The inflation-adjusted rate which is set by a formula that measures inflation over defined consecutive six-month periods (the current inflation adjustment is 4.6%).
"That's somebody who we would try ... because they were current before the adjustment, to go back to that original rate, and fix it at that for the rest of the term, " del Rio says.
The fourth and last phase, scheduled to begin in May 2012, will be dedicated to the implementation of the business and marketing plans, which includes adjustment of current advertising rates and possible staff re-assignments, as well as monitoring of progress in achieving financial sustainability.
Euro membership makes adjustment to the required current account surpluses for these countries all the harder.
The bail-out plan makes unprecedented demands for fiscal adjustment to trim both the current-account deficit and inflation.
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So, when we add the 0% fixed rate and the 4.6% inflation adjustment, we get the current 4.6% composite yield.
The current-account deficit, now around 5% of GDP, is a key factor: if capital flows into America slowed even more sharply, or dried up, the adjustment involved in reducing the current-account deficit could be painful both for America and the rest of the world.
But because consumer debt and the current-account deficit have swelled further, it means that the eventual adjustment, when it comes, will be more painful.
This survey suffers from the same seasonal adjustment issues as the Household Survey except that BLS reports the current number (141, 000 SA for September) and the revised data from the immediate past two months.
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For example, in its World Economic Outlook last September, it said: "If activity were to undershoot current expectations, countries that face historically low yields should also consider delaying some of their planned adjustment".
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