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INDIVIDUAL RETIREMENT ACCOUNT: A savings retirement account set up with a bank, mutual fund, brokerage firm that allows people to set aside a portion of their income each year. Like other private pension plans, income diverted to an individual retirement account (or IRA) is tax deferred, that is, taxes on not paid on the income until it is withdrawn during retirement.
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RESERVE REQUIREMENTS Rules established and enforced by the Federal Reserve System governing the amount of reserves (vault cash and Federal Reserve deposits) that banks must keep to back up their deposits. Reserve requirements help to maintain a stable banking system and ensure that banks are able to conduct day-to-day check-clearing and cash-withdrawal transactions. These requirements are also one of the three monetary policy tools that the Fed can use, in principle, to control the money supply. The other two are open market operations and the discount rate.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. " -- E. M. Forster, writer
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DW
Durbin-Watson
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