950	6	be	be	AUX
cblr-11900	1950	7	complicated	complicate	VERB
cblr-11900	1950	8	in	in	ADP
cblr-11900	1950	9	practice	practice	NOUN
cblr-11900	1950	10	,	,	PUNCT
cblr-11900	1950	11	in	in	ADP
cblr-11900	1950	12	principle	principle	NOUN
cblr-11900	1950	13	having	have	VERB
cblr-11900	1950	14	a	a	DET
cblr-11900	1950	15	contingency	contingency	NOUN
cblr-11900	1950	16	plan	plan	NOUN
cblr-11900	1950	17	that	that	PRON
cblr-11900	1950	18	assumes	assume	VERB
cblr-11900	1950	19	leverage	leverage	NOUN
cblr-11900	1950	20	relief	relief	NOUN
cblr-11900	1950	21	,	,	PUNCT
cblr-11900	1950	22	potentially	potentially	ADV
cblr-11900	1950	23	including	include	VERB
cblr-11900	1950	24	treasuries	treasury	NOUN
cblr-11900	1950	25	,	,	PUNCT
cblr-11900	1950	26	would	would	AUX
cblr-11900	1950	27	facilitate	facilitate	VERB
cblr-11900	1950	28	the	the	DET
cblr-11900	1950	29	ability	ability	NOUN
cblr-11900	1950	30	of	of	ADP
cblr-11900	1950	31	business	business	NOUN
cblr-11900	1950	32	processes	process	NOUN
cblr-11900	1950	33	to	to	PART
cblr-11900	1950	34	adapt	adapt	VERB
cblr-11900	1950	35	more	more	ADV
cblr-11900	1950	36	quickly	quickly	ADV
cblr-11900	1950	37	if	if	SCONJ
cblr-11900	1950	38	and	and	CCONJ
cblr-11900	1950	39	when	when	SCONJ
cblr-11900	1950	40	the	the	DET
cblr-11900	1950	41	time	time	NOUN
cblr-11900	1950	42	comes	come	VERB
cblr-11900	1950	43	.	.	PUNCT
cblr-11900	1951	1	another	another	DET
cblr-11900	1951	2	potential	potential	ADJ
cblr-11900	1951	3	reform	reform	NOUN
cblr-11900	1951	4	begins	begin	VERB
cblr-11900	1951	5	with	with	ADP
cblr-11900	1951	6	a	a	DET
cblr-11900	1951	7	restatement	restatement	NOUN
cblr-11900	1951	8	of	of	ADP
cblr-11900	1951	9	the	the	DET
cblr-11900	1951	10	problem	problem	NOUN
cblr-11900	1951	11	.	.	PUNCT
cblr-11900	1952	1	one	one	PRON
cblr-11900	1952	2	could	could	AUX
cblr-11900	1952	3	argue	argue	VERB
cblr-11900	1952	4	that	that	SCONJ
cblr-11900	1952	5	the	the	DET
cblr-11900	1952	6	critical	critical	ADJ
cblr-11900	1952	7	importance	importance	NOUN
cblr-11900	1952	8	of	of	ADP
cblr-11900	1952	9	the	the	DET
cblr-11900	1952	10	treasury	treasury	NOUN
cblr-11900	1952	11	market	market	NOUN
cblr-11900	1952	12	motivates	motivate	VERB
cblr-11900	1952	13	supporting	support	VERB
cblr-11900	1952	14	its	its	PRON
cblr-11900	1952	15	smooth	smooth	ADJ
cblr-11900	1952	16	functioning	functioning	NOUN
cblr-11900	1952	17	with	with	ADP
cblr-11900	1952	18	access	access	NOUN
cblr-11900	1952	19	to	to	ADP
cblr-11900	1952	20	the	the	DET
cblr-11900	1952	21	same	same	ADJ
cblr-11900	1952	22	federal	federal	ADJ
cblr-11900	1952	23	safety	safety	NOUN
cblr-11900	1952	24	net	net	NOUN
cblr-11900	1952	25	and	and	CCONJ
cblr-11900	1952	26	protections	protection	NOUN
cblr-11900	1952	27	extended	extend	VERB
cblr-11900	1952	28	to	to	ADP
cblr-11900	1952	29	core	core	NOUN
cblr-11900	1952	30	banking	banking	NOUN
cblr-11900	1952	31	activities.434	activities.434	NOUN
cblr-11900	1952	32	granting	grant	VERB
cblr-11900	1952	33	a	a	DET
cblr-11900	1952	34	specialized	specialized	ADJ
cblr-11900	1952	35	subsidiary	subsidiary	NOUN
cblr-11900	1952	36	that	that	PRON
cblr-11900	1952	37	deals	deal	VERB
cblr-11900	1952	38	exclusively	exclusively	ADV
cblr-11900	1952	39	in	in	ADP
cblr-11900	1952	40	treasury	treasury	PROPN
cblr-11900	1952	41	securities	security	NOUN
cblr-11900	1952	42	access	access	NOUN
cblr-11900	1952	43	to	to	ADP
cblr-11900	1952	44	deposit	deposit	NOUN
cblr-11900	1952	45	funding	funding	NOUN
cblr-11900	1952	46	would	would	AUX
cblr-11900	1952	47	bring	bring	VERB
cblr-11900	1952	48	that	that	DET
cblr-11900	1952	49	activity	activity	NOUN
cblr-11900	1952	50	more	more	ADV
cblr-11900	1952	51	explicitly	explicitly	ADV
cblr-11900	1952	52	into	into	ADP
cblr-11900	1952	53	the	the	DET
cblr-11900	1952	54	core	core	NOUN
cblr-11900	1952	55	of	of	ADP
cblr-11900	1952	56	the	the	DET
cblr-11900	1952	57	banking	banking	NOUN
cblr-11900	1952	58	system	system	NOUN
cblr-11900	1952	59	.	.	PUNCT
cblr-11900	1953	1	rather	rather	ADV
cblr-11900	1953	2	than	than	ADP
cblr-11900	1953	3	indirect	indirect	ADJ
cblr-11900	1953	4	support	support	NOUN
cblr-11900	1953	5	via	via	ADP
cblr-11900	1953	6	the	the	DET
cblr-11900	1953	7	repo	repo	NOUN
cblr-11900	1953	8	market	market	NOUN
cblr-11900	1953	9	—	—	PUNCT
cblr-11900	1953	10	in	in	ADP
cblr-11900	1953	11	the	the	DET
cblr-11900	1953	12	form	form	NOUN
cblr-11900	1953	13	of	of	ADP
cblr-11900	1953	14	temporary	temporary	ADJ
cblr-11900	1953	15	open	open	ADJ
cblr-11900	1953	16	431	431	NUM
cblr-11900	1953	17	i	i	PRON
cblr-11900	1953	18	d.	d.	NOUN
cblr-11900	1953	19	432	432	NUM
cblr-11900	1953	20	duffie	duffie	PROPN
cblr-11900	1953	21	and	and	CCONJ
cblr-11900	1953	22	keane	keane	PROPN
cblr-11900	1953	23	describe	describe	VERB
cblr-11900	1953	24	a	a	DET
cblr-11900	1953	25	similar	similar	ADJ
cblr-11900	1953	26	mechanism	mechanism	NOUN
cblr-11900	1953	27	in	in	ADP
cblr-11900	1953	28	the	the	DET
cblr-11900	1953	29	context	context	NOUN
cblr-11900	1953	30	of	of	ADP
cblr-11900	1953	31	anticipated	anticipated	ADJ
cblr-11900	1953	32	market	market	NOUN
cblr-11900	1953	33	-	-	PUNCT
cblr-11900	1953	34	function	function	NOUN
cblr-11900	1953	35	purchases	purchase	NOUN
cblr-11900	1953	36	by	by	ADP
cblr-11900	1953	37	the	the	DET
cblr-11900	1953	38	central	central	ADJ
cblr-11900	1953	39	bank	bank	NOUN
cblr-11900	1953	40	or	or	CCONJ
cblr-11900	1953	41	fiscal	fiscal	ADJ
cblr-11900	1953	42	authority	authority	NOUN
cblr-11900	1953	43	.	.	PUNCT
cblr-11900	1954	1	tarullo	tarullo	PROPN
cblr-11900	1954	2	,	,	PUNCT
cblr-11900	1954	3	supra	supra	PROPN
cblr-11900	1954	4	note	note	PROPN
cblr-11900	1954	5	404	404	NUM
cblr-11900	1954	6	,	,	PUNCT
cblr-11900	1954	7	at	at	ADP
cblr-11900	1954	8	5	5	NUM
cblr-11900	1954	9	.	.	NUM
cblr-11900	1954	10	433	433	NUM
cblr-11900	1954	11	tarullo	tarullo	NOUN
cblr-11900	1954	12	,	,	PUNCT
cblr-11900	1954	13	supra	supra	PROPN
cblr-11900	1954	14	note	note	NOUN
cblr-11900	1954	15	404	404	NUM
cblr-11900	1954	16	,	,	PUNCT
cblr-11900	1954	17	at	at	ADP
cblr-11900	1954	18	7	7	NUM
cblr-11900	1954	19	.	.	NOUN
cblr-11900	1954	20	434	434	NUM
cblr-11900	1954	21	importantly	importantly	ADV
cblr-11900	1954	22	,	,	PUNCT
cblr-11900	1954	23	we	we	PRON
cblr-11900	1954	24	are	be	AUX
cblr-11900	1954	25	only	only	ADV
cblr-11900	1954	26	considering	consider	VERB
cblr-11900	1954	27	the	the	DET
cblr-11900	1954	28	functioning	functioning	NOUN
cblr-11900	1954	29	of	of	ADP
cblr-11900	1954	30	the	the	DET
cblr-11900	1954	31	market	market	NOUN
cblr-11900	1954	32	.	.	PUNCT
cblr-11900	1955	1	dealers	dealer	NOUN
cblr-11900	1955	2	would	would	AUX
cblr-11900	1955	3	still	still	ADV
cblr-11900	1955	4	be	be	AUX
cblr-11900	1955	5	exposed	expose	VERB
cblr-11900	1955	6	to	to	ADP
cblr-11900	1955	7	the	the	DET
cblr-11900	1955	8	market	market	NOUN
cblr-11900	1955	9	risk	risk	NOUN
cblr-11900	1955	10	associated	associate	VERB
cblr-11900	1955	11	with	with	ADP
cblr-11900	1955	12	intermediating	intermediate	VERB
cblr-11900	1955	13	potentially	potentially	ADV
cblr-11900	1955	14	volatile	volatile	ADJ
cblr-11900	1955	15	financial	financial	ADJ
cblr-11900	1955	16	instruments	instrument	NOUN
cblr-11900	1955	17	with	with	ADP
cblr-11900	1955	18	high	high	ADJ
cblr-11900	1955	19	levels	level	NOUN
cblr-11900	1955	20	of	of	ADP
cblr-11900	1955	21	leverage	leverage	NOUN
cblr-11900	1955	22	.	.	PUNCT
cblr-11900	1956	1	no	no	INTJ
cblr-11900	1956	2	.	.	NOUN
cblr-11900	1956	3	1	1	NUM
cblr-11900	1956	4	]	]	ADJ
cblr-11900	1956	5	money	money	NOUN
cblr-11900	1956	6	and	and	CCONJ
cblr-11900	1956	7	the	the	DET
cblr-11900	1956	8	public	public	ADJ
cblr-11900	1956	9	debt	debt	NOUN
cblr-11900	1956	10	331	331	NUM
cblr-11900	1956	11	market	market	NOUN
cblr-11900	1956	12	operations,435	operations,435	ADP
cblr-11900	1956	13	the	the	DET
cblr-11900	1956	14	standing	standing	NOUN
cblr-11900	1956	15	repurchase	repurchase	NOUN
cblr-11900	1956	16	facility,436	facility,436	NOUN
cblr-11900	1956	17	and	and	CCONJ
cblr-11900	1956	18	the	the	DET
cblr-11900	1956	19	shadow	shadow	NOUN
cblr-11900	1956	20	banking	banking	NOUN
cblr-11900	1956	21	system	system	NOUN
cblr-11900	1956	22	—	—	PUNCT
cblr-11900	1956	23	treasury	treasury	NOUN
cblr-11900	1956	24	dealing	dealing	NOUN
cblr-11900	1956	25	could	could	AUX
cblr-11900	1956	26	be	be	AUX
cblr-11900	1956	27	supported	support	VERB
cblr-11900	1956	28	by	by	ADP
cblr-11900	1956	29	direct	direct	ADJ
cblr-11900	1956	30	access	access	NOUN
cblr-11900	1956	31	to	to	ADP
cblr-11900	1956	32	fed	fed	PROPN
cblr-11900	1956	33	liquidity	liquidity	NOUN
cblr-11900	1956	34	and	and	CCONJ
cblr-11900	1956	35	federal	federal	ADJ
cblr-11900	1956	36	deposit	deposit	NOUN
cblr-11900	1956	37	insurance	insurance	NOUN
cblr-11900	1956	38	.	.	PUNCT
cblr-11900	1957	1	the	the	DET
cblr-11900	1957	2	result	result	NOUN
cblr-11900	1957	3	would	would	AUX
cblr-11900	1957	4	be	be	AUX
cblr-11900	1957	5	stable	stable	ADJ
cblr-11900	1957	6	,	,	PUNCT
cblr-11900	1957	7	low	low	ADJ
cblr-11900	1957	8	-	-	PUNCT
cblr-11900	1957	9	cost	cost	NOUN
cblr-11900	1957	10	funding	funding	NOUN
cblr-11900	1957	11	that	that	PRON
cblr-11900	1957	12	allows	allow	VERB
cblr-11900	1957	13	for	for	ADP
cblr-11900	1957	14	a	a	DET
cblr-11900	1957	15	much	much	ADV
cblr-11900	1957	16	nimbler	nimble	ADJ
cblr-11900	1957	17	and	and	CCONJ
cblr-11900	1957	18	more	more	ADJ
cblr-11900	1957	19	elastic	elastic	ADJ
cblr-11900	1957	20	dealer	dealer	NOUN
cblr-11900	1957	21	complex	complex	NOUN
cblr-11900	1957	22	on	on	ADP
cblr-11900	1957	23	the	the	DET
cblr-11900	1957	24	one	one	NUM
cblr-11900	1957	25	hand	hand	NOUN
cblr-11900	1957	26	,	,	PUNCT
cblr-11900	1957	27	and	and	CCONJ
cblr-11900	1957	28	strong	strong	ADJ
cblr-11900	1957	29	incentives	incentive	NOUN
cblr-11900	1957	30	to	to	PART
cblr-11900	1957	31	bring	bring	VERB
cblr-11900	1957	32	this	this	DET
cblr-11900	1957	33	activity	activity	NOUN
cblr-11900	1957	34	back	back	ADV
cblr-11900	1957	35	inside	inside	ADP
cblr-11900	1957	36	the	the	DET
cblr-11900	1957	37	bank	bank	NOUN
cblr-11900	1957	38	regulatory	regulatory	ADJ
cblr-11900	1957	39	perimeter	perimeter	NOUN
cblr-11900	1957	40	,	,	PUNCT
cblr-11900	1957	41	which	which	PRON
cblr-11900	1957	42	comes	come	VERB
cblr-11900	1957	43	with	with	ADP
cblr-11900	1957	44	extensive	extensive	ADJ
cblr-11900	1957	45	disclosure	disclosure	NOUN
cblr-11900	1957	46	and	and	CCONJ
cblr-11900	1957	47	supervisory	supervisory	ADJ
cblr-11900	1957	48	oversight	oversight	NOUN
cblr-11900	1957	49	,	,	PUNCT
cblr-11900	1957	50	on	on	ADP
cblr-11900	1957	51	the	the	DET
cblr-11900	1957	52	other	other	ADJ
cblr-11900	1957	53	.	.	PUNCT
cblr-11900	1958	1	this	this	PRON
cblr-11900	1958	2	was	be	AUX
cblr-11900	1958	3	presumably	presumably	ADV
cblr-11900	1958	4	what	what	PRON
cblr-11900	1958	5	legislators	legislator	NOUN
cblr-11900	1958	6	had	have	VERB
cblr-11900	1958	7	in	in	ADP
cblr-11900	1958	8	mind	mind	NOUN
cblr-11900	1958	9	when	when	SCONJ
cblr-11900	1958	10	they	they	PRON
cblr-11900	1958	11	specifically	specifically	ADV
cblr-11900	1958	12	exempted	exempt	VERB
cblr-11900	1958	13	dealing	deal	VERB
cblr-11900	1958	14	in	in	ADP
cblr-11900	1958	15	government	government	NOUN
cblr-11900	1958	16	securities	security	NOUN
cblr-11900	1958	17	from	from	ADP
cblr-11900	1958	18	the	the	DET
cblr-11900	1958	19	separation	separation	NOUN
cblr-11900	1958	20	of	of	ADP
cblr-11900	1958	21	dealing	deal	VERB
cblr-11900	1958	22	and	and	CCONJ
cblr-11900	1958	23	commercial	commercial	ADJ
cblr-11900	1958	24	banking	banking	NOUN
cblr-11900	1958	25	in	in	ADP
cblr-11900	1958	26	the	the	DET
cblr-11900	1958	27	banking	banking	NOUN
cblr-11900	1958	28	act	act	NOUN
cblr-11900	1958	29	of	of	ADP
cblr-11900	1958	30	1933.437	1933.437	NUM
cblr-11900	1958	31	it	it	PRON
cblr-11900	1958	32	would	would	AUX
cblr-11900	1958	33	,	,	PUNCT
cblr-11900	1958	34	however	however	ADV
cblr-11900	1958	35	,	,	PUNCT
cblr-11900	1958	36	potentially	potentially	ADV
cblr-11900	1958	37	require	require	VERB
cblr-11900	1958	38	two	two	NUM
cblr-11900	1958	39	specific	specific	ADJ
cblr-11900	1958	40	sets	set	NOUN
cblr-11900	1958	41	of	of	ADP
cblr-11900	1958	42	rule	rule	NOUN
cblr-11900	1958	43	changes	change	NOUN
cblr-11900	1958	44	to	to	PART
cblr-11900	1958	45	be	be	AUX
cblr-11900	1958	46	effective	effective	ADJ
cblr-11900	1958	47	.	.	PUNCT
cblr-11900	1959	1	first	first	ADV
cblr-11900	1959	2	,	,	PUNCT
cblr-11900	1959	3	balance	balance	NOUN
cblr-11900	1959	4	sheet	sheet	NOUN
cblr-11900	1959	5	capacity	capacity	NOUN
cblr-11900	1959	6	could	could	AUX
cblr-11900	1959	7	be	be	AUX
cblr-11900	1959	8	addressed	address	VERB
cblr-11900	1959	9	with	with	ADP
cblr-11900	1959	10	a	a	DET
cblr-11900	1959	11	narrow	narrow	ADJ
cblr-11900	1959	12	slr	slr	NOUN
cblr-11900	1959	13	exemption	exemption	NOUN
cblr-11900	1959	14	.	.	PUNCT
cblr-11900	1960	1	carving	carve	VERB
cblr-11900	1960	2	a	a	DET
cblr-11900	1960	3	dedicated	dedicated	ADJ
cblr-11900	1960	4	treasury	treasury	NOUN
cblr-11900	1960	5	dealer	dealer	NOUN
cblr-11900	1960	6	subsidiary	subsidiary	NOUN
cblr-11900	1960	7	’s	’s	PART
cblr-11900	1960	8	assets	asset	NOUN
cblr-11900	1960	9	out	out	ADP
cblr-11900	1960	10	of	of	ADP
cblr-11900	1960	11	exposure	exposure	NOUN
cblr-11900	1960	12	measures	measure	NOUN
cblr-11900	1960	13	could	could	AUX
cblr-11900	1960	14	dramatically	dramatically	ADV
cblr-11900	1960	15	increase	increase	VERB
cblr-11900	1960	16	its	its	PRON
cblr-11900	1960	17	ability	ability	NOUN
cblr-11900	1960	18	to	to	PART
cblr-11900	1960	19	grow	grow	VERB
cblr-11900	1960	20	its	its	PRON
cblr-11900	1960	21	inventory	inventory	NOUN
cblr-11900	1960	22	(	(	PUNCT
cblr-11900	1960	23	sometimes	sometimes	ADV
cblr-11900	1960	24	referred	refer	VERB
cblr-11900	1960	25	to	to	ADP
cblr-11900	1960	26	as	as	ADP
cblr-11900	1960	27	intermediation	intermediation	NOUN
cblr-11900	1960	28	elasticity	elasticity	NOUN
cblr-11900	1960	29	)	)	PUNCT
cblr-11900	1960	30	without	without	ADP
cblr-11900	1960	31	having	have	VERB
cblr-11900	1960	32	a	a	DET
cblr-11900	1960	33	material	material	ADJ
cblr-11900	1960	34	impact	impact	NOUN
cblr-11900	1960	35	on	on	ADP
cblr-11900	1960	36	the	the	DET
cblr-11900	1960	37	overall	overall	ADJ
cblr-11900	1960	38	slr	slr	NOUN
cblr-11900	1960	39	or	or	CCONJ
cblr-11900	1960	40	its	its	PRON
cblr-11900	1960	41	impact	impact	NOUN
cblr-11900	1960	42	on	on	ADP
cblr-11900	1960	43	broader	broad	ADJ
cblr-11900	1960	44	banking	banking	NOUN
cblr-11900	1960	45	system	system	NOUN
cblr-11900	1960	46	incentives.438	incentives.438	NOUN
cblr-11900	1960	47	that	that	PRON
cblr-11900	1960	48	would	would	AUX
cblr-11900	1960	49	also	also	ADV
cblr-11900	1960	50	focus	focus	VERB
cblr-11900	1960	51	435	435	NUM
cblr-11900	1960	52	see	see	NOUN
cblr-11900	1960	53	for	for	ADP
cblr-11900	1960	54	example	example	NOUN
cblr-11900	1960	55	the	the	DET
cblr-11900	1960	56	fed	fed	PROPN
cblr-11900	1960	57	’s	’s	PART
cblr-11900	1960	58	intervention	intervention	NOUN
cblr-11900	1960	59	in	in	ADP
cblr-11900	1960	60	repo	repo	ADP
cblr-11900	1960	61	markets	market	NOUN
cblr-11900	1960	62	during	during	ADP
cblr-11900	1960	63	the	the	DET
cblr-11900	1960	64	fall	fall	NOUN
cblr-11900	1960	65	of	of	ADP
cblr-11900	1960	66	2019	2019	NUM
cblr-11900	1960	67	.	.	PUNCT
cblr-11900	1961	1	lorie	lorie	PROPN
cblr-11900	1961	2	logan	logan	PROPN
cblr-11900	1961	3	,	,	PUNCT
cblr-11900	1961	4	senior	senior	ADJ
cblr-11900	1961	5	vice	vice	NOUN
cblr-11900	1961	6	president	president	NOUN
cblr-11900	1961	7	,	,	PUNCT
cblr-11900	1961	8	fed	fed	PROPN
cblr-11900	1961	9	.	.	PUNCT
cblr-11900	1961	10	rsrv	rsrv	PROPN
cblr-11900	1961	11	.	.	PUNCT
cblr-11900	1962	1	bank	bank	PROPN
cblr-11900	1962	2	of	of	ADP
cblr-11900	1962	3	n.y	n.y	PROPN
cblr-11900	1962	4	.	.	PROPN
cblr-11900	1962	5	,	,	PUNCT
cblr-11900	1962	6	remarks	remark	VERB
cblr-11900	1962	7	before	before	ADP
cblr-11900	1962	8	the	the	DET
cblr-11900	1962	9	money	money	NOUN
cblr-11900	1962	10	marketeers	marketeer	NOUN
cblr-11900	1962	11	of	of	ADP
cblr-11900	1962	12	new	new	PROPN
cblr-11900	1962	13	york	york	PROPN
cblr-11900	1962	14	university	university	PROPN
cblr-11900	1962	15	,	,	PUNCT
cblr-11900	1962	16	new	new	PROPN
cblr-11900	1962	17	york	york	PROPN
cblr-11900	1962	18	city	city	PROPN
cblr-11900	1962	19	:	:	PUNCT
cblr-11900	1962	20	implementing	implement	VERB
cblr-11900	1962	21	monetary	monetary	ADJ
cblr-11900	1962	22	policy	policy	NOUN
cblr-11900	1962	23	:	:	PUNCT
cblr-11900	1962	24	perspective	perspective	NOUN
cblr-11900	1962	25	from	from	ADP
cblr-11900	1962	26	the	the	DET
cblr-11900	1962	27	open	open	ADJ
cblr-11900	1962	28	market	market	NOUN
cblr-11900	1962	29	trading	trading	NOUN
cblr-11900	1962	30	desk	desk	NOUN
cblr-11900	1962	31	(	(	PUNCT
cblr-11900	1962	32	may	may	PROPN
cblr-11900	1962	33	18	18	NUM
cblr-11900	1962	34	,	,	PUNCT
cblr-11900	1962	35	2017	2017	NUM
cblr-11900	1962	36	)	)	PUNCT
cblr-11900	1962	37	,	,	PUNCT
cblr-11900	1962	38	https://www.newyorkfed.org/newsevents/speeches/2017/log170518	https://www.newyorkfed.org/newsevents/speeches/2017/log170518	PROPN
cblr-11900	1962	39	[	[	X
cblr-11900	1962	40	https://perma.cc/3w48-cldj	https://perma.cc/3w48-cldj	PROPN
cblr-11900	1962	41	]	]	PUNCT
cblr-11900	1962	42	.	.	PUNCT
cblr-11900	1963	1	436	436	NUM
cblr-11900	1963	2	see	see	VERB
cblr-11900	1963	3	gara	gara	PROPN
cblr-11900	1963	4	afonso	afonso	PROPN
cblr-11900	1963	5	,	,	PUNCT
cblr-11900	1963	6	lorie	lorie	PROPN
cblr-11900	1963	7	logan	logan	PROPN
cblr-11900	1963	8	,	,	PUNCT
cblr-11900	1963	9	antoine	antoine	PROPN
cblr-11900	1963	10	martin	martin	PROPN
cblr-11900	1963	11	,	,	PUNCT
cblr-11900	1963	12	william	william	PROPN
cblr-11900	1963	13	riordan	riordan	PROPN
cblr-11900	1963	14	&	&	CCONJ
cblr-11900	1963	15	patricia	patricia	PROPN
cblr-11900	1963	16	zobel	zobel	PROPN
cblr-11900	1963	17	,	,	PUNCT
cblr-11900	1963	18	the	the	DET
cblr-11900	1963	19	fed	fed	PROPN
cblr-11900	1963	20	’s	’s	PART
cblr-11900	1963	21	latest	late	ADJ
cblr-11900	1963	22	tool	tool	NOUN
cblr-11900	1963	23	:	:	PUNCT
cblr-11900	1963	24	a	a	DET
cblr-11900	1963	25	standing	stand	VERB
cblr-11900	1963	26	repo	repo	ADP
cblr-11900	1963	27	facility	facility	NOUN
cblr-11900	1963	28	,	,	PUNCT
cblr-11900	1963	29	fed	fed	PROPN
cblr-11900	1963	30	.	.	PUNCT
cblr-11900	1963	31	rsrv	rsrv	PROPN
cblr-11900	1963	32	.	.	PUNCT
cblr-11900	1964	1	bank	bank	PROPN
cblr-11900	1964	2	of	of	ADP
cblr-11900	1964	3	n.y	n.y	PROPN
cblr-11900	1964	4	.	.	PROPN
cblr-11900	1964	5	liberty	liberty	PROPN
cblr-11900	1964	6	st	st	PROPN
cblr-11900	1964	7	.	.	PROPN
cblr-11900	1964	8	econ	econ	PROPN
cblr-11900	1964	9	.	.	PUNCT
cblr-11900	1965	1	(	(	PUNCT
cblr-11900	1965	2	jan	jan	PROPN
cblr-11900	1965	3	.	.	PROPN
cblr-11900	1965	4	13	13	NUM
cblr-11900	1965	5	,	,	PUNCT
cblr-11900	1965	6	2022	2022	NUM
cblr-11900	1965	7	)	)	PUNCT
cblr-11900	1965	8	,	,	PUNCT
cblr-11900	1966	1	https://libertystreeteconomics.newyorkfed.org/2022/01/the-feds-latest-toola-standing-repo-facility/	https://libertystreeteconomics.newyorkfed.org/2022/01/the-feds-latest-toola-standing-repo-facility/	PROPN
cblr-11900	1966	2	[	[	X
cblr-11900	1966	3	https://perma.cc/v9gk-dlw7	https://perma.cc/v9gk-dlw7	X
cblr-11900	1966	4	]	]	X
cblr-11900	1966	5	.	.	PUNCT
cblr-11900	1967	1	437	437	NUM
cblr-11900	1967	2	banking	banking	NOUN
cblr-11900	1967	3	act	act	NOUN
cblr-11900	1967	4	of	of	ADP
cblr-11900	1967	5	1933	1933	NUM
cblr-11900	1967	6	,	,	PUNCT
cblr-11900	1967	7	pub	pub	NOUN
cblr-11900	1967	8	.	.	PUNCT
cblr-11900	1968	1	l.	l.	PROPN
cblr-11900	1968	2	66–73d	66–73d	PROPN
cblr-11900	1968	3	at	at	ADP
cblr-11900	1968	4	§	§	PROPN
cblr-11900	1968	5	7	7	NUM
cblr-11900	1968	6	,	,	PUNCT
cblr-11900	1968	7	48	48	NUM
cblr-11900	1968	8	stat	stat	NOUN
cblr-11900	1968	9	.	.	PUNCT
cblr-11900	1969	1	162	162	NUM
cblr-11900	1969	2	(	(	PUNCT
cblr-11900	1969	3	1933	1933	NUM
cblr-11900	1969	4	)	)	PUNCT
cblr-11900	1969	5	.	.	PUNCT
cblr-11900	1970	1	“	"	PUNCT
cblr-11900	1970	2	the	the	DET
cblr-11900	1970	3	limitations	limitation	NOUN
cblr-11900	1970	4	and	and	CCONJ
cblr-11900	1970	5	restrictions	restriction	NOUN
cblr-11900	1970	6	herein	herein	NOUN
cblr-11900	1970	7	contained	contain	VERB
cblr-11900	1970	8	as	as	ADP
cblr-11900	1970	9	to	to	ADP
cblr-11900	1970	10	dealing	deal	VERB
cblr-11900	1970	11	in	in	ADV
cblr-11900	1970	12	,	,	PUNCT
cblr-11900	1970	13	underwriting	underwriting	NOUN
cblr-11900	1970	14	and	and	CCONJ
cblr-11900	1970	15	purchasing	purchasing	NOUN
cblr-11900	1970	16	for	for	ADP
cblr-11900	1970	17	its	its	PRON
cblr-11900	1970	18	own	own	ADJ
cblr-11900	1970	19	account	account	NOUN
cblr-11900	1970	20	,	,	PUNCT
cblr-11900	1970	21	investment	investment	NOUN
cblr-11900	1970	22	securities	security	NOUN
cblr-11900	1970	23	shall	shall	AUX
cblr-11900	1970	24	not	not	PART
cblr-11900	1970	25	apply	apply	VERB
cblr-11900	1970	26	to	to	ADP
cblr-11900	1970	27	obligations	obligation	NOUN
cblr-11900	1970	28	of	of	ADP
cblr-11900	1970	29	the	the	DET
cblr-11900	1970	30	united	united	PROPN
cblr-11900	1970	31	states	states	PROPN
cblr-11900	1970	32	,	,	PUNCT
cblr-11900	1970	33	or	or	CCONJ
cblr-11900	1970	34	general	general	ADJ
cblr-11900	1970	35	obligations	obligation	NOUN
cblr-11900	1970	36	of	of	ADP
cblr-11900	1970	37	any	any	DET
cblr-11900	1970	38	state	state	NOUN
cblr-11900	1970	39	or	or	CCONJ
cblr-11900	1970	40	of	of	ADP
cblr-11900	1970	41	any	any	DET
cblr-11900	1970	42	political	political	ADJ
cblr-11900	1970	43	subdivision	subdivision	NOUN
cblr-11900	1970	44	thereof	thereof	ADV
cblr-11900	1970	45	,	,	PUNCT
cblr-11900	1970	46	or	or	CCONJ
cblr-11900	1970	47	obligations	obligation	NOUN
cblr-11900	1970	48	issued	issue	VERB
cblr-11900	1970	49	under	under	ADP
cblr-11900	1970	50	authority	authority	NOUN
cblr-11900	1970	51	of	of	ADP
cblr-11900	1970	52	the	the	DET
cblr-11900	1970	53	federal	federal	PROPN
cblr-11900	1970	54	farm	farm	PROPN
cblr-11900	1970	55	loan	loan	PROPN
cblr-11900	1970	56	act	act	PROPN
cblr-11900	1970	57	,	,	PUNCT
cblr-11900	1970	58	as	as	SCONJ
cblr-11900	1970	59	amended	amend	VERB
cblr-11900	1970	60	,	,	PUNCT
cblr-11900	1970	61	or	or	CCONJ
cblr-11900	1970	62	issued	issue	VERB
cblr-11900	1970	63	by	by	ADP
cblr-11900	1970	64	the	the	DET
cblr-11900	1970	65	federal	federal	PROPN
cblr-11900	1970	66	home	home	PROPN
cblr-11900	1970	67	loan	loan	NOUN
cblr-11900	1970	68	banks	bank	NOUN
cblr-11900	1970	69	or	or	CCONJ
cblr-11900	1970	70	the	the	DET
cblr-11900	1970	71	home	home	NOUN
cblr-11900	1970	72	owners	owner	NOUN
cblr-11900	1970	73	’	'	PUNCT
cblr-11900	1970	74	loan	loan	NOUN
cblr-11900	1970	75	corporation	corporation	NOUN
cblr-11900	1970	76	.	.	PUNCT
cblr-11900	1970	77	”	"	PUNCT
cblr-11900	1971	1	i	i	PRON
cblr-11900	1971	2	d.	d.	PROPN
cblr-11900	1971	3	438	438	NUM
cblr-11900	1971	4	based	base	VERB
cblr-11900	1971	5	on	on	ADP
cblr-11900	1971	6	public	public	ADJ
cblr-11900	1971	7	disclosures	disclosure	NOUN
cblr-11900	1971	8	,	,	PUNCT
cblr-11900	1971	9	treasury	treasury	PROPN
cblr-11900	1971	10	securities	security	NOUN
cblr-11900	1971	11	that	that	PRON
cblr-11900	1971	12	are	be	AUX
cblr-11900	1971	13	designated	designate	VERB
cblr-11900	1971	14	as	as	ADP
cblr-11900	1971	15	trading	trading	NOUN
cblr-11900	1971	16	assets	asset	NOUN
cblr-11900	1971	17	for	for	ADP
cblr-11900	1971	18	accounting	accounting	NOUN
cblr-11900	1971	19	purposes	purpose	NOUN
cblr-11900	1971	20	made	make	VERB
cblr-11900	1971	21	up	up	ADP
cblr-11900	1971	22	only	only	ADV
cblr-11900	1971	23	23	23	NUM
cblr-11900	1971	24	%	%	NOUN
cblr-11900	1971	25	of	of	ADP
cblr-11900	1971	26	total	total	ADJ
cblr-11900	1971	27	332	332	NUM
cblr-11900	1971	28	columbia	columbia	PROPN
cblr-11900	1971	29	business	business	NOUN
cblr-11900	1971	30	law	law	PROPN
cblr-11900	1971	31	review	review	NOUN
cblr-11900	1971	32	[	[	X
cblr-11900	1971	33	vol	vol	NOUN
cblr-11900	1971	34	.	.	PUNCT
cblr-11900	1971	35	2023	2023	NUM
cblr-11900	1971	36	specifically	specifically	ADV
cblr-11900	1971	37	on	on	ADP
cblr-11900	1971	38	treasuries	treasury	NOUN
cblr-11900	1971	39	associated	associate	VERB
cblr-11900	1971	40	with	with	ADP
cblr-11900	1971	41	market	market	NOUN
cblr-11900	1971	42	making	make	VERB
cblr-11900	1971	43	activities	activity	NOUN
cblr-11900	1971	44	,	,	PUNCT
cblr-11900	1971	45	which	which	PRON
cblr-11900	1971	46	are	be	AUX
cblr-11900	1971	47	generally	generally	ADV
cblr-11900	1971	48	hedged	hedge	VERB
cblr-11900	1971	49	with	with	ADP
cblr-11900	1971	50	futures	future	NOUN
cblr-11900	1971	51	and	and	CCONJ
cblr-11900	1971	52	other	other	ADJ
cblr-11900	1971	53	derivatives	derivative	NOUN
cblr-11900	1971	54	and	and	CCONJ
cblr-11900	1971	55	for	for	ADP
cblr-11900	1971	56	which	which	PRON
cblr-11900	1971	57	mark	mark	NOUN
cblr-11900	1971	58	-	-	PUNCT
cblr-11900	1971	59	to	to	ADP
cblr-11900	1971	60	-	-	PUNCT
cblr-11900	1971	61	market	market	NOUN
cblr-11900	1971	62	gains	gain	NOUN
cblr-11900	1971	63	and	and	CCONJ
cblr-11900	1971	64	losses	loss	NOUN
cblr-11900	1971	65	are	be	AUX
cblr-11900	1971	66	recognized	recognize	VERB
cblr-11900	1971	67	on	on	ADP
cblr-11900	1971	68	the	the	DET
cblr-11900	1971	69	income	income	NOUN
cblr-11900	1971	70	statement	statement	NOUN
cblr-11900	1971	71	.	.	PUNCT
cblr-11900	1972	1	portfolio	portfolio	NOUN
cblr-11900	1972	2	holdings	holding	NOUN
cblr-11900	1972	3	,	,	PUNCT
cblr-11900	1972	4	which	which	PRON
cblr-11900	1972	5	are	be	AUX
cblr-11900	1972	6	often	often	ADV
cblr-11900	1972	7	a	a	DET
cblr-11900	1972	8	material	material	ADJ
cblr-11900	1972	9	source	source	NOUN
cblr-11900	1972	10	of	of	ADP
cblr-11900	1972	11	interest	interest	NOUN
cblr-11900	1972	12	rate	rate	NOUN
cblr-11900	1972	13	risk	risk	NOUN
cblr-11900	1972	14	and	and	CCONJ
cblr-11900	1972	15	can	can	AUX
cblr-11900	1972	16	be	be	AUX
cblr-11900	1972	17	held	hold	VERB
cblr-11900	1972	18	at	at	ADP
cblr-11900	1972	19	amortized	amortize	VERB
cblr-11900	1972	20	cost,439	cost,439	PROPN
cblr-11900	1972	21	would	would	AUX
cblr-11900	1972	22	be	be	AUX
cblr-11900	1972	23	out	out	ADP
cblr-11900	1972	24	of	of	ADP
cblr-11900	1972	25	scope	scope	NOUN
cblr-11900	1972	26	.	.	PUNCT
cblr-11900	1973	1	though	though	SCONJ
cblr-11900	1973	2	not	not	PART
cblr-11900	1973	3	strictly	strictly	ADV
cblr-11900	1973	4	basel	basel	PROPN
cblr-11900	1973	5	-	-	PUNCT
cblr-11900	1973	6	compliant	compliant	NOUN
cblr-11900	1973	7	,	,	PUNCT
cblr-11900	1973	8	this	this	PRON
cblr-11900	1973	9	would	would	AUX
cblr-11900	1973	10	constitute	constitute	VERB
cblr-11900	1973	11	a	a	DET
cblr-11900	1973	12	much	much	ADV
cblr-11900	1973	13	lesser	less	ADJ
cblr-11900	1973	14	deviation	deviation	NOUN
cblr-11900	1973	15	from	from	ADP
cblr-11900	1973	16	their	their	PRON
cblr-11900	1973	17	standard	standard	NOUN
cblr-11900	1973	18	than	than	ADP
cblr-11900	1973	19	other	other	ADJ
cblr-11900	1973	20	proposals	proposal	NOUN
cblr-11900	1973	21	while	while	SCONJ
cblr-11900	1973	22	having	have	VERB
cblr-11900	1973	23	a	a	DET
cblr-11900	1973	24	comparable	comparable	ADJ
cblr-11900	1973	25	impact	impact	NOUN
cblr-11900	1973	26	on	on	ADP
cblr-11900	1973	27	intermediation	intermediation	NOUN
cblr-11900	1973	28	capacity	capacity	NOUN
cblr-11900	1973	29	and	and	CCONJ
cblr-11900	1973	30	elasticity	elasticity	NOUN
cblr-11900	1973	31	.	.	PUNCT
cblr-11900	1974	1	it	it	PRON
cblr-11900	1974	2	would	would	AUX
cblr-11900	1974	3	also	also	ADV
cblr-11900	1974	4	not	not	PART
cblr-11900	1974	5	be	be	AUX
cblr-11900	1974	6	costless	costless	NOUN
cblr-11900	1974	7	for	for	ADP
cblr-11900	1974	8	banks	bank	NOUN
cblr-11900	1974	9	to	to	ADP
cblr-11900	1974	10	redesignate	redesignate	NOUN
cblr-11900	1974	11	or	or	CCONJ
cblr-11900	1974	12	accumulate	accumulate	VERB
cblr-11900	1974	13	large	large	ADJ
cblr-11900	1974	14	quantities	quantity	NOUN
cblr-11900	1974	15	of	of	ADP
cblr-11900	1974	16	treasuries	treasury	NOUN
cblr-11900	1974	17	as	as	ADP
cblr-11900	1974	18	trading	trading	NOUN
cblr-11900	1974	19	assets	asset	NOUN
cblr-11900	1974	20	,	,	PUNCT
cblr-11900	1974	21	since	since	SCONJ
cblr-11900	1974	22	gains	gain	NOUN
cblr-11900	1974	23	and	and	CCONJ
cblr-11900	1974	24	losses	loss	NOUN
cblr-11900	1974	25	in	in	ADP
cblr-11900	1974	26	the	the	DET
cblr-11900	1974	27	fair	fair	ADJ
cblr-11900	1974	28	value	value	NOUN
cblr-11900	1974	29	of	of	ADP
cblr-11900	1974	30	those	those	DET
cblr-11900	1974	31	assets	asset	NOUN
cblr-11900	1974	32	are	be	AUX
cblr-11900	1974	33	included	include	VERB
cblr-11900	1974	34	in	in	ADP
cblr-11900	1974	35	earnings440	earnings440	PROPN
cblr-11900	1974	36	and	and	CCONJ
cblr-11900	1974	37	contribute	contribute	VERB
cblr-11900	1974	38	to	to	ADP
cblr-11900	1974	39	market	market	NOUN
cblr-11900	1974	40	risk	risk	NOUN
cblr-11900	1974	41	exposure	exposure	NOUN
cblr-11900	1974	42	in	in	ADP
cblr-11900	1974	43	rwa	rwa	PROPN
cblr-11900	1974	44	.	.	PUNCT
cblr-11900	1975	1	that	that	PRON
cblr-11900	1975	2	would	would	AUX
cblr-11900	1975	3	,	,	PUNCT
cblr-11900	1975	4	in	in	ADP
cblr-11900	1975	5	principle	principle	NOUN
cblr-11900	1975	6	,	,	PUNCT
cblr-11900	1975	7	reduce	reduce	VERB
cblr-11900	1975	8	the	the	DET
cblr-11900	1975	9	risk	risk	NOUN
cblr-11900	1975	10	of	of	ADP
cblr-11900	1975	11	regulatory	regulatory	ADJ
cblr-11900	1975	12	arbitrage	arbitrage	NOUN
cblr-11900	1975	13	.	.	PUNCT
cblr-11900	1976	1	second	second	ADJ
cblr-11900	1976	2	,	,	PUNCT
cblr-11900	1976	3	that	that	DET
cblr-11900	1976	4	subsidiary	subsidiary	NOUN
cblr-11900	1976	5	could	could	AUX
cblr-11900	1976	6	be	be	AUX
cblr-11900	1976	7	allowed	allow	VERB
cblr-11900	1976	8	to	to	PART
cblr-11900	1976	9	fund	fund	VERB
cblr-11900	1976	10	itself	itself	PRON
cblr-11900	1976	11	with	with	ADP
cblr-11900	1976	12	a	a	DET
cblr-11900	1976	13	line	line	NOUN
cblr-11900	1976	14	of	of	ADP
cblr-11900	1976	15	credit	credit	NOUN
cblr-11900	1976	16	or	or	CCONJ
cblr-11900	1976	17	standing	stand	VERB
cblr-11900	1976	18	repo	repo	ADP
cblr-11900	1976	19	offering	offering	NOUN
cblr-11900	1976	20	from	from	ADP
cblr-11900	1976	21	the	the	DET
cblr-11900	1976	22	banking	banking	NOUN
cblr-11900	1976	23	entity	entity	NOUN
cblr-11900	1976	24	that	that	PRON
cblr-11900	1976	25	mimics	mimic	VERB
cblr-11900	1976	26	the	the	DET
cblr-11900	1976	27	cost	cost	NOUN
cblr-11900	1976	28	and	and	CCONJ
cblr-11900	1976	29	stability	stability	NOUN
cblr-11900	1976	30	of	of	ADP
cblr-11900	1976	31	traditional	traditional	ADJ
cblr-11900	1976	32	deposits	deposit	NOUN
cblr-11900	1976	33	.	.	PUNCT
cblr-11900	1977	1	doing	do	VERB
cblr-11900	1977	2	so	so	ADV
cblr-11900	1977	3	would	would	AUX
cblr-11900	1977	4	potentially	potentially	ADV
cblr-11900	1977	5	require	require	VERB
cblr-11900	1977	6	a	a	DET
cblr-11900	1977	7	narrow	narrow	ADJ
cblr-11900	1977	8	exemption	exemption	NOUN
cblr-11900	1977	9	from	from	ADP
cblr-11900	1977	10	existing	exist	VERB
cblr-11900	1977	11	rules	rule	NOUN
cblr-11900	1977	12	,	,	PUNCT
cblr-11900	1977	13	in	in	ADP
cblr-11900	1977	14	this	this	DET
cblr-11900	1977	15	case	case	NOUN
cblr-11900	1977	16	regulation	regulation	NOUN
cblr-11900	1977	17	w	w	PROPN
cblr-11900	1977	18	treasury	treasury	PROPN
cblr-11900	1977	19	holdings	holding	NOUN
cblr-11900	1977	20	and	and	CCONJ
cblr-11900	1977	21	less	less	ADJ
cblr-11900	1977	22	than	than	ADP
cblr-11900	1977	23	2	2	NUM
cblr-11900	1977	24	%	%	NOUN
cblr-11900	1977	25	of	of	ADP
cblr-11900	1977	26	total	total	ADJ
cblr-11900	1977	27	leverage	leverage	NOUN
cblr-11900	1977	28	exposure	exposure	NOUN
cblr-11900	1977	29	as	as	ADP
cblr-11900	1977	30	of	of	ADP
cblr-11900	1977	31	the	the	DET
cblr-11900	1977	32	first	first	ADJ
cblr-11900	1977	33	quarter	quarter	NOUN
cblr-11900	1977	34	of	of	ADP
cblr-11900	1977	35	2022	2022	NUM
cblr-11900	1977	36	.	.	PUNCT
cblr-11900	1978	1	see	see	VERB
cblr-11900	1978	2	large	large	ADJ
cblr-11900	1978	3	holding	hold	VERB
cblr-11900	1978	4	companies	company	NOUN
cblr-11900	1978	5	,	,	PUNCT
cblr-11900	1978	6	nat’l	nat’l	NOUN
cblr-11900	1978	7	info	info	NOUN
cblr-11900	1978	8	.	.	PUNCT
cblr-11900	1979	1	ctr	ctr	PROPN
cblr-11900	1979	2	.	.	PUNCT
cblr-11900	1980	1	(	(	PUNCT
cblr-11900	1980	2	march	march	PROPN
cblr-11900	1980	3	31	31	NUM
cblr-11900	1980	4	,	,	PUNCT
cblr-11900	1980	5	2023	2023	NUM
cblr-11900	1980	6	)	)	PUNCT
cblr-11900	1980	7	,	,	PUNCT
cblr-11900	1980	8	https://www.ffiec.gov/npw/institution/topholdings	https://www.ffiec.gov/npw/institution/topholding	NOUN
cblr-11900	1980	9	.	.	PUNCT
cblr-11900	1981	1	439	439	NUM
cblr-11900	1981	2	this	this	PRON
cblr-11900	1981	3	is	be	AUX
cblr-11900	1981	4	generally	generally	ADV
cblr-11900	1981	5	true	true	ADJ
cblr-11900	1981	6	of	of	ADP
cblr-11900	1981	7	securities	security	NOUN
cblr-11900	1981	8	designated	designate	VERB
cblr-11900	1981	9	held	hold	VERB
cblr-11900	1981	10	-	-	PUNCT
cblr-11900	1981	11	to	to	ADP
cblr-11900	1981	12	-	-	PUNCT
cblr-11900	1981	13	maturity	maturity	NOUN
cblr-11900	1981	14	for	for	ADP
cblr-11900	1981	15	accounting	accounting	NOUN
cblr-11900	1981	16	purposes	purpose	NOUN
cblr-11900	1981	17	.	.	PUNCT
cblr-11900	1982	1	fin	fin	NOUN
cblr-11900	1982	2	.	.	PUNCT
cblr-11900	1982	3	acct	acct	NOUN
cblr-11900	1982	4	.	.	PUNCT
cblr-11900	1983	1	standards	standard	NOUN
cblr-11900	1983	2	bd	bd	PROPN
cblr-11900	1983	3	.	.	PROPN
cblr-11900	1983	4	,	,	PUNCT
cblr-11900	1983	5	gaap	gaap	PROPN
cblr-11900	1983	6	taxonomy	taxonomy	NOUN
cblr-11900	1983	7	implementation	implementation	NOUN
cblr-11900	1983	8	guide	guide	NOUN
cblr-11900	1983	9	(	(	PUNCT
cblr-11900	1983	10	2021	2021	NUM
cblr-11900	1983	11	)	)	PUNCT
cblr-11900	1983	12	,	,	PUNCT
cblr-11900	1984	1	https://xbrl.fasb.org/impguidance/ds_tig/debtsecurities_1.pdf	https://xbrl.fasb.org/impguidance/ds_tig/debtsecurities_1.pdf	PUNCT
cblr-11900	1985	1	[	[	X
cblr-11900	1985	2	https://perma.cc/d27w-uc8n	https://perma.cc/d27w-uc8n	X
cblr-11900	1985	3	]	]	X
cblr-11900	1985	4	.	.	PUNCT
cblr-11900	1986	1	440	440	NUM
cblr-11900	1986	2	there	there	PRON
cblr-11900	1986	3	are	be	VERB
cblr-11900	1986	4	three	three	NUM
cblr-11900	1986	5	accounting	accounting	NOUN
cblr-11900	1986	6	designations	designation	NOUN
cblr-11900	1986	7	for	for	ADP
cblr-11900	1986	8	securities	security	NOUN
cblr-11900	1986	9	held	hold	VERB
cblr-11900	1986	10	by	by	ADP
cblr-11900	1986	11	bank	bank	NOUN
cblr-11900	1986	12	holding	hold	VERB
cblr-11900	1986	13	companies	company	NOUN
cblr-11900	1986	14	.	.	PUNCT
cblr-11900	1987	1	held	hold	VERB
cblr-11900	1987	2	-	-	PUNCT
cblr-11900	1987	3	to	to	ADP
cblr-11900	1987	4	-	-	PUNCT
cblr-11900	1987	5	maturity	maturity	NOUN
cblr-11900	1987	6	(	(	PUNCT
cblr-11900	1987	7	htm	htm	PROPN
cblr-11900	1987	8	)	)	PUNCT
cblr-11900	1987	9	are	be	AUX
cblr-11900	1987	10	accounted	account	VERB
cblr-11900	1987	11	for	for	ADP
cblr-11900	1987	12	on	on	ADP
cblr-11900	1987	13	an	an	DET
cblr-11900	1987	14	amortized	amortize	VERB
cblr-11900	1987	15	cost	cost	NOUN
cblr-11900	1987	16	basis	basis	NOUN
cblr-11900	1987	17	but	but	CCONJ
cblr-11900	1987	18	are	be	AUX
cblr-11900	1987	19	difficult	difficult	ADJ
cblr-11900	1987	20	to	to	PART
cblr-11900	1987	21	sell	sell	VERB
cblr-11900	1987	22	.	.	PUNCT
cblr-11900	1988	1	changes	change	NOUN
cblr-11900	1988	2	in	in	ADP
cblr-11900	1988	3	the	the	DET
cblr-11900	1988	4	fair	fair	ADJ
cblr-11900	1988	5	value	value	NOUN
cblr-11900	1988	6	of	of	ADP
cblr-11900	1988	7	available	available	ADJ
cblr-11900	1988	8	-	-	PUNCT
cblr-11900	1988	9	for	for	ADP
cblr-11900	1988	10	-	-	PUNCT
cblr-11900	1988	11	sale	sale	NOUN
cblr-11900	1988	12	securities	security	NOUN
cblr-11900	1988	13	are	be	AUX
cblr-11900	1988	14	recognized	recognize	VERB
cblr-11900	1988	15	,	,	PUNCT
cblr-11900	1988	16	but	but	CCONJ
cblr-11900	1988	17	through	through	ADP
cblr-11900	1988	18	capital	capital	NOUN
cblr-11900	1988	19	impairments	impairment	NOUN
cblr-11900	1988	20	rather	rather	ADV
cblr-11900	1988	21	than	than	ADP
cblr-11900	1988	22	as	as	ADP
cblr-11900	1988	23	income	income	NOUN
cblr-11900	1988	24	.	.	PUNCT
cblr-11900	1989	1	trading	trading	NOUN
cblr-11900	1989	2	assets	asset	NOUN
cblr-11900	1989	3	are	be	AUX
cblr-11900	1989	4	marked	mark	VERB
cblr-11900	1989	5	to	to	ADP
cblr-11900	1989	6	market	market	NOUN
cblr-11900	1989	7	,	,	PUNCT
cblr-11900	1989	8	and	and	CCONJ
cblr-11900	1989	9	the	the	DET
cblr-11900	1989	10	gains	gain	NOUN
cblr-11900	1989	11	or	or	CCONJ
cblr-11900	1989	12	losses	loss	NOUN
cblr-11900	1989	13	recognized	recognize	VERB
cblr-11900	1989	14	as	as	ADP
cblr-11900	1989	15	income	income	NOUN
cblr-11900	1989	16	.	.	PUNCT
cblr-11900	1990	1	fin	fin	NOUN
cblr-11900	1990	2	.	.	PUNCT
cblr-11900	1991	1	acct	acct	NOUN
cblr-11900	1991	2	.	.	PUNCT
cblr-11900	1992	1	standards	standard	NOUN
cblr-11900	1992	2	bd	bd	PROPN
cblr-11900	1992	3	.	.	PROPN
cblr-11900	1992	4	,	,	PUNCT
cblr-11900	1992	5	summary	summary	NOUN
cblr-11900	1992	6	of	of	ADP
cblr-11900	1992	7	statement	statement	NOUN
cblr-11900	1992	8	no	no	INTJ
cblr-11900	1992	9	.	.	PROPN
cblr-11900	1992	10	115	115	NUM
cblr-11900	1992	11	:	:	PUNCT
cblr-11900	1992	12	accounting	account	VERB
cblr-11900	1992	13	for	for	ADP
cblr-11900	1992	14	certain	certain	ADJ
cblr-11900	1992	15	investments	investment	NOUN
cblr-11900	1992	16	in	in	ADP
cblr-11900	1992	17	debt	debt	NOUN
cblr-11900	1992	18	and	and	CCONJ
cblr-11900	1992	19	equity	equity	NOUN
cblr-11900	1992	20	securities	security	NOUN
cblr-11900	1992	21	(	(	PUNCT
cblr-11900	1992	22	1993	1993	NUM
cblr-11900	1992	23	)	)	PUNCT
cblr-11900	1992	24	,	,	PUNCT
cblr-11900	1992	25	https://www.fasb.org/page/pagecontent?pageid=/referencelibrary/superseded-standards/summary-of-statement-no115.html&bcpath=tff	https://www.fasb.org/page/pagecontent?pageid=/referencelibrary/superseded-standards/summary-of-statement-no115.html&bcpath=tff	PUNCT
cblr-11900	1993	1	[	[	X
cblr-11900	1993	2	https://perma.cc/kh7l-95wh	https://perma.cc/kh7l-95wh	X
cblr-11900	1993	3	]	]	X
cblr-11900	1993	4	.	.	PUNCT
cblr-11900	1994	1	no	no	INTJ
cblr-11900	1994	2	.	.	NOUN
cblr-11900	1994	3	1	1	NUM
cblr-11900	1994	4	]	]	ADJ
cblr-11900	1994	5	money	money	NOUN
cblr-11900	1994	6	and	and	CCONJ
cblr-11900	1994	7	the	the	DET
cblr-11900	1994	8	public	public	ADJ
cblr-11900	1994	9	debt	debt	NOUN
cblr-11900	1994	10	333	333	NUM
cblr-11900	1994	11	which	which	PRON
cblr-11900	1994	12	governs	govern	VERB
cblr-11900	1994	13	inter	inter	ADJ
cblr-11900	1994	14	-	-	NOUN
cblr-11900	1994	15	affiliate	affiliate	NOUN
cblr-11900	1994	16	transactions.441	transactions.441	NOUN
cblr-11900	1994	17	that	that	PRON
cblr-11900	1994	18	set	set	NOUN
cblr-11900	1994	19	of	of	ADP
cblr-11900	1994	20	rules	rule	NOUN
cblr-11900	1994	21	has	have	VERB
cblr-11900	1994	22	two	two	NUM
cblr-11900	1994	23	parts	part	NOUN
cblr-11900	1994	24	:	:	PUNCT
cblr-11900	1994	25	one	one	NUM
cblr-11900	1994	26	which	which	PRON
cblr-11900	1994	27	sets	set	VERB
cblr-11900	1994	28	qualitative	qualitative	ADJ
cblr-11900	1994	29	and	and	CCONJ
cblr-11900	1994	30	quantitative	quantitative	ADJ
cblr-11900	1994	31	limits442	limits442	PROPN
cblr-11900	1994	32	on	on	ADP
cblr-11900	1994	33	“	"	PUNCT
cblr-11900	1994	34	covered	cover	VERB
cblr-11900	1994	35	transactions”443	transactions”443	NOUN
cblr-11900	1994	36	including	include	VERB
cblr-11900	1994	37	extensions	extension	NOUN
cblr-11900	1994	38	of	of	ADP
cblr-11900	1994	39	credit	credit	NOUN
cblr-11900	1994	40	,	,	PUNCT
cblr-11900	1994	41	and	and	CCONJ
cblr-11900	1994	42	another	another	PRON
cblr-11900	1994	43	which	which	PRON
cblr-11900	1994	44	requires	require	VERB
cblr-11900	1994	45	those	those	DET
cblr-11900	1994	46	transactions	transaction	NOUN
cblr-11900	1994	47	be	be	AUX
cblr-11900	1994	48	on	on	ADP
cblr-11900	1994	49	“	"	PUNCT
cblr-11900	1994	50	market	market	NOUN
cblr-11900	1994	51	terms	term	NOUN
cblr-11900	1994	52	”	"	PUNCT
cblr-11900	1994	53	or	or	CCONJ
cblr-11900	1994	54	carry	carry	VERB
cblr-11900	1994	55	an	an	DET
cblr-11900	1994	56	interest	interest	NOUN
cblr-11900	1994	57	rate	rate	NOUN
cblr-11900	1994	58	equal	equal	ADJ
cblr-11900	1994	59	to	to	ADP
cblr-11900	1994	60	what	what	PRON
cblr-11900	1994	61	a	a	DET
cblr-11900	1994	62	third	third	ADJ
cblr-11900	1994	63	party	party	NOUN
cblr-11900	1994	64	would	would	AUX
cblr-11900	1994	65	be	be	AUX
cblr-11900	1994	66	offered	offer	VERB
cblr-11900	1994	67	for	for	ADP
cblr-11900	1994	68	a	a	DET
cblr-11900	1994	69	comparable	comparable	ADJ
cblr-11900	1994	70	arrangement.444	arrangement.444	NOUN
cblr-11900	1994	71	in	in	ADP
cblr-11900	1994	72	both	both	DET
cblr-11900	1994	73	cases	case	NOUN
cblr-11900	1994	74	,	,	PUNCT
cblr-11900	1994	75	the	the	DET
cblr-11900	1994	76	fed	fed	PROPN
cblr-11900	1994	77	is	be	AUX
cblr-11900	1994	78	authorized	authorize	VERB
cblr-11900	1994	79	to	to	PART
cblr-11900	1994	80	provide	provide	VERB
cblr-11900	1994	81	,	,	PUNCT
cblr-11900	1994	82	and	and	CCONJ
cblr-11900	1994	83	has	have	AUX
cblr-11900	1994	84	in	in	ADP
cblr-11900	1994	85	the	the	DET
cblr-11900	1994	86	past	past	NOUN
cblr-11900	1994	87	provided	provide	VERB
cblr-11900	1994	88	,	,	PUNCT
cblr-11900	1994	89	exemptions,445	exemptions,445	PROPN
cblr-11900	1994	90	including	include	VERB
cblr-11900	1994	91	broad	broad	ADV
cblr-11900	1994	92	-	-	PUNCT
cblr-11900	1994	93	based	base	VERB
cblr-11900	1994	94	suspensions	suspension	NOUN
cblr-11900	1994	95	of	of	ADP
cblr-11900	1994	96	the	the	DET
cblr-11900	1994	97	rules.446	rules.446	NOUN
cblr-11900	1994	98	441	441	NUM
cblr-11900	1994	99	regulation	regulation	NOUN
cblr-11900	1994	100	w	w	NOUN
cblr-11900	1994	101	implements	implement	NOUN
cblr-11900	1994	102	sections	section	NOUN
cblr-11900	1994	103	23a	23a	NOUN
cblr-11900	1994	104	and	and	CCONJ
cblr-11900	1994	105	23b	23b	NOUN
cblr-11900	1994	106	of	of	ADP
cblr-11900	1994	107	the	the	DET
cblr-11900	1994	108	federal	federal	PROPN
cblr-11900	1994	109	reserve	reserve	PROPN
cblr-11900	1994	110	act	act	PROPN
cblr-11900	1994	111	.	.	PUNCT
cblr-11900	1995	1	12	12	NUM
cblr-11900	1995	2	c.f.r	c.f.r	NOUN
cblr-11900	1995	3	.	.	PUNCT
cblr-11900	1996	1	pt	pt	PROPN
cblr-11900	1996	2	.	.	PROPN
cblr-11900	1996	3	223	223	NUM
cblr-11900	1996	4	.	.	PUNCT
cblr-11900	1997	1	congress	congress	PROPN
cblr-11900	1997	2	added	add	VERB
cblr-11900	1997	3	section	section	NOUN
cblr-11900	1997	4	23a	23a	NOUN
cblr-11900	1997	5	to	to	ADP
cblr-11900	1997	6	the	the	DET
cblr-11900	1997	7	federal	federal	PROPN
cblr-11900	1997	8	reserve	reserve	PROPN
cblr-11900	1997	9	act	act	PROPN
cblr-11900	1997	10	in	in	ADP
cblr-11900	1997	11	the	the	DET
cblr-11900	1997	12	banking	banking	NOUN
cblr-11900	1997	13	act	act	NOUN
cblr-11900	1997	14	of	of	ADP
cblr-11900	1997	15	1933	1933	NUM
cblr-11900	1997	16	,	,	PUNCT
cblr-11900	1997	17	pub	pub	NOUN
cblr-11900	1997	18	.	.	PUNCT
cblr-11900	1998	1	l.	l.	PROPN
cblr-11900	1998	2	66–73d	66–73d	PROPN
cblr-11900	1998	3	,	,	PUNCT
cblr-11900	1998	4	48	48	NUM
cblr-11900	1998	5	stat	stat	NOUN
cblr-11900	1998	6	.	.	PUNCT
cblr-11900	1999	1	162	162	NUM
cblr-11900	1999	2	(	(	PUNCT
cblr-11900	1999	3	1933	1933	NUM
cblr-11900	1999	4	)	)	PUNCT
cblr-11900	1999	5	and	and	CCONJ
cblr-11900	1999	6	section	section	NOUN
cblr-11900	1999	7	23b	23b	NOUN
cblr-11900	1999	8	in	in	ADP
cblr-11900	1999	9	the	the	DET
cblr-11900	1999	10	competitive	competitive	ADJ
cblr-11900	1999	11	equality	equality	NOUN
cblr-11900	1999	12	banking	banking	NOUN
cblr-11900	1999	13	act	act	NOUN
cblr-11900	1999	14	of	of	ADP
cblr-11900	1999	15	1987	1987	NUM
cblr-11900	1999	16	,	,	PUNCT
cblr-11900	1999	17	pub	pub	NOUN
cblr-11900	1999	18	.	.	PUNCT
cblr-11900	2000	1	l.	l.	PROPN
cblr-11900	2000	2	100–8	100–8	PROPN
cblr-11900	2000	3	,	,	PUNCT
cblr-11900	2000	4	101	101	NUM
cblr-11900	2000	5	stat	stat	NOUN
cblr-11900	2000	6	.	.	PUNCT
cblr-11900	2001	1	552	552	NUM
cblr-11900	2001	2	(	(	PUNCT
cblr-11900	2001	3	1987	1987	NUM
cblr-11900	2001	4	)	)	PUNCT
cblr-11900	2001	5	.	.	PUNCT
cblr-11900	2002	1	together	together	ADV
cblr-11900	2002	2	they	they	PRON
cblr-11900	2002	3	regulate	regulate	VERB
cblr-11900	2002	4	the	the	DET
cblr-11900	2002	5	nature	nature	NOUN
cblr-11900	2002	6	,	,	PUNCT
cblr-11900	2002	7	quantity	quantity	NOUN
cblr-11900	2002	8	,	,	PUNCT
cblr-11900	2002	9	terms	term	NOUN
cblr-11900	2002	10	and	and	CCONJ
cblr-11900	2002	11	pricing	pricing	NOUN
cblr-11900	2002	12	of	of	ADP
cblr-11900	2002	13	“	"	PUNCT
cblr-11900	2002	14	covered	covered	ADJ
cblr-11900	2002	15	transactions	transaction	NOUN
cblr-11900	2002	16	”	"	PUNCT
cblr-11900	2002	17	between	between	ADP
cblr-11900	2002	18	bank	bank	PROPN
cblr-11900	2002	19	and	and	CCONJ
cblr-11900	2002	20	nonbank	nonbank	NOUN
cblr-11900	2002	21	affiliates	affiliate	NOUN
cblr-11900	2002	22	within	within	ADP
cblr-11900	2002	23	a	a	DET
cblr-11900	2002	24	bank	bank	NOUN
cblr-11900	2002	25	holding	hold	VERB
cblr-11900	2002	26	company	company	NOUN
cblr-11900	2002	27	and	and	CCONJ
cblr-11900	2002	28	are	be	AUX
cblr-11900	2002	29	designed	design	VERB
cblr-11900	2002	30	to	to	PART
cblr-11900	2002	31	safeguard	safeguard	VERB
cblr-11900	2002	32	depositors	depositor	NOUN
cblr-11900	2002	33	and	and	CCONJ
cblr-11900	2002	34	avoid	avoid	VERB
cblr-11900	2002	35	the	the	DET
cblr-11900	2002	36	extension	extension	NOUN
cblr-11900	2002	37	of	of	ADP
cblr-11900	2002	38	federal	federal	ADJ
cblr-11900	2002	39	subsidies	subsidy	NOUN
cblr-11900	2002	40	(	(	PUNCT
cblr-11900	2002	41	liquidity	liquidity	NOUN
cblr-11900	2002	42	backstops	backstop	NOUN
cblr-11900	2002	43	,	,	PUNCT
cblr-11900	2002	44	deposit	deposit	NOUN
cblr-11900	2002	45	insurance	insurance	NOUN
cblr-11900	2002	46	)	)	PUNCT
cblr-11900	2002	47	to	to	PART
cblr-11900	2002	48	speculative	speculative	ADJ
cblr-11900	2002	49	activity	activity	NOUN
cblr-11900	2002	50	like	like	ADP
cblr-11900	2002	51	securities	security	NOUN
cblr-11900	2002	52	dealing	dealing	NOUN
cblr-11900	2002	53	.	.	PUNCT
cblr-11900	2003	1	saule	saule	PROPN
cblr-11900	2003	2	t.	t.	PROPN
cblr-11900	2003	3	omarova	omarova	PROPN
cblr-11900	2003	4	,	,	PUNCT
cblr-11900	2003	5	from	from	ADP
cblr-11900	2003	6	gramm	gramm	NOUN
cblr-11900	2003	7	-	-	PUNCT
cblr-11900	2003	8	leach	leach	NOUN
cblr-11900	2003	9	-	-	PUNCT
cblr-11900	2003	10	bliley	bliley	NOUN
cblr-11900	2003	11	to	to	ADP
cblr-11900	2003	12	dodd	dodd	PROPN
cblr-11900	2003	13	-	-	PUNCT
cblr-11900	2003	14	frank	frank	PROPN
cblr-11900	2003	15	:	:	PUNCT
cblr-11900	2003	16	the	the	DET
cblr-11900	2003	17	unfulfilled	unfulfilled	ADJ
cblr-11900	2003	18	promise	promise	NOUN
cblr-11900	2003	19	of	of	ADP
cblr-11900	2003	20	section	section	NOUN
cblr-11900	2003	21	23a	23a	NOUN
cblr-11900	2003	22	of	of	ADP
cblr-11900	2003	23	the	the	DET
cblr-11900	2003	24	federal	federal	PROPN
cblr-11900	2003	25	reserve	reserve	PROPN
cblr-11900	2003	26	act	act	PROPN
cblr-11900	2003	27	,	,	PUNCT
cblr-11900	2003	28	89	89	NUM
cblr-11900	2003	29	n.c	n.c	PROPN
cblr-11900	2003	30	.	.	PROPN
cblr-11900	2003	31	l.	l.	PROPN
cblr-11900	2003	32	rev	rev	PROPN
cblr-11900	2003	33	.	.	PROPN
cblr-11900	2003	34	1683	1683	NUM
cblr-11900	2003	35	(	(	PUNCT
cblr-11900	2003	36	2011	2011	NUM
cblr-11900	2003	37	)	)	PUNCT
cblr-11900	2003	38	.	.	PUNCT
cblr-11900	2004	1	442	442	NUM
cblr-11900	2004	2	12	12	NUM
cblr-11900	2004	3	c.f.r	c.f.r	NOUN
cblr-11900	2004	4	.	.	PUNCT
cblr-11900	2005	1	§	§	PROPN
cblr-11900	2005	2	23.3(h	23.3(h	NUM
cblr-11900	2005	3	)	)	PUNCT
cblr-11900	2005	4	.	.	PUNCT
cblr-11900	2006	1	443	443	NUM
cblr-11900	2006	2	12	12	NUM
cblr-11900	2006	3	c.f.r	c.f.r	NOUN
cblr-11900	2006	4	.	.	PUNCT
cblr-11900	2007	1	§	§	PROPN
cblr-11900	2007	2	223.14	223.14	NUM
cblr-11900	2007	3	.	.	PUNCT
cblr-11900	2008	1	444	444	NUM
cblr-11900	2008	2	defined	define	VERB
cblr-11900	2008	3	for	for	ADP
cblr-11900	2008	4	the	the	DET
cblr-11900	2008	5	purposes	purpose	NOUN
cblr-11900	2008	6	of	of	ADP
cblr-11900	2008	7	the	the	DET
cblr-11900	2008	8	regulation	regulation	NOUN
cblr-11900	2008	9	as	as	ADP
cblr-11900	2008	10	“	"	PUNCT
cblr-11900	2008	11	[	[	X
cblr-11900	2008	12	o]n	o]n	NOUN
cblr-11900	2008	13	terms	term	NOUN
cblr-11900	2008	14	and	and	CCONJ
cblr-11900	2008	15	under	under	ADP
cblr-11900	2008	16	circumstances	circumstance	NOUN
cblr-11900	2008	17	,	,	PUNCT
cblr-11900	2008	18	including	include	VERB
cblr-11900	2008	19	credit	credit	NOUN
cblr-11900	2008	20	standards	standard	NOUN
cblr-11900	2008	21	,	,	PUNCT
cblr-11900	2008	22	that	that	PRON
cblr-11900	2008	23	are	be	AUX
cblr-11900	2008	24	substantially	substantially	ADV
cblr-11900	2008	25	the	the	DET
cblr-11900	2008	26	same	same	ADJ
cblr-11900	2008	27	,	,	PUNCT
cblr-11900	2008	28	or	or	CCONJ
cblr-11900	2008	29	at	at	ADP
cblr-11900	2008	30	least	least	ADJ
cblr-11900	2008	31	as	as	ADV
cblr-11900	2008	32	favorable	favorable	ADJ
cblr-11900	2008	33	to	to	ADP
cblr-11900	2008	34	the	the	DET
cblr-11900	2008	35	member	member	NOUN
cblr-11900	2008	36	bank	bank	NOUN
cblr-11900	2008	37	,	,	PUNCT
cblr-11900	2008	38	as	as	ADP
cblr-11900	2008	39	those	those	PRON
cblr-11900	2008	40	prevailing	prevail	VERB
cblr-11900	2008	41	at	at	ADP
cblr-11900	2008	42	the	the	DET
cblr-11900	2008	43	time	time	NOUN
cblr-11900	2008	44	for	for	ADP
cblr-11900	2008	45	comparable	comparable	ADJ
cblr-11900	2008	46	transactions	transaction	NOUN
cblr-11900	2008	47	with	with	ADP
cblr-11900	2008	48	or	or	CCONJ
cblr-11900	2008	49	involving	involve	VERB
cblr-11900	2008	50	nonaffiliates	nonaffiliate	NOUN
cblr-11900	2008	51	.	.	PUNCT
cblr-11900	2008	52	”	"	PUNCT
cblr-11900	2009	1	12	12	NUM
cblr-11900	2009	2	c.f.r	c.f.r	NOUN
cblr-11900	2009	3	.	.	PUNCT
cblr-11900	2010	1	§	§	PROPN
cblr-11900	2010	2	223.51(a	223.51(a	NUM
cblr-11900	2010	3	)	)	PUNCT
cblr-11900	2010	4	.	.	PUNCT
cblr-11900	2011	1	445	445	NUM
cblr-11900	2011	2	for	for	ADP
cblr-11900	2011	3	an	an	DET
cblr-11900	2011	4	overview	overview	NOUN
cblr-11900	2011	5	,	,	PUNCT
cblr-11900	2011	6	see	see	VERB
cblr-11900	2011	7	omarova	omarova	PROPN
cblr-11900	2011	8	,	,	PUNCT
cblr-11900	2011	9	supra	supra	PROPN
cblr-11900	2011	10	note	note	NOUN
cblr-11900	2011	11	443	443	NUM
cblr-11900	2012	1	.	.	NOUN
cblr-11900	2012	2	446	446	NUM
cblr-11900	2012	3	for	for	ADP
cblr-11900	2012	4	example	example	NOUN
cblr-11900	2012	5	,	,	PUNCT
cblr-11900	2012	6	the	the	DET
cblr-11900	2012	7	federal	federal	PROPN
cblr-11900	2012	8	reserve	reserve	PROPN
cblr-11900	2012	9	reportedly	reportedly	ADV
cblr-11900	2012	10	offered	offer	VERB
cblr-11900	2012	11	a	a	DET
cblr-11900	2012	12	broad	broad	ADJ
cblr-11900	2012	13	suspension	suspension	NOUN
cblr-11900	2012	14	of	of	ADP
cblr-11900	2012	15	qualitative	qualitative	ADJ
cblr-11900	2012	16	and	and	CCONJ
cblr-11900	2012	17	quantitative	quantitative	ADJ
cblr-11900	2012	18	limits	limit	NOUN
cblr-11900	2012	19	on	on	ADP
cblr-11900	2012	20	inter	inter	ADJ
cblr-11900	2012	21	-	-	ADJ
cblr-11900	2012	22	affiliate	affiliate	ADJ
cblr-11900	2012	23	transactions	transaction	NOUN
cblr-11900	2012	24	while	while	SCONJ
cblr-11900	2012	25	encouraging	encourage	VERB
cblr-11900	2012	26	banks	bank	NOUN
cblr-11900	2012	27	to	to	PART
cblr-11900	2012	28	support	support	VERB
cblr-11900	2012	29	the	the	DET
cblr-11900	2012	30	liquidity	liquidity	NOUN
cblr-11900	2012	31	of	of	ADP
cblr-11900	2012	32	their	their	PRON
cblr-11900	2012	33	dealers	dealer	NOUN
cblr-11900	2012	34	after	after	ADP
cblr-11900	2012	35	the	the	DET
cblr-11900	2012	36	september	september	PROPN
cblr-11900	2012	37	11	11	NUM
cblr-11900	2012	38	,	,	PUNCT
cblr-11900	2012	39	2001	2001	NUM
cblr-11900	2012	40	terrorist	terrorist	ADJ
cblr-11900	2012	41	attacks	attack	NOUN
cblr-11900	2012	42	.	.	PUNCT
cblr-11900	2013	1	christopher	christopher	PROPN
cblr-11900	2013	2	neely	neely	PROPN
cblr-11900	2013	3	,	,	PUNCT
cblr-11900	2013	4	the	the	DET
cblr-11900	2013	5	federal	federal	PROPN
cblr-11900	2013	6	reserve	reserve	PROPN
cblr-11900	2013	7	’s	’s	PART
cblr-11900	2013	8	response	response	NOUN
cblr-11900	2013	9	to	to	ADP
cblr-11900	2013	10	the	the	DET
cblr-11900	2013	11	sept	sept	PROPN
cblr-11900	2013	12	.	.	PROPN
cblr-11900	2013	13	11	11	NUM
cblr-11900	2013	14	attacks	attack	NOUN
cblr-11900	2013	15	,	,	PUNCT
cblr-11900	2013	16	fed	fed	PROPN
cblr-11900	2013	17	.	.	PUNCT
cblr-11900	2013	18	rsrv	rsrv	PROPN
cblr-11900	2013	19	.	.	PUNCT
cblr-11900	2014	1	bank	bank	PROPN
cblr-11900	2014	2	of	of	ADP
cblr-11900	2014	3	st	st	PROPN
cblr-11900	2014	4	.	.	PROPN
cblr-11900	2014	5	louis	louis	PROPN
cblr-11900	2014	6	(	(	PUNCT
cblr-11900	2014	7	jan	jan	PROPN
cblr-11900	2014	8	.	.	PROPN
cblr-11900	2014	9	1	1	NUM
cblr-11900	2014	10	,	,	PUNCT
cblr-11900	2014	11	2002	2002	NUM
cblr-11900	2014	12	)	)	PUNCT
cblr-11900	2014	13	,	,	PUNCT
cblr-11900	2014	14	https://www.stlouisfed.org/publications/regionaleconomist/january-2002/the-federal-reserves-response-to-the-sept-11attacks	https://www.stlouisfed.org/publications/regionaleconomist/january-2002/the-federal-reserves-response-to-the-sept-11attack	NOUN
cblr-11900	2015	1	[	[	X
cblr-11900	2015	2	https://perma.cc/faj5-6v4	https://perma.cc/faj5-6v4	NOUN
cblr-11900	2015	3	g	g	NOUN
cblr-11900	2015	4	]	]	X
cblr-11900	2015	5	;	;	PUNCT
cblr-11900	2015	6	anita	anita	PROPN
cblr-11900	2015	7	raghavan	raghavan	PROPN
cblr-11900	2015	8	,	,	PUNCT
cblr-11900	2015	9	susan	susan	PROPN
cblr-11900	2015	10	pulliam	pulliam	PROPN
cblr-11900	2015	11	&	&	CCONJ
cblr-11900	2015	12	jeff	jeff	PROPN
cblr-11900	2015	13	opdyke	opdyke	PROPN
cblr-11900	2015	14	,	,	PUNCT
cblr-11900	2015	15	banks	bank	NOUN
cblr-11900	2015	16	and	and	CCONJ
cblr-11900	2015	17	regulators	regulator	NOUN
cblr-11900	2015	18	drew	draw	VERB
cblr-11900	2015	19	together	together	ADV
cblr-11900	2015	20	to	to	PART
cblr-11900	2015	21	calm	calm	VERB
cblr-11900	2015	22	rattled	rattled	ADJ
cblr-11900	2015	23	markets	market	NOUN
cblr-11900	2015	24	after	after	ADP
cblr-11900	2015	25	attack	attack	NOUN
cblr-11900	2015	26	,	,	PUNCT
cblr-11900	2015	27	wall	wall	PROPN
cblr-11900	2015	28	st	st	PROPN
cblr-11900	2015	29	.	.	PROPN
cblr-11900	2015	30	j.	j.	PROPN
cblr-11900	2015	31	,	,	PUNCT
cblr-11900	2015	32	oct	oct	PROPN
cblr-11900	2015	33	.	.	PROPN
cblr-11900	2015	34	18	18	NUM
cblr-11900	2015	35	,	,	PUNCT
cblr-11900	2015	36	2001	2001	NUM
cblr-11900	2015	37	;	;	PUNCT
cblr-11900	2015	38	arthur	arthur	PROPN
cblr-11900	2015	39	e.	e.	PROPN
cblr-11900	2015	40	wilmarth	wilmarth	PROPN
cblr-11900	2015	41	,	,	PUNCT
cblr-11900	2015	42	the	the	DET
cblr-11900	2015	43	transformation	transformation	NOUN
cblr-11900	2015	44	of	of	ADP
cblr-11900	2015	45	the	the	DET
cblr-11900	2015	46	u.s	u.s	PROPN
cblr-11900	2015	47	.	.	PROPN
cblr-11900	2015	48	financial	financial	PROPN
cblr-11900	2015	49	services	service	NOUN
cblr-11900	2015	50	industry	industry	NOUN
cblr-11900	2015	51	,	,	PUNCT
cblr-11900	2015	52	1975–2000	1975–2000	NUM
cblr-11900	2015	53	:	:	PUNCT
cblr-11900	2015	54	competition	competition	NOUN
cblr-11900	2015	55	,	,	PUNCT
cblr-11900	2015	56	consolidation	consolidation	NOUN
cblr-11900	2015	57	,	,	PUNCT
cblr-11900	2015	58	and	and	CCONJ
cblr-11900	2015	59	increased	increase	VERB
cblr-11900	2015	60	risks	risk	NOUN
cblr-11900	2015	61	,	,	PUNCT
cblr-11900	2015	62	2002	2002	NUM
cblr-11900	2015	63	univ	univ	PROPN
cblr-11900	2015	64	.	.	PUNCT
cblr-11900	2016	1	ill	ill	PROPN
cblr-11900	2016	2	.	.	PUNCT
cblr-11900	2017	1	l.	l.	PROPN
cblr-11900	2017	2	rev	rev	PROPN
cblr-11900	2017	3	.	.	PROPN
cblr-11900	2017	4	,	,	PUNCT
cblr-11900	2017	5	215	215	NUM
cblr-11900	2017	6	,	,	PUNCT
cblr-11900	2017	7	472	472	NUM
cblr-11900	2017	8	(	(	PUNCT
cblr-11900	2017	9	2002	2002	NUM
cblr-11900	2017	10	)	)	PUNCT
cblr-11900	2017	11	.	.	PUNCT
cblr-11900	2018	1	in	in	ADP
cblr-11900	2018	2	2008	2008	NUM
cblr-11900	2018	3	,	,	PUNCT
cblr-11900	2018	4	the	the	DET
cblr-11900	2018	5	fed	fed	PROPN
cblr-11900	2018	6	offered	offer	VERB
cblr-11900	2018	7	numerous	numerous	ADJ
cblr-11900	2018	8	exemptions	exemption	NOUN
cblr-11900	2018	9	including	include	VERB
cblr-11900	2018	10	one	one	NUM
cblr-11900	2018	11	designed	design	VERB
cblr-11900	2018	12	to	to	PART
cblr-11900	2018	13	support	support	VERB
cblr-11900	2018	14	the	the	DET
cblr-11900	2018	15	tri	tri	ADJ
cblr-11900	2018	16	-	-	NOUN
cblr-11900	2018	17	party	party	NOUN
cblr-11900	2018	18	repo	repo	NOUN
cblr-11900	2018	19	market	market	NOUN
cblr-11900	2018	20	.	.	PUNCT
cblr-11900	2019	1	transactions	transaction	NOUN
cblr-11900	2019	2	between	between	ADP
cblr-11900	2019	3	334	334	NUM
cblr-11900	2019	4	columbia	columbia	PROPN
cblr-11900	2019	5	business	business	NOUN
cblr-11900	2019	6	law	law	PROPN
cblr-11900	2019	7	review	review	NOUN
cblr-11900	2019	8	[	[	X
cblr-11900	2019	9	vol	vol	NOUN
cblr-11900	2019	10	.	.	PUNCT
cblr-11900	2019	11	2023	2023	NUM
cblr-11900	2019	12	the	the	DET
cblr-11900	2019	13	only	only	ADJ
cblr-11900	2019	14	legal	legal	ADJ
cblr-11900	2019	15	requirement	requirement	NOUN
cblr-11900	2019	16	is	be	AUX
cblr-11900	2019	17	that	that	SCONJ
cblr-11900	2019	18	doing	do	VERB
cblr-11900	2019	19	so	so	ADV
cblr-11900	2019	20	must	must	AUX
cblr-11900	2019	21	be	be	AUX
cblr-11900	2019	22	demonstrably	demonstrably	ADV
cblr-11900	2019	23	“	"	PUNCT
cblr-11900	2019	24	in	in	ADP
cblr-11900	2019	25	the	the	DET
cblr-11900	2019	26	public	public	ADJ
cblr-11900	2019	27	interest	interest	NOUN
cblr-11900	2019	28	”	"	PUNCT
cblr-11900	2019	29	and	and	CCONJ
cblr-11900	2019	30	“	"	PUNCT
cblr-11900	2019	31	consistent	consistent	ADJ
cblr-11900	2019	32	with	with	ADP
cblr-11900	2019	33	the	the	DET
cblr-11900	2019	34	purpose	purpose	NOUN
cblr-11900	2019	35	”	"	PUNCT
cblr-11900	2019	36	of	of	ADP
cblr-11900	2019	37	those	those	DET
cblr-11900	2019	38	provisions	provision	NOUN
cblr-11900	2019	39	.	.	PUNCT
cblr-11900	2020	1	many	many	ADJ
cblr-11900	2020	2	in	in	ADP
cblr-11900	2020	3	the	the	DET
cblr-11900	2020	4	official	official	ADJ
cblr-11900	2020	5	and	and	CCONJ
cblr-11900	2020	6	private	private	ADJ
cblr-11900	2020	7	sectors	sector	NOUN
cblr-11900	2020	8	have	have	AUX
cblr-11900	2020	9	argued	argue	VERB
cblr-11900	2020	10	that	that	SCONJ
cblr-11900	2020	11	the	the	DET
cblr-11900	2020	12	public	public	ADJ
cblr-11900	2020	13	interest	interest	NOUN
cblr-11900	2020	14	is	be	AUX
cblr-11900	2020	15	served	serve	VERB
cblr-11900	2020	16	by	by	ADP
cblr-11900	2020	17	a	a	DET
cblr-11900	2020	18	deep	deep	ADJ
cblr-11900	2020	19	,	,	PUNCT
cblr-11900	2020	20	broad	broad	ADJ
cblr-11900	2020	21	,	,	PUNCT
cblr-11900	2020	22	and	and	CCONJ
cblr-11900	2020	23	resilient	resilient	ADJ
cblr-11900	2020	24	treasury	treasury	NOUN
cblr-11900	2020	25	market.447	market.447	PROPN
cblr-11900	2020	26	further	far	ADV
cblr-11900	2020	27	,	,	PUNCT
cblr-11900	2020	28	the	the	DET
cblr-11900	2020	29	banking	banking	NOUN
cblr-11900	2020	30	act	act	NOUN
cblr-11900	2020	31	of	of	ADP
cblr-11900	2020	32	1933	1933	NUM
cblr-11900	2020	33	singles	single	NOUN
cblr-11900	2020	34	out	out	ADP
cblr-11900	2020	35	treasury	treasury	NOUN
cblr-11900	2020	36	securities	security	NOUN
cblr-11900	2020	37	(	(	PUNCT
cblr-11900	2020	38	among	among	ADP
cblr-11900	2020	39	a	a	DET
cblr-11900	2020	40	handful	handful	NOUN
cblr-11900	2020	41	of	of	ADP
cblr-11900	2020	42	others	other	NOUN
cblr-11900	2020	43	)	)	PUNCT
cblr-11900	2020	44	as	as	ADP
cblr-11900	2020	45	special	special	ADJ
cblr-11900	2020	46	assets	asset	NOUN
cblr-11900	2020	47	deserving	deserving	ADJ
cblr-11900	2020	48	of	of	ADP
cblr-11900	2020	49	special	special	ADJ
cblr-11900	2020	50	treatment	treatment	NOUN
cblr-11900	2020	51	under	under	ADP
cblr-11900	2020	52	banking	banking	NOUN
cblr-11900	2020	53	regulations.448	regulations.448	ADV
cblr-11900	2020	54	that	that	PRON
cblr-11900	2020	55	suggests	suggest	VERB
cblr-11900	2020	56	that	that	SCONJ
cblr-11900	2020	57	its	its	PRON
cblr-11900	2020	58	authors	author	NOUN
cblr-11900	2020	59	did	do	AUX
cblr-11900	2020	60	not	not	PART
cblr-11900	2020	61	intend	intend	VERB
cblr-11900	2020	62	an	an	DET
cblr-11900	2020	63	outright	outright	ADJ
cblr-11900	2020	64	prohibition	prohibition	NOUN
cblr-11900	2020	65	on	on	ADP
cblr-11900	2020	66	commingling	commingle	VERB
cblr-11900	2020	67	treasury	treasury	NOUN
cblr-11900	2020	68	dealing	dealing	NOUN
cblr-11900	2020	69	and	and	CCONJ
cblr-11900	2020	70	deposit	deposit	NOUN
cblr-11900	2020	71	banking	banking	NOUN
cblr-11900	2020	72	.	.	PUNCT
cblr-11900	2021	1	a	a	DET
cblr-11900	2021	2	targeted	target	VERB
cblr-11900	2021	3	approach	approach	NOUN
cblr-11900	2021	4	to	to	ADP
cblr-11900	2021	5	hardening	harden	VERB
cblr-11900	2021	6	the	the	DET
cblr-11900	2021	7	treasury	treasury	NOUN
cblr-11900	2021	8	market	market	NOUN
cblr-11900	2021	9	against	against	ADP
cblr-11900	2021	10	futures	future	NOUN
cblr-11900	2021	11	stressors	stressor	NOUN
cblr-11900	2021	12	therefore	therefore	ADV
cblr-11900	2021	13	could	could	AUX
cblr-11900	2021	14	involve	involve	VERB
cblr-11900	2021	15	narrow	narrow	ADJ
cblr-11900	2021	16	exemptions	exemption	NOUN
cblr-11900	2021	17	for	for	ADP
cblr-11900	2021	18	narrow	narrow	ADJ
cblr-11900	2021	19	subsidiaries	subsidiary	NOUN
cblr-11900	2021	20	that	that	PRON
cblr-11900	2021	21	exclusively	exclusively	ADV
cblr-11900	2021	22	deal	deal	VERB
cblr-11900	2021	23	in	in	ADP
cblr-11900	2021	24	treasury	treasury	PROPN
cblr-11900	2021	25	securities	security	NOUN
cblr-11900	2021	26	from	from	ADP
cblr-11900	2021	27	regulation	regulation	NOUN
cblr-11900	2021	28	w	w	NOUN
cblr-11900	2021	29	to	to	PART
cblr-11900	2021	30	safeguard	safeguard	VERB
cblr-11900	2021	31	their	their	PRON
cblr-11900	2021	32	ability	ability	NOUN
cblr-11900	2021	33	to	to	PART
cblr-11900	2021	34	manage	manage	VERB
cblr-11900	2021	35	a	a	DET
cblr-11900	2021	36	highly	highly	ADV
cblr-11900	2021	37	dynamic	dynamic	ADJ
cblr-11900	2021	38	balance	balance	NOUN
cblr-11900	2021	39	sheet	sheet	NOUN
cblr-11900	2021	40	and	and	CCONJ
cblr-11900	2021	41	secure	secure	ADJ
cblr-11900	2021	42	stable	stable	ADJ
cblr-11900	2021	43	and	and	CCONJ
cblr-11900	2021	44	low	low	ADJ
cblr-11900	2021	45	-	-	PUNCT
cblr-11900	2021	46	cost	cost	NOUN
cblr-11900	2021	47	funding	funding	NOUN
cblr-11900	2021	48	.	.	PUNCT
cblr-11900	2022	1	this	this	PRON
cblr-11900	2022	2	would	would	AUX
cblr-11900	2022	3	bring	bring	VERB
cblr-11900	2022	4	treasury	treasury	NOUN
cblr-11900	2022	5	dealing	deal	VERB
cblr-11900	2022	6	back	back	ADV
cblr-11900	2022	7	inside	inside	ADP
cblr-11900	2022	8	the	the	DET
cblr-11900	2022	9	bank	bank	NOUN
cblr-11900	2022	10	regulatory	regulatory	ADJ
cblr-11900	2022	11	perimeter	perimeter	NOUN
cblr-11900	2022	12	and	and	CCONJ
cblr-11900	2022	13	make	make	VERB
cblr-11900	2022	14	more	more	ADJ
cblr-11900	2022	15	direct	direct	ADJ
cblr-11900	2022	16	use	use	NOUN
cblr-11900	2022	17	of	of	ADP
cblr-11900	2022	18	federal	federal	ADJ
cblr-11900	2022	19	subsidies	subsidy	NOUN
cblr-11900	2022	20	and	and	CCONJ
cblr-11900	2022	21	guarantees	guarantee	NOUN
cblr-11900	2022	22	without	without	ADP
cblr-11900	2022	23	unintentionally	unintentionally	ADV
cblr-11900	2022	24	supporting	support	VERB
cblr-11900	2022	25	a	a	DET
cblr-11900	2022	26	much	much	ADV
cblr-11900	2022	27	broader	broad	ADJ
cblr-11900	2022	28	market	market	NOUN
cblr-11900	2022	29	in	in	ADP
cblr-11900	2022	30	money	money	NOUN
cblr-11900	2022	31	member	member	NOUN
cblr-11900	2022	32	banks	bank	NOUN
cblr-11900	2022	33	and	and	CCONJ
cblr-11900	2022	34	their	their	PRON
cblr-11900	2022	35	affiliates	affiliate	NOUN
cblr-11900	2022	36	:	:	PUNCT
cblr-11900	2022	37	exemption	exemption	NOUN
cblr-11900	2022	38	for	for	ADP
cblr-11900	2022	39	certain	certain	ADJ
cblr-11900	2022	40	securities	security	NOUN
cblr-11900	2022	41	financing	financing	NOUN
cblr-11900	2022	42	transactions	transaction	NOUN
cblr-11900	2022	43	between	between	ADP
cblr-11900	2022	44	a	a	DET
cblr-11900	2022	45	member	member	NOUN
cblr-11900	2022	46	bank	bank	NOUN
cblr-11900	2022	47	and	and	CCONJ
cblr-11900	2022	48	an	an	DET
cblr-11900	2022	49	affiliate	affiliate	NOUN
cblr-11900	2022	50	,	,	PUNCT
cblr-11900	2022	51	73	73	NUM
cblr-11900	2022	52	fed	fed	PROPN
cblr-11900	2022	53	.	.	PUNCT
cblr-11900	2023	1	reg	reg	PROPN
cblr-11900	2023	2	.	.	PUNCT
cblr-11900	2024	1	54307	54307	NUM
cblr-11900	2024	2	(	(	PUNCT
cblr-11900	2024	3	apr	apr	PROPN
cblr-11900	2024	4	.	.	PROPN
cblr-11900	2024	5	14	14	NUM
cblr-11900	2024	6	,	,	PUNCT
cblr-11900	2024	7	2020	2020	NUM
cblr-11900	2024	8	)	)	PUNCT
cblr-11900	2024	9	(	(	PUNCT
cblr-11900	2024	10	to	to	PART
cblr-11900	2024	11	be	be	AUX
cblr-11900	2024	12	codified	codify	VERB
cblr-11900	2024	13	at	at	ADP
cblr-11900	2024	14	12	12	NUM
cblr-11900	2024	15	c.f.r	c.f.r	NOUN
cblr-11900	2024	16	.	.	PUNCT
cblr-11900	2025	1	pt	pt	PROPN
cblr-11900	2025	2	.	.	NOUN
cblr-11900	2025	3	233	233	NUM
cblr-11900	2025	4	)	)	PUNCT
cblr-11900	2025	5	.	.	PUNCT
cblr-11900	2026	1	finally	finally	ADV
cblr-11900	2026	2	in	in	ADP
cblr-11900	2026	3	2020	2020	NUM
cblr-11900	2026	4	the	the	DET
cblr-11900	2026	5	fed	fed	PROPN
cblr-11900	2026	6	provided	provide	VERB
cblr-11900	2026	7	template	template	NOUN
cblr-11900	2026	8	letters	letter	NOUN
cblr-11900	2026	9	to	to	PART
cblr-11900	2026	10	facilitate	facilitate	VERB
cblr-11900	2026	11	ad	ad	NOUN
cblr-11900	2026	12	-	-	PUNCT
cblr-11900	2026	13	hoc	hoc	ADJ
cblr-11900	2026	14	requests	request	NOUN
cblr-11900	2026	15	for	for	ADP
cblr-11900	2026	16	exemptions	exemption	NOUN
cblr-11900	2026	17	related	relate	VERB
cblr-11900	2026	18	to	to	ADP
cblr-11900	2026	19	transactions	transaction	NOUN
cblr-11900	2026	20	with	with	ADP
cblr-11900	2026	21	both	both	CCONJ
cblr-11900	2026	22	affiliated	affiliated	ADJ
cblr-11900	2026	23	money	money	NOUN
cblr-11900	2026	24	market	market	NOUN
cblr-11900	2026	25	funds	fund	NOUN
cblr-11900	2026	26	,	,	PUNCT
cblr-11900	2026	27	template	template	NOUN
cblr-11900	2026	28	letter	letter	NOUN
cblr-11900	2026	29	on	on	ADP
cblr-11900	2026	30	money	money	NOUN
cblr-11900	2026	31	-	-	PUNCT
cblr-11900	2026	32	market	market	NOUN
cblr-11900	2026	33	funds	fund	NOUN
cblr-11900	2026	34	from	from	ADP
cblr-11900	2026	35	ann	ann	PROPN
cblr-11900	2026	36	e.	e.	PROPN
cblr-11900	2026	37	misback	misback	PROPN
cblr-11900	2026	38	,	,	PUNCT
cblr-11900	2026	39	sec’y	sec’y	VERB
cblr-11900	2026	40	,	,	PUNCT
cblr-11900	2026	41	bd	bd	PROPN
cblr-11900	2026	42	.	.	PROPN
cblr-11900	2026	43	of	of	ADP
cblr-11900	2026	44	governors	governor	NOUN
cblr-11900	2026	45	of	of	ADP
cblr-11900	2026	46	the	the	DET
cblr-11900	2026	47	fed	fed	PROPN
cblr-11900	2026	48	.	.	PUNCT
cblr-11900	2027	1	rsrv	rsrv	PROPN
cblr-11900	2027	2	.	.	PUNCT
cblr-11900	2028	1	sys	sys	PROPN
cblr-11900	2028	2	.	.	PUNCT
cblr-11900	2029	1	(	(	PUNCT
cblr-11900	2029	2	mar	mar	PROPN
cblr-11900	2029	3	.	.	PROPN
cblr-11900	2029	4	17	17	NUM
cblr-11900	2029	5	,	,	PUNCT
cblr-11900	2029	6	2020	2020	NUM
cblr-11900	2029	7	)	)	PUNCT
cblr-11900	2029	8	,	,	PUNCT
cblr-11900	2029	9	https://www.federalreserve.gov/supervisionreg/legalinterpretations/fedrese	https://www.federalreserve.gov/supervisionreg/legalinterpretations/fedrese	ADJ
cblr-11900	2029	10	rseactint20200317.pdf	rseactint20200317.pdf	NOUN
cblr-11900	2030	1	[	[	X
cblr-11900	2030	2	https://perma.cc/72bv-jlqw	https://perma.cc/72bv-jlqw	X
cblr-11900	2030	3	]	]	X
cblr-11900	2030	4	,	,	PUNCT
cblr-11900	2030	5	and	and	CCONJ
cblr-11900	2030	6	broker	broker	NOUN
cblr-11900	2030	7	/	/	SYM
cblr-11900	2030	8	dealers	dealer	NOUN
cblr-11900	2030	9	,	,	PUNCT
cblr-11900	2030	10	template	template	NOUN
cblr-11900	2030	11	letter	letter	NOUN
cblr-11900	2030	12	on	on	ADP
cblr-11900	2030	13	broker	broker	NOUN
cblr-11900	2030	14	-	-	PUNCT
cblr-11900	2030	15	dealers	dealer	NOUN
cblr-11900	2030	16	from	from	ADP
cblr-11900	2030	17	ann	ann	PROPN
cblr-11900	2030	18	e.	e.	PROPN
cblr-11900	2030	19	misback	misback	PROPN
cblr-11900	2030	20	,	,	PUNCT
cblr-11900	2030	21	sec’y	sec’y	VERB
cblr-11900	2030	22	,	,	PUNCT
cblr-11900	2030	23	bd	bd	PROPN
cblr-11900	2030	24	.	.	PROPN
cblr-11900	2030	25	of	of	ADP
cblr-11900	2030	26	governors	governor	NOUN
cblr-11900	2030	27	of	of	ADP
cblr-11900	2030	28	the	the	DET
cblr-11900	2030	29	fed	fed	PROPN
cblr-11900	2030	30	.	.	PUNCT
cblr-11900	2030	31	rsrv	rsrv	PROPN
cblr-11900	2030	32	.	.	PUNCT
cblr-11900	2031	1	sys	sys	PROPN
cblr-11900	2031	2	.	.	PUNCT
cblr-11900	2032	1	(	(	PUNCT
cblr-11900	2032	2	mar	mar	PROPN
cblr-11900	2032	3	.	.	PROPN
cblr-11900	2032	4	18	18	NUM
cblr-11900	2032	5	,	,	PUNCT
cblr-11900	2032	6	2020	2020	NUM
cblr-11900	2032	7	)	)	PUNCT
cblr-11900	2032	8	,	,	PUNCT
cblr-11900	2032	9	https://www.federalreserve.gov/supervisionreg/legalinterpretations/fedrese	https://www.federalreserve.gov/supervisionreg/legalinterpretations/fedrese	ADJ
cblr-11900	2032	10	rseactint20200318.pdf	rseactint20200318.pdf	NOUN
cblr-11900	2032	11	[	[	X
cblr-11900	2032	12	https://perma.cc/u3zx-wqva	https://perma.cc/u3zx-wqva	X
cblr-11900	2032	13	]	]	PUNCT
cblr-11900	2032	14	.	.	PUNCT
cblr-11900	2033	1	447	447	NUM
cblr-11900	2033	2	see	see	VERB
cblr-11900	2033	3	,	,	PUNCT
cblr-11900	2033	4	e.g.	e.g.	ADV
cblr-11900	2033	5	,	,	PUNCT
cblr-11900	2033	6	u.s	u.s	PROPN
cblr-11900	2033	7	.	.	PROPN
cblr-11900	2033	8	dept	dept	PROPN
cblr-11900	2033	9	.	.	PROPN
cblr-11900	2033	10	of	of	ADP
cblr-11900	2033	11	the	the	DET
cblr-11900	2033	12	treasury	treasury	PROPN
cblr-11900	2033	13	et	et	PROPN
cblr-11900	2033	14	al	al	PROPN
cblr-11900	2033	15	.	.	PROPN
cblr-11900	2033	16	,	,	PUNCT
cblr-11900	2033	17	supra	supra	PROPN
cblr-11900	2033	18	note	note	PROPN
cblr-11900	2033	19	411	411	NUM
cblr-11900	2033	20	,	,	PUNCT
cblr-11900	2033	21	at	at	ADP
cblr-11900	2033	22	1	1	NUM
cblr-11900	2033	23	(	(	PUNCT
cblr-11900	2033	24	arguing	argue	VERB
cblr-11900	2033	25	that	that	SCONJ
cblr-11900	2033	26	a	a	DET
cblr-11900	2033	27	deep	deep	ADJ
cblr-11900	2033	28	and	and	CCONJ
cblr-11900	2033	29	liquid	liquid	ADJ
cblr-11900	2033	30	treasury	treasury	NOUN
cblr-11900	2033	31	market	market	NOUN
cblr-11900	2033	32	lowers	lower	VERB
cblr-11900	2033	33	the	the	DET
cblr-11900	2033	34	cost	cost	NOUN
cblr-11900	2033	35	to	to	ADP
cblr-11900	2033	36	taxpayers	taxpayer	NOUN
cblr-11900	2033	37	of	of	ADP
cblr-11900	2033	38	financing	finance	VERB
cblr-11900	2033	39	the	the	DET
cblr-11900	2033	40	government	government	NOUN
cblr-11900	2033	41	,	,	PUNCT
cblr-11900	2033	42	supports	support	VERB
cblr-11900	2033	43	the	the	DET
cblr-11900	2033	44	stable	stable	ADJ
cblr-11900	2033	45	flow	flow	NOUN
cblr-11900	2033	46	of	of	ADP
cblr-11900	2033	47	capital	capital	NOUN
cblr-11900	2033	48	and	and	CCONJ
cblr-11900	2033	49	credit	credit	NOUN
cblr-11900	2033	50	to	to	ADP
cblr-11900	2033	51	households	household	NOUN
cblr-11900	2033	52	and	and	CCONJ
cblr-11900	2033	53	businesses	business	NOUN
cblr-11900	2033	54	by	by	ADP
cblr-11900	2033	55	establishing	establish	VERB
cblr-11900	2033	56	a	a	DET
cblr-11900	2033	57	benchmark	benchmark	ADJ
cblr-11900	2033	58	credit	credit	NOUN
cblr-11900	2033	59	-	-	PUNCT
cblr-11900	2033	60	risk	risk	NOUN
cblr-11900	2033	61	-	-	PUNCT
cblr-11900	2033	62	free	free	ADJ
cblr-11900	2033	63	yield	yield	NOUN
cblr-11900	2033	64	curve	curve	NOUN
cblr-11900	2033	65	,	,	PUNCT
cblr-11900	2033	66	and	and	CCONJ
cblr-11900	2033	67	improves	improve	VERB
cblr-11900	2033	68	the	the	DET
cblr-11900	2033	69	transmission	transmission	NOUN
cblr-11900	2033	70	of	of	ADP
cblr-11900	2033	71	monetary	monetary	ADJ
cblr-11900	2033	72	policy	policy	NOUN
cblr-11900	2033	73	)	)	PUNCT
cblr-11900	2033	74	.	.	PUNCT
cblr-11900	2034	1	448	448	NUM
cblr-11900	2034	2	banking	banking	NOUN
cblr-11900	2034	3	act	act	NOUN
cblr-11900	2034	4	of	of	ADP
cblr-11900	2034	5	1933	1933	NUM
cblr-11900	2034	6	,	,	PUNCT
cblr-11900	2034	7	pub	pub	NOUN
cblr-11900	2034	8	.	.	PUNCT
cblr-11900	2035	1	l.	l.	PROPN
cblr-11900	2035	2	66–73d	66–73d	PROPN
cblr-11900	2035	3	at	at	ADP
cblr-11900	2035	4	§	§	PROPN
cblr-11900	2035	5	7	7	NUM
cblr-11900	2035	6	,	,	PUNCT
cblr-11900	2035	7	48	48	NUM
cblr-11900	2035	8	stat	stat	NOUN
cblr-11900	2035	9	.	.	PUNCT
cblr-11900	2036	1	162	162	NUM
cblr-11900	2036	2	(	(	PUNCT
cblr-11900	2036	3	1933	1933	NUM
cblr-11900	2036	4	)	)	PUNCT
cblr-11900	2036	5	;	;	PUNCT
cblr-11900	2036	6	see	see	VERB
cblr-11900	2036	7	supra	supra	PROPN
cblr-11900	2036	8	note	note	PROPN
cblr-11900	2036	9	437	437	NUM
cblr-11900	2036	10	.	.	PUNCT
cblr-11900	2037	1	no	no	INTJ
cblr-11900	2037	2	.	.	NOUN
cblr-11900	2037	3	1	1	NUM
cblr-11900	2037	4	]	]	ADJ
cblr-11900	2037	5	money	money	NOUN
cblr-11900	2037	6	and	and	CCONJ
cblr-11900	2037	7	the	the	DET
cblr-11900	2037	8	public	public	ADJ
cblr-11900	2037	9	debt	debt	NOUN
cblr-11900	2037	10	335	335	NUM
cblr-11900	2037	11	like	like	ADP
cblr-11900	2037	12	claims	claim	NOUN
cblr-11900	2037	13	or	or	CCONJ
cblr-11900	2037	14	deviating	deviate	VERB
cblr-11900	2037	15	significantly	significantly	ADV
cblr-11900	2037	16	from	from	ADP
cblr-11900	2037	17	international	international	PROPN
cblr-11900	2037	18	bank	bank	NOUN
cblr-11900	2037	19	regulatory	regulatory	ADJ
cblr-11900	2037	20	standards	standard	NOUN
cblr-11900	2037	21	.	.	PUNCT
cblr-11900	2038	1	vi	vi	X
cblr-11900	2038	2	.	.	NOUN
cblr-11900	2038	3	conclusion	conclusion	NOUN
cblr-11900	2038	4	from	from	ADP
cblr-11900	2038	5	the	the	DET
cblr-11900	2038	6	start	start	NOUN
cblr-11900	2038	7	,	,	PUNCT
cblr-11900	2038	8	the	the	DET
cblr-11900	2038	9	“	"	PUNCT
cblr-11900	2038	10	breadth	breadth	NOUN
cblr-11900	2038	11	,	,	PUNCT
cblr-11900	2038	12	depth	depth	NOUN
cblr-11900	2038	13	,	,	PUNCT
cblr-11900	2038	14	and	and	CCONJ
cblr-11900	2038	15	resiliency	resiliency	NOUN
cblr-11900	2038	16	”	"	PUNCT
cblr-11900	2038	17	of	of	ADP
cblr-11900	2038	18	treasury	treasury	NOUN
cblr-11900	2038	19	markets	market	NOUN
cblr-11900	2038	20	has	have	AUX
cblr-11900	2038	21	turned	turn	VERB
cblr-11900	2038	22	on	on	ADP
cblr-11900	2038	23	monetary	monetary	ADJ
cblr-11900	2038	24	system	system	NOUN
cblr-11900	2038	25	design.449	design.449	PROPN
cblr-11900	2038	26	in	in	ADP
cblr-11900	2038	27	the	the	DET
cblr-11900	2038	28	1950s	1950s	NUM
cblr-11900	2038	29	,	,	PUNCT
cblr-11900	2038	30	fed	fed	PROPN
cblr-11900	2038	31	officials	official	NOUN
cblr-11900	2038	32	,	,	PUNCT
cblr-11900	2038	33	relying	rely	VERB
cblr-11900	2038	34	on	on	ADP
cblr-11900	2038	35	purchase	purchase	NOUN
cblr-11900	2038	36	and	and	CCONJ
cblr-11900	2038	37	sale	sale	NOUN
cblr-11900	2038	38	transactions	transaction	NOUN
cblr-11900	2038	39	conducted	conduct	VERB
cblr-11900	2038	40	under	under	ADP
cblr-11900	2038	41	their	their	PRON
cblr-11900	2038	42	§	§	PROPN
cblr-11900	2038	43	14	14	NUM
cblr-11900	2038	44	authority	authority	NOUN
cblr-11900	2038	45	rather	rather	ADV
cblr-11900	2038	46	than	than	ADP
cblr-11900	2038	47	on	on	ADP
cblr-11900	2038	48	loans	loan	NOUN
cblr-11900	2038	49	extended	extend	VERB
cblr-11900	2038	50	under	under	ADP
cblr-11900	2038	51	§	§	NOUN
cblr-11900	2038	52	13(3	13(3	NUM
cblr-11900	2038	53	)	)	PUNCT
cblr-11900	2038	54	or	or	CCONJ
cblr-11900	2038	55	§	§	PROPN
cblr-11900	2038	56	13(13	13(13	NUM
cblr-11900	2038	57	)	)	PUNCT
cblr-11900	2038	58	,	,	PUNCT
cblr-11900	2038	59	created	create	VERB
cblr-11900	2038	60	a	a	DET
cblr-11900	2038	61	new	new	ADJ
cblr-11900	2038	62	market	market	NOUN
cblr-11900	2038	63	for	for	ADP
cblr-11900	2038	64	financial	financial	ADJ
cblr-11900	2038	65	instruments	instrument	NOUN
cblr-11900	2038	66	(	(	PUNCT
cblr-11900	2038	67	repo	repo	NOUN
cblr-11900	2038	68	)	)	PUNCT
cblr-11900	2038	69	that	that	PRON
cblr-11900	2038	70	looked	look	VERB
cblr-11900	2038	71	quite	quite	ADV
cblr-11900	2038	72	similar	similar	ADJ
cblr-11900	2038	73	to	to	ADP
cblr-11900	2038	74	,	,	PUNCT
cblr-11900	2038	75	and	and	CCONJ
cblr-11900	2038	76	in	in	ADP
cblr-11900	2038	77	several	several	ADJ
cblr-11900	2038	78	important	important	ADJ
cblr-11900	2038	79	ways	way	NOUN
cblr-11900	2038	80	were	be	AUX
cblr-11900	2038	81	more	more	ADV
cblr-11900	2038	82	attractive	attractive	ADJ
cblr-11900	2038	83	than	than	ADP
cblr-11900	2038	84	,	,	PUNCT
cblr-11900	2038	85	deposits	deposit	NOUN
cblr-11900	2038	86	and	and	CCONJ
cblr-11900	2038	87	other	other	ADJ
cblr-11900	2038	88	money	money	NOUN
cblr-11900	2038	89	claims	claim	VERB
cblr-11900	2038	90	.	.	PUNCT
cblr-11900	2039	1	by	by	ADP
cblr-11900	2039	2	providing	provide	VERB
cblr-11900	2039	3	a	a	DET
cblr-11900	2039	4	liquidity	liquidity	NOUN
cblr-11900	2039	5	backstop	backstop	NOUN
cblr-11900	2039	6	at	at	ADP
cblr-11900	2039	7	an	an	DET
cblr-11900	2039	8	administered	administer	VERB
cblr-11900	2039	9	rate	rate	NOUN
cblr-11900	2039	10	and	and	CCONJ
cblr-11900	2039	11	(	(	PUNCT
cblr-11900	2039	12	eventually	eventually	ADV
cblr-11900	2039	13	)	)	PUNCT
cblr-11900	2039	14	preferential	preferential	ADJ
cblr-11900	2039	15	treatment	treatment	NOUN
cblr-11900	2039	16	under	under	ADP
cblr-11900	2039	17	the	the	DET
cblr-11900	2039	18	bankruptcy	bankruptcy	NOUN
cblr-11900	2039	19	code	code	NOUN
cblr-11900	2039	20	,	,	PUNCT
cblr-11900	2039	21	policy	policy	NOUN
cblr-11900	2039	22	makers	maker	NOUN
cblr-11900	2039	23	attracted	attract	VERB
cblr-11900	2039	24	a	a	DET
cblr-11900	2039	25	broad	broad	ADJ
cblr-11900	2039	26	and	and	CCONJ
cblr-11900	2039	27	diverse	diverse	ADJ
cblr-11900	2039	28	group	group	NOUN
cblr-11900	2039	29	of	of	ADP
cblr-11900	2039	30	potential	potential	ADJ
cblr-11900	2039	31	cash	cash	NOUN
cblr-11900	2039	32	providers	provider	NOUN
cblr-11900	2039	33	;	;	PUNCT
cblr-11900	2039	34	regulation	regulation	NOUN
cblr-11900	2039	35	of	of	ADP
cblr-11900	2039	36	its	its	PRON
cblr-11900	2039	37	government	government	NOUN
cblr-11900	2039	38	securities	security	NOUN
cblr-11900	2039	39	dealers	dealer	NOUN
cblr-11900	2039	40	under	under	ADP
cblr-11900	2039	41	an	an	DET
cblr-11900	2039	42	investor	investor	NOUN
cblr-11900	2039	43	protection	protection	NOUN
cblr-11900	2039	44	framework	framework	NOUN
cblr-11900	2039	45	allowed	allow	VERB
cblr-11900	2039	46	for	for	ADP
cblr-11900	2039	47	higher	high	ADJ
cblr-11900	2039	48	levels	level	NOUN
cblr-11900	2039	49	of	of	ADP
cblr-11900	2039	50	leverage	leverage	NOUN
cblr-11900	2039	51	than	than	SCONJ
cblr-11900	2039	52	would	would	AUX
cblr-11900	2039	53	be	be	AUX
cblr-11900	2039	54	allowed	allow	VERB
cblr-11900	2039	55	for	for	ADP
cblr-11900	2039	56	depository	depository	NOUN
cblr-11900	2039	57	institutions	institution	NOUN
cblr-11900	2039	58	.	.	PUNCT
cblr-11900	2040	1	the	the	DET
cblr-11900	2040	2	result	result	NOUN
cblr-11900	2040	3	was	be	AUX
cblr-11900	2040	4	a	a	DET
cblr-11900	2040	5	curious	curious	ADJ
cblr-11900	2040	6	tension	tension	NOUN
cblr-11900	2040	7	:	:	PUNCT
cblr-11900	2040	8	intermediating	intermediate	VERB
cblr-11900	2040	9	treasury	treasury	NOUN
cblr-11900	2040	10	markets	market	NOUN
cblr-11900	2040	11	was	be	AUX
cblr-11900	2040	12	important	important	ADJ
cblr-11900	2040	13	enough	enough	ADV
cblr-11900	2040	14	to	to	PART
cblr-11900	2040	15	garner	garner	VERB
cblr-11900	2040	16	significant	significant	ADJ
cblr-11900	2040	17	public	public	ADJ
cblr-11900	2040	18	sponsorship	sponsorship	NOUN
cblr-11900	2040	19	and	and	CCONJ
cblr-11900	2040	20	support	support	NOUN
cblr-11900	2040	21	,	,	PUNCT
cblr-11900	2040	22	but	but	CCONJ
cblr-11900	2040	23	its	its	PRON
cblr-11900	2040	24	providers	provider	NOUN
cblr-11900	2040	25	were	be	AUX
cblr-11900	2040	26	not	not	PART
cblr-11900	2040	27	systemically	systemically	ADV
cblr-11900	2040	28	important	important	ADJ
cblr-11900	2040	29	enough	enough	ADV
cblr-11900	2040	30	to	to	PART
cblr-11900	2040	31	be	be	AUX
cblr-11900	2040	32	subject	subject	ADJ
cblr-11900	2040	33	to	to	ADP
cblr-11900	2040	34	the	the	DET
cblr-11900	2040	35	same	same	ADJ
cblr-11900	2040	36	level	level	NOUN
cblr-11900	2040	37	of	of	ADP
cblr-11900	2040	38	prudential	prudential	ADJ
cblr-11900	2040	39	oversight	oversight	NOUN
cblr-11900	2040	40	as	as	ADP
cblr-11900	2040	41	banks	bank	NOUN
cblr-11900	2040	42	.	.	PUNCT
cblr-11900	2041	1	the	the	DET
cblr-11900	2041	2	arrangement	arrangement	NOUN
cblr-11900	2041	3	led	lead	VERB
cblr-11900	2041	4	the	the	DET
cblr-11900	2041	5	u.s	u.s	PROPN
cblr-11900	2041	6	.	.	PROPN
cblr-11900	2041	7	financial	financial	ADJ
cblr-11900	2041	8	system	system	NOUN
cblr-11900	2041	9	down	down	ADP
cblr-11900	2041	10	a	a	DET
cblr-11900	2041	11	path	path	NOUN
cblr-11900	2041	12	towards	towards	ADP
cblr-11900	2041	13	increased	increase	VERB
cblr-11900	2041	14	reliance	reliance	NOUN
cblr-11900	2041	15	on	on	ADP
cblr-11900	2041	16	shadow	shadow	NOUN
cblr-11900	2041	17	banking	banking	NOUN
cblr-11900	2041	18	.	.	PUNCT
cblr-11900	2042	1	while	while	SCONJ
cblr-11900	2042	2	many	many	ADJ
cblr-11900	2042	3	factors	factor	NOUN
cblr-11900	2042	4	contributed	contribute	VERB
cblr-11900	2042	5	to	to	ADP
cblr-11900	2042	6	the	the	DET
cblr-11900	2042	7	gfc	gfc	NOUN
cblr-11900	2042	8	in	in	ADP
cblr-11900	2042	9	2008	2008	NUM
cblr-11900	2042	10	,	,	PUNCT
cblr-11900	2042	11	it	it	PRON
cblr-11900	2042	12	seems	seem	VERB
cblr-11900	2042	13	at	at	ADV
cblr-11900	2042	14	least	least	ADJ
cblr-11900	2042	15	plausible	plausible	ADJ
cblr-11900	2042	16	that	that	SCONJ
cblr-11900	2042	17	martin	martin	PROPN
cblr-11900	2042	18	’s	’s	PART
cblr-11900	2042	19	fed	fed	PROPN
cblr-11900	2042	20	set	set	VERB
cblr-11900	2042	21	in	in	ADP
cblr-11900	2042	22	motion	motion	NOUN
cblr-11900	2042	23	a	a	DET
cblr-11900	2042	24	series	series	NOUN
cblr-11900	2042	25	of	of	ADP
cblr-11900	2042	26	events	event	NOUN
cblr-11900	2042	27	that	that	PRON
cblr-11900	2042	28	contributed	contribute	VERB
cblr-11900	2042	29	to	to	ADP
cblr-11900	2042	30	what	what	PRON
cblr-11900	2042	31	eventually	eventually	ADV
cblr-11900	2042	32	transpired	transpire	VERB
cblr-11900	2042	33	.	.	PUNCT
cblr-11900	2043	1	the	the	DET
cblr-11900	2043	2	2010s	2010s	PROPN
cblr-11900	2043	3	offered	offer	VERB
cblr-11900	2043	4	a	a	DET
cblr-11900	2043	5	brief	brief	ADJ
cblr-11900	2043	6	period	period	NOUN
cblr-11900	2043	7	during	during	ADP
cblr-11900	2043	8	which	which	PRON
cblr-11900	2043	9	dealer	dealer	NOUN
cblr-11900	2043	10	activity	activity	NOUN
cblr-11900	2043	11	was	be	AUX
cblr-11900	2043	12	consolidated	consolidate	VERB
cblr-11900	2043	13	inside	inside	ADP
cblr-11900	2043	14	the	the	DET
cblr-11900	2043	15	banking	banking	NOUN
cblr-11900	2043	16	perimeter	perimeter	NOUN
cblr-11900	2043	17	.	.	PUNCT
cblr-11900	2044	1	that	that	PRON
cblr-11900	2044	2	,	,	PUNCT
cblr-11900	2044	3	however	however	ADV
cblr-11900	2044	4	,	,	PUNCT
cblr-11900	2044	5	did	do	AUX
cblr-11900	2044	6	not	not	PART
cblr-11900	2044	7	ultimately	ultimately	ADV
cblr-11900	2044	8	last	last	VERB
cblr-11900	2044	9	long	long	ADV
cblr-11900	2044	10	in	in	ADP
cblr-11900	2044	11	practice	practice	NOUN
cblr-11900	2044	12	.	.	PUNCT
cblr-11900	2045	1	new	new	ADJ
cblr-11900	2045	2	regulatory	regulatory	ADJ
cblr-11900	2045	3	requirements	requirement	NOUN
cblr-11900	2045	4	that	that	PRON
cblr-11900	2045	5	assigned	assign	VERB
cblr-11900	2045	6	a	a	DET
cblr-11900	2045	7	cost	cost	NOUN
cblr-11900	2045	8	to	to	PART
cblr-11900	2045	9	leverage	leverage	NOUN
cblr-11900	2045	10	agnostic	agnostic	ADJ
cblr-11900	2045	11	of	of	ADP
cblr-11900	2045	12	risk	risk	NOUN
cblr-11900	2045	13	once	once	ADV
cblr-11900	2045	14	again	again	ADV
cblr-11900	2045	15	pushed	push	VERB
cblr-11900	2045	16	treasury	treasury	NOUN
cblr-11900	2045	17	and	and	CCONJ
cblr-11900	2045	18	repo	repo	ADP
cblr-11900	2045	19	intermediation	intermediation	NOUN
cblr-11900	2045	20	in	in	ADP
cblr-11900	2045	21	the	the	DET
cblr-11900	2045	22	direction	direction	NOUN
cblr-11900	2045	23	of	of	ADP
cblr-11900	2045	24	non	non	NOUN
cblr-11900	2045	25	-	-	NOUN
cblr-11900	2045	26	banks	bank	NOUN
cblr-11900	2045	27	.	.	PUNCT
cblr-11900	2046	1	the	the	DET
cblr-11900	2046	2	players	player	NOUN
cblr-11900	2046	3	were	be	AUX
cblr-11900	2046	4	admittedly	admittedly	ADV
cblr-11900	2046	5	different	different	ADJ
cblr-11900	2046	6	—	—	PUNCT
cblr-11900	2046	7	ptfs	ptfs	ADJ
cblr-11900	2046	8	and	and	CCONJ
cblr-11900	2046	9	other	other	ADJ
cblr-11900	2046	10	hfts	hft	NOUN
cblr-11900	2046	11	taking	take	VERB
cblr-11900	2046	12	on	on	ADP
cblr-11900	2046	13	449	449	NUM
cblr-11900	2046	14	indeed	indeed	ADV
cblr-11900	2046	15	,	,	PUNCT
cblr-11900	2046	16	as	as	SCONJ
cblr-11900	2046	17	we	we	PRON
cblr-11900	2046	18	’ve	’ve	AUX
cblr-11900	2046	19	argued	argue	VERB
cblr-11900	2046	20	,	,	PUNCT
cblr-11900	2046	21	the	the	DET
cblr-11900	2046	22	federal	federal	ADJ
cblr-11900	2046	23	government	government	NOUN
cblr-11900	2046	24	has	have	AUX
cblr-11900	2046	25	engaged	engage	VERB
cblr-11900	2046	26	in	in	ADP
cblr-11900	2046	27	forms	form	NOUN
cblr-11900	2046	28	of	of	ADP
cblr-11900	2046	29	monetary	monetary	ADJ
cblr-11900	2046	30	finance	finance	NOUN
cblr-11900	2046	31	since	since	SCONJ
cblr-11900	2046	32	the	the	DET
cblr-11900	2046	33	war	war	NOUN
cblr-11900	2046	34	of	of	ADP
cblr-11900	2046	35	1812	1812	NUM
cblr-11900	2046	36	and	and	CCONJ
cblr-11900	2046	37	has	have	AUX
cblr-11900	2046	38	developed	develop	VERB
cblr-11900	2046	39	legal	legal	ADJ
cblr-11900	2046	40	structures	structure	NOUN
cblr-11900	2046	41	to	to	PART
cblr-11900	2046	42	facilitate	facilitate	VERB
cblr-11900	2046	43	indirect	indirect	ADJ
cblr-11900	2046	44	monetary	monetary	ADJ
cblr-11900	2046	45	finance	finance	NOUN
cblr-11900	2046	46	since	since	SCONJ
cblr-11900	2046	47	the	the	DET
cblr-11900	2046	48	civil	civil	ADJ
cblr-11900	2046	49	war	war	NOUN
cblr-11900	2046	50	.	.	PUNCT
cblr-11900	2047	1	336	336	NUM
cblr-11900	2047	2	columbia	columbia	PROPN
cblr-11900	2047	3	business	business	NOUN
cblr-11900	2047	4	law	law	PROPN
cblr-11900	2047	5	review	review	NOUN
cblr-11900	2047	6	[	[	X
cblr-11900	2047	7	vol	vol	NOUN
cblr-11900	2047	8	.	.	PUNCT
cblr-11900	2048	1	2023	2023	NUM
cblr-11900	2048	2	one	one	NUM
cblr-11900	2048	3	aspect	aspect	NOUN
cblr-11900	2048	4	of	of	ADP
cblr-11900	2048	5	market	market	NOUN
cblr-11900	2048	6	making	making	NOUN
cblr-11900	2048	7	(	(	PUNCT
cblr-11900	2048	8	trade	trade	NOUN
cblr-11900	2048	9	matching	matching	NOUN
cblr-11900	2048	10	)	)	PUNCT
cblr-11900	2048	11	,	,	PUNCT
cblr-11900	2048	12	and	and	CCONJ
cblr-11900	2048	13	rv	rv	PROPN
cblr-11900	2048	14	hedge	hedge	NOUN
cblr-11900	2048	15	funds	fund	NOUN
cblr-11900	2048	16	the	the	DET
cblr-11900	2048	17	other	other	ADJ
cblr-11900	2048	18	(	(	PUNCT
cblr-11900	2048	19	inventory	inventory	NOUN
cblr-11900	2048	20	management)—they	management)—they	PRON
cblr-11900	2048	21	too	too	ADV
cblr-11900	2048	22	relied	rely	VERB
cblr-11900	2048	23	on	on	ADP
cblr-11900	2048	24	easy	easy	ADJ
cblr-11900	2048	25	access	access	NOUN
cblr-11900	2048	26	to	to	ADP
cblr-11900	2048	27	cheap	cheap	ADJ
cblr-11900	2048	28	and	and	CCONJ
cblr-11900	2048	29	available	available	ADJ
cblr-11900	2048	30	repo	repo	ADP
cblr-11900	2048	31	funding	funding	NOUN
cblr-11900	2048	32	for	for	ADP
cblr-11900	2048	33	their	their	PRON
cblr-11900	2048	34	activities	activity	NOUN
cblr-11900	2048	35	.	.	PUNCT
cblr-11900	2049	1	and	and	CCONJ
cblr-11900	2049	2	once	once	ADV
cblr-11900	2049	3	again	again	ADV
cblr-11900	2049	4	,	,	PUNCT
cblr-11900	2049	5	that	that	DET
cblr-11900	2049	6	system	system	NOUN
cblr-11900	2049	7	proved	prove	VERB
cblr-11900	2049	8	vulnerable	vulnerable	ADJ
cblr-11900	2049	9	to	to	ADP
cblr-11900	2049	10	shocks	shock	NOUN
cblr-11900	2049	11	.	.	PUNCT
cblr-11900	2050	1	the	the	DET
cblr-11900	2050	2	present	present	ADJ
cblr-11900	2050	3	moment	moment	NOUN
cblr-11900	2050	4	presents	present	VERB
cblr-11900	2050	5	yet	yet	ADV
cblr-11900	2050	6	another	another	DET
cblr-11900	2050	7	opportunity	opportunity	NOUN
cblr-11900	2050	8	for	for	ADP
cblr-11900	2050	9	reflection	reflection	NOUN
cblr-11900	2050	10	.	.	PUNCT
cblr-11900	2051	1	it	it	PRON
cblr-11900	2051	2	is	be	AUX
cblr-11900	2051	3	also	also	ADV
cblr-11900	2051	4	a	a	DET
cblr-11900	2051	5	critical	critical	ADJ
cblr-11900	2051	6	phase	phase	NOUN
cblr-11900	2051	7	in	in	ADP
cblr-11900	2051	8	the	the	DET
cblr-11900	2051	9	financial	financial	ADJ
cblr-11900	2051	10	history	history	NOUN
cblr-11900	2051	11	of	of	ADP
cblr-11900	2051	12	the	the	DET
cblr-11900	2051	13	u.s	u.s	PROPN
cblr-11900	2051	14	.	.	PROPN
cblr-11900	2051	15	and	and	CCONJ
cblr-11900	2051	16	the	the	DET
cblr-11900	2051	17	dollar	dollar	NOUN
cblr-11900	2051	18	.	.	PUNCT
cblr-11900	2052	1	the	the	DET
cblr-11900	2052	2	trajectory	trajectory	NOUN
cblr-11900	2052	3	of	of	ADP
cblr-11900	2052	4	mandatory	mandatory	ADJ
cblr-11900	2052	5	federal	federal	ADJ
cblr-11900	2052	6	spending	spending	NOUN
cblr-11900	2052	7	points	point	NOUN
cblr-11900	2052	8	to	to	ADP
cblr-11900	2052	9	a	a	DET
cblr-11900	2052	10	secular	secular	ADJ
cblr-11900	2052	11	widening	widening	NOUN
cblr-11900	2052	12	of	of	ADP
cblr-11900	2052	13	deficits	deficit	NOUN
cblr-11900	2052	14	over	over	ADP
cblr-11900	2052	15	the	the	DET
cblr-11900	2052	16	mediumto	mediumto	NOUN
cblr-11900	2052	17	long	long	ADJ
cblr-11900	2052	18	-	-	PUNCT
cblr-11900	2052	19	term	term	NOUN
cblr-11900	2052	20	.	.	PUNCT
cblr-11900	2053	1	ensuring	ensure	VERB
cblr-11900	2053	2	markets	market	NOUN
cblr-11900	2053	3	keep	keep	VERB
cblr-11900	2053	4	pace	pace	NOUN
cblr-11900	2053	5	with	with	ADP
cblr-11900	2053	6	that	that	DET
cblr-11900	2053	7	growth	growth	NOUN
cblr-11900	2053	8	remains	remain	VERB
cblr-11900	2053	9	,	,	PUNCT
cblr-11900	2053	10	as	as	SCONJ
cblr-11900	2053	11	chairman	chairman	PROPN
cblr-11900	2053	12	martin	martin	PROPN
cblr-11900	2053	13	observed	observe	VERB
cblr-11900	2053	14	back	back	ADV
cblr-11900	2053	15	in	in	ADP
cblr-11900	2053	16	1959	1959	NUM
cblr-11900	2053	17	,	,	PUNCT
cblr-11900	2053	18	“	"	PUNCT
cblr-11900	2053	19	obviously	obviously	ADV
cblr-11900	2053	20	needed	need	VERB
cblr-11900	2053	21	for	for	ADP
cblr-11900	2053	22	the	the	DET
cblr-11900	2053	23	functioning	functioning	NOUN
cblr-11900	2053	24	of	of	ADP
cblr-11900	2053	25	our	our	PRON
cblr-11900	2053	26	financial	financial	ADJ
cblr-11900	2053	27	mechanism	mechanism	NOUN
cblr-11900	2053	28	.	.	PUNCT
cblr-11900	2054	1	”450	”450	ADJ
cblr-11900	2054	2	absent	absent	ADJ
cblr-11900	2054	3	reform	reform	NOUN
cblr-11900	2054	4	,	,	PUNCT
cblr-11900	2054	5	one	one	NUM
cblr-11900	2054	6	possibility	possibility	NOUN
cblr-11900	2054	7	is	be	AUX
cblr-11900	2054	8	another	another	DET
cblr-11900	2054	9	panic	panic	NOUN
cblr-11900	2054	10	.	.	PUNCT
cblr-11900	2055	1	that	that	PRON
cblr-11900	2055	2	is	be	AUX
cblr-11900	2055	3	certainly	certainly	ADV
cblr-11900	2055	4	one	one	NUM
cblr-11900	2055	5	way	way	NOUN
cblr-11900	2055	6	to	to	PART
cblr-11900	2055	7	interpret	interpret	VERB
cblr-11900	2055	8	the	the	DET
cblr-11900	2055	9	second	second	ADJ
cblr-11900	2055	10	treasury	treasury	NOUN
cblr-11900	2055	11	market	market	NOUN
cblr-11900	2055	12	functioning	function	VERB
cblr-11900	2055	13	event	event	NOUN
cblr-11900	2055	14	of	of	ADP
cblr-11900	2055	15	the	the	DET
cblr-11900	2055	16	post	post	ADJ
cblr-11900	2055	17	-	-	ADJ
cblr-11900	2055	18	accord	accord	ADJ
cblr-11900	2055	19	era	era	NOUN
cblr-11900	2055	20	:	:	PUNCT
cblr-11900	2055	21	the	the	DET
cblr-11900	2055	22	1958	1958	NUM
cblr-11900	2055	23	funding	funding	NOUN
cblr-11900	2055	24	squeeze	squeeze	NOUN
cblr-11900	2055	25	,	,	PUNCT
cblr-11900	2055	26	which	which	PRON
cblr-11900	2055	27	bears	bear	VERB
cblr-11900	2055	28	some	some	DET
cblr-11900	2055	29	important	important	ADJ
cblr-11900	2055	30	similarities	similarity	NOUN
cblr-11900	2055	31	to	to	ADP
cblr-11900	2055	32	recent	recent	ADJ
cblr-11900	2055	33	events.451	events.451	NOUN
cblr-11900	2055	34	a	a	DET
cblr-11900	2055	35	number	number	NOUN
cblr-11900	2055	36	of	of	ADP
cblr-11900	2055	37	reforms	reform	NOUN
cblr-11900	2055	38	have	have	AUX
cblr-11900	2055	39	been	be	AUX
cblr-11900	2055	40	proposed	propose	VERB
cblr-11900	2055	41	to	to	PART
cblr-11900	2055	42	reduce	reduce	VERB
cblr-11900	2055	43	the	the	DET
cblr-11900	2055	44	risk	risk	NOUN
cblr-11900	2055	45	of	of	ADP
cblr-11900	2055	46	that	that	DET
cblr-11900	2055	47	outcome	outcome	NOUN
cblr-11900	2055	48	.	.	PUNCT
cblr-11900	2056	1	most	most	ADJ
cblr-11900	2056	2	are	be	AUX
cblr-11900	2056	3	aimed	aim	VERB
cblr-11900	2056	4	to	to	ADP
cblr-11900	2056	5	some	some	DET
cblr-11900	2056	6	extent	extent	NOUN
cblr-11900	2056	7	at	at	ADP
cblr-11900	2056	8	giving	give	VERB
cblr-11900	2056	9	banks	bank	NOUN
cblr-11900	2056	10	a	a	DET
cblr-11900	2056	11	greater	great	ADJ
cblr-11900	2056	12	role	role	NOUN
cblr-11900	2056	13	in	in	ADP
cblr-11900	2056	14	that	that	DET
cblr-11900	2056	15	market	market	NOUN
cblr-11900	2056	16	,	,	PUNCT
cblr-11900	2056	17	but	but	CCONJ
cblr-11900	2056	18	they	they	PRON
cblr-11900	2056	19	vary	vary	VERB
cblr-11900	2056	20	in	in	ADP
cblr-11900	2056	21	intent	intent	NOUN
cblr-11900	2056	22	and	and	CCONJ
cblr-11900	2056	23	effectiveness	effectiveness	NOUN
cblr-11900	2056	24	.	.	PUNCT
cblr-11900	2057	1	an	an	DET
cblr-11900	2057	2	outstanding	outstanding	ADJ
cblr-11900	2057	3	question	question	NOUN
cblr-11900	2057	4	for	for	ADP
cblr-11900	2057	5	policy	policy	NOUN
cblr-11900	2057	6	makers	maker	NOUN
cblr-11900	2057	7	is	be	AUX
cblr-11900	2057	8	more	more	ADJ
cblr-11900	2057	9	of	of	ADP
cblr-11900	2057	10	a	a	DET
cblr-11900	2057	11	first	first	ADJ
cblr-11900	2057	12	principles	principle	NOUN
cblr-11900	2057	13	approach	approach	NOUN
cblr-11900	2057	14	:	:	PUNCT
cblr-11900	2057	15	should	should	AUX
cblr-11900	2057	16	treasury	treasury	VERB
cblr-11900	2057	17	intermediation	intermediation	NOUN
cblr-11900	2057	18	occur	occur	VERB
cblr-11900	2057	19	inside	inside	ADV
cblr-11900	2057	20	,	,	PUNCT
cblr-11900	2057	21	rather	rather	ADV
cblr-11900	2057	22	than	than	ADP
cblr-11900	2057	23	outside	outside	ADV
cblr-11900	2057	24	,	,	PUNCT
cblr-11900	2057	25	the	the	DET
cblr-11900	2057	26	banking	banking	NOUN
cblr-11900	2057	27	perimeter	perimeter	NOUN
cblr-11900	2057	28	?	?	PUNCT
cblr-11900	2058	1	to	to	ADP
cblr-11900	2058	2	the	the	DET
cblr-11900	2058	3	extent	extent	NOUN
cblr-11900	2058	4	that	that	SCONJ
cblr-11900	2058	5	its	its	PRON
cblr-11900	2058	6	systemic	systemic	ADJ
cblr-11900	2058	7	importance	importance	NOUN
cblr-11900	2058	8	is	be	AUX
cblr-11900	2058	9	similar	similar	ADJ
cblr-11900	2058	10	to	to	ADP
cblr-11900	2058	11	that	that	PRON
cblr-11900	2058	12	of	of	ADP
cblr-11900	2058	13	the	the	DET
cblr-11900	2058	14	banking	banking	NOUN
cblr-11900	2058	15	and	and	CCONJ
cblr-11900	2058	16	monetary	monetary	ADJ
cblr-11900	2058	17	system	system	NOUN
cblr-11900	2058	18	more	more	ADV
cblr-11900	2058	19	broadly	broadly	ADV
cblr-11900	2058	20	,	,	PUNCT
cblr-11900	2058	21	as	as	SCONJ
cblr-11900	2058	22	recent	recent	ADJ
cblr-11900	2058	23	events	event	NOUN
cblr-11900	2058	24	and	and	CCONJ
cblr-11900	2058	25	policy	policy	NOUN
cblr-11900	2058	26	responses	response	NOUN
cblr-11900	2058	27	suggest	suggest	VERB
cblr-11900	2058	28	,	,	PUNCT
cblr-11900	2058	29	locating	locate	VERB
cblr-11900	2058	30	intermediation	intermediation	NOUN
cblr-11900	2058	31	within	within	ADP
cblr-11900	2058	32	the	the	DET
cblr-11900	2058	33	banking	banking	NOUN
cblr-11900	2058	34	system	system	NOUN
cblr-11900	2058	35	would	would	AUX
cblr-11900	2058	36	appear	appear	VERB
cblr-11900	2058	37	preferable	preferable	ADJ
cblr-11900	2058	38	.	.	PUNCT
cblr-11900	2059	1	it	it	PRON
cblr-11900	2059	2	would	would	AUX
cblr-11900	2059	3	,	,	PUNCT
cblr-11900	2059	4	however	however	ADV
cblr-11900	2059	5	,	,	PUNCT
cblr-11900	2059	6	come	come	VERB
cblr-11900	2059	7	with	with	ADP
cblr-11900	2059	8	costs	cost	NOUN
cblr-11900	2059	9	,	,	PUNCT
cblr-11900	2059	10	particularly	particularly	ADV
cblr-11900	2059	11	the	the	DET
cblr-11900	2059	12	extraordinary	extraordinary	ADJ
cblr-11900	2059	13	challenge	challenge	NOUN
cblr-11900	2059	14	of	of	ADP
cblr-11900	2059	15	executing	execute	VERB
cblr-11900	2059	16	fundamental	fundamental	ADJ
cblr-11900	2059	17	changes	change	NOUN
cblr-11900	2059	18	in	in	ADP
cblr-11900	2059	19	the	the	DET
cblr-11900	2059	20	market	market	NOUN
cblr-11900	2059	21	structure	structure	NOUN
cblr-11900	2059	22	and	and	CCONJ
cblr-11900	2059	23	demand	demand	NOUN
cblr-11900	2059	24	base	base	NOUN
cblr-11900	2059	25	for	for	ADP
cblr-11900	2059	26	u.s	u.s	PROPN
cblr-11900	2059	27	.	.	PROPN
cblr-11900	2059	28	government	government	NOUN
cblr-11900	2059	29	debt	debt	NOUN
cblr-11900	2059	30	.	.	PUNCT
cblr-11900	2060	1	although	although	SCONJ
cblr-11900	2060	2	there	there	PRON
cblr-11900	2060	3	are	be	VERB
cblr-11900	2060	4	no	no	DET
cblr-11900	2060	5	easy	easy	ADJ
cblr-11900	2060	6	answers	answer	NOUN
cblr-11900	2060	7	,	,	PUNCT
cblr-11900	2060	8	there	there	PRON
cblr-11900	2060	9	is	be	VERB
cblr-11900	2060	10	value	value	NOUN
cblr-11900	2060	11	in	in	ADP
cblr-11900	2060	12	clearly	clearly	ADV
cblr-11900	2060	13	articulating	articulate	VERB
cblr-11900	2060	14	the	the	DET
cblr-11900	2060	15	principles	principle	NOUN
cblr-11900	2060	16	450	450	NUM
cblr-11900	2060	17	the	the	DET
cblr-11900	2060	18	government	government	NOUN
cblr-11900	2060	19	securities	security	NOUN
cblr-11900	2060	20	market	market	NOUN
cblr-11900	2060	21	and	and	CCONJ
cblr-11900	2060	22	economic	economic	ADJ
cblr-11900	2060	23	growth	growth	NOUN
cblr-11900	2060	24	:	:	PUNCT
cblr-11900	2060	25	hearing	hear	VERB
cblr-11900	2060	26	before	before	ADP
cblr-11900	2060	27	the	the	DET
cblr-11900	2060	28	j.	j.	PROPN
cblr-11900	2060	29	econ	econ	PROPN
cblr-11900	2060	30	.	.	PUNCT
cblr-11900	2061	1	comm	comm	NOUN
cblr-11900	2061	2	.	.	PUNCT
cblr-11900	2061	3	,	,	PUNCT
cblr-11900	2061	4	86th	86th	ADJ
cblr-11900	2061	5	cong	cong	NOUN
cblr-11900	2061	6	.	.	PUNCT
cblr-11900	2062	1	1	1	NUM
cblr-11900	2062	2	(	(	PUNCT
cblr-11900	2062	3	1959	1959	NUM
cblr-11900	2062	4	)	)	PUNCT
cblr-11900	2062	5	(	(	PUNCT
cblr-11900	2062	6	statement	statement	NOUN
cblr-11900	2062	7	of	of	ADP
cblr-11900	2062	8	william	william	PROPN
cblr-11900	2062	9	mcchesney	mcchesney	PROPN
cblr-11900	2062	10	martin	martin	PROPN
cblr-11900	2062	11	,	,	PUNCT
cblr-11900	2062	12	jr	jr	PROPN
cblr-11900	2062	13	.	.	PROPN
cblr-11900	2062	14	,	,	PUNCT
cblr-11900	2062	15	chairman	chairman	NOUN
cblr-11900	2062	16	,	,	PUNCT
cblr-11900	2062	17	bd	bd	PROPN
cblr-11900	2062	18	.	.	PROPN
cblr-11900	2062	19	of	of	ADP
cblr-11900	2062	20	governors	governor	NOUN
cblr-11900	2062	21	of	of	ADP
cblr-11900	2062	22	the	the	DET
cblr-11900	2062	23	fed	fed	PROPN
cblr-11900	2062	24	.	.	PUNCT
cblr-11900	2062	25	rsrv	rsrv	PROPN
cblr-11900	2062	26	.	.	PUNCT
cblr-11900	2063	1	sys	sys	PROPN
cblr-11900	2063	2	.	.	PUNCT
cblr-11900	2063	3	)	)	PUNCT
cblr-11900	2063	4	,	,	PUNCT
cblr-11900	2064	1	https://fraser.stlouisfed.org/archival-collection/william-mcchesney-martinjr-papers-1341/hearings-473021	https://fraser.stlouisfed.org/archival-collection/william-mcchesney-martinjr-papers-1341/hearings-473021	NOUN
cblr-11900	2065	1	[	[	X
cblr-11900	2065	2	https://perma.cc/4shx-evc3	https://perma.cc/4shx-evc3	NOUN
cblr-11900	2065	3	]	]	PUNCT
cblr-11900	2065	4	.	.	PUNCT
cblr-11900	2066	1	451	451	NUM
cblr-11900	2066	2	r.	r.	PROPN
cblr-11900	2066	3	jay	jay	PROPN
cblr-11900	2066	4	kahn	kahn	PROPN
cblr-11900	2066	5	&	&	CCONJ
cblr-11900	2066	6	vy	vy	PROPN
cblr-11900	2066	7	nguyen	nguyen	PROPN
cblr-11900	2066	8	,	,	PUNCT
cblr-11900	2066	9	treasury	treasury	NOUN
cblr-11900	2066	10	market	market	NOUN
cblr-11900	2066	11	stress	stress	NOUN
cblr-11900	2066	12	:	:	PUNCT
cblr-11900	2066	13	lessons	lesson	NOUN
cblr-11900	2066	14	from	from	ADP
cblr-11900	2066	15	1958	1958	NUM
cblr-11900	2066	16	and	and	CCONJ
cblr-11900	2066	17	today	today	NOUN
cblr-11900	2066	18	,	,	PUNCT
cblr-11900	2066	19	off	off	ADV
cblr-11900	2066	20	.	.	PUNCT
cblr-11900	2066	21	of	of	ADP
cblr-11900	2066	22	fin	fin	NOUN
cblr-11900	2066	23	.	.	PUNCT
cblr-11900	2067	1	rsch	rsch	PROPN
cblr-11900	2067	2	.	.	PUNCT
cblr-11900	2068	1	(	(	PUNCT
cblr-11900	2068	2	2022	2022	NUM
cblr-11900	2068	3	)	)	PUNCT
cblr-11900	2068	4	,	,	PUNCT
cblr-11900	2068	5	at	at	ADP
cblr-11900	2068	6	1	1	NUM
cblr-11900	2068	7	.	.	PUNCT
cblr-11900	2069	1	no	no	INTJ
cblr-11900	2069	2	.	.	NOUN
cblr-11900	2069	3	1	1	NUM
cblr-11900	2069	4	]	]	ADJ
cblr-11900	2069	5	money	money	NOUN
cblr-11900	2069	6	and	and	CCONJ
cblr-11900	2069	7	the	the	DET
cblr-11900	2069	8	public	public	ADJ
cblr-11900	2069	9	debt	debt	NOUN
cblr-11900	2069	10	337	337	NUM
cblr-11900	2069	11	and	and	CCONJ
cblr-11900	2069	12	goals	goal	NOUN
cblr-11900	2069	13	against	against	ADP
cblr-11900	2069	14	which	which	PRON
cblr-11900	2069	15	these	these	DET
cblr-11900	2069	16	costs	cost	NOUN
cblr-11900	2069	17	and	and	CCONJ
cblr-11900	2069	18	benefits	benefit	NOUN
cblr-11900	2069	19	will	will	AUX
cblr-11900	2069	20	be	be	AUX
cblr-11900	2069	21	measured	measure	VERB
cblr-11900	2069	22	and	and	CCONJ
cblr-11900	2069	23	weighed	weigh	VERB
cblr-11900	2069	24	.	.	PUNCT