uidity Figure 8: Improvement in credit conditions would support some improvement in the short-term neutral real rate Neutral real rate implied by Fed Laubach/Williams model (lhs) -1.2 -0.8 -0.4 0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 3.2 3.6 4.0 SLO cumulative supply conditions and demand conditions for mor