Research >> Economics

Category: Research - Topic: Economics - CHICAGO FED NATL ACTIVITY



Chicago Fed National Activity Index Points to Slower Economic Growth in September
Posted: October 28, 2019 at 08:30 AM (Monday)

Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) fell to –0.45 in September from +0.15 in August. Three of the four broad categories of indicators that make up the index decreased from August, and all four categories made negative contributions to the index in September. The index’s ...


Chicago Fed National Activity points to a pickup in economic growth in August
Posted: September 23, 2019 at 08:30 AM (Monday)

Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) rose to +0.10 in August from –0.41 in July. All four broad categories of indicators that make up the index increased from July, but three of the four categories made negative contributions to the index in August. The index’s three-month ...


Chicago Fed National Activity points to slower economic growth in July
Posted: August 26, 2019 at 08:30 AM (Monday)

Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) fell to –0.36 in July from +0.03 in June. All four broad categories of indicators that make up the index decreased from June, and all four categories made negative contributions to the index in July. The index’s three-month moving average, ...


Chicago Fed National Activity points to economic growth near trend in June
Posted: July 22, 2019 at 08:30 AM (Monday)

The Chicago Fed National Activity Index (CFNAI) ticked up to –0.02 in June from –0.03 in May. One of the four broad categories of indicators that make up the index increased from May, and two of the four categories made negative contributions to the index in June. The index’s three-month moving average, CFNAI-MA3, ticked up to –0.26 in June ...


Chicago Fed National Activity points to a pickup in economic growth in May
Posted: June 24, 2019 at 08:30 AM (Monday)

Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) rose to –0.05 in May from –0.48 in April. Three of the four broad categories of indicators that make up the index increased from April, but only one of the four categories made a positive contribution to the index in May. The index’s ...


Chicago Fed National Activity points to slower economic growth in April
Posted: May 20, 2019 at 08:30 AM (Monday)

Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) fell to –0.45 in April from +0.05 in March. Three of the four broad categories of indicators that make up the index decreased from March, and two of the four categories made negative contributions to the index in April. The index’s three-month ...


Chicago Fed National Activity points to a pickup in economic growth in March
Posted: April 22, 2019 at 08:30 AM (Monday)

Led by improvements in employment-related indicators, the Chicago Fed National Activity Index (CFNAI) rose to –0.15 in March from –0.31 in February. Three of the four broad categories of indicators that make up the index increased from February, but three of the four categories made negative contributions to the index in March. The ...


Chicago Fed National Activity points to little change in economic growth in February
Posted: March 25, 2019 at 08:30 AM (Monday)

The Chicago Fed National Activity Index (CFNAI) edged down to –0.29 in February from –0.25 in January. Two of the four broad categories of indicators that make up the index decreased from January, and three of the four categories made negative contributions to the index in February. The index’s three-month moving average, CFNAI-MA3, moved down ...


Chicago Fed National Activity Points to slower economic growth in January
Posted: February 25, 2019 at 08:30 AM (Monday)

Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) fell to –0.43 in January from +0.05 in December. One of the four broad categories of indicators that make up the index decreased from December, and two of the four categories made negative contributions to the index in January. The index’s ...


Chicago Fed National Activity Points to a slight increase in economic growth in December
Posted: January 28, 2019 at 08:30 AM (Monday)

Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) moved up slightly to +0.27 in December from +0.21 in November. Two of the four broad categories of indicators that make up the index increased from November, and two of the four categories made positive contributions to the index in December. ...


Chicago Fed National Activity Points to an increase in economic growth in November
Posted: December 24, 2018 at 08:30 AM (Monday)

Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) increased to +0.22 in November from a neutral reading in October. Two of the four broad categories of indicators that make up the index increased from October, and three of the four categories made positive contributions to the index in ...


Chicago Fed National Activity Points to a slight increase in economic growth in October
Posted: November 26, 2018 at 10:00 AM (Monday)

Led by improvements in employment-related indicators, the Chicago Fed National Activity Index (CFNAI) increased to +0.24 in October from +0.14 in September. Only one of the four broad categories of indicators that make up the index increased from September, but three of the four categories made positive contributions to the index in October. ...


Chicago Fed National Activity Points to a moderation in economic growth in September
Posted: October 22, 2018 at 08:30 AM (Monday)

The Chicago Fed National Activity Index (CFNAI) decreased to +0.17 in September from +0.27 in August. Two of the four broad categories of indicators that make up the index decreased from August, but three of the four categories made positive contributions to the index in September. The index’s three-month moving average, CFNAI-MA3, moved down ...


Chicago Fed National Activity Points to steady economic growth in August
Posted: September 24, 2018 at 08:57 AM (Monday)

The Chicago Fed National Activity Index (CFNAI) was unchanged at +0.18 in August. Three of the four broad categories of indicators that make up the index increased from July, and two of the four categories made positive contributions to the index in August. The index’s three-month moving average, CFNAI-MA3, rose to +0.24 in August from +0.02 ...


Chicago Fed National Activity points to a moderation in economic growth in July
Posted: August 27, 2018 at 08:30 AM (Monday)

Led by slower growth in production-related indicators, the Chicago Fed National Activity Index (CFNAI) declined to +0.13 in July from +0.48 in June. Three of the four broad categories of indicators that make up the index decreased from June, but three of the four categories made positive contributions to the index in July. The index’s ...


Chicago Fed National Activity Points to a Rebound in Economic Growth in June
Posted: July 23, 2018 at 08:30 AM (Monday)

Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) rebounded to +0.43 in June from –0.45 in May. Two of the four broad categories of indicators that make up the index increased from May, and three of the four categories made positive contributions to the index ...


Chicago Fed National Activity Points to Slower Economic Growth in May
Posted: June 25, 2018 at 08:30 AM (Monday)

Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) fell to –0.15 in May from +0.42 in April. Two of the four broad categories of indicators that make up the index decreased from April, and two of the four categories made negative contributions to the index in May. The index’s three-month ...


Chicago Fed National Activity Points to Little Change in Economic Growth in April
Posted: May 21, 2018 at 08:30 AM (Monday)

The CFNAI Diffusion Index, which is also a three-month moving average, moved up to +0.23 in April from +0.11 in March. Fifty of the 85 individual indicators made positive contributions to the CFNAI in April, while 35 made negative contributions. Thirty-five indicators improved from March to April, while 50 indicators deteriorated. Of ...


Chicago Fed National Activity Points to a Moderation in Economic Growth in March
Posted: April 23, 2018 at 08:30 AM (Monday)

The CFNAI Diffusion Index, which is also a three-month moving average, edged down to +0.18 in March from +0.20 in February. Forty-four of the 85 individual indicators made positive contributions to the CFNAI in March, while 41 made negative contributions. Twenty-five indicators improved from February to March, while 59 indicators deteriorated ...


Chicago Fed National Activity Points to a Pickup in Economic Growth in February
Posted: March 26, 2018 at 08:30 AM (Monday)

The CFNAI Diffusion Index, which is also a three-month moving average, moved up to +0.28 in February from +0.16 in January. Sixty-three of the 85 individual indicators made positive contributions to the CFNAI in February, while 22 made negative contributions. Sixty-one indicators improved from January to February, while 23 indicators ...


Chicago Fed National Activity Points to little change in economic growth in January
Posted: February 26, 2018 at 08:30 AM (Monday)

The CFNAI Diffusion Index, which is also a three-month moving average, moved down to +0.12 in January from +0.26 in December. Forty of the 85 individual indicators made positive contributions to the CFNAI in January, while 45 made negative contributions. Thirty-seven indicators improved from December to January, while 47 indicators ...


Chicago Fed National Activity Points to a Pickup in Economic Growth in December
Posted: January 22, 2018 at 08:30 AM (Monday)

The CFNAI Diffusion Index, which is also a three-month moving average, edged down to +0.23 in December from +0.26 in November. Forty-three of the 85 individual indicators made positive contributions to the CFNAI in December, while 42 made negative contributions. Thirty-seven indicators improved from November to December, while 47 ...


Chicago Fed National Activity Points to a Moderation in Economic Growth in November
Posted: December 21, 2017 at 08:30 AM (Thursday)

The CFNAI Diffusion Index, which is also a three-month moving average, moved up to +0.28 in November from +0.18 in October. Forty-two of the 85 individual indicators made positive contributions to the CFNAI in November, while 43 made negative contributions. Thirty-six indicators improved from October to November, while 49 indicators ...


Chicago Fed National Activity Points to a Pickup in Economic Growth in October
Posted: November 21, 2017 at 08:30 AM (Tuesday)

The CFNAI Diffusion Index, which is also a three-month moving average, moved up to +0.19 in October from –0.05 in September. Fifty-six of the 85 individual indicators made positive contributions to the CFNAI in October, while 29 made negative contributions. Forty-three indicators improved from September to October, while 42 ...


Chicago Fed National Activity Points to a Pickup in Economic Growth in September
Posted: October 23, 2017 at 08:30 AM (Monday)

Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) moved up to +0.17 in September from –0.37 in August. All four broad categories of indicators that make up the index increased from August, and three of the four categories made positive contributions to the index in September. The ...


Chicago Fed National Activity points to slower economic growth in August
Posted: September 25, 2017 at 08:30 AM (Monday)

Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) moved down to –0.31 in August from +0.03 in July. Two of the four broad categories of indicators that make up the index decreased from July, and two of the four categories made negative contributions to the index in August. The index’s ...


Chicago Fed National Activity points to growth near historical trend in July
Posted: August 21, 2017 at 08:30 AM (Monday)

The Chicago Fed National Activity Index (CFNAI) moved down to –0.01 in July from +0.16 in June. Three of the four broad categories of indicators that make up the index decreased from June, and three of the four categories made negative contributions to the index in July. The index’s three-month moving average, CFNAI-MA3, moved down to –0.05 ...


Chicago Fed National Activity points to a pickup in economic growth in June
Posted: July 27, 2017 at 08:30 AM (Thursday)

The CFNAI Diffusion Index, which is also a three-month moving average, increased to +0.01 in June from –0.08 in May. Forty of the 85 individual indicators made positive contributions to the CFNAI in June, while 45 made negative contributions. Fifty-six indicators improved from May to June, while 28 indicators deteriorated and one was unchanged. ...


Chicago Fed National Activity Growth is slower in May
Posted: June 26, 2017 at 08:30 AM (Monday)

The CFNAI Diffusion Index, which is also a three-month moving average, decreased to –0.08 in May from +0.10 in April. Thirty-two of the 85 individual indicators made positive contributions to the CFNAI in May, while 53 made negative contributions. Twenty-six indicators improved from April to May, while 56 indicators deteriorated and three ...


Chicago Fed National Activity Growth increased in April
Posted: May 22, 2017 at 08:00 AM (Monday)

The CFNAI Diffusion Index, which is also a three-month moving average, moved to +0.16 in April from +0.06 in March. Forty-six of the 85 individual indicators made positive contributions to the CFNAI in April, while 39 made negative contributions. Forty indicators improved from March to April, while 44 indicators deteriorated and one was ...


Chicago Fed National Activity Growth increased in March
Posted: April 24, 2017 at 08:30 AM (Monday)

The CFNAI Diffusion Index, which is also a three-month moving average, edged down to +0.11 in March from +0.15 in February. Forty-eight of the 85 individual indicators made positive contributions to the CFNAI in March, while 37 made negative contributions. Thirty-seven indicators improved from February to March, while 47 indicators ...


Chicago Fed National Activity Growth increased in February
Posted: March 20, 2017 at 08:30 AM (Monday)

The index’s three-month moving average, CFNAI-MA3, improved to +0.25 in February from +0.07 in January, reaching its highest level since December 2014. February’s CFNAI-MA3 suggests that growth in national economic activity was somewhat above its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests ...


Chicago Fed National Activity Growth edged down in January
Posted: February 23, 2017 at 08:30 AM (Thursday)

The index’s three-month moving average, CFNAI-MA3, edged down to –0.03 in January from –0.02 in December. January’s CFNAI-MA3 suggests that growth in national economic activity was near its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests limited inflationary pressure from economic activity over the ...


Chicago Fed National Activity Growth Increased in December
Posted: January 26, 2017 at 08:30 AM (Thursday)

The index’s three-month moving average, CFNAI-MA3, edged up to –0.07 in December from –0.14 in November. December’s CFNAI-MA3 suggests that growth in national economic activity was slightly below its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests subdued inflationary pressure from economic activity over ...


Chicago Fed National Activity Growth Decreased Slightly in November
Posted: December 22, 2016 at 08:30 AM (Thursday)

The index’s three-month moving average, CFNAI-MA3, edged up to –0.14 in November from –0.20 in October. November’s CFNAI-MA3 suggests that growth in national economic activity was slightly below its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests subdued inflationary pressure from economic activity over ...


Chicago Fed National Activity Growth Increased Slightly in October
Posted: November 21, 2016 at 08:30 AM (Monday)

The index’s three-month moving average, CFNAI-MA3, edged down to –0.27 in October from –0.20 in September. October’s CFNAI-MA3 suggests that growth in national economic activity was somewhat below its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests subdued inflationary pressure from economic activity ...


Chicago Fed National Activity growth picked up in September
Posted: October 24, 2016 at 08:30 AM (Monday)

The index’s three-month moving average, CFNAI-MA3, edged down to –0.21 in September from –0.14 in August. September’s CFNAI-MA3 suggests that growth in national economic activity was somewhat below its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests subdued inflationary pressure from economic activity ...


Chicago Fed National Activity slowed in August
Posted: September 22, 2016 at 08:30 AM (Thursday)

The index’s three-month moving average, CFNAI-MA3, ticked up to –0.07 in August from –0.09 in July. August’s CFNAI-MA3 suggests that growth in national economic activity was slightly below its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests subdued inflationary pressure from economic activity over the ...


Chicago Fed National Activity increased in July
Posted: August 22, 2016 at 08:30 AM (Monday)

The index’s three-month moving average, CFNAI-MA3, increased to –0.10 in July from –0.19 in June. July’s CFNAI-MA3 suggests that growth in national economic activity was slightly below its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests subdued inflationary pressure from economic activity over the ...


Chicago Fed National Activity picked up in June
Posted: July 21, 2016 at 08:30 AM (Thursday)

The index’s three-month moving average, CFNAI-MA3, increased to –0.12 in June from –0.39 in May. June’s CFNAI-MA3 suggests that growth in national economic activity was slightly below its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests subdued inflationary pressure from economic activity over the ...


Chicago Fed National Activity slowed in May
Posted: June 23, 2016 at 08:30 AM (Thursday)

The index’s three-month moving average, CFNAI-MA3, decreased to –0.36 in May from –0.25 in April. May’s CFNAI-MA3 suggests that growth in national economic activity was somewhat below its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests subdued inflationary pressure from economic activity over the ...


Chicago Fed National Activity picked up in April
Posted: May 19, 2016 at 08:30 AM (Thursday)

The index’s three-month moving average, CFNAI-MA3, decreased to –0.22 in April from –0.18 in March. April’s CFNAI-MA3 suggests that growth in national economic activity was somewhat below its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests subdued inflationary pressure from economic activity over the ...


Chicago Fed National Activity edged down in March
Posted: April 21, 2016 at 08:30 AM (Thursday)

The index’s three-month moving average, CFNAI-MA3, decreased to –0.18 in March from –0.11 in February. March’s CFNAI-MA3 suggests that growth in national economic activity was somewhat below its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests subdued inflationary pressure from economic activity over ...


Chicago Fed National Activity slowed in February
Posted: March 21, 2016 at 08:30 AM (Monday)

Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) fell to –0.29 in February from +0.41 in January. All four broad categories of indicators that make up the index decreased from January, and three of the four categories made negative contributions to the index ...


Chicago Fed National Activity picked up in January
Posted: February 22, 2016 at 08:30 AM (Monday)

Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) rose to +0.28 in January from –0.34 in December. Two of the four broad categories of indicators that make up the index increased from December, and two of the four categories made positive contributions to the index ...


Chicago Fed National Activity below average in December
Posted: January 22, 2016 at 08:30 AM (Friday)

The index’s three-month moving average, CFNAI-MA3, decreased to –0.24 in December from –0.19 in November. December’s CFNAI-MA3 suggests that growth in national economic activity was somewhat below its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests subdued inflationary pressure from economic activity ...


Chicago Fed National Activity slowed in November
Posted: December 21, 2015 at 08:30 AM (Monday)

The index’s three-month moving average, CFNAI-MA3, decreased to –0.20 in November from –0.18 in October. November’s CFNAI-MA3 suggests that growth in national economic activity was somewhat below its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests subdued inflationary pressure from economic activity over ...


Chicago Fed National Activity improved in October
Posted: November 23, 2015 at 08:30 AM (Monday)

The index’s three-month moving average, CFNAI-MA3, decreased to –0.20 in October from –0.03 in September. October’s CFNAI-MA3 suggests that growth in national economic activity was somewhat below its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests subdued inflationary pressure from economic activity over ...


Chicago Fed National Activity below average in September
Posted: October 22, 2015 at 08:30 AM (Thursday)

The index’s three-month moving average, CFNAI-MA3, decreased to –0.09 in September from +0.01 in August. September’s CFNAI-MA3 suggests that growth in national economic activity was slightly below its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests subdued inflationary pressure from economic activity ...


Chicago Fed National Activity slowed in August
Posted: September 24, 2015 at 08:30 AM (Thursday)

The index’s three-month moving average, CFNAI-MA3, ticked down to +0.01 in August from +0.02 in July. August’s CFNAI-MA3 suggests that growth in national economic activity was very close to its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests limited inflationary pressure from economic activity over ...



Tags - Research
ADP EMPLOYMENT
BEIGE BOOK
BUSINESS BAROMETER
BUSINESS INVENTORIES
CASE-SHILLER
CHALLENGER LAYOFFS
CHICAGO FED MIDWEST MFG
CHICAGO FED NATL ACTIVITY
CHICAGO PMI
CONSTRUCTION SPENDING
CONSUMER CONFIDENCE
CONSUMER CREDIT
CPI
CURRENT ACCOUNT
DURABLE GOODS
EMPLOYMENT COST INDEX
EMPLOYMENT TRENDS INDEX
EXISTING HOME SALES
FACTORY ORDERS
FOMC STMT
FOMC
GDP
HELP WANTED HWOL
HOUSING STARTS
ICSC CHAIN STORE
IMPORT PRICE INDEX
INDUSTRIAL PRODUCTION
INTERNATIONAL TRADE
ISM MFG
ISM NON-MFG
JOB OPENINGS
JOBLESS CLAIMS
KANSAS CITY FED MFG
LEADING INDEX
MASS LAYOFFS
MICH CONSUMER CONFIDENCE
MORTGAGE APPS
NAHB INDEX
NAPM-NY
NBER
NEW HOME SALES
NEW YORK FED MFG
NFIB OPTIMISM INDEX
NONFARM EMPLOYMENT
PAYCHEX-IHS SMALL JOBS
PENDING HOME SALES
PERSONAL INCOME
PHILA FED FORECASTERS
PHILA FED MFG
PHILA FED NON-MFG
PPI
PRODUCTIVITY GROWTH
REAL HOURLY EARNINGS
RETAIL SALES
RICHMOND FED MFG
TEXAS FED MFG
TREASURY INTL CAPITAL
WHOLESALE INVENTORIES
Archives
Nov 2019
Oct 2019
Sep 2019
Aug 2019
Jul 2019
Jun 2019
May 2019
Apr 2019
Mar 2019
Feb 2019
Jan 2019
Dec 2018
Nov 2018
Oct 2018
Sep 2018
Aug 2018
Jul 2018
Jun 2018
May 2018
Apr 2018
Mar 2018
Feb 2018
Jan 2018
Dec 2017
Nov 2017
Oct 2017
Sep 2017
Aug 2017
Jul 2017
Jun 2017
May 2017
Apr 2017
Mar 2017
Feb 2017
Jan 2017
Dec 2016
Nov 2016
Oct 2016
Sep 2016
Aug 2016
Jul 2016
Jun 2016
May 2016
Apr 2016
Mar 2016
Feb 2016
Jan 2016
Dec 2015
Nov 2015
Oct 2015
Sep 2015
Aug 2015
Jul 2015
Jun 2015
May 2015
Apr 2015
Mar 2015
Feb 2015
Jan 2015
Dec 2014
Nov 2014
Oct 2014
Sep 2014
Aug 2014
Jul 2014
Jun 2014
May 2014
Apr 2014
Mar 2014
Feb 2014
Jan 2014
Dec 2013
Nov 2013
Oct 2013
Sep 2013
Aug 2013
Jul 2013
Jun 2013
May 2013
Apr 2013
Mar 2013
Feb 2013
Jan 2013
Dec 2012
Nov 2012
Oct 2012
Sep 2012
Aug 2012
Jul 2012
Jun 2012
May 2012
Apr 2012
Mar 2012
Feb 2012
Jan 2012
Dec 2011
Nov 2011
Oct 2011
Sep 2011
Aug 2011
Jul 2011
Jun 2011
May 2011
Apr 2011
Mar 2011
Feb 2011
Jan 2011
Dec 2010
Nov 2010
Oct 2010
Sep 2010
Aug 2010
Jul 2010
Jun 2010
May 2010
Apr 2010
Mar 2010
Feb 2010
Jan 2010
Dec 2009
Nov 2009
Oct 2009
Sep 2009
Aug 2009
Jul 2009
Jun 2009
May 2009
Apr 2009
Mar 2009
Feb 2009
Jan 2009
Dec 2008
Nov 2008
Oct 2008
Sep 2008
Aug 2008




Buy Economic Books at

The OneWall.com Book Shop

Quick Links
Barron's Online
Bloomberg
CNBC
CNBC TV Live
CNet Investor
Financial Times (UK)
Forbes
Kudlow Podcast
MSNBC TV Live
NBC News
NY Times
The Economist
TheStreet.com
Wall St Journal
Dismal Scientist
Dr. Ed Yardeni
FRED Graph
Lawrence Kudlow
Stone McCarthy
GDPNow
NABE
ABC News
CNNfn
Institutional Investor
MarketWatch
Cash Prices - WSJ.com
Dr. Jeremy Siegel
Market Map
NY RBOB Gas
Shadow Fed - SOMC
BankStocks.com
Dow Jones Indices
Morningstar
SP Indices
Mt Washington Observatory
Weather.com
Yahoo!!




National Association for Business Economics
NABE

Founded in 1920, the National Bureau of Economic Research is a private, nonprofit, nonpartisan research organization dedicated to promoting a greater understanding of how the economy works.

CFA Institute

The Financial Crisis Inquiry Commission was created to examine the causes, domestic and global, of the current financial and economic crisis in the United States.

The Moment of Truth: Report of the National Commission on Fiscal Responsibility and Reform