Mutual funds and annuities at Tenth District banks

Mutual funds are today's second-largest financial industry in the United States, second only to commercial banks. Since 1990, mutual fund assets have more than doubled to $2.3 trillion. Such rapid growth, coupled with the desire of banks to expand into new financial services, has prompted up to one-fourth of all U.S. commercial banks to begin selling mutual funds and annuities. Some banks have even begun to manage and provide investment advice to their own mutual fund companies. This article shows that many commercial banks in the Tenth District states are following the national trend, with large banks leading the way.Mutual funds ; Federal Reserve District, 10th

The Bounded Storage Model in The Presence of a Quantum Adversary

An extractor is a function E that is used to extract randomness. Given an imperfect random source X and a uniform seed Y, the output E(X,Y) is close to uniform. We study properties of such functions in the presence of prior quantum information about X, with a particular focus on cryptographic applications. We prove that certain extractors are suitable for key expansion in the bounded storage model where the adversary has a limited amount of quantum memory. For extractors with one-bit output we show that the extracted bit is essentially equally secure as in the case where the adversary has classical resources. We prove the security of certain constructions that output multiple bits in the bounded storage model.Comment: 13 pages Latex, v3: discussion of independent randomizers adde

Continued strength at Tenth District banks

Commercial banks in Tenth District states continued to perform well in the first half of 1994. Profitability leveled off at a high level, asset quality improved, and loan growth accelerated. Based on these performance measures, banks in district states once again outperformed banks in the rest of the nation.Bank profits ; Federal Reserve District, 10th

Fabrication and test of digital output interface devices for gas turbine electronic controls

A program was conducted to develop an innovative digital output interface device, a digital effector with optical feedback of the fuel metering valve position, for future electronic controls for gas turbine engines. A digital effector (on-off solenoids driven directly by on-off signals from a digital electronic controller) with optical position feedback was fabricated, coupled with the fuel metering valve, and tested under simulated engine operating conditions. The testing indicated that a digital effector with optical position feedback is a suitable candidate, with proper development for future digital electronic gas turbine controls. The testing also identified several problem areas which would have to be overcome in a final production configuration

Why the composite index of leading indicators doesn't lead

Economic indicators

Analysis and design of digital output interface devices for gas turbine electronic controls

A trade study was performed on twenty-one digital output interface schemes for gas turbine electronic controls to select the most promising scheme based on criteria of reliability, performance, cost, and sampling requirements. The most promising scheme, a digital effector with optical feedback of the fuel metering valve position, was designed

Longitudinal aerodynamic characteristics of a large scale model with a swept wing and augmented jet flap in ground effect

The investigation of the in-ground-effect, longitudinal aerodynamic characteristics of a large scale swept augmentor wing model is presented, using 40 x 80 ft wind tunnel. The investigation was conducted at three ground heights; h/c equals 2.01, 1.61, and 1.34. The induced effect of underwing nacelles, was studied with two powered nacelle configurations. One configuration used four JT-15D turbofans while the other used two J-85 turbojet engines. Two conical nozzles on each J-85 were used to deflect the thrust at angles from 0 to 120 deg. Tests were also performed without nacelles to allow comparison with previous data from ground effect

The use and abuse of 'real-time' data in economic forecasting

We distinguish between three different ways of using real-time data to estimate forecasting equations and argue that the most popular approach should generally be avoided. The point is illustrated with a model that uses monthly industrial production, employment, and retail sales data to predict real GDP growth. When the model is estimated using our preferred method, its out-of-sample forecasting performance is superior to that obtained using conventional estimation and compares favorably with that of the Blue-Chip consensus.Forecasting ; Economic conditions - United States