CDC

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Concerns about potential problems with the century date change had the most noticeable effect on the patterns of spending for computers and peripherals and for communications equipment in the fourth and first quarters; expenditures for software were also affected, although less so.
Those firms that had accumulated some additional stocks toward the end of 1999 as a precaution against disruptions related to the century date change seemed to have little difficulty working off those inventories after the smooth transition to the new year.
At its August 24 meeting, the FOMC adopted four proposals, listed below, whose purposes were to ensure the Desk's ability to counter potential liquidity strains in money and financing markets in the period surrounding the century date change and to position the Desk to meet reserve shortages that potentially could far exceed the large seasonal deficiencies that normally arise around each year-end.
Financial markets and the economy came through the century date change smoothly.
Market participants perceived that the tone of the FOMC's December 21 directive was relatively hawkish, even though the Committee maintained its symmetric directive "in light of market uncertainties associated with the century date change.
In contrast to the pattern for business fixed investment, nonfarm inventory investment was projected to rise in the current quarter in connection with a temporary bulge related to the century date change but also to bring lean inventories into better alignment with anticipated sales.
They also agreed that century date change concerns were not likely to be of a kind or magnitude that would preclude a policy tightening move at the November meeting, should such an action seem warranted at that time.
Unusual market responses to the century date change could lead to temporary balance sheet growth at some banking organizations during the century date change period.
Between now and the century date change, we will test and continue to refine these plans as necessary to optimize operational effectiveness at the century rollover.
The information in the reports is not a certification of the readiness of the service provider, and it is still incumbent on each bank to work closely with its service providers to prepare for the century date change.
We are also updating proven plans and techniques used during other times of operational stress in order to be prepared to address potential century date change difficulties.
Some of these participants indicated that they were currently faced with many competing priorities, including dealing with mergers and acquisitions, addressing the operational issues raised by the federal government's electronic payments initiative, and ensuring that they were compliant with the century date change.
While there are challenges before us, I can report that we expect to be fully prepared for the century date change.
Governments at every level demand the confidence of their taxpayers that systems will be ready for the century date change," said Wegner.