Are U.S. reserve requirements still binding? commentary

Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary TransmissionBank reserves ; Federal funds market (United States) ; Monetary policy

The Scope of Monetary Policy Actions Authorized under the Federal Reserve Act

David Small and James Clouse are economists in the Division of Monetary Affairs at the Board of Governors

A Federal and State Transport Plan for Movement of Eggs and Egg Products from Commercial Egg Production Premises in a High-Pathogenicity Avian Influenza Control Area

The FAST Eggs Plan is a voluntary plan for commercial egg producers intended to facilitate business continuity following an outbreak of HPAI. Participation in the FAST Eggs Plan will reduce the time required for regulatory officials to determine that it is safe for eggs and egg products from noninfected chickens located within a control area to move into market channels located outside the control area. The FAST Eggs Plan has 5 components. First, a Biosecurity Checklist for Egg Production Premises and Auditors includes biosecurity measures that will help prevent introduction of avian influenza virus onto egg-production premises. Second, registration with the National Animal Identification System is required for participating egg-production premises, and the premises location is verified by GPS coordinates. Third, epidemiological data are used to determine whether an egg farm has been exposed directly or indirectly to birds and other animals, products, materials, people, or aerosols from premises on which HPAI virus has been confirmed. Fourth, the absence of HPAI virus on FAST Eggs Plan premises is verified by negative RRT-PCR assay results from a minimum of 5 dead chickens selected from those that die each day from each house on the farm. Fifth, the risk of exposure to HPAI virus is estimated by use of an equation based on risks not mitigated by quarantine and distance from infected premises

Effect of Deutetrabenazine on Chorea Among Patients With Huntington Disease A Randomized Clinical Trial

Importance Deutetrabenazine is a novel molecule containing deuterium, which attenuates CYP2D6 metabolism and increases active metabolite half-lives and may therefore lead to stable systemic exposure while preserving key pharmacological activity. Objective To evaluate efficacy and safety of deutetrabenazine treatment to control chorea associated with Huntington disease. Design, Setting, and Participants Ninety ambulatory adults diagnosed with manifest Huntington disease and a baseline total maximal chorea score of 8 or higher (range, 0-28; lower score indicates less chorea) were enrolled from August 2013 to August 2014 and randomized to receive deutetrabenazine (n = 45) or placebo (n = 45) in a double-blind fashion at 34 Huntington Study Group sites. Interventions Deutetrabenazine or placebo was titrated to optimal dose level over 8 weeks and maintained for 4 weeks, followed by a 1-week washout. Main Outcomes and Measures Primary end point was the total maximal chorea score change from baseline (the average of values from the screening and day-0 visits) to maintenance therapy (the average of values from the week 9 and 12 visits) obtained by in-person visits. This study was designed to detect a 2.7-unit treatment difference in scores. The secondary end points, assessed hierarchically, were the proportion of patients who achieved treatment success on the Patient Global Impression of Change (PGIC) and on the Clinical Global Impression of Change (CGIC), the change in 36-Item Short Form– physical functioning subscale score (SF-36), and the change in the Berg Balance Test. Results Ninety patients with Huntington disease (mean age, 53.7 years; 40 women [44.4%]) were enrolled. In the deutetrabenazine group, the mean total maximal chorea scores improved from 12.1 (95% CI, 11.2-12.9) to 7.7 (95% CI, 6.5-8.9), whereas in the placebo group, scores improved from 13.2 (95% CI, 12.2-14.3) to 11.3 (95% CI, 10.0-12.5); the mean between-group difference was –2.5 units (95% CI, –3.7 to –1.3) (P < .001). Treatment success, as measured by the PGIC, occurred in 23 patients (51%) in the deutetrabenazine group vs 9 (20%) in the placebo group (P = .002). As measured by the CGIC, treatment success occurred in 19 patients (42%) in the deutetrabenazine group vs 6 (13%) in the placebo group (P = .002). In the deutetrabenazine group, the mean SF-36 physical functioning subscale scores decreased from 47.5 (95% CI, 44.3-50.8) to 47.4 (44.3-50.5), whereas in the placebo group, scores decreased from 43.2 (95% CI, 40.2-46.3) to 39.9 (95% CI, 36.2-43.6), for a treatment benefit of 4.3 (95% CI, 0.4 to 8.3) (P = .03). There was no difference between groups (mean difference of 1.0 unit; 95% CI, –0.3 to 2.3; P = .14), for improvement in the Berg Balance Test, which improved by 2.2 units (95% CI, 1.3-3.1) in the deutetrabenazine group and by 1.3 units (95% CI, 0.4-2.2) in the placebo group. Adverse event rates were similar for deutetrabenazine and placebo, including depression, anxiety, and akathisia. Conclusions and Relevance Among patients with chorea associated with Huntington disease, the use of deutetrabenazine compared with placebo resulted in improved motor signs at 12 weeks. Further research is needed to assess the clinical importance of the effect size and to determine longer-term efficacy and safety