United States: Staff Report for the 2018 Article IV Consultation—Informational Annex
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International Monetary Fund. Western Hemisphere Dept.
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Unemployment is low, inflation is well contained, and growth is set to accelerate.

Abstract

Unemployment is low, inflation is well contained, and growth is set to accelerate.

Fund Relations

(As of April 30, 2018)

Membership Status: Joined: December 27, 1945; Article VIII

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Outstanding Purchases and Loans: None

Financial Arrangements: None

Projected Payments to Fund 1/

(SDR Million; based on existing use of resources and present holdings of SDRs):

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When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

Exchange Rate Arrangements. The exchange rate of the U.S. dollar floats independently and is determined freely in the foreign exchange market. The United States has accepted the obligations under Article VIII, Sections 2(a), 3 and 4 of the IMF’s Articles of Agreement and maintains an exchange system free of multiple currency practices and restrictions on the making of payments and transfers for current international transactions, except for those measures imposed for security reasons. The United States notifies the maintenance of measures imposed for security reasons under Executive Board Decision No. 144–(52/51). The last of these notifications was made January 10, 2018.

Article IV Consultation. The 2017 Article IV consultation was concluded on June 16, 2017 and the Staff Report was published as IMF Country Report No. 17/239. A fiscal Report of Observance of Standards and Codes was completed in the context of the 2003 consultation. The 2018 Article IV discussions took place in New York (April 25–27) and Washington D.C. (May 1–17). Concluding meetings with Chair Powell of the Board of Governors of the Federal Reserve System, and Treasury Secretary Mnuchin occurred on June 6 and June 7, respectively. The Managing Director, Ms. Lagarde, the Deputy Managing Director, Mr. Zhang, and WHD Director, Mr. Werner, participated in the concluding meetings. A press conference on the consultation was held on June 14, 2018. The team comprised Nigel Chalk (head), Yasser Abdih, Ali Alichi, Emanuel Kopp, Daniel Leigh, Suchanan Tambunlertchai, Peter Williams (all WHD), Celine Rochon and Russell Green (SPR). Mr. Mauricio Claver-Carrone (Executive Director), Ms. Patricia Pollard (Senior Advisor), and Mr. Stephan Vitvitsky (Advisor) attended some of the meetings. Outreach included discussions with Congressional staff, U.S. Chamber of Commerce, private sector representatives, and think tanks. Unless an objection from the authorities of the United States is received prior to the conclusion of the Board’s consideration, the document will be published.

Statistical issues

Statistical Issues. Comprehensive economic data are available for the United States on a timely basis. The quality, coverage, periodicity, and timeliness of U.S. economic data are adequate for surveillance. The United States adheres to the Special Data Dissemination Standard Plus and its metadata are posted on the Dissemination Standards Bulletin Board.

United States: Table of Common Indicators Required for Surveillance

(As of June 8, 2018)

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Daily (D), Weekly (W), Biweekly (B), Monthly (M), Quarterly (Q), Annually (A); NA: Not Available.

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

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United States: 2018 Article IV Consultation – Press Release; Staff Report and Statement by the Executive Director for United States
Author:
International Monetary Fund. Western Hemisphere Dept.