├── README.md ├── implementation_note.txt ├── implementation_notes ├── 20151216.txt ├── 20160127.txt ├── 20160316.txt ├── 20160427.txt ├── 20160615.txt ├── 20160727.txt └── 20160921.txt ├── statement.txt └── statements ├── 19940204.txt ├── 19940322.txt ├── 19940517.txt ├── 19940816.txt ├── 19941115.txt ├── 19950201.txt ├── 19950706.txt ├── 19951219.txt ├── 19960131.txt ├── 19970325.txt ├── 19980929.txt ├── 19981117.txt ├── 19990518.txt ├── 19990630.txt ├── 19990824.txt ├── 19991005.txt ├── 19991116.txt ├── 19991221.txt ├── 20000202.txt ├── 20000321.txt ├── 20000516.txt ├── 20000628.txt ├── 20000822.txt ├── 20001003.txt ├── 20001115.txt ├── 20001219.txt ├── 20010103.txt ├── 20010131.txt ├── 20010320.txt ├── 20010418.txt ├── 20010515.txt ├── 20010627.txt ├── 20010821.txt ├── 20010917.txt ├── 20011002.txt ├── 20011106.txt ├── 20011211.txt ├── 20020130.txt ├── 20020319.txt ├── 20020507.txt ├── 20020626.txt ├── 20020813.txt ├── 20020924.txt ├── 20021106.txt ├── 20021210.txt ├── 20030129.txt ├── 20030318.txt ├── 20030506.txt ├── 20030625.txt ├── 20030812.txt ├── 20030916.txt ├── 20031028.txt ├── 20031209.txt ├── 20040128.txt ├── 20040316.txt ├── 20040504.txt ├── 20040630.txt ├── 20040810.txt ├── 20040921.txt ├── 20041110.txt ├── 20041214.txt ├── 20050202.txt ├── 20050322.txt ├── 20050503.txt ├── 20050630.txt ├── 20050809.txt ├── 20050920.txt ├── 20051101.txt ├── 20051213.txt ├── 20060131.txt ├── 20060328.txt ├── 20060510.txt ├── 20060629.txt ├── 20060808.txt ├── 20060920.txt ├── 20061025.txt ├── 20061212.txt ├── 20070131.txt ├── 20070321.txt ├── 20070509.txt ├── 20070618.txt ├── 20070807.txt ├── 20070810.txt ├── 20070817.txt ├── 20070918.txt ├── 20071031.txt ├── 20071211.txt ├── 20080122.txt ├── 20080130.txt ├── 20080311.txt ├── 20080318.txt ├── 20080430.txt ├── 20080625.txt ├── 20080805.txt ├── 20080916.xt ├── 20081029.txt ├── 20081216.txt ├── 20090128.txt ├── 20090318.txt ├── 20090429.txt ├── 20090624.txt ├── 20090812.txt ├── 20090923.txt ├── 20091104.txt ├── 20091216.txt ├── 20100127.txt ├── 20100316.txt ├── 20100428.txt ├── 20100509.txt ├── 20100623.txt ├── 20100810.txt ├── 20100921.txt ├── 20101103.txt ├── 20101214.txt ├── 20110126.txt ├── 20110315.txt ├── 20110427.txt ├── 20110622.txt ├── 20110809.txt ├── 20110921.txt ├── 20111102.txt ├── 20111213.txt ├── 20120125.txt ├── 20120313.txt ├── 20120425.txt ├── 20120620.txt ├── 20120801.txt ├── 20120913.txt ├── 20121024.txt ├── 20121212.txt ├── 20130130.txt ├── 20130320.txt ├── 20130501.txt ├── 20130619.txt ├── 20130731.txt ├── 20130918.txt ├── 20131030.txt ├── 20131218.txt ├── 20140129.txt ├── 20140319.txt ├── 20140430.txt ├── 20140618.txt ├── 20140730.txt ├── 20140917.txt ├── 20141029.txt ├── 20141217.txt ├── 20150128.txt ├── 20150318.txt ├── 20150429.txt ├── 20150617.txt ├── 20150729.txt ├── 20150917.txt ├── 20151028.txt ├── 20151216.txt ├── 20160127.txt ├── 20160316.txt ├── 20160427.txt ├── 20160615.txt ├── 20160727.txt └── 20160921.txt /implementation_note.txt: -------------------------------------------------------------------------------- 1 | The Federal Reserve has made the following decisions to implement the monetary 2 | policy stance announced by the Federal Open Market Committee in its statement 3 | on September 21, 2016: 4 | 5 | * The Board of Governors of the Federal Reserve System left unchanged the 6 | interest rate paid on required and excess reserve balances at 0.50 percent. 7 | 8 | * As part of its policy decision, the Federal Open Market Committee voted to 9 | authorize and direct the Open Market Desk at the Federal Reserve Bank of New 10 | York, until instructed otherwise, to execute transactions in the System Open 11 | Market Account in accordance with the following domestic policy directive: 12 | 13 | "Effective September 22, 2016, the Federal Open Market Committee directs the 14 | Desk to undertake open market operations as necessary to maintain the federal 15 | funds rate in a target range of 1/4 to 1/2 percent, including overnight 16 | reverse repurchase operations (and reverse repurchase operations with 17 | maturities of more than one day when necessary to accommodate weekend, 18 | holiday, or similar trading conventions) at an offering rate of 0.25 percent, 19 | in amounts limited only by the value of Treasury securities held outright in 20 | the System Open Market Account that are available for such operations and by a 21 | per-counterparty limit of $30 billion per day. 22 | 23 | The Committee directs the Desk to continue rolling over maturing Treasury 24 | securities at auction and to continue reinvesting principal payments on all 25 | agency debt and agency mortgage-backed securities in agency mortgage-backed 26 | securities. The Committee also directs the Desk to engage in dollar roll and 27 | coupon swap transactions as necessary to facilitate settlement of the Federal 28 | Reserve's agency mortgage-backed securities transactions." 29 | 30 | More information regarding open market operations may be found on the Federal 31 | Reserve Bank of New York's website. 32 | 33 | * The Board of Governors of the Federal Reserve System took no action to change 34 | the discount rate (the primary credit rate), which remains at 1.00 percent. 35 | 36 | This information will be updated as appropriate to reflect decisions of the 37 | Federal Open Market Committee or the Board of Governors regarding details of 38 | the Federal Reserve's operational tools and approach used to implement 39 | monetary policy. 40 | 41 | -------------------------------------------------------------------------------- /implementation_notes/20151216.txt: -------------------------------------------------------------------------------- 1 | The Federal Reserve has made the following decisions to implement the monetary 2 | policy stance announced by the Federal Open Market Committee in its statement 3 | on December 16, 2015: 4 | 5 | * The Board of Governors of the Federal Reserve System voted unanimously to 6 | raise the interest rate paid on required and excess reserve balances to 0.50 7 | percent, effective December 17, 2015. 8 | 9 | * As part of its policy decision, the Federal Open Market Committee voted to 10 | authorize and direct the Open Market Desk at the Federal Reserve Bank of New 11 | York, until instructed otherwise, to execute transactions in the System Open 12 | Market Account in accordance with the following domestic policy directive:1 13 | 14 | "Effective December 17, 2015, the Federal Open Market Committee directs the 15 | Desk to undertake open market operations as necessary to maintain the federal 16 | funds rate in a target range of 1/4 to 1/2 percent, including: (1) overnight 17 | reverse repurchase operations (and reverse repurchase operations with 18 | maturities of more than one day when necessary to accommodate weekend, holiday, 19 | or similar trading conventions) at an offering rate of 0.25 percent, in amounts 20 | limited only by the value of Treasury securities held outright in the System 21 | Open Market Account that are available for such operations and by a 22 | per-counterparty limit of $30 billion per day; and (2) term reverse repurchase 23 | operations to the extent approved in the resolution on term RRP operations 24 | approved by the Committee at its March 17-18, 2015, meeting. 25 | 26 | The Committee directs the Desk to continue rolling over maturing Treasury 27 | securities at auction and to continue reinvesting principal payments on all 28 | agency debt and agency mortgage-backed securities in agency mortgage-backed 29 | securities. The Committee also directs the Desk to engage in dollar roll and 30 | coupon swap transactions as necessary to facilitate settlement of the Federal 31 | Reserve's agency mortgage-backed securities transactions." 32 | 33 | More information regarding open market operations may be found on the Federal 34 | Reserve Bank of New York's website. 35 | 36 | * In a related action, the Board of Governors of the Federal Reserve System 37 | voted unanimously to approve a 1/4 percentage point increase in the discount 38 | rate (the primary credit rate) to 1.00 percent, effective December 17, 2015. In 39 | taking this action, the Board approved requests submitted by the Boards of 40 | Directors of the Federal Reserve Banks of Boston, Philadelphia, Cleveland, 41 | Richmond, Atlanta, Chicago, St. Louis, Kansas City, Dallas, and San Francisco. 42 | 43 | This information will be updated as appropriate to reflect decisions of the 44 | Federal Open Market Committee or the Board of Governors regarding details of 45 | the Federal Reserve's operational tools and approach used to implement monetary 46 | policy. 47 | -------------------------------------------------------------------------------- /implementation_notes/20160127.txt: -------------------------------------------------------------------------------- 1 | The Federal Reserve has made the following decisions to implement the monetary 2 | policy stance announced by the Federal Open Market Committee in its statement 3 | on January 27, 2016: 4 | 5 | * The Board of Governors of the Federal Reserve System left unchanged the 6 | interest rate paid on required and excess reserve balances at 0.50 percent. 7 | 8 | * As part of its policy decision, the Federal Open Market Committee voted to 9 | authorize and direct the Open Market Desk at the Federal Reserve Bank of New 10 | York, until instructed otherwise, to execute transactions in the System Open 11 | Market Account in accordance with the following domestic policy directive: 12 | 13 | "Effective January 28, 2016, the Federal Open Market Committee directs the Desk 14 | to undertake open market operations as necessary to maintain the federal funds 15 | rate in a target range of 1/4 to 1/2 percent, including overnight reverse 16 | repurchase operations (and reverse repurchase operations with maturities of 17 | more than one day when necessary to accommodate weekend, holiday, or similar 18 | trading conventions) at an offering rate of 0.25 percent, in amounts limited 19 | only by the value of Treasury securities held outright in the System Open 20 | Market Account that are available for such operations and by a per-counterparty 21 | limit of $30 billion per day. 22 | 23 | The Committee directs the Desk to continue rolling over maturing Treasury 24 | securities at auction and to continue reinvesting principal payments on all 25 | agency debt and agency mortgage-backed securities in agency mortgage-backed 26 | securities. The Committee also directs the Desk to engage in dollar roll and 27 | coupon swap transactions as necessary to facilitate settlement of the Federal 28 | Reserve's agency mortgage-backed securities transactions." 29 | 30 | More information regarding open market operations may be found on the Federal 31 | Reserve Bank of New York's website. 32 | 33 | * The Board of Governors of the Federal Reserve System took no action to change 34 | the discount rate (the primary credit rate), which remains at 1.00 percent. 35 | 36 | This information will be updated as appropriate to reflect decisions of the 37 | Federal Open Market Committee or the Board of Governors regarding details of 38 | the Federal Reserve's operational tools and approach used to implement monetary 39 | policy. 40 | -------------------------------------------------------------------------------- /implementation_notes/20160316.txt: -------------------------------------------------------------------------------- 1 | The Federal Reserve has made the following decisions to implement the monetary 2 | policy stance announced by the Federal Open Market Committee in its statement 3 | on March 16, 2016: 4 | 5 | * The Board of Governors of the Federal Reserve System left unchanged the 6 | interest rate paid on required and excess reserve balances at 0.50 percent. 7 | 8 | * As part of its policy decision, the Federal Open Market Committee voted to 9 | authorize and direct the Open Market Desk at the Federal Reserve Bank of New 10 | York, until instructed otherwise, to execute transactions in the System Open 11 | Market Account in accordance with the following domestic policy directive: 12 | 13 | "Effective March 17, 2016, the Federal Open Market Committee directs the Desk 14 | to undertake open market operations as necessary to maintain the federal funds 15 | rate in a target range of 1/4 to 1/2 percent, including overnight reverse 16 | repurchase operations (and reverse repurchase operations with maturities of 17 | more than one day when necessary to accommodate weekend, holiday, or similar 18 | trading conventions) at an offering rate of 0.25 percent, in amounts limited 19 | only by the value of Treasury securities held outright in the System Open 20 | Market Account that are available for such operations and by a per-counterparty 21 | limit of $30 billion per day. 22 | 23 | The Committee directs the Desk to continue rolling over maturing Treasury 24 | securities at auction and to continue reinvesting principal payments on all 25 | agency debt and agency mortgage-backed securities in agency mortgage-backed 26 | securities. The Committee also directs the Desk to engage in dollar roll and 27 | coupon swap transactions as necessary to facilitate settlement of the Federal 28 | Reserve's agency mortgage-backed securities transactions." 29 | 30 | More information regarding open market operations may be found on the Federal 31 | Reserve Bank of New York's website. 32 | 33 | * The Board of Governors of the Federal Reserve System took no action to change 34 | the discount rate (the primary credit rate), which remains at 1.00 percent. 35 | 36 | This information will be updated as appropriate to reflect decisions of the 37 | Federal Open Market Committee or the Board of Governors regarding details of 38 | the Federal Reserve's operational tools and approach used to implement monetary 39 | policy. 40 | -------------------------------------------------------------------------------- /implementation_notes/20160427.txt: -------------------------------------------------------------------------------- 1 | The Federal Reserve has made the following decisions to implement the monetary 2 | policy stance announced by the Federal Open Market Committee in its statement 3 | on April 27, 2016: 4 | 5 | * The Board of Governors of the Federal Reserve System left unchanged the 6 | interest rate paid on required and excess reserve balances at 0.50 percent. 7 | 8 | * As part of its policy decision, the Federal Open Market Committee voted to 9 | authorize and direct the Open Market Desk at the Federal Reserve Bank of New 10 | York, until instructed otherwise, to execute transactions in the System Open 11 | Market Account in accordance with the following domestic policy directive: 12 | 13 | "Effective April 28, 2016, the Federal Open Market Committee directs the Desk 14 | to undertake open market operations as necessary to maintain the federal funds 15 | rate in a target range of 1/4 to 1/2 percent, including overnight reverse 16 | repurchase operations (and reverse repurchase operations with maturities of 17 | more than one day when necessary to accommodate weekend, holiday, or similar 18 | trading conventions) at an offering rate of 0.25 percent, in amounts limited 19 | only by the value of Treasury securities held outright in the System Open 20 | Market Account that are available for such operations and by a per-counterparty 21 | limit of $30 billion per day. 22 | 23 | The Committee directs the Desk to continue rolling over maturing Treasury 24 | securities at auction and to continue reinvesting principal payments on all 25 | agency debt and agency mortgage-backed securities in agency mortgage-backed 26 | securities. The Committee also directs the Desk to engage in dollar roll and 27 | coupon swap transactions as necessary to facilitate settlement of the Federal 28 | Reserve's agency mortgage-backed securities transactions." 29 | 30 | More information regarding open market operations may be found on the Federal 31 | Reserve Bank of New York's website. 32 | 33 | * The Board of Governors of the Federal Reserve System took no action to change 34 | the discount rate (the primary credit rate), which remains at 1.00 percent. 35 | 36 | This information will be updated as appropriate to reflect decisions of the 37 | Federal Open Market Committee or the Board of Governors regarding details of 38 | the Federal Reserve's operational tools and approach used to implement monetary 39 | policy. 40 | -------------------------------------------------------------------------------- /implementation_notes/20160615.txt: -------------------------------------------------------------------------------- 1 | The Federal Reserve has made the following decisions to implement the monetary 2 | policy stance announced by the Federal Open Market Committee in its statement 3 | on June 15, 2016: 4 | 5 | * The Board of Governors of the Federal Reserve System left unchanged the 6 | interest rate paid on required and excess reserve balances at 0.50 percent. 7 | 8 | * As part of its policy decision, the Federal Open Market Committee voted to 9 | authorize and direct the Open Market Desk at the Federal Reserve Bank of New 10 | rk, until instructed otherwise, to execute transactions in the System Open 11 | Market Account in accordance with the following domestic policy directive: 12 | 13 | "Effective June 16, 2016, the Federal Open Market Committee directs the Desk to 14 | undertake open market operations as necessary to maintain the federal funds 15 | rate in a target range of 1/4 to 1/2 percent, including overnight reverse 16 | repurchase operations (and reverse repurchase operations with maturities of 17 | more than one day when necessary to accommodate weekend, holiday, or similar 18 | trading conventions) at an offering rate of 0.25 percent, in amounts limited 19 | only by the value of Treasury securities held outright in the System Open 20 | Market Account that are available for such operations and by a per-counterparty 21 | limit of $30 billion per day. 22 | 23 | The Committee directs the Desk to continue rolling over maturing Treasury 24 | securities at auction and to continue reinvesting principal payments on all 25 | agency debt and agency mortgage-backed securities in agency mortgage-backed 26 | securities. The Committee also directs the Desk to engage in dollar roll and 27 | coupon swap transactions as necessary to facilitate settlement of the Federal 28 | Reserve's agency mortgage-backed securities transactions." 29 | 30 | More information regarding open market operations may be found on the Federal 31 | Reserve Bank of New York's website. 32 | 33 | * The Board of Governors of the Federal Reserve System took no action to change 34 | the discount rate (the primary credit rate), which remains at 1.00 percent. 35 | 36 | This information will be updated as appropriate to reflect decisions of the 37 | Federal Open Market Committee or the Board of Governors regarding details of 38 | the Federal Reserve's operational tools and approach used to implement monetary 39 | policy. 40 | -------------------------------------------------------------------------------- /implementation_notes/20160727.txt: -------------------------------------------------------------------------------- 1 | The Federal Reserve has made the following decisions to implement the monetary 2 | policy stance announced by the Federal Open Market Committee in its statement 3 | on July 27, 2016: 4 | 5 | * The Board of Governors of the Federal Reserve System left unchanged the 6 | interest rate paid on required and excess reserve balances at 0.50 percent. 7 | 8 | * As part of its policy decision, the Federal Open Market Committee voted to 9 | authorize and direct the Open Market Desk at the Federal Reserve Bank of New 10 | York, until instructed otherwise, to execute transactions in the System Open 11 | Market Account in accordance with the following domestic policy directive: 12 | 13 | "Effective July 28, 2016, the Federal Open Market Committee directs the Desk to 14 | undertake open market operations as necessary to maintain the federal funds 15 | rate in a target range of 1/4 to 1/2 percent, including overnight reverse 16 | repurchase operations (and reverse repurchase operations with maturities of 17 | more than one day when necessary to accommodate weekend, holiday, or similar 18 | trading conventions) at an offering rate of 0.25 percent, in amounts limited 19 | only by the value of Treasury securities held outright in the System Open 20 | Market Account that are available for such operations and by a per-counterparty 21 | limit of $30 billion per day. 22 | 23 | The Committee directs the Desk to continue rolling over maturing Treasury 24 | securities at auction and to continue reinvesting principal payments on all 25 | agency debt and agency mortgage-backed securities in agency mortgage-backed 26 | securities. The Committee also directs the Desk to engage in dollar roll and 27 | coupon swap transactions as necessary to facilitate settlement of the Federal 28 | Reserve's agency mortgage-backed securities transactions." 29 | 30 | More information regarding open market operations may be found on the Federal 31 | Reserve Bank of New York's website. 32 | 33 | * The Board of Governors of the Federal Reserve System took no action to change 34 | the discount rate (the primary credit rate), which remains at 1.00 percent. 35 | 36 | This information will be updated as appropriate to reflect decisions of the 37 | Federal Open Market Committee or the Board of Governors regarding details of 38 | the Federal Reserve's operational tools and approach used to implement monetary 39 | policy. 40 | -------------------------------------------------------------------------------- /implementation_notes/20160921.txt: -------------------------------------------------------------------------------- 1 | The Federal Reserve has made the following decisions to implement the monetary 2 | policy stance announced by the Federal Open Market Committee in its statement 3 | on September 21, 2016: 4 | 5 | * The Board of Governors of the Federal Reserve System left unchanged the 6 | interest rate paid on required and excess reserve balances at 0.50 percent. 7 | 8 | * As part of its policy decision, the Federal Open Market Committee voted to 9 | authorize and direct the Open Market Desk at the Federal Reserve Bank of New 10 | York, until instructed otherwise, to execute transactions in the System Open 11 | Market Account in accordance with the following domestic policy directive: 12 | 13 | "Effective September 22, 2016, the Federal Open Market Committee directs the 14 | Desk to undertake open market operations as necessary to maintain the federal 15 | funds rate in a target range of 1/4 to 1/2 percent, including overnight 16 | reverse repurchase operations (and reverse repurchase operations with 17 | maturities of more than one day when necessary to accommodate weekend, 18 | holiday, or similar trading conventions) at an offering rate of 0.25 percent, 19 | in amounts limited only by the value of Treasury securities held outright in 20 | the System Open Market Account that are available for such operations and by a 21 | per-counterparty limit of $30 billion per day. 22 | 23 | The Committee directs the Desk to continue rolling over maturing Treasury 24 | securities at auction and to continue reinvesting principal payments on all 25 | agency debt and agency mortgage-backed securities in agency mortgage-backed 26 | securities. The Committee also directs the Desk to engage in dollar roll and 27 | coupon swap transactions as necessary to facilitate settlement of the Federal 28 | Reserve's agency mortgage-backed securities transactions." 29 | 30 | More information regarding open market operations may be found on the Federal 31 | Reserve Bank of New York's website. 32 | 33 | * The Board of Governors of the Federal Reserve System took no action to change 34 | the discount rate (the primary credit rate), which remains at 1.00 percent. 35 | 36 | This information will be updated as appropriate to reflect decisions of the 37 | Federal Open Market Committee or the Board of Governors regarding details of 38 | the Federal Reserve's operational tools and approach used to implement 39 | monetary policy. 40 | -------------------------------------------------------------------------------- /statements/19940204.txt: -------------------------------------------------------------------------------- 1 | Chairman Alan Greenspan announced today that the Federal Open Market Committee 2 | decided to increase slightly the degree of pressure on reserve positions. The 3 | action is expected to be associated with a small increase in short-term money 4 | market interest rates. 5 | 6 | The decision was taken to move toward a less accommodative stance in monetary 7 | policy in order to sustain and enhance the economic expansion. 8 | 9 | Chairman Greenspan decided to announce this action immediately so as to avoid 10 | any misunderstanding of the Committee's purposes, given the fact that this is 11 | the first firming of reserve market conditions by the Committee since early 12 | 1989. 13 | -------------------------------------------------------------------------------- /statements/19940322.txt: -------------------------------------------------------------------------------- 1 | Chairman Alan Greenspan announced today that the Federal Open Market Committee 2 | decided to increase slightly the degree of pressure on reserve positions. This 3 | action is expected to be associated with a small increase in short-term money 4 | market interest rates. 5 | -------------------------------------------------------------------------------- /statements/19940517.txt: -------------------------------------------------------------------------------- 1 | The Federal Reserve today announced two actions designed to maintain favorable 2 | trends in inflation and thereby sustain the economic expansion. 3 | 4 | The Board approved an increase in the discount rate from 3 percent to 3-1/2 5 | percent, effective immediately, and the Federal Open Market Committee agreed 6 | that this increase should be allowed to show through completely into interest 7 | rates in reserve markets. 8 | 9 | These actions, combined with the three adjustments initiated earlier this year 10 | by the FOMC, substantially remove the degree of monetary accommodation which 11 | prevailed throughout 1993. As always, the Federal Reserve will continue to 12 | monitor economic and financial developments to judge the appropriate stance of 13 | monetary policy. 14 | 15 | In taking the discount action, the Board approved requests submitted by the 16 | Boards of Directors of eleven Federal Reserve Banks -- Boston, New York, 17 | Philadelphia, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, 18 | Dallas and San Francisco. The discount rate is the interest rate that is 19 | charged depository institutions when they borrow from their district Federal 20 | Reserve Bank. 21 | -------------------------------------------------------------------------------- /statements/19940816.txt: -------------------------------------------------------------------------------- 1 | The Federal Reserve announced today the following monetary policy actions: 2 | 3 | * The Board of Governors approved an increase in the discount rate from 3 1/2 4 | percent to 4 percent, effective immediately. 5 | 6 | * The Federal Open Market Committee agreed that this increase would be allowed 7 | to show through completely into interest rates in reserve markets. 8 | 9 | These measures were taken against the background of evidence of continuing 10 | strength in the economic expansion and high levels of resource utilization. The 11 | actions are intended to keep inflationary pressures contained, and thereby 12 | foster sustainable economic growth. 13 | 14 | The Federal Reserve will continue to monitor economic and financial 15 | developments to gauge the appropriate stance of policy. But these actions are 16 | expected to be sufficient, at least for a time, to meet the objective of 17 | sustained, noninflationary growth. 18 | 19 | In taking the discount rate action, the Board approved requests submitted by 20 | the Boards of Directors of the Federal Reserve Banks of Boston, New York, 21 | Richmond, Kansas City, and Dallas. The discount rate is the interest rate that 22 | is charged depository institutions when they borrow from their district Federal 23 | Reserve Banks. 24 | -------------------------------------------------------------------------------- /statements/19941115.txt: -------------------------------------------------------------------------------- 1 | The Federal Reserve Board today approved an increase in the discount rate from 2 | 4 percent to 4 3/4 percent, effective immediately. 3 | 4 | In a related move, the Federal Open Market Committee decided that the increase 5 | in the discount rate should be reflected fully in interest rates in reserve 6 | markets. 7 | 8 | These measures were taken against the background of evidence of persistent 9 | strength in economic activity and high and rising levels of resource 10 | utilization. In these circumstances, the Federal Reserve views these actions as 11 | necessary to keep inflation contained, and thereby foster sustainable economic 12 | growth. 13 | 14 | In taking the discount rate action, the Board approved requests submitted by 15 | the Boards of Directors of the Federal Reserve Banks of New York, St. Louis, 16 | and Kansas City. The discount rate is the interest rate that is charged 17 | depository institutions when they borrow from their district Federal Reserve 18 | banks. 19 | -------------------------------------------------------------------------------- /statements/19950201.txt: -------------------------------------------------------------------------------- 1 | The Federal Reserve Board today approved an increase in the discount rate from 2 | 4 3/4 percent to 5 1/4 percent, effective immediately. 3 | 4 | In a related move, the Federal Open Market Committee agreed that this increase 5 | should be reflected fully in interest rates in the reserve markets. 6 | 7 | Despite tentative signs of some moderation in growth, economic activity has 8 | continued to advance at a substantial pace, while resource utilization has 9 | risen further. In these circumstances, the Federal Reserve views these actions 10 | as necessary to keep inflation contained, and thereby foster sustainable 11 | economic growth. 12 | 13 | In taking the discount action, the Board approved requests submitted by the 14 | Boards of Directors of the Federal Reserve Banks of Boston, New York, Richmond, 15 | Chicago, St. Louis, Kansas City and San Francisco. The discount rate is the 16 | interest rate that is charged depository institutions when they borrow from 17 | their district Federal Reserve Banks. 18 | -------------------------------------------------------------------------------- /statements/19950706.txt: -------------------------------------------------------------------------------- 1 | Chairman Alan Greenspan announced today that the Federal Open Market Committee 2 | decided to decrease slightly the degree of pressure on bank reserve positions. 3 | 4 | As a result of the monetary tightening initiated in early 1994, inflationary 5 | pressures have receded enough to accommodate a modest adjustment in monetary 6 | conditions. 7 | 8 | Today's action will be reflected in a 25 basis point decline in the federal 9 | funds rate from about 6 percent to about 5-3/4 percent. 10 | -------------------------------------------------------------------------------- /statements/19951219.txt: -------------------------------------------------------------------------------- 1 | Chairman Alan Greenspan announced today that the Federal Open Market Committee 2 | decided to decrease slightly the degree of pressure on reserve positions. 3 | 4 | Since the last easing of monetary policy in July, inflation has been somewhat 5 | more favorable than anticipated, and this result along with an associated 6 | moderation in inflation expectations warrants a modest easing in monetary 7 | conditions. 8 | 9 | This action is expected to be reflected in a decline in the federal funds rate 10 | of 25 basis points, from about 5 3/4 percent to about 5 1/2 percent. 11 | -------------------------------------------------------------------------------- /statements/19960131.txt: -------------------------------------------------------------------------------- 1 | The Federal Reserve today announced the following policy actions: 2 | 3 | * The Board of Governors approved a reduction in the discount rate from 5-1/4 4 | percent to 5 percent, effective immediately. 5 | 6 | * In a related move, the Federal Open Market Committee agreed that the 7 | reduction would be reflected fully in interest rates in the reserve markets. 8 | This is expected to result in a reduction in the federal funds rate of 25 basis 9 | points, from about 5-1/2 percent to about 5-1/4 percent. 10 | 11 | Moderating economic expansion in recent months has reduced potential 12 | inflationary pressures going forward. With price and cost trends already 13 | subdued, a slight easing of monetary policy is consistent with contained 14 | inflation and sustainable growth. 15 | 16 | In taking the discount action, the Board approved requests submitted by the 17 | Boards of Directors of the Federal Reserve Banks of New York, Philadelphia, 18 | Cleveland, Atlanta, Minneapolis, and Dallas. 19 | -------------------------------------------------------------------------------- /statements/19970325.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to tighten money market 2 | conditions slightly, expecting the federal funds rate to rise 1/4 percentage 3 | point to around 5-1/2 percent. 4 | 5 | This action was taken in light of persisting strength in demand, which is 6 | progressively increasing the risk of inflationary imbalances developing in the 7 | economy that would eventually undermine the long expansion. 8 | 9 | In these circumstances, the slight firming of monetary conditions is viewed as 10 | a prudent step that affords greater assurance of prolonging the current 11 | economic expansion by sustaining the existing low inflation environment through 12 | the rest of this year and next. The experience of the last several years has 13 | reinforced the conviction that low inflation is essential to realizing the 14 | economy's fullest growth potential. 15 | 16 | No change was made in the Federal Reserve discount rate, which remains at 5 17 | percent. 18 | -------------------------------------------------------------------------------- /statements/19980929.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to ease the stance of monetary 2 | policy slightly, expecting the federal funds rate to decline 1/4 percentage 3 | point to around 5-1/4 percent. 4 | 5 | The action was taken to cushion the effects on prospective economic growth in 6 | the United States of increasing weakness in foreign economies and of less 7 | accommodative financial conditions domestically. The recent changes in the 8 | global economy and adjustments in U.S. financial markets mean that a slightly 9 | lower federal funds rate should now be consistent with keeping inflation low 10 | and sustaining economic growth going forward. 11 | 12 | The discount rate remains unchanged at 5 percent. 13 | -------------------------------------------------------------------------------- /statements/19981117.txt: -------------------------------------------------------------------------------- 1 | The Federal Reserve today announced the following set of policy actions: 2 | 3 | * The Board of Governors approved a reduction in the discount rate by 25 basis 4 | points from 4-3/4 percent to 4-1/2 percent. 5 | 6 | * The federal funds rate is expected to fall 25 basis points from around 5 7 | percent to around 4-3/4 percent. 8 | 9 | Although conditions in financial markets have settled down materially since 10 | mid-October, unusual strains remain. With the 75 basis point decline in the 11 | federal funds rate since September, financial conditions can reasonably be 12 | expected to be consistent with fostering sustained economic expansion while 13 | keeping inflationary pressures subdued. 14 | 15 | In taking the discount rate action, the Board approved requests submitted by 16 | the Boards of Directors of the Federal Reserve Banks of New York, Philadelphia, 17 | and Dallas. The discount rate is the interest rate that is charged depository 18 | institutions when they borrow from their district Federal Reserve Banks. 19 | -------------------------------------------------------------------------------- /statements/19990518.txt: -------------------------------------------------------------------------------- 1 | The Federal Reserve released the following statement after today's Federal Open 2 | Market Committee meeting: 3 | 4 | While the FOMC did not take action today to alter the stance of monetary 5 | policy, the Committee was concerned about the potential for a buildup of 6 | inflationary imbalances that could undermine the favorable performance of the 7 | economy and therefore adopted a directive that is tilted toward the possibility 8 | of a firming in the stance of monetary policy. Trend increases in costs and 9 | core prices have generally remained quite subdued. But domestic financial 10 | markets have recovered and foreign economic prospects have improved since the 11 | easing of monetary policy last fall. Against the background of already-tight 12 | domestic labor markets and ongoing strength in demand in excess of productivity 13 | gains, the Committee recognizes the need to be alert to developments over 14 | coming months that might indicate that financial conditions may no longer be 15 | consistent with containing inflation. 16 | -------------------------------------------------------------------------------- /statements/19990630.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee today voted to raise its target for the 2 | federal funds rate 25 basis points to 5 percent. Last fall the Committee 3 | reduced interest rates to counter a significant seizing-up of financial markets 4 | in the United States. Since then much of the financial strain has eased, 5 | foreign economies have firmed, and economic activity in the United States has 6 | moved forward at a brisk pace. Accordingly, the full degree of adjustment is 7 | judged no longer necessary. 8 | 9 | Labor markets have continued to tighten over recent quarters, but strengthening 10 | productivity growth has contained inflationary pressures. 11 | 12 | Owing to the uncertain resolution of the balance of conflicting forces in the 13 | economy going forward, the FOMC has chosen to adopt a directive that includes 14 | no predilection about near-term policy action. The Committee, nonetheless, 15 | recognizes that in the current dynamic environment it must be especially alert 16 | to the emergence, or potential emergence, of inflationary forces that could 17 | undermine economic growth. 18 | -------------------------------------------------------------------------------- /statements/19990824.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee today voted to raise its target for the 2 | federal funds rate by 25 basis points to 5-1/4 percent. In a related action, 3 | the Board of Governors approved a 25 basis point increase in the discount rate 4 | to 4-3/4 percent. 5 | 6 | With financial markets functioning more normally, and with persistent strength 7 | in domestic demand, foreign economies firming and labor markets remaining very 8 | tight, the degree of monetary ease required to address the global financial 9 | market turmoil of last fall is no longer consistent with sustained, 10 | noninflationary, economic expansion. 11 | 12 | Today's increase in the federal funds rate, together with the policy action in 13 | June and the firming of conditions more generally in U.S. financial markets 14 | over recent months, should markedly diminish the risk of rising inflation going 15 | forward. As a consequence, the directive the Federal Open Market Committee 16 | adopted is symmetrical with regard to the outlook for policy over the near 17 | term. 18 | 19 | In taking the discount rate action, the Federal Reserve Board approved requests 20 | submitted by the Boards of Directors of the Federal Reserve Banks of Boston, 21 | New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, 22 | Kansas City, and San Francisco. The discount rate is the interest rate that is 23 | charged depository institutions when they borrow from their district Federal 24 | Reserve Banks. 25 | -------------------------------------------------------------------------------- /statements/19991005.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to leave its target for the 2 | federal funds rate unchanged. 3 | 4 | Strengthening productivity growth has been fostering favorable trends in unit 5 | costs and prices, and much recent information suggests that these trends have 6 | been sustained. 7 | 8 | Nonetheless, the growth of demand has continued to outpace that of supply, as 9 | evidenced by a decreasing pool of available workers willing to take jobs. In 10 | these circumstances, the Federal Open Market Committee will need to be 11 | especially alert in the months ahead to the potential for costs to increase 12 | significantly in excess of productivity in a manner that could contribute to 13 | inflation pressures and undermine the impressive performance of the economy. 14 | 15 | Against this background, the Committee adopted a directive that was biased 16 | toward a possible firming of policy going forward. Committee members emphasized 17 | that such a directive did not signify a commitment to near-term action. The 18 | Committee will need to evaluate additional information on the balance of 19 | aggregate supply and demand and conditions in financial markets. 20 | -------------------------------------------------------------------------------- /statements/19991116.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee today voted to raise its target for the 2 | federal funds rate by 25 basis points to 5-1/2 percent. In a related action, 3 | the Board of Governors approved a 25 basis point increase in the discount rate 4 | to 5 percent. 5 | 6 | Although cost pressures appear generally contained, risks to sustainable growth 7 | persist. Despite tentative evidence of a slowing in certain interest-sensitive 8 | sectors of the economy and of accelerating productivity, the expansion of 9 | activity continues in excess of the economy's growth potential. As a 10 | consequence, the pool of available workers willing to take jobs has been drawn 11 | down further in recent months, a trend that must eventually be contained if 12 | inflationary imbalances are to remain in check and economic expansion continue. 13 | 14 | Today's increase in the federal funds rate, together with the policy actions in 15 | June and August and the firming of conditions more generally in U.S. financial 16 | markets over the course of the year, should markedly diminish the risk of 17 | inflation going forward. As a consequence, the directive the Federal Open 18 | Market Committee adopted is symmetrical with regard to the outlook for policy 19 | over the near term. 20 | 21 | In taking the discount rate action, the Federal Reserve Board approved requests 22 | submitted by the Boards of Directors of the Federal Reserve Banks of Boston, 23 | Cleveland, Richmond and Kansas City. The discount rate is the rate charged 24 | depository institutions when they borrow short-term adjustment credit from 25 | their district Federal Reserve Banks. 26 | -------------------------------------------------------------------------------- /statements/19991221.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee made no change today in its target for the 2 | federal funds rate. 3 | 4 | Based on the available evidence, however, the Committee remains concerned with 5 | the possibility that over time increases in demand will continue to exceed the 6 | growth in potential supply, even after taking account of the remarkable rise in 7 | productivity growth. Such trends could foster inflationary imbalances that 8 | would undermine the economy's exemplary performance. 9 | 10 | Nonetheless, in light of market uncertainties associated with the century date 11 | change, the Committee decided to adopt a symmetric directive in order to 12 | indicate that the focus of policy in the intermeeting period must be ensuring a 13 | smooth transition into the Year 2000. At its next meeting the Committee will 14 | assess available information on the likely balance of supply and demand, 15 | conditions in financial markets, and the possible need for adjustment in the 16 | stance of policy to contain inflationary pressures. 17 | -------------------------------------------------------------------------------- /statements/20000202.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee voted today to raise its target for the 2 | federal funds rate by 25 basis points to 5-3/4 percent. In a related action, 3 | the Board of Governors approved a 25 basis point increase in the discount rate 4 | to 5-1/4 percent. 5 | 6 | The Committee remains concerned that over time increases in demand will 7 | continue to exceed the growth in potential supply, even after taking account of 8 | the pronounced rise in productivity growth. Such trends could foster 9 | inflationary imbalances that would undermine the economy's record economic 10 | expansion. 11 | 12 | Against the background of its long-run goals of price stability and sustainable 13 | economic growth and of the information currently available, the Committee 14 | believes the risks are weighted mainly toward conditions that may generate 15 | heightened inflation pressures in the foreseeable future. 16 | 17 | In taking the discount rate action, the Federal Reserve Board approved requests 18 | submitted by the Boards of Directors of the Federal Reserve Banks of Boston, 19 | New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, 20 | Kansas City and San Francisco. The discount rate is the rate charged depository 21 | institutions when they borrow short-term adjustment credit from their district 22 | Federal Reserve Banks. 23 | -------------------------------------------------------------------------------- /statements/20000321.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee voted today to raise its target for the 2 | federal funds rate by 25 basis points to 6 percent. In a related action, the 3 | Board of Governors approved a 25 basis point increase in the discount rate to 4 | 5-1/2 percent. 5 | 6 | Economic conditions and considerations addressed by the Committee are 7 | essentially the same as when the Committee met in February. The Committee 8 | remains concerned that increases in demand will continue to exceed the growth 9 | in potential supply, which could foster inflationary imbalances that would 10 | undermine the economy's record economic expansion. 11 | 12 | Against the background of its long-run goals of price stability and sustainable 13 | economic growth and of the information currently available, the Committee 14 | believes the risks are weighted mainly toward conditions that may generate 15 | heightened inflation pressures in the foreseeable future. 16 | 17 | In taking the discount rate action, the Federal Reserve Board approved requests 18 | submitted by the Boards of Directors of the Federal Reserve Banks of Boston, 19 | New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, 20 | Minneapolis, Kansas City and San Francisco. The discount rate is the rate 21 | charged depository institutions when they borrow short-term adjustment credit 22 | from their district Federal Reserve Banks. 23 | -------------------------------------------------------------------------------- /statements/20000516.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee voted today to raise its target for the 2 | federal funds rate by 50 basis points to 6-1/2 percent. In a related action, 3 | the Board of Governors approved a 50 basis point increase in the discount rate 4 | to 6 percent. 5 | 6 | Increases in demand have remained in excess of even the rapid pace of 7 | productivity-driven gains in potential supply, exerting continued pressure on 8 | resources. The Committee is concerned that this disparity in the growth of 9 | demand and potential supply will continue, which could foster inflationary 10 | imbalances that would undermine the economy's outstanding performance. 11 | 12 | Against the background of its long-term goals of price stability and 13 | sustainable economic growth and of the information already available, the 14 | Committee believes the risks are weighted mainly toward conditions that may 15 | generate heightened inflation pressures in the foreseeable future. 16 | 17 | In taking the discount rate action, the Federal Reserve Board approved requests 18 | submitted by the Boards of Directors of the Federal Reserve Banks of Boston, 19 | Cleveland, Richmond, and San Francisco. The discount rate is the rate charged 20 | depository institutions when they borrow short-term adjustment credit from 21 | their district Federal Reserve Banks. 22 | -------------------------------------------------------------------------------- /statements/20000628.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee at its meeting today decided to maintain the 2 | existing stance of monetary policy, keeping its target for the federal funds 3 | rate at 6-1/2 percent. 4 | 5 | Recent data suggest that the expansion of aggregate demand may be moderating 6 | toward a pace closer to the rate of growth of the economy's potential to 7 | produce. Although core measures of prices are rising slightly faster than a 8 | year ago, continuing rapid advances in productivity have been containing costs 9 | and holding down underlying price pressures. 10 | 11 | Nonetheless, signs that growth in demand is moving to a sustainable pace are 12 | still tentative and preliminary, and the utilization of the pool of available 13 | workers remains at an unusually high level. 14 | 15 | In these circumstances, and against the background of its long-term goals of 16 | price stability and sustainable economic growth and of the information 17 | currently available, the Committee believes the risks continue to be weighted 18 | mainly toward conditions that may generate heightened inflation pressures in 19 | the foreseeable future. 20 | -------------------------------------------------------------------------------- /statements/20000822.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee at its meeting today decided to maintain the 2 | existing stance of monetary policy, keeping its target for the federal funds 3 | rate at 6-1/2 percent. 4 | 5 | Recent data have indicated that the expansion of aggregate demand is moderating 6 | toward a pace closer to the rate of growth of the economy's potential to 7 | produce. The data also have indicated that more rapid advances in productivity 8 | have been raising that potential growth rate as well as containing costs and 9 | holding down underlying price pressures. 10 | 11 | Nonetheless, the Committee remains concerned about the risk of a continuing gap 12 | between the growth of demand and potential supply at a time when the 13 | utilization of the pool of available workers remains at an unusually high 14 | level. 15 | 16 | Against the background of its long-term goals of price stability and 17 | sustainable economic growth and of the information currently available, the 18 | Committee believes the risks continue to be weighted mainly toward conditions 19 | that may generate heightened inflation pressures in the foreseeable future. 20 | -------------------------------------------------------------------------------- /statements/20001003.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee at its meeting today decided to maintain the 2 | existing stance of monetary policy, keeping its target for the federal funds 3 | rate at 6-1/2 percent. 4 | 5 | Recent data have indicated that the expansion of aggregate demand has moderated 6 | to a pace closer to the enhanced rate of growth of the economy's potential to 7 | produce. The more rapid advances in productivity also continue to help contain 8 | costs and hold down underlying price pressures. 9 | 10 | However, the utilization of the pool of available workers remains at an 11 | unusually high level. Moreover, the increase in energy prices, though having 12 | limited effect on core measures of prices to date, poses a risk of raising 13 | inflation expectations. The subdued behavior of those expectations so far has 14 | contributed importantly to maintaining an environment conducive to maximum 15 | sustainable growth. 16 | 17 | Against the background of its long-term goals of price stability and 18 | sustainable economic growth and of the information currently available, the 19 | Committee believes the risks continue to be weighted mainly toward conditions 20 | that may generate heightened inflation pressures in the future. 21 | -------------------------------------------------------------------------------- /statements/20001115.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee at its meeting today decided to maintain the 2 | existing stance of monetary policy, keeping its target for the federal funds 3 | rate at 6-1/2 percent. 4 | 5 | The utilization of the pool of available workers remains at an unusually high 6 | level, and the increase in energy prices, though having limited effect on core 7 | measures of prices to date, still harbors the possibility of raising inflation 8 | expectations. The Committee, accordingly, continues to see a risk of heightened 9 | inflation pressures. However, softening in business and household demand and 10 | tightening conditions in financial markets over recent months suggest that the 11 | economy could expand for a time at a pace below the productivity-enhanced rate 12 | of growth of its potential to produce. 13 | 14 | Nonetheless, to date the easing of demand pressures has not been sufficient to 15 | warrant a change in the Committee's judgment that against the background of its 16 | long-run goals of price stability and sustainable economic growth and of the 17 | information currently available, the risks continue to be weighted mainly 18 | toward conditions that may generate heightened inflation pressures in the 19 | foreseeable future. 20 | -------------------------------------------------------------------------------- /statements/20001219.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee at its meeting today decided to maintain the 2 | existing stance of monetary policy, keeping its target for the federal funds 3 | rate at 6-1/2 percent. 4 | 5 | The drag on demand and profits from rising energy costs, as well as eroding 6 | consumer confidence, reports of substantial shortfalls in sales and earnings, 7 | and stress in some segments of the financial markets suggest that economic 8 | growth may be slowing further. While some inflation risks persist, they are 9 | diminished by the more moderate pace of economic activity and by the absence of 10 | any indication that longer-term inflation expectations have increased. The 11 | Committee will continue to monitor closely the evolving economic situation. 12 | 13 | Against the background of its long-run goals of price stability and sustainable 14 | economic growth and of the information currently available, the Committee 15 | consequently believes that the risks are weighted mainly toward conditions that 16 | may generate economic weakness in the foreseeable future. 17 | -------------------------------------------------------------------------------- /statements/20010103.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to lower its target for the 2 | federal funds rate by 50 basis points to 6 percent. 3 | 4 | In a related action, the Board of Governors approved a 25-basis-point decrease 5 | in the discount rate to 5-3/4 percent, the level requested by seven Reserve 6 | Banks. The Board also indicated that it stands ready to approve a further 7 | reduction of 25 basis points in the discount rate to 5-1/2 percent on the 8 | requests of Federal Reserve Banks. 9 | 10 | These actions were taken in light of further weakening of sales and production, 11 | and in the context of lower consumer confidence, tight conditions in some 12 | segments of financial markets, and high energy prices sapping household and 13 | business purchasing power. Moreover, inflation pressures remain contained. 14 | Nonetheless, to date there is little evidence to suggest that longer-term 15 | advances in technology and associated gains in productivity are abating. 16 | 17 | The Committee continues to believe that, against the background of its long-run 18 | goals of price stability and sustainable economic growth and of the information 19 | currently available, the risks are weighted mainly toward conditions that may 20 | generate economic weakness in the foreseeable future. 21 | 22 | In taking the discount rate action, the Federal Reserve Board approved requests 23 | submitted by the Boards of Directors of the Federal Reserve Banks of New York, 24 | Cleveland, Atlanta, St. Louis, Kansas City, Dallas and San Francisco. 25 | -------------------------------------------------------------------------------- /statements/20010131.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee at its meeting today decided to lower its 2 | target for the federal funds rate by 50 basis points to 5-1/2 percent. In a 3 | related action, the Board of Governors approved a 50 basis point reduction in 4 | the discount rate to 5 percent. 5 | 6 | Consumer and business confidence has eroded further, exacerbated by rising 7 | energy costs that continue to drain consumer purchasing power and press on 8 | business profit margins. Partly as a consequence, retail sales and business 9 | spending on capital equipment have weakened appreciably. In response, 10 | manufacturing production has been cut back sharply, with new technologies 11 | appearing to have accelerated the response of production and demand to 12 | potential excesses in the stock of inventories and capital equipment. 13 | 14 | Taken together, and with inflation contained, these circumstances have called 15 | for a rapid and forceful response of monetary policy. The longer-term advances 16 | in technology and accompanying gains in productivity, however, exhibit few 17 | signs of abating and these gains, along with the lower interest rates, should 18 | support growth of the economy over time. 19 | 20 | Nonetheless, the Committee continues to believe that against the background of 21 | its long-run goals of price stability and sustainable economic growth and of 22 | the information currently available, the risks are weighted mainly toward 23 | conditions that may generate economic weakness in the foreseeable future. 24 | 25 | In taking the discount rate action, the Federal Reserve Board approved requests 26 | submitted by the Boards of Directors of the Federal Reserve Banks of New York, 27 | Philadelphia, Cleveland, Atlanta, Chicago, St. Louis, Minneapolis, Dallas and 28 | San Francisco. 29 | -------------------------------------------------------------------------------- /statements/20010320.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee at its meeting today decided to lower its 2 | target for the federal funds rate by 50 basis points to 5 percent. In a related 3 | action, the Board of Governors approved a 50 basis point reduction in the 4 | discount rate to 4-1/2 percent. 5 | 6 | Persistent pressures on profit margins are restraining investment spending and, 7 | through declines in equity wealth, consumption. The associated backup in 8 | inventories has induced a rapid response in manufacturing output and, with 9 | spending having firmed a bit since last year, inventory adjustment appears to 10 | be well underway. 11 | 12 | Although current developments do not appear to have materially diminished the 13 | prospects for long-term growth in productivity, excess productive capacity has 14 | emerged recently. The possibility that this excess could continue for some time 15 | and the potential for weakness in global economic conditions suggest 16 | substantial risks that demand and production could remain soft. In these 17 | circumstances, when the economic situation could be evolving rapidly, the 18 | Federal Reserve will need to monitor developments closely. 19 | 20 | The Committee continues to believe that against the background of its long-run 21 | goals of price stability and sustainable economic growth and of the information 22 | currently available, the risks are weighted mainly toward conditions that may 23 | generate economic weakness in the foreseeable future. 24 | 25 | In taking the discount rate action, the Federal Reserve Board approved requests 26 | submitted by the Boards of Directors of all twelve Reserve Banks. 27 | -------------------------------------------------------------------------------- /statements/20010418.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to lower its target for the 2 | federal funds rate by 50 basis points to 4-1/2 percent. In a related action, 3 | the Board of Governors approved a 50 basis point reduction in the discount rate 4 | to 4 percent. 5 | 6 | The FOMC has reviewed prospects for the economy in light of the information 7 | that has become available since its March meeting. A significant reduction in 8 | excess inventories seems well advanced. Consumption and housing expenditures 9 | have held up reasonably well, though activity in these areas has flattened 10 | recently. Although measured productivity probably weakened in the first 11 | quarter, the impressive underlying rate of increase that developed in recent 12 | years appears to be largely intact. 13 | 14 | Nonetheless, capital investment has continued to soften and the persistent 15 | erosion in current and expected profitability, in combination with rising 16 | uncertainty about the business outlook, seems poised to dampen capital spending 17 | going forward. This potential restraint, together with the possible effects of 18 | earlier reductions in equity wealth on consumption and the risk of slower 19 | growth abroad, threatens to keep the pace of economic activity unacceptably 20 | weak. As a consequence, the Committee agreed that an adjustment in the stance 21 | of policy is warranted during this extended intermeeting period. 22 | 23 | The Committee continues to believe that against the background of its long-run 24 | goals of price stability and sustainable economic growth and of the information 25 | currently available, the risks are weighted mainly toward conditions that may 26 | generate economic weakness in the foreseeable future. 27 | 28 | In taking the discount rate action, the Federal Reserve Board approved requests 29 | submitted by the Boards of Directors of the Federal Reserve Banks of Boston, 30 | New York, Philadelphia, Cleveland, Atlanta, Minneapolis, Dallas, and San 31 | Francisco. 32 | -------------------------------------------------------------------------------- /statements/20010515.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee at its meeting today decided to lower its 2 | target for the federal funds rate by 50 basis points to 4 percent. In a related 3 | action, the Board of Governors approved a 50 basis point reduction in the 4 | discount rate to 3-1/2 percent. 5 | 6 | A significant reduction in excess inventories seems well advanced. Consumption 7 | and housing expenditures have held up reasonably well, though activity in these 8 | areas has flattened recently. Investment in capital equipment, however, has 9 | continued to decline. The erosion in current and prospective profitability, in 10 | combination with considerable uncertainty about the business outlook, seems 11 | likely to hold down capital spending going forward. This potential restraint, 12 | together with the possible effects of earlier reductions in equity wealth on 13 | consumption and the risk of slower growth abroad, continues to weigh on the 14 | economy. 15 | 16 | With pressures on labor and product markets easing, inflation is expected to 17 | remain contained. Although measured productivity growth stalled in the first 18 | quarter, the impressive underlying rate of increase that developed in recent 19 | years appears to be largely intact, supporting longer-term prospects. 20 | 21 | The Committee continues to believe that against the background of its long-run 22 | goals of price stability and sustainable economic growth and of the information 23 | currently available, the risks are weighted mainly toward conditions that may 24 | generate economic weakness in the foreseeable future. 25 | 26 | In taking the discount rate action, the Federal Reserve Board approved requests 27 | submitted by the Boards of Directors of the Federal Reserve Banks of New York, 28 | Richmond, Chicago, St. Louis and San Francisco. 29 | -------------------------------------------------------------------------------- /statements/20010627.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee at its meeting today decided to lower its 2 | target for the federal funds rate by 25 basis points to 3-3/4 percent. In a 3 | related action, the Board of Governors approved a 25 basis point reduction in 4 | the discount rate to 3-1/4 percent. Today's action by the FOMC brings the 5 | decline in the target federal funds rate since the beginning of the year to 275 6 | basis points. 7 | 8 | The patterns evident in recent months--declining profitability and business 9 | capital spending, weak expansion of consumption, and slowing growth 10 | abroad--continue to weigh on the economy. The associated easing of pressures on 11 | labor and product markets is expected to keep inflation contained. 12 | 13 | Although continuing favorable trends bolster long-term prospects for 14 | productivity growth and the economy, the Committee continues to believe that 15 | against the background of its long-run goals of price stability and sustainable 16 | economic growth and of the information currently available, the risks are 17 | weighted mainly toward conditions that may generate economic weakness in the 18 | foreseeable future. 19 | 20 | In taking the discount rate action, the Federal Reserve Board approved requests 21 | submitted by the Boards of Directors of the Federal Reserve Banks of Boston, 22 | New York, Philadelphia, Atlanta, Chicago, Dallas and San Francisco. 23 | -------------------------------------------------------------------------------- /statements/20010821.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee at its meeting today decided to lower its 2 | target for the federal funds rate by 25 basis points to 3-1/2 percent. In a 3 | related action, the Board of Governors approved a 25 basis point reduction in 4 | the discount rate to 3 percent. Today's action by the FOMC brings the decline 5 | in the target federal funds rate since the beginning of the year to 300 basis 6 | points. 7 | 8 | Household demand has been sustained, but business profits and capital spending 9 | continue to weaken and growth abroad is slowing, weighing on the U.S. economy. 10 | The associated easing of pressures on labor and product markets is expected to 11 | keep inflation contained. 12 | 13 | Although long-term prospects for productivity growth and the economy remain 14 | favorable, the Committee continues to believe that against the background of 15 | its long-run goals of price stability and sustainable economic growth and of 16 | the information currently available, the risks are weighted mainly toward 17 | conditions that may generate economic weakness in the foreseeable future. 18 | 19 | In taking the discount rate action, the Federal Reserve Board approved requests 20 | submitted by the Boards of Directors of the Federal Reserve Banks of Boston, 21 | New York, Philadelphia, Richmond, Chicago, Kansas City and Dallas. 22 | -------------------------------------------------------------------------------- /statements/20010917.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to lower its target for the 2 | federal funds rate by 50 basis points to 3 percent. In a related action, the 3 | Board of Governors approved a 50 basis point reduction in the discount rate to 4 | 2-1/2 percent. The Federal Reserve will continue to supply unusually large 5 | volumes of liquidity to the financial markets, as needed, until more normal 6 | market functioning is restored. As a consequence, the FOMC recognizes that the 7 | actual federal funds rate may be below its target on occasion in these unusual 8 | circumstances. 9 | 10 | Even before the tragic events of last week, employment, production, and 11 | business spending remained weak, and last week's events have the potential to 12 | damp spending further. Nonetheless, the long-term prospects for productivity 13 | growth and the economy remain favorable and should become evident once the 14 | unusual forces restraining demand abate. For the foreseeable future, the 15 | Committee continues to believe that against the background of its long-run 16 | goals of price stability and sustainable economic growth and of the information 17 | currently available, the risks are weighted mainly toward conditions that may 18 | generate economic weakness. 19 | 20 | In taking the discount rate action, the Federal Reserve Board approved requests 21 | submitted by the Boards of Directors of the Federal Reserve Banks of Richmond, 22 | Chicago, Minneapolis, Dallas, and San Francisco. 23 | -------------------------------------------------------------------------------- /statements/20011002.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to lower its target for the 2 | federal funds rate by 50 basis points to 2-1/2 percent. In a related action, 3 | the Board of Governors approved a 50 basis point reduction in the discount rate 4 | to 2 percent. 5 | 6 | The terrorist attacks have significantly heightened uncertainty in an economy 7 | that was already weak. Business and household spending as a consequence are 8 | being further damped. Nonetheless, the long-term prospects for productivity 9 | growth and the economy remain favorable and should become evident once the 10 | unusual forces restraining demand abate. 11 | 12 | The Committee continues to believe that, against the background of its long-run 13 | goals of price stability and sustainable economic growth and of the information 14 | currently available, the risks are weighted mainly toward conditions that may 15 | generate economic weakness in the foreseeable future. 16 | 17 | In taking the discount rate action, the Federal Reserve Board approved requests 18 | submitted by the Boards of Directors of the Federal Reserve Banks of Boston, 19 | New York, Cleveland, Richmond, Atlanta, St. Louis, Kansas City and San 20 | Francisco. 21 | -------------------------------------------------------------------------------- /statements/20011106.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to lower its target for the 2 | federal funds rate by 50 basis points to 2 percent. In a related action, the 3 | Board of Governors approved a 50 basis point reduction in the discount rate to 4 | 1-1/2 percent. 5 | 6 | Heightened uncertainty and concerns about a deterioration in business 7 | conditions both here and abroad are damping economic activity. For the 8 | foreseeable future, then, the Committee continues to believe that, against the 9 | background of its long-run goals of price stability and sustainable economic 10 | growth and of the information currently available, the risks are weighted 11 | mainly toward conditions that may generate economic weakness. 12 | 13 | Although the necessary reallocation of resources to enhance security may 14 | restrain advances in productivity for a time, the long-term prospects for 15 | productivity growth and the economy remain favorable and should become evident 16 | once the unusual forces restraining demand abate. 17 | 18 | In taking the discount rate action, the Federal Reserve Board approved the 19 | request submitted by the Board of Directors of the Federal Reserve Bank of 20 | Richmond. 21 | -------------------------------------------------------------------------------- /statements/20011211.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to lower its target for the 2 | federal funds rate by 25 basis points to 1-3/4 percent. In a related action, 3 | the Board of Governors approved a 25 basis point reduction in the discount rate 4 | to 1-1/4 percent. 5 | 6 | Economic activity remains soft, with underlying inflation likely to edge lower 7 | from relatively modest levels. To be sure, weakness in demand shows signs of 8 | abating, but those signs are preliminary and tentative. The Committee continues 9 | to believe that, against the background of its long-run goals of price 10 | stability and sustainable economic growth and of the information currently 11 | available, the risks are weighted mainly toward conditions that may generate 12 | economic weakness in the foreseeable future. 13 | 14 | Although the necessary reallocation of resources to enhance security may 15 | restrain advances in productivity for a time, the long-term prospects for 16 | productivity growth and the economy remain favorable and should become evident 17 | once the unusual forces restraining demand abate. 18 | 19 | In taking the discount rate action, the Federal Reserve Board approved the 20 | requests submitted by the Boards of Directors of the Federal Reserve Banks of 21 | Boston, New York, Philadelphia, Chicago and San Francisco. 22 | -------------------------------------------------------------------------------- /statements/20020130.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate unchanged at 1-3/4 percent. 3 | 4 | Signs that weakness in demand is abating and economic activity is beginning to 5 | firm have become more prevalent. With the forces restraining the economy 6 | starting to diminish, and with the long-term prospects for productivity growth 7 | remaining favorable and monetary policy accommodative, the outlook for economic 8 | recovery has become more promising. 9 | 10 | The degree of any strength in business capital and household spending, however, 11 | is still uncertain. Hence, the Committee continues to believe that, against the 12 | background of its long-run goals of price stability and sustainable economic 13 | growth and of the information currently available, the risks are weighted 14 | mainly toward conditions that may generate economic weakness in the foreseeable 15 | future. 16 | -------------------------------------------------------------------------------- /statements/20020319.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate unchanged at 1-3/4 percent. 3 | 4 | The information that has become available since the last meeting of the 5 | Committee indicates that the economy, bolstered by a marked swing in inventory 6 | investment, is expanding at a significant pace. Nonetheless, the degree of the 7 | strengthening in final demand over coming quarters, an essential element in 8 | sustained economic expansion, is still uncertain. 9 | 10 | In these circumstances, although the stance of monetary policy is currently 11 | accommodative, the Committee believes that, for the foreseeable future, against 12 | the background of its long-run goals of price stability and sustainable 13 | economic growth and of the information currently available, the risks are 14 | balanced with respect to the prospects for both goals. 15 | 16 | The Committee decided to include in its announcements following its meetings 17 | the roll call of the vote on the federal funds rate target, including the 18 | preferred policy choice of any dissenters. This action accelerates the release 19 | of this information, currently available in the Minutes with a lag. To conform 20 | to this new practice, the Board of Governors also decided to report in the 21 | written announcement the roll call of any vote on the discount rate, also 22 | including the preferred policy choice of any dissenters. 23 | 24 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 25 | William J. McDonough, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; 26 | Edward M. Gramlich; Jerry L. Jordan; Robert D. McTeer, Jr.; Mark W. Olson; 27 | Anthony M. Santomero, and Gary H. Stern. 28 | -------------------------------------------------------------------------------- /statements/20020507.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate unchanged at 1 3/4 percent. 3 | 4 | The information that has become available since the last meeting of the 5 | Committee confirms that economic activity has been receiving considerable 6 | upward impetus from a marked swing in inventory investment. Nonetheless, the 7 | degree of the strengthening in final demand over coming quarters, an essential 8 | element in sustained economic expansion, is still uncertain. 9 | 10 | In these circumstances, although the stance of monetary policy is currently 11 | accommodative, the Committee believes that, for the foreseeable future, against 12 | the background of its long run goals of price stability and sustainable 13 | economic growth and of the information currently available, the risks are 14 | balanced with respect to the prospects for both goals. 15 | 16 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 17 | William J. McDonough, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; 18 | Edward M. Gramlich; Jerry L. Jordan; Robert D. McTeer, Jr.; Mark W. Olson; 19 | Anthony M. Santomero, and Gary H. Stern. 20 | 21 | Voting against the action: none. 22 | -------------------------------------------------------------------------------- /statements/20020626.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate unchanged at 1 3/4 percent. 3 | 4 | The information that has become available since the last meeting of the 5 | Committee confirms that economic activity is continuing to increase. However, 6 | both the upward impetus from the swing in inventory investment and the growth 7 | in final demand appear to have moderated. The Committee expects the rate of 8 | increase of final demand to pick up over coming quarters, supported in part by 9 | robust underlying growth in productivity, but the degree of the strengthening 10 | remains uncertain. 11 | 12 | In these circumstances, although the stance of monetary policy is currently 13 | accommodative, the Committee believes that, for the foreseeable future, against 14 | the background of its long run goals of price stability and sustainable 15 | economic growth and of the information currently available, the risks are 16 | balanced with respect to the prospects for both goals. 17 | 18 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 19 | William J. McDonough, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; 20 | Edward M. Gramlich; Jerry L. Jordan; Robert D. McTeer, Jr.; Mark W. Olson; 21 | Anthony M. Santomero, and Gary H. Stern. 22 | 23 | Voting against the action: none. 24 | -------------------------------------------------------------------------------- /statements/20020813.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate unchanged at 1 3/4 percent. 3 | 4 | The softening in the growth of aggregate demand that emerged this spring has 5 | been prolonged in large measure by weakness in financial markets and heightened 6 | uncertainty related to problems in corporate reporting and governance. 7 | 8 | The current accommodative stance of monetary policy, coupled with still-robust 9 | underlying growth in productivity, should be sufficient to foster an improving 10 | business climate over time. 11 | 12 | Nonetheless, the Committee recognizes that, for the foreseeable future, against 13 | the background of its long run goals of price stability and sustainable 14 | economic growth and of the information currently available, the risks are 15 | weighted mainly toward conditions that may generate economic weakness. 16 | 17 | Voting for the FOMC monetary policy action were Alan Greenspan, Chairman; 18 | William J. McDonough, Vice Chairman; Ben S. Bernanke, Susan S. Bies; Roger W. 19 | Ferguson, Jr.; Edward M. Gramlich; Jerry L. Jordan; Donald L. Kohn, Robert D. 20 | McTeer, Jr.; Mark W. Olson; Anthony M. Santomero, and Gary H. Stern. 21 | -------------------------------------------------------------------------------- /statements/20020924.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate unchanged at 1 3/4 percent. 3 | 4 | The information that has become available since the last meeting of the 5 | Committee suggests that aggregate demand is growing at a moderate pace. 6 | 7 | Over time, the current accommodative stance of monetary policy, coupled with 8 | still robust underlying growth in productivity, should be sufficient to foster 9 | an improving business climate. However, considerable uncertainty persists about 10 | the extent and timing of the expected pickup in production and employment owing 11 | in part to the emergence of heightened geopolitical risks. 12 | 13 | Consequently, the Committee believes that, for the foreseeable future, against 14 | the background of its long-run goals of price stability and sustainable 15 | economic growth and of the information currently available, the risks are 16 | weighted mainly toward conditions that may generate economic weakness. 17 | 18 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 19 | William J. McDonough, Vice Chairman; Ben S. Bernanke; Susan S. Bies; Roger W. 20 | Ferguson, Jr.; Jerry L. Jordan; Donald L. Kohn; Mark W. Olson; Anthony M. 21 | Santomero, and Gary H. Stern. 22 | 23 | Voting against the action were: Edward M. Gramlich and Robert D. McTeer, Jr. 24 | 25 | Governor Gramlich and President McTeer preferred a reduction in the target for 26 | the federal funds rate. 27 | -------------------------------------------------------------------------------- /statements/20021106.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to lower its target for the 2 | federal funds rate by 50 basis points to 1 1/4 percent. In a related action, 3 | the Board of Governors approved a 50 basis point reduction in the discount rate 4 | to 3/4 percent. 5 | 6 | The Committee continues to believe that an accommodative stance of monetary 7 | policy, coupled with still-robust underlying growth in productivity, is 8 | providing important ongoing support to economic activity. However, incoming 9 | economic data have tended to confirm that greater uncertainty, in part 10 | attributable to heightened geopolitical risks, is currently inhibiting 11 | spending, production, and employment. Inflation and inflation expectations 12 | remain well contained. 13 | 14 | In these circumstances, the Committee believes that today's additional monetary 15 | easing should prove helpful as the economy works its way through this current 16 | soft spot. With this action, the Committee believes that, against the 17 | background of its long-run goals of price stability and sustainable economic 18 | growth and of the information currently available, the risks are balanced with 19 | respect to the prospects for both goals in the foreseeable future. 20 | 21 | Voting for the FOMC monetary policy action were Alan Greenspan, Chairman; 22 | William J. McDonough, Vice Chairman; Ben S. Bernanke, Susan S. Bies; Roger W. 23 | Ferguson, Jr.; Edward M. Gramlich; Jerry L. Jordan; Donald L. Kohn, Robert D. 24 | McTeer, Jr.; Mark W. Olson; Anthony M. Santomero, and Gary H. Stern. 25 | 26 | In taking the discount rate action, the Federal Reserve Board approved the 27 | requests submitted by the Boards of Directors of the Federal Reserve Banks of 28 | Dallas and New York. 29 | -------------------------------------------------------------------------------- /statements/20021210.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate unchanged at 1-1/4 percent. 3 | 4 | The Committee continues to believe that this accommodative stance of monetary 5 | policy, coupled with still robust underlying growth in productivity, is 6 | providing important ongoing support to economic activity. The limited number of 7 | incoming economic indicators since the November meeting, taken together, are 8 | not inconsistent with the economy working its way through its current soft 9 | spot. 10 | 11 | In these circumstances, the Committee believes that, against the background of 12 | its long-run goals of price stability and sustainable economic growth and of 13 | the information currently available, the risks are balanced with respect to the 14 | prospects for both goals for the foreseeable future. 15 | 16 | Voting for the FOMC monetary policy action were Alan Greenspan, Chairman; 17 | William J. McDonough, Vice Chairman; Ben S. Bernanke, Susan S. Bies; Roger W. 18 | Ferguson, Jr.; Edward M. Gramlich; Jerry L. Jordan; Donald L. Kohn, Robert D. 19 | McTeer, Jr.; Mark W. Olson; Anthony M. Santomero, and Gary H. Stern. 20 | -------------------------------------------------------------------------------- /statements/20030129.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate unchanged at 1-1/4 percent. 3 | 4 | Oil price premiums and other aspects of geopolitical risks have reportedly 5 | fostered continued restraint on spending and hiring by businesses. However, the 6 | Committee believes that as those risks lift, as most analysts expect, the 7 | accommodative stance of monetary policy, coupled with ongoing growth in 8 | productivity, will provide support to an improving economic climate over time. 9 | 10 | In these circumstances, the Committee believes that, against the background of 11 | its long-run goals of price stability and sustainable economic growth and of 12 | the information currently available, the risks are balanced with respect to the 13 | prospects for both goals for the foreseeable future. 14 | 15 | Voting for the FOMC monetary policy action were Alan Greenspan, Chairman; 16 | William J. McDonough, Vice Chairman; Ben S. Bernanke, Susan S. Bies; J. Alfred 17 | Broaddus, Jr.; Roger W. Ferguson, Jr.; Edward M. Gramlich; Jack Guynn; Donald 18 | L. Kohn; Michael H. Moskow; Mark W. Olson, and Robert T. Parry. 19 | -------------------------------------------------------------------------------- /statements/20030318.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate unchanged at 1-1/4 percent. 3 | 4 | While incoming economic data since the January meeting have been mixed, recent 5 | labor market indicators have proven disappointing. However, the hesitancy of 6 | the economic expansion appears to owe importantly to oil price premiums and 7 | other aspects of geopolitical uncertainties. The Committee believes that as 8 | those uncertainties lift, as most analysts expect, the accommodative stance of 9 | monetary policy, coupled with ongoing growth in productivity, will provide 10 | support to economic activity sufficient to engender an improving economic 11 | climate over time. 12 | 13 | In light of the unusually large uncertainties clouding the geopolitical 14 | situation in the short run and their apparent effects on economic 15 | decisionmaking, the Committee does not believe it can usefully characterize the 16 | current balance of risks with respect to the prospects for its long-run goals 17 | of price stability and sustainable economic growth. Rather, the Committee 18 | decided to refrain from making that determination until some of those 19 | uncertainties abate. In the current circumstances, heightened surveillance is 20 | particularly informative. 21 | 22 | Voting for the FOMC monetary policy action were Alan Greenspan, Chairman; 23 | William J. McDonough, Vice Chairman; Ben S. Bernanke; Susan S. Bies; J. Alfred 24 | Broaddus, Jr.; Roger W. Ferguson, Jr.; Edward M. Gramlich; Jack Guynn; Donald 25 | L. Kohn; Michael H. Moskow; Mark W. Olson; and Robert T. Parry. 26 | -------------------------------------------------------------------------------- /statements/20030506.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided to keep its target for the federal 2 | funds rate unchanged at 1-1/4 percent. 3 | 4 | Recent readings on production and employment, though mostly reflecting 5 | decisions made before the conclusion of hostilities, have proven disappointing. 6 | However, the ebbing of geopolitical tensions has rolled back oil prices, 7 | bolstered consumer confidence, and strengthened debt and equity markets. These 8 | developments, along with the accommodative stance of monetary policy and 9 | ongoing growth in productivity, should foster an improving economic climate 10 | over time. 11 | 12 | Although the timing and extent of that improvement remain uncertain, the 13 | Committee perceives that over the next few quarters the upside and downside 14 | risks to the attainment of sustainable growth are roughly equal. In contrast, 15 | over the same period, the probability of an unwelcome substantial fall in 16 | inflation, though minor, exceeds that of a pickup in inflation from its already 17 | low level. The Committee believes that, taken together, the balance of risks to 18 | achieving its goals is weighted toward weakness over the foreseeable future. 19 | 20 | Voting for the FOMC monetary policy action were Alan Greenspan, Chairman; 21 | William J. McDonough, Vice Chairman; Ben S. Bernanke; Susan S. Bies; J. Alfred 22 | Broaddus, Jr.; Roger W. Ferguson, Jr.; Edward M. Gramlich; Jack Guynn; Donald 23 | L. Kohn; Michael H. Moskow; Mark W. Olson; and Robert T. Parry. 24 | -------------------------------------------------------------------------------- /statements/20030625.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to lower its target for the 2 | federal funds rate by 25 basis points to 1 percent. In a related action, the 3 | Board of Governors approved a 25 basis point reduction in the discount rate to 4 | 2 percent. 5 | 6 | The Committee continues to believe that an accommodative stance of monetary 7 | policy, coupled with still robust underlying growth in productivity, is 8 | providing important ongoing support to economic activity. Recent signs point to 9 | a firming in spending, markedly improved financial conditions, and labor and 10 | product markets that are stabilizing. The economy, nonetheless, has yet to 11 | exhibit sustainable growth. With inflationary expectations subdued, the 12 | Committee judged that a slightly more expansive monetary policy would add 13 | further support for an economy which it expects to improve over time. 14 | 15 | The Committee perceives that the upside and downside risks to the attainment of 16 | sustainable growth for the next few quarters are roughly equal. In contrast, 17 | the probability, though minor, of an unwelcome substantial fall in inflation 18 | exceeds that of a pickup in inflation from its already low level. On balance, 19 | the Committee believes that the latter concern is likely to predominate for the 20 | foreseeable future. 21 | 22 | Voting for the FOMC monetary policy action were Alan Greenspan, Chairman; Ben 23 | S. Bernanke; Susan S. Bies; J. Alfred Broaddus, Jr.; Roger W. Ferguson, Jr.; 24 | Edward M. Gramlich; Jack Guynn; Donald L. Kohn; Michael H. Moskow; Mark W. 25 | Olson; and Jamie B. Stewart, Jr. 26 | 27 | Voting against the action was Robert T. Parry. President Parry preferred a 50 28 | basis point reduction in the target for the federal funds rate. 29 | 30 | In taking the discount rate action, the Federal Reserve Board approved the 31 | requests submitted by the Boards of Directors of the Federal Reserve Banks of 32 | Boston, New York, St. Louis, Kansas City, and San Francisco. 33 | -------------------------------------------------------------------------------- /statements/20030812.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 1 percent. 3 | 4 | The Committee continues to believe that an accommodative stance of monetary 5 | policy, coupled with still-robust underlying growth in productivity, is 6 | providing important ongoing support to economic activity. The evidence 7 | accumulated over the intermeeting period shows that spending is firming, 8 | although labor market indicators are mixed. Business pricing power and 9 | increases in core consumer prices remain muted. 10 | 11 | The Committee perceives that the upside and downside risks to the attainment of 12 | sustainable growth for the next few quarters are roughly equal. In contrast, 13 | the probability, though minor, of an unwelcome fall in inflation exceeds that 14 | of a rise in inflation from its already low level. The Committee judges that, 15 | on balance, the risk of inflation becoming undesirably low is likely to be the 16 | predominant concern for the foreseeable future. In these circumstances, the 17 | Committee believes that policy accommodation can be maintained for a 18 | considerable period. 19 | 20 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; Ben 21 | S. Bernanke; Susan S. Bies; J. Alfred Broaddus, Jr.; Roger W. Ferguson, Jr.; 22 | Edward M. Gramlich; Jack Guynn; Donald L. Kohn; Michael H. Moskow; Mark W. 23 | Olson; Robert T. Parry; and Jamie B. Stewart, Jr. 24 | -------------------------------------------------------------------------------- /statements/20030916.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 1 percent. 3 | 4 | The Committee continues to believe that an accommodative stance of monetary 5 | policy, coupled with robust underlying growth in productivity, is providing 6 | important ongoing support to economic activity. The evidence accumulated over 7 | the intermeeting period confirms that spending is firming, although the labor 8 | market has been weakening. Business pricing power and increases in core 9 | consumer prices remain muted. 10 | 11 | The Committee perceives that the upside and downside risks to the attainment of 12 | sustainable growth for the next few quarters are roughly equal. In contrast, 13 | the probability, though minor, of an unwelcome fall in inflation exceeds that 14 | of a rise in inflation from its already low level. The Committee judges that, 15 | on balance, the risk of inflation becoming undesirably low remains the 16 | predominant concern for the foreseeable future. In these circumstances, the 17 | Committee believes that policy accommodation can be maintained for a 18 | considerable period. 19 | 20 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; Ben 21 | S. Bernanke; Susan S. Bies; J. Alfred Broaddus, Jr.; Roger W. Ferguson, Jr.; 22 | Edward M. Gramlich; Jack Guynn; Donald L. Kohn; Michael H. Moskow; Mark W. 23 | Olson; Robert T. Parry; and Jamie B. Stewart, Jr. 24 | -------------------------------------------------------------------------------- /statements/20031028.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 1 percent. 3 | 4 | The Committee continues to believe that an accommodative stance of monetary 5 | policy, coupled with robust underlying growth in productivity, is providing 6 | important ongoing support to economic activity. The evidence accumulated over 7 | the intermeeting period confirms that spending is firming, and the labor market 8 | appears to be stabilizing. Business pricing power and increases in core 9 | consumer prices remain muted. 10 | 11 | The Committee perceives that the upside and downside risks to the attainment of 12 | sustainable growth for the next few quarters are roughly equal. In contrast, 13 | the probability, though minor, of an unwelcome fall in inflation exceeds that 14 | of a rise in inflation from its already low level. The Committee judges that, 15 | on balance, the risk of inflation becoming undesirably low remains the 16 | predominant concern for the foreseeable future. In these circumstances, the 17 | Committee believes that policy accommodation can be maintained for a 18 | considerable period. 19 | 20 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; Ben 21 | S. Bernanke; Susan S. Bies; J. Alfred Broaddus, Jr.; Roger W. Ferguson, Jr.; 22 | Edward M. Gramlich; Jack Guynn; Donald L. Kohn; Michael H. Moskow; Mark W. 23 | Olson; Robert T. Parry; and Jamie B. Stewart, Jr. 24 | -------------------------------------------------------------------------------- /statements/20031209.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 1 percent. 3 | 4 | The Committee continues to believe that an accommodative stance of monetary 5 | policy, coupled with robust underlying growth in productivity, is providing 6 | important ongoing support to economic activity. The evidence accumulated over 7 | the intermeeting period confirms that output is expanding briskly, and the 8 | labor market appears to be improving modestly. Increases in core consumer 9 | prices are muted and expected to remain low. 10 | 11 | The Committee perceives that the upside and downside risks to the attainment of 12 | sustainable growth for the next few quarters are roughly equal. The probability 13 | of an unwelcome fall in inflation has diminished in recent months and now 14 | appears almost equal to that of a rise in inflation. However, with inflation 15 | quite low and resource use slack, the Committee believes that policy 16 | accommodation can be maintained for a considerable period. 17 | 18 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 19 | Timothy F. Geithner, Vice Chairman; Ben S. Bernanke; Susan S. Bies; J. Alfred 20 | Broaddus, Jr.; Roger W. Ferguson, Jr.; Edward M. Gramlich; Jack Guynn; Donald 21 | L. Kohn; Michael H. Moskow; Mark W. Olson; and Robert T. Parry. 22 | -------------------------------------------------------------------------------- /statements/20040128.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 1 percent. 3 | 4 | The Committee continues to believe that an accommodative stance of monetary 5 | policy, coupled with robust underlying growth in productivity, is providing 6 | important ongoing support to economic activity. The evidence accumulated over 7 | the intermeeting period confirms that output is expanding briskly. Although new 8 | hiring remains subdued, other indicators suggest an improvement in the labor 9 | market. Increases in core consumer prices are muted and expected to remain low. 10 | 11 | The Committee perceives that the upside and downside risks to the attainment of 12 | sustainable growth for the next few quarters are roughly equal. The probability 13 | of an unwelcome fall in inflation has diminished in recent months and now 14 | appears almost equal to that of a rise in inflation. With inflation quite low 15 | and resource use slack, the Committee believes that it can be patient in 16 | removing its policy accommodation. 17 | 18 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 19 | Timothy F. Geithner, Vice Chairman; Ben S. Bernanke; Susan S. Bies; Roger W. 20 | Ferguson, Jr.; Edward M. Gramlich; Thomas M. Hoenig; Donald L. Kohn; Cathy E. 21 | Minehan; Mark W. Olson; Sandra Pianalto; and William Poole. 22 | -------------------------------------------------------------------------------- /statements/20040316.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 1 percent. 3 | 4 | The Committee continues to believe that an accommodative stance of monetary 5 | policy, coupled with robust underlying growth in productivity, is providing 6 | important ongoing support to economic activity. The evidence accumulated over 7 | the intermeeting period indicates that output is continuing to expand at a 8 | solid pace. Although job losses have slowed, new hiring has lagged. Increases 9 | in core consumer prices are muted and expected to remain low. 10 | 11 | The Committee perceives the upside and downside risks to the attainment of 12 | sustainable growth for the next few quarters are roughly equal. The probability 13 | of an unwelcome fall in inflation has diminished in recent months and now 14 | appears almost equal to that of a rise in inflation. With inflation quite low 15 | and resource use slack, the Committee believes that it can be patient in 16 | removing its policy accommodation. 17 | 18 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 19 | Timothy F. Geithner, Vice Chairman; Ben S. Bernanke; Susan S. Bies; Roger W. 20 | Ferguson, Jr.; Edward M. Gramlich; Thomas M. Hoenig; Donald L. Kohn; Cathy E. 21 | Minehan; Mark W. Olson; Sandra Pianalto; and William Poole. 22 | -------------------------------------------------------------------------------- /statements/20040504.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 1 percent. 3 | 4 | The Committee continues to believe that an accommodative stance of monetary 5 | policy, coupled with robust underlying growth in productivity, is providing 6 | important ongoing support to economic activity. The evidence accumulated over 7 | the intermeeting period indicates that output is continuing to expand at a 8 | solid rate and hiring appears to have picked up. Although incoming inflation 9 | data have moved somewhat higher, long-term inflation expectations appear to 10 | have remained well contained. 11 | 12 | The Committee perceives the upside and downside risks to the attainment of 13 | sustainable growth for the next few quarters are roughly equal. Similarly, the 14 | risks to the goal of price stability have moved into balance. At this juncture, 15 | with inflation low and resource use slack, the Committee believes that policy 16 | accommodation can be removed at a pace that is likely to be measured. 17 | 18 | Voting for the FOMC monetary policy actions were: Alan Greenspan, Chairman; 19 | Timothy F. Geithner, Vice Chairman; Ben S. Bernanke; Susan S. Bies; Roger W. 20 | Ferguson, Jr.; Edward M. Gramlich; Thomas M. Hoenig; Donald L. Kohn; Cathy E. 21 | Minehan; Mark W. Olson; Sandra Pianalto; and William Poole. 22 | -------------------------------------------------------------------------------- /statements/20040630.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to raise its target for the 2 | federal funds rate by 25 basis points to 1-1/4 percent. 3 | 4 | The Committee believes that, even after this action, the stance of monetary 5 | policy remains accommodative and, coupled with robust underlying growth in 6 | productivity, is providing ongoing support to economic activity. The evidence 7 | accumulated over the intermeeting period indicates that output is continuing to 8 | expand at a solid pace and labor market conditions have improved. Although 9 | incoming inflation data are somewhat elevated, a portion of the increase in 10 | recent months appears to have been due to transitory factors. 11 | 12 | The Committee perceives the upside and downside risks to the attainment of both 13 | sustainable growth and price stability for the next few quarters are roughly 14 | equal. With underlying inflation still expected to be relatively low, the 15 | Committee believes that policy accommodation can be removed at a pace that is 16 | likely to be measured. Nonetheless, the Committee will respond to changes in 17 | economic prospects as needed to fulfill its obligation to maintain price 18 | stability. 19 | 20 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 21 | Timothy F. Geithner, Vice Chairman; Ben S. Bernanke; Susan S. Bies; Roger W. 22 | Ferguson, Jr.; Edward M. Gramlich; Thomas M. Hoenig; Donald L. Kohn; Cathy E. 23 | Minehan; Mark W. Olson; Sandra Pianalto; and William Poole. 24 | 25 | In a related action, the Board of Governors approved a 25 basis point increase 26 | in the discount rate to 2-1/4 percent. In taking this action, the Board 27 | approved the requests submitted by the Boards of Directors of the Federal 28 | Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, 29 | Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco. 30 | -------------------------------------------------------------------------------- /statements/20040810.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to raise its target for the 2 | federal funds rate by 25 basis points to 1-1/2 percent. 3 | 4 | The Committee believes that, even after this action, the stance of monetary 5 | policy remains accommodative and, coupled with robust underlying growth in 6 | productivity, is providing ongoing support to economic activity. In recent 7 | months, output growth has moderated and the pace of improvement in labor market 8 | conditions has slowed. This softness likely owes importantly to the substantial 9 | rise in energy prices. The economy nevertheless appears poised to resume a 10 | stronger pace of expansion going forward. Inflation has been somewhat elevated 11 | this year, though a portion of the rise in prices seems to reflect transitory 12 | factors. 13 | 14 | The Committee perceives the upside and downside risks to the attainment of both 15 | sustainable growth and price stability for the next few quarters are roughly 16 | equal. With underlying inflation still expected to be relatively low, the 17 | Committee believes that policy accommodation can be removed at a pace that is 18 | likely to be measured. Nonetheless, the Committee will respond to changes in 19 | economic prospects as needed to fulfill its obligation to maintain price 20 | stability. 21 | 22 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 23 | Timothy F. Geithner, Vice Chairman; Ben S. Bernanke; Susan S. Bies; Roger W. 24 | Ferguson, Jr.; Edward M. Gramlich; Thomas M. Hoenig; Donald L. Kohn; Cathy E. 25 | Minehan; Mark W. Olson; Sandra Pianalto; and William Poole. 26 | 27 | In a related action, the Board of Governors unanimously approved a 25 basis 28 | point increase in the discount rate to 2-1/2 percent. In taking this action, 29 | the Board approved the requests submitted by the Boards of Directors of the 30 | Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, 31 | Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San 32 | Francisco. 33 | -------------------------------------------------------------------------------- /statements/20040921.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to raise its target for the 2 | federal funds rate by 25 basis points to 1-3/4 percent. 3 | 4 | The Committee believes that, even after this action, the stance of monetary 5 | policy remains accommodative and, coupled with robust underlying growth in 6 | productivity, is providing ongoing support to economic activity. After 7 | moderating earlier this year partly in response to the substantial rise in 8 | energy prices, output growth appears to have regained some traction, and labor 9 | market conditions have improved modestly. Despite the rise in energy prices, 10 | inflation and inflation expectations have eased in recent months. 11 | 12 | The Committee perceives the upside and downside risks to the attainment of both 13 | sustainable growth and price stability for the next few quarters to be roughly 14 | equal. With underlying inflation expected to be relatively low, the Committee 15 | believes that policy accommodation can be removed at a pace that is likely to 16 | be measured. Nonetheless, the Committee will respond to changes in economic 17 | prospects as needed to fulfill its obligation to maintain price stability. 18 | 19 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 20 | Timothy F. Geithner, Vice Chairman; Ben S. Bernanke; Susan S. Bies; Roger W. 21 | Ferguson, Jr.; Edward M. Gramlich; Thomas M. Hoenig; Donald L. Kohn; Cathy E. 22 | Minehan; Mark W. Olson; Sandra Pianalto; and William Poole. 23 | 24 | In a related action, the Board of Governors unanimously approved a 25 basis 25 | point increase in the discount rate to 2-3/4 percent. In taking this action, 26 | the Board approved the requests submitted by the Boards of Directors of the 27 | Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, 28 | Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San 29 | Francisco. 30 | -------------------------------------------------------------------------------- /statements/20041110.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to raise its target for the 2 | federal funds rate by 25 basis points to 2 percent. 3 | 4 | The Committee believes that, even after this action, the stance of monetary 5 | policy remains accommodative and, coupled with robust underlying growth in 6 | productivity, is providing ongoing support to economic activity. Output appears 7 | to be growing at a moderate pace despite the rise in energy prices, and labor 8 | market conditions have improved. Inflation and longer-term inflation 9 | expectations remain well contained. 10 | 11 | The Committee perceives the upside and downside risks to the attainment of both 12 | sustainable growth and price stability for the next few quarters to be roughly 13 | equal. With underlying inflation expected to be relatively low, the Committee 14 | believes that policy accommodation can be removed at a pace that is likely to 15 | be measured. Nonetheless, the Committee will respond to changes in economic 16 | prospects as needed to fulfill its obligation to maintain price stability. 17 | 18 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 19 | Timothy F. Geithner, Vice Chairman; Ben S. Bernanke; Susan S. Bies; Roger W. 20 | Ferguson, Jr.; Edward M. Gramlich; Thomas M. Hoenig; Donald L. Kohn; Cathy E. 21 | Minehan; Mark W. Olson; Sandra Pianalto; and William Poole. 22 | 23 | In a related action, the Board of Governors unanimously approved a 25 basis 24 | point increase in the discount rate to 3 percent. In taking this action, the 25 | Board approved the requests submitted by the Boards of Directors of the Federal 26 | Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, 27 | Chicago, St. Louis, Minneapolis, and Kansas City. 28 | -------------------------------------------------------------------------------- /statements/20041214.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to raise its target for the 2 | federal funds rate by 25 basis points to 2-1/4 percent. 3 | 4 | The Committee believes that, even after this action, the stance of monetary 5 | policy remains accommodative and, coupled with robust underlying growth in 6 | productivity, is providing ongoing support to economic activity. Output appears 7 | to be growing at a moderate pace despite the earlier rise in energy prices, and 8 | labor market conditions continue to improve gradually. Inflation and 9 | longer-term inflation expectations remain well contained. 10 | 11 | The Committee perceives the upside and downside risks to the attainment of both 12 | sustainable growth and price stability for the next few quarters to be roughly 13 | equal. With underlying inflation expected to be relatively low, the Committee 14 | believes that policy accommodation can be removed at a pace that is likely to 15 | be measured. Nonetheless, the Committee will respond to changes in economic 16 | prospects as needed to fulfill its obligation to maintain price stability. 17 | 18 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 19 | Timothy F. Geithner, Vice Chairman; Ben S. Bernanke; Susan S. Bies; Roger W. 20 | Ferguson, Jr.; Edward M. Gramlich; Thomas M. Hoenig; Donald L. Kohn; Cathy E. 21 | Minehan; Mark W. Olson; Sandra Pianalto; and William Poole. 22 | 23 | In a related action, the Board of Governors unanimously approved a 25 basis 24 | point increase in the discount rate to 3-1/4 percent. In taking this action, 25 | the Board approved the requests submitted by the Boards of Directors of the 26 | Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, 27 | Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San 28 | Francisco. 29 | 30 | In addition, the Committee unanimously decided to expedite the release of its 31 | minutes. Beginning with this meeting, the minutes of regularly scheduled 32 | meetings will be released three weeks after the date of the policy decision. 33 | The first set of expedited minutes will be released at 2 p.m. EST on January 4, 34 | 2005. 35 | -------------------------------------------------------------------------------- /statements/20050202.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to raise its target for the 2 | federal funds rate by 25 basis points to 2-1/2 percent. 3 | 4 | The Committee believes that, even after this action, the stance of monetary 5 | policy remains accommodative and, coupled with robust underlying growth in 6 | productivity, is providing ongoing support to economic activity. Output appears 7 | to be growing at a moderate pace despite the rise in energy prices, and labor 8 | market conditions continue to improve gradually. Inflation and longer-term 9 | inflation expectations remain well contained. 10 | 11 | The Committee perceives the upside and downside risks to the attainment of both 12 | sustainable growth and price stability for the next few quarters to be roughly 13 | equal. With underlying inflation expected to be relatively low, the Committee 14 | believes that policy accommodation can be removed at a pace that is likely to 15 | be measured. Nonetheless, the Committee will respond to changes in economic 16 | prospects as needed to fulfill its obligation to maintain price stability. 17 | 18 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 19 | Timothy F. Geithner, Vice Chairman; Ben S. Bernanke; Susan S. Bies; Roger W. 20 | Ferguson, Jr.; Edward M. Gramlich; Jack Guynn; Donald L. Kohn; Michael H. 21 | Moskow; Mark W. Olson; Anthony M. Santomero; and Gary H. Stern. 22 | 23 | In a related action, the Board of Governors unanimously approved a 24 | 25-basis-point increase in the discount rate to 3-1/2 percent. In taking this 25 | action, the Board approved the requests submitted by the Boards of Directors of 26 | the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, 27 | Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and 28 | San Francisco. 29 | -------------------------------------------------------------------------------- /statements/20050322.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to raise its target for the 2 | federal funds rate by 25 basis points to 2-3/4 percent. 3 | 4 | The Committee believes that, even after this action, the stance of monetary 5 | policy remains accommodative and, coupled with robust underlying growth in 6 | productivity, is providing ongoing support to economic activity. Output 7 | evidently continues to grow at a solid pace despite the rise in energy prices, 8 | and labor market conditions continue to improve gradually. Though longer-term 9 | inflation expectations remain well contained, pressures on inflation have 10 | picked up in recent months and pricing power is more evident. The rise in 11 | energy prices, however, has not notably fed through to core consumer prices. 12 | 13 | The Committee perceives that, with appropriate monetary policy action, the 14 | upside and downside risks to the attainment of both sustainable growth and 15 | price stability should be kept roughly equal. With underlying inflation 16 | expected to be contained, the Committee believes that policy accommodation can 17 | be removed at a pace that is likely to be measured. Nonetheless, the Committee 18 | will respond to changes in economic prospects as needed to fulfill its 19 | obligation to maintain price stability. 20 | 21 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 22 | Timothy F. Geithner, Vice Chairman; Ben S. Bernanke; Susan S. Bies; Roger W. 23 | Ferguson, Jr.; Edward M. Gramlich; Jack Guynn; Donald L. Kohn; Michael H. 24 | Moskow; Mark W. Olson; Anthony M. Santomero; and Gary H. Stern. 25 | 26 | In a related action, the Board of Governors unanimously approved a 27 | 25-basis-point increase in the discount rate to 3-3/4 percent. In taking this 28 | action, the Board approved the requests submitted by the Boards of Directors of 29 | the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, 30 | Richmond, Atlanta, Chicago, St. Louis, Minneapolis, and San Francisco. 31 | -------------------------------------------------------------------------------- /statements/20050503.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to raise its target for the 2 | federal funds rate by 25 basis points to 3 percent. 3 | 4 | The Committee believes that, even after this action, the stance of monetary 5 | policy remains accommodative and, coupled with robust underlying growth in 6 | productivity, is providing ongoing support to economic activity. Recent data 7 | suggest that the solid pace of spending growth has slowed somewhat, partly in 8 | response to the earlier increases in energy prices. Labor market conditions, 9 | however, apparently continue to improve gradually. Pressures on inflation have 10 | picked up in recent months and pricing power is more evident. Longer-term 11 | inflation expectations remain well contained. 12 | 13 | The Committee perceives that, with appropriate monetary policy action, the 14 | upside and downside risks to the attainment of both sustainable growth and 15 | price stability should be kept roughly equal. With underlying inflation 16 | expected to be contained, the Committee believes that policy accommodation can 17 | be removed at a pace that is likely to be measured. Nonetheless, the Committee 18 | will respond to changes in economic prospects as needed to fulfill its 19 | obligation to maintain price stability. 20 | 21 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 22 | Timothy F. Geithner, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; 23 | Richard W. Fisher; Edward M. Gramlich; Donald L. Kohn; Michael H. Moskow; Mark 24 | W. Olson; Anthony M. Santomero; and Gary H. Stern. 25 | 26 | In a related action, the Board of Governors unanimously approved a 27 | 25-basis-point increase in the discount rate to 4 percent. In taking this 28 | action, the Board approved the requests submitted by the Boards of Directors of 29 | the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, 30 | Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and 31 | San Francisco. 32 | -------------------------------------------------------------------------------- /statements/20050630.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to raise its target for the 2 | federal funds rate by 25 basis points to 3-1/4 percent. 3 | 4 | The Committee believes that, even after this action, the stance of monetary 5 | policy remains accommodative and, coupled with robust underlying growth in 6 | productivity, is providing ongoing support to economic activity. Although 7 | energy prices have risen further, the expansion remains firm and labor market 8 | conditions continue to improve gradually. Pressures on inflation have stayed 9 | elevated, but longer-term inflation expectations remain well contained. 10 | 11 | The Committee perceives that, with appropriate monetary policy action, the 12 | upside and downside risks to the attainment of both sustainable growth and 13 | price stability should be kept roughly equal. With underlying inflation 14 | expected to be contained, the Committee believes that policy accommodation can 15 | be removed at a pace that is likely to be measured. Nonetheless, the Committee 16 | will respond to changes in economic prospects as needed to fulfill its 17 | obligation to maintain price stability. 18 | 19 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 20 | Timothy F. Geithner, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; 21 | Richard W. Fisher; Edward M. Gramlich; Donald L. Kohn; Michael H. Moskow; Mark 22 | W. Olson; Anthony M. Santomero; and Gary H. Stern. 23 | 24 | In a related action, the Board of Governors unanimously approved a 25 | 25-basis-point increase in the discount rate to 4-1/4 percent. In taking this 26 | action, the Board approved the requests submitted by the Boards of Directors of 27 | the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, 28 | Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and 29 | San Francisco. 30 | -------------------------------------------------------------------------------- /statements/20050809.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to raise its target for the 2 | federal funds rate by 25 basis points to 3-1/2 percent. 3 | 4 | The Committee believes that, even after this action, the stance of monetary 5 | policy remains accommodative and, coupled with robust underlying growth in 6 | productivity, is providing ongoing support to economic activity. Aggregate 7 | spending, despite high energy prices, appears to have strengthened since late 8 | winter, and labor market conditions continue to improve gradually. Core 9 | inflation has been relatively low in recent months and longer-term inflation 10 | expectations remain well contained, but pressures on inflation have stayed 11 | elevated. 12 | 13 | The Committee perceives that, with appropriate monetary policy action, the 14 | upside and downside risks to the attainment of both sustainable growth and 15 | price stability should be kept roughly equal. With underlying inflation 16 | expected to be contained, the Committee believes that policy accommodation can 17 | be removed at a pace that is likely to be measured. Nonetheless, the Committee 18 | will respond to changes in economic prospects as needed to fulfill its 19 | obligation to maintain price stability. 20 | 21 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 22 | Timothy F. Geithner, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; 23 | Richard W. Fisher; Donald L. Kohn; Michael H. Moskow; Mark W. Olson; Anthony M. 24 | Santomero; and Gary H. Stern. 25 | 26 | In a related action, the Board of Governors unanimously approved a 27 | 25-basis-point increase in the discount rate to 4-1/2 percent. In taking this 28 | action, the Board approved the requests submitted by the Boards of Directors of 29 | the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, 30 | Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and 31 | San Francisco. 32 | -------------------------------------------------------------------------------- /statements/20050920.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to raise its target for the 2 | federal funds rate by 25 basis points to 3-3/4 percent. 3 | 4 | Output appeared poised to continue growing at a good pace before the tragic 5 | toll of Hurricane Katrina. The widespread devastation in the Gulf region, the 6 | associated dislocation of economic activity, and the boost to energy prices 7 | imply that spending, production, and employment will be set back in the near 8 | term. In addition to elevating premiums for some energy products, the 9 | disruption to the production and refining infrastructure may add to energy 10 | price volatility. 11 | 12 | While these unfortunate developments have increased uncertainty about near-term 13 | economic performance, it is the Committee's view that they do not pose a more 14 | persistent threat. Rather, monetary policy accommodation, coupled with robust 15 | underlying growth in productivity, is providing ongoing support to economic 16 | activity. Higher energy and other costs have the potential to add to inflation 17 | pressures. However, core inflation has been relatively low in recent months and 18 | longer-term inflation expectations remain contained. 19 | 20 | The Committee perceives that, with appropriate monetary policy action, the 21 | upside and downside risks to the attainment of both sustainable growth and 22 | price stability should be kept roughly equal. With underlying inflation 23 | expected to be contained, the Committee believes that policy accommodation can 24 | be removed at a pace that is likely to be measured. Nonetheless, the Committee 25 | will respond to changes in economic prospects as needed to fulfill its 26 | obligation to maintain price stability. 27 | 28 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 29 | Timothy F. Geithner, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; 30 | Richard W. Fisher; Donald L. Kohn; Michael H. Moskow; Anthony M. Santomero; and 31 | Gary H. Stern. Voting against was Mark W. Olson, who preferred no change in the 32 | federal funds rate target at this meeting. 33 | 34 | In a related action, the Board of Governors unanimously approved a 35 | 25-basis-point increase in the discount rate to 4-3/4 percent. In taking this 36 | action, the Board approved the requests submitted by the Boards of Directors of 37 | the Federal Reserve Banks of Boston, New York, Philadelphia, Richmond, Chicago, 38 | Minneapolis, and Kansas City. 39 | -------------------------------------------------------------------------------- /statements/20051101.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to raise its target for the 2 | federal funds rate by 25 basis points to 4 percent. 3 | 4 | Elevated energy prices and hurricane-related disruptions in economic activity 5 | have temporarily depressed output and employment. However, monetary policy 6 | accommodation, coupled with robust underlying growth in productivity, is 7 | providing ongoing support to economic activity that will likely be augmented by 8 | planned rebuilding in the hurricane-affected areas. The cumulative rise in 9 | energy and other costs has the potential to add to inflation pressures; 10 | however, core inflation has been relatively low in recent months and 11 | longer-term inflation expectations remain contained. 12 | 13 | The Committee perceives that, with appropriate monetary policy action, the 14 | upside and downside risks to the attainment of both sustainable growth and 15 | price stability should be kept roughly equal. With underlying inflation 16 | expected to be contained, the Committee believes that policy accommodation can 17 | be removed at a pace that is likely to be measured. Nonetheless, the Committee 18 | will respond to changes in economic prospects as needed to fulfill its 19 | obligation to maintain price stability. 20 | 21 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 22 | Timothy F. Geithner, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; 23 | Richard W. Fisher; Donald L. Kohn; Michael H. Moskow; Mark W. Olson; Anthony M. 24 | Santomero; and Gary H. Stern. 25 | 26 | In a related action, the Board of Governors unanimously approved a 25-basis 27 | point increase in the discount rate to 5 percent. In taking this action, the 28 | Board approved the requests submitted by the Boards of Directors of the Federal 29 | Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, 30 | Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. 31 | -------------------------------------------------------------------------------- /statements/20051213.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to raise its target for the 2 | federal funds rate by 25 basis points to 4-1/4 percent. 3 | 4 | Despite elevated energy prices and hurricane-related disruptions, the expansion 5 | in economic activity appears solid. Core inflation has stayed relatively low in 6 | recent months and longer-term inflation expectations remain contained. 7 | Nevertheless, possible increases in resource utilization as well as elevated 8 | energy prices have the potential to add to inflation pressures. 9 | 10 | The Committee judges that some further measured policy firming is likely to be 11 | needed to keep the risks to the attainment of both sustainable economic growth 12 | and price stability roughly in balance. In any event, the Committee will 13 | respond to changes in economic prospects as needed to foster these objectives. 14 | 15 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 16 | Timothy F. Geithner, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; 17 | Richard W. Fisher; Donald L. Kohn; Michael H. Moskow; Mark W. Olson; Anthony M. 18 | Santomero; and Gary H. Stern. 19 | 20 | In a related action, the Board of Governors unanimously approved a 25-basis 21 | point increase in the discount rate to 5-1/4 percent. In taking this action, 22 | the Board approved the requests submitted by the Boards of Directors of the 23 | Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, 24 | Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San 25 | Francisco. 26 | -------------------------------------------------------------------------------- /statements/20060131.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to raise its target for the 2 | federal funds rate by 25 basis points to 4-1/2 percent. 3 | 4 | Although recent economic data have been uneven, the expansion in economic 5 | activity appears solid. Core inflation has stayed relatively low in recent 6 | months and longer-term inflation expectations remain contained. Nevertheless, 7 | possible increases in resource utilization as well as elevated energy prices 8 | have the potential to add to inflation pressures. 9 | 10 | The Committee judges that some further policy firming may be needed to keep the 11 | risks to the attainment of both sustainable economic growth and price stability 12 | roughly in balance. In any event, the Committee will respond to changes in 13 | economic prospects as needed to foster these objectives. 14 | 15 | Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; 16 | Timothy F. Geithner, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; Jack 17 | Guynn; Donald L. Kohn; Jeffrey M. Lacker; Mark W. Olson; Sandra Pianalto; and 18 | Janet L. Yellen. 19 | 20 | In a related action, the Board of Governors unanimously approved a 21 | 25-basis-point increase in the discount rate to 5-1/2 percent. In taking this 22 | action, the Board approved the requests submitted by the Boards of Directors of 23 | the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, 24 | Richmond, Atlanta, Chicago, St. Louis, Kansas City, Dallas, and San Francisco. 25 | -------------------------------------------------------------------------------- /statements/20060328.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to raise its target for the 2 | federal funds rate by 25 basis points to 4-3/4 percent. 3 | 4 | The slowing of the growth of real GDP in the fourth quarter of 2005 seems 5 | largely to have reflected temporary or special factors. Economic growth has 6 | rebounded strongly in the current quarter but appears likely to moderate to a 7 | more sustainable pace. As yet, the run-up in the prices of energy and other 8 | commodities appears to have had only a modest effect on core inflation, ongoing 9 | productivity gains have helped to hold the growth of unit labor costs in check, 10 | and inflation expectations remain contained. Still, possible increases in 11 | resource utilization, in combination with the elevated prices of energy and 12 | other commodities, have the potential to add to inflation pressures. 13 | 14 | The Committee judges that some further policy firming may be needed to keep the 15 | risks to the attainment of both sustainable economic growth and price stability 16 | roughly in balance. In any event, the Committee will respond to changes in 17 | economic prospects as needed to foster these objectives. 18 | 19 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 20 | Timothy F. Geithner, Vice Chairman; Susan S. Bies; Jack Guynn; Donald L. Kohn; 21 | Randall S. Kroszner; Jeffrey M. Lacker; Mark W. Olson; Sandra Pianalto; Kevin 22 | M. Warsh; and Janet L. Yellen. 23 | 24 | In a related action, the Board of Governors approved a 25-basis-point increase 25 | in the discount rate to 5-3/4 percent. In taking this action, the Board 26 | approved the requests submitted by the Boards of Directors of the Federal 27 | Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, 28 | Chicago, St. Louis, Minneapolis, Dallas, and San Francisco. 29 | -------------------------------------------------------------------------------- /statements/20060510.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to raise its target for the 2 | federal funds rate by 25 basis points to 5 percent. 3 | 4 | Economic growth has been quite strong so far this year. The Committee sees 5 | growth as likely to moderate to a more sustainable pace, partly reflecting a 6 | gradual cooling of the housing market and the lagged effects of increases in 7 | interest rates and energy prices. 8 | 9 | As yet, the run-up in the prices of energy and other commodities appears to 10 | have had only a modest effect on core inflation, ongoing productivity gains 11 | have helped to hold the growth of unit labor costs in check, and inflation 12 | expectations remain contained. Still, possible increases in resource 13 | utilization, in combination with the elevated prices of energy and other 14 | commodities, have the potential to add to inflation pressures. 15 | 16 | The Committee judges that some further policy firming may yet be needed to 17 | address inflation risks but emphasizes that the extent and timing of any such 18 | firming will depend importantly on the evolution of the economic outlook as 19 | implied by incoming information. In any event, the Committee will respond to 20 | changes in economic prospects as needed to support the attainment of its 21 | objectives. 22 | 23 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 24 | Timothy F. Geithner, Vice Chairman; Susan S. Bies; Jack Guynn; Donald L. Kohn; 25 | Randall S. Kroszner; Jeffrey M. Lacker; Mark W. Olson; Sandra Pianalto; Kevin 26 | M. Warsh; and Janet L. Yellen. 27 | 28 | In a related action, the Board of Governors unanimously approved a 29 | 25-basis-point increase in the discount rate to 6 percent. In taking this 30 | action, the Board approved the requests submitted by the Boards of Directors of 31 | the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, 32 | Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Dallas, and San Francisco. 33 | -------------------------------------------------------------------------------- /statements/20060629.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to raise its target for the 2 | federal funds rate by 25 basis points to 5-1/4 percent. 3 | 4 | Recent indicators suggest that economic growth is moderating from its quite 5 | strong pace earlier this year, partly reflecting a gradual cooling of the 6 | housing market and the lagged effects of increases in interest rates and energy 7 | prices. 8 | 9 | Readings on core inflation have been elevated in recent months. Ongoing 10 | productivity gains have held down the rise in unit labor costs, and inflation 11 | expectations remain contained. However, the high levels of resource utilization 12 | and of the prices of energy and other commodities have the potential to sustain 13 | inflation pressures. 14 | 15 | Although the moderation in the growth of aggregate demand should help to limit 16 | inflation pressures over time, the Committee judges that some inflation risks 17 | remain. The extent and timing of any additional firming that may be needed to 18 | address these risks will depend on the evolution of the outlook for both 19 | inflation and economic growth, as implied by incoming information. In any 20 | event, the Committee will respond to changes in economic prospects as needed to 21 | support the attainment of its objectives. 22 | 23 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 24 | Timothy F. Geithner, Vice Chairman; Susan S. Bies; Jack Guynn; Donald L. Kohn; 25 | Randall S. Kroszner; Jeffrey M. Lacker; Sandra Pianalto; Kevin M. Warsh; and 26 | Janet L. Yellen. 27 | 28 | In a related action, the Board of Governors unanimously approved a 29 | 25-basis-point increase in the discount rate to 6-1/4 percent. In taking this 30 | action, the Board approved the requests submitted by the Boards of Directors of 31 | the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, 32 | Richmond, Atlanta, Chicago, St. Louis, Minneapolis, and Dallas. 33 | -------------------------------------------------------------------------------- /statements/20060808.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 5-1/4 percent. 3 | 4 | Economic growth has moderated from its quite strong pace earlier this year, 5 | partly reflecting a gradual cooling of the housing market and the lagged 6 | effects of increases in interest rates and energy prices. 7 | 8 | Readings on core inflation have been elevated in recent months, and the high 9 | levels of resource utilization and of the prices of energy and other 10 | commodities have the potential to sustain inflation pressures. However, 11 | inflation pressures seem likely to moderate over time, reflecting contained 12 | inflation expectations and the cumulative effects of monetary policy actions 13 | and other factors restraining aggregate demand. 14 | 15 | Nonetheless, the Committee judges that some inflation risks remain. The extent 16 | and timing of any additional firming that may be needed to address these risks 17 | will depend on the evolution of the outlook for both inflation and economic 18 | growth, as implied by incoming information. 19 | 20 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 21 | Timothy F. Geithner, Vice Chairman; Susan S. Bies; Jack Guynn; Donald L. Kohn; 22 | Randall S. Kroszner; Sandra Pianalto; Kevin M. Warsh; and Janet L. Yellen. 23 | Voting against was Jeffrey M. Lacker, who preferred an increase of 25 basis 24 | points in the federal funds rate target at this meeting. 25 | -------------------------------------------------------------------------------- /statements/20060920.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 5-1/4 percent. 3 | 4 | The moderation in economic growth appears to be continuing, partly reflecting a 5 | cooling of the housing market. 6 | 7 | Readings on core inflation have been elevated, and the high levels of resource 8 | utilization and of the prices of energy and other commodities have the 9 | potential to sustain inflation pressures. However, inflation pressures seem 10 | likely to moderate over time, reflecting reduced impetus from energy prices, 11 | contained inflation expectations, and the cumulative effects of monetary policy 12 | actions and other factors restraining aggregate demand. 13 | 14 | Nonetheless, the Committee judges that some inflation risks remain. The extent 15 | and timing of any additional firming that may be needed to address these risks 16 | will depend on the evolution of the outlook for both inflation and economic 17 | growth, as implied by incoming information. 18 | 19 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 20 | Timothy F. Geithner, Vice Chairman; Susan S. Bies; Jack Guynn; Donald L. Kohn; 21 | Randall S. Kroszner; Frederic S. Mishkin; Sandra Pianalto; Kevin M. Warsh; and 22 | Janet L. Yellen. Voting against was Jeffrey M. Lacker, who preferred an 23 | increase of 25 basis points in the federal funds rate target at this meeting. 24 | -------------------------------------------------------------------------------- /statements/20061025.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 5-1/4 percent. 3 | 4 | Economic growth has slowed over the course of the year, partly reflecting a 5 | cooling of the housing market. Going forward, the economy seems likely to 6 | expand at a moderate pace. 7 | 8 | Readings on core inflation have been elevated, and the high level of resource 9 | utilization has the potential to sustain inflation pressures. However, 10 | inflation pressures seem likely to moderate over time, reflecting reduced 11 | impetus from energy prices, contained inflation expectations, and the 12 | cumulative effects of monetary policy actions and other factors restraining 13 | aggregate demand. 14 | 15 | Nonetheless, the Committee judges that some inflation risks remain. The extent 16 | and timing of any additional firming that may be needed to address these risks 17 | will depend on the evolution of the outlook for both inflation and economic 18 | growth, as implied by incoming information. 19 | 20 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 21 | Timothy F. Geithner, Vice Chairman; Susan S. Bies; Donald L. Kohn; Randall S. 22 | Kroszner; Frederic S. Mishkin; Sandra Pianalto; William Poole; Kevin M. Warsh; 23 | and Janet L. Yellen. Voting against was Jeffrey M. Lacker, who preferred an 24 | increase of 25 basis points in the federal funds rate target at this meeting. 25 | -------------------------------------------------------------------------------- /statements/20061212.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 5-1/4 percent. 3 | 4 | Economic growth has slowed over the course of the year, partly reflecting a 5 | substantial cooling of the housing market. Although recent indicators have been 6 | mixed, the economy seems likely to expand at a moderate pace on balance over 7 | coming quarters. 8 | 9 | Readings on core inflation have been elevated, and the high level of resource 10 | utilization has the potential to sustain inflation pressures. However, 11 | inflation pressures seem likely to moderate over time, reflecting reduced 12 | impetus from energy prices, contained inflation expectations, and the 13 | cumulative effects of monetary policy actions and other factors restraining 14 | aggregate demand. 15 | 16 | Nonetheless, the Committee judges that some inflation risks remain. The extent 17 | and timing of any additional firming that may be needed to address these risks 18 | will depend on the evolution of the outlook for both inflation and economic 19 | growth, as implied by incoming information. 20 | 21 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 22 | Timothy F. Geithner, Vice Chairman; Susan S. Bies; Donald L. Kohn; Randall S. 23 | Kroszner; Frederic S. Mishkin; Sandra Pianalto; William Poole; Kevin M. Warsh; 24 | and Janet L. Yellen. Voting against was Jeffrey M. Lacker, who preferred an 25 | increase of 25 basis points in the federal funds rate target at this meeting. 26 | -------------------------------------------------------------------------------- /statements/20070131.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 5-1/4 percent. 3 | 4 | Recent indicators have suggested somewhat firmer economic growth, and some 5 | tentative signs of stabilization have appeared in the housing market. Overall, 6 | the economy seems likely to expand at a moderate pace over coming quarters. 7 | 8 | Readings on core inflation have improved modestly in recent months, and 9 | inflation pressures seem likely to moderate over time. However, the high level 10 | of resource utilization has the potential to sustain inflation pressures. 11 | 12 | The Committee judges that some inflation risks remain. The extent and timing of 13 | any additional firming that may be needed to address these risks will depend on 14 | the evolution of the outlook for both inflation and economic growth, as implied 15 | by incoming information. 16 | 17 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 18 | Timothy F. Geithner, Vice Chairman; Susan S. Bies; Thomas M. Hoenig; Donald L. 19 | Kohn; Randall S. Kroszner; Cathy E. Minehan; Frederic S. Mishkin; Michael H. 20 | Moskow; William Poole; and Kevin M. Warsh. 21 | -------------------------------------------------------------------------------- /statements/20070321.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 5-1/4 percent. 3 | 4 | Recent indicators have been mixed and the adjustment in the housing sector is 5 | ongoing. Nevertheless, the economy seems likely to continue to expand at a 6 | moderate pace over coming quarters. 7 | 8 | Recent readings on core inflation have been somewhat elevated. Although 9 | inflation pressures seem likely to moderate over time, the high level of 10 | resource utilization has the potential to sustain those pressures. 11 | 12 | In these circumstances, the Committee's predominant policy concern remains the 13 | risk that inflation will fail to moderate as expected. Future policy 14 | adjustments will depend on the evolution of the outlook for both inflation and 15 | economic growth, as implied by incoming information. 16 | 17 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 18 | Timothy F. Geithner, Vice Chairman; Thomas M. Hoenig; Donald L. Kohn; Randall 19 | S. Kroszner; Cathy E. Minehan; Frederic S. Mishkin; Michael H. Moskow; William 20 | Poole; and Kevin M. Warsh. 21 | -------------------------------------------------------------------------------- /statements/20070509.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 5-1/4 percent. 3 | 4 | Economic growth slowed in the first part of this year and the adjustment in the 5 | housing sector is ongoing. Nevertheless, the economy seems likely to expand at 6 | a moderate pace over coming quarters. 7 | 8 | Core inflation remains somewhat elevated. Although inflation pressures seem 9 | likely to moderate over time, the high level of resource utilization has the 10 | potential to sustain those pressures. 11 | 12 | In these circumstances, the Committee's predominant policy concern remains the 13 | risk that inflation will fail to moderate as expected. Future policy 14 | adjustments will depend on the evolution of the outlook for both inflation and 15 | economic growth, as implied by incoming information. 16 | 17 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 18 | Timothy F. Geithner, Vice Chairman; Thomas M. Hoenig; Donald L. Kohn; Randall 19 | S. Kroszner; Cathy E. Minehan; Frederic S. Mishkin; Michael H. Moskow; William 20 | Poole; and Kevin M. Warsh. 21 | -------------------------------------------------------------------------------- /statements/20070618.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 5-1/4 percent. 3 | 4 | Economic growth appears to have been moderate during the first half of this 5 | year, despite the ongoing adjustment in the housing sector. The economy seems 6 | likely to continue to expand at a moderate pace over coming quarters. 7 | 8 | Readings on core inflation have improved modestly in recent months. However, a 9 | sustained moderation in inflation pressures has yet to be convincingly 10 | demonstrated. Moreover, the high level of resource utilization has the 11 | potential to sustain those pressures. 12 | 13 | In these circumstances, the Committee's predominant policy concern remains the 14 | risk that inflation will fail to moderate as expected. Future policy 15 | adjustments will depend on the evolution of the outlook for both inflation and 16 | economic growth, as implied by incoming information. 17 | 18 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 19 | Timothy F. Geithner, Vice Chairman; Thomas M. Hoenig; Donald L. Kohn; Randall 20 | S. Kroszner; Cathy E. Minehan; Frederic S. Mishkin; Michael H. Moskow; William 21 | Poole; and Kevin M. Warsh. 22 | -------------------------------------------------------------------------------- /statements/20070807.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 5-1/4 percent. 3 | 4 | Economic growth was moderate during the first half of the year. Financial 5 | markets have been volatile in recent weeks, credit conditions have become 6 | tighter for some households and businesses, and the housing correction is 7 | ongoing. Nevertheless, the economy seems likely to continue to expand at a 8 | moderate pace over coming quarters, supported by solid growth in employment and 9 | incomes and a robust global economy. 10 | 11 | Readings on core inflation have improved modestly in recent months. However, a 12 | sustained moderation in inflation pressures has yet to be convincingly 13 | demonstrated. Moreover, the high level of resource utilization has the 14 | potential to sustain those pressures. 15 | 16 | Although the downside risks to growth have increased somewhat, the Committee's 17 | predominant policy concern remains the risk that inflation will fail to 18 | moderate as expected. Future policy adjustments will depend on the outlook for 19 | both inflation and economic growth, as implied by incoming information. 20 | 21 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 22 | Timothy F. Geithner, Vice Chairman; Thomas M. Hoenig; Donald L. Kohn; Randall 23 | S. Kroszner; Frederic S. Mishkin; Michael H. Moskow; William Poole; Eric 24 | Rosengren; and Kevin M. Warsh. 25 | -------------------------------------------------------------------------------- /statements/20070810.txt: -------------------------------------------------------------------------------- 1 | The Federal Reserve is providing liquidity to facilitate the orderly functioning of financial markets. 2 | 3 | The Federal Reserve will provide reserves as necessary through open market operations to promote trading in the federal funds market at rates close to the Federal Open Market Committee's target rate of 5-1/4 percent. In current circumstances, depository institutions may experience unusual funding needs because of dislocations in money and credit markets. As always, the discount window is available as a source of funding. 4 | -------------------------------------------------------------------------------- /statements/20070817.txt: -------------------------------------------------------------------------------- 1 | Financial market conditions have deteriorated, and tighter credit conditions 2 | and increased uncertainty have the potential to restrain economic growth going 3 | forward. In these circumstances, although recent data suggest that the economy 4 | has continued to expand at a moderate pace, the Federal Open Market Committee 5 | judges that the downside risks to growth have increased appreciably. The 6 | Committee is monitoring the situation and is prepared to act as needed to 7 | mitigate the adverse effects on the economy arising from the disruptions in 8 | financial markets. 9 | 10 | Voting in favor of the policy announcement were: Ben S. Bernanke, Chairman; 11 | Timothy F. Geithner, Vice Chairman; Richard W. Fisher; Thomas M. Hoenig; Donald 12 | L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; Michael H. Moskow; Eric 13 | Rosengren; and Kevin M. Warsh. 14 | -------------------------------------------------------------------------------- /statements/20070918.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to lower its target for the 2 | federal funds rate 50 basis points to 4-3/4 percent. 3 | 4 | Economic growth was moderate during the first half of the year, but the 5 | tightening of credit conditions has the potential to intensify the housing 6 | correction and to restrain economic growth more generally. Today’s action is 7 | intended to help forestall some of the adverse effects on the broader economy 8 | that might otherwise arise from the disruptions in financial markets and to 9 | promote moderate growth over time. 10 | 11 | Readings on core inflation have improved modestly this year. However, the 12 | Committee judges that some inflation risks remain, and it will continue to 13 | monitor inflation developments carefully. 14 | 15 | Developments in financial markets since the Committee’s last regular meeting 16 | have increased the uncertainty surrounding the economic outlook. The Committee 17 | will continue to assess the effects of these and other developments on economic 18 | prospects and will act as needed to foster price stability and sustainable 19 | economic growth. 20 | 21 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 22 | Timothy F. Geithner, Vice Chairman; Charles L. Evans; Thomas M. Hoenig; Donald 23 | L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; William Poole; Eric 24 | Rosengren; and Kevin M. Warsh. 25 | 26 | In a related action, the Board of Governors unanimously approved a 27 | 50-basis-point decrease in the discount rate to 5-1/4 percent. In taking this 28 | action, the Board approved the requests submitted by the Boards of Directors of 29 | the Federal Reserve Banks of Boston, New York, Cleveland, St. Louis, 30 | Minneapolis, Kansas City, and San Francisco. 31 | -------------------------------------------------------------------------------- /statements/20071031.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to lower its target for the 2 | federal funds rate 25 basis points to 4-1/2 percent. 3 | 4 | Economic growth was solid in the third quarter, and strains in financial 5 | markets have eased somewhat on balance. However, the pace of economic 6 | expansion will likely slow in the near term, partly reflecting the 7 | intensification of the housing correction. Today’s action, combined with the 8 | policy action taken in September, should help forestall some of the adverse 9 | effects on the broader economy that might otherwise arise from the disruptions 10 | in financial markets and promote moderate growth over time. 11 | 12 | Readings on core inflation have improved modestly this year, but recent 13 | increases in energy and commodity prices, among other factors, may put renewed 14 | upward pressure on inflation. In this context, the Committee judges that some 15 | inflation risks remain, and it will continue to monitor inflation developments 16 | carefully. 17 | 18 | The Committee judges that, after this action, the upside risks to inflation 19 | roughly balance the downside risks to growth. The Committee will continue to 20 | assess the effects of financial and other developments on economic prospects 21 | and will act as needed to foster price stability and sustainable economic 22 | growth. 23 | 24 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 25 | Timothy F. Geithner, Vice Chairman; Charles L. Evans; Donald L. Kohn; Randall 26 | S. Kroszner; Frederic S. Mishkin; William Poole; Eric S. Rosengren; and Kevin 27 | M. Warsh. Voting against was Thomas M. Hoenig, who preferred no change in the 28 | federal funds rate at this meeting. 29 | 30 | In a related action, the Board of Governors unanimously approved a 31 | 25-basis-point decrease in the discount rate to 5 percent. In taking this 32 | action, the Board approved the requests submitted by the Boards of Directors of 33 | the Federal Reserve Banks of New York, Richmond, Atlanta, Chicago, St. Louis, 34 | and San Francisco. 35 | -------------------------------------------------------------------------------- /statements/20071211.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to lower its target for the 2 | federal funds rate 25 basis points to 4-1/4 percent. 3 | 4 | Incoming information suggests that economic growth is slowing, reflecting the 5 | intensification of the housing correction and some softening in business and 6 | consumer spending. Moreover, strains in financial markets have increased in 7 | recent weeks. Today’s action, combined with the policy actions taken earlier, 8 | should help promote moderate growth over time. 9 | 10 | Readings on core inflation have improved modestly this year, but elevated 11 | energy and commodity prices, among other factors, may put upward pressure on 12 | inflation. In this context, the Committee judges that some inflation risks 13 | remain, and it will continue to monitor inflation developments carefully. 14 | 15 | Recent developments, including the deterioration in financial market 16 | conditions, have increased the uncertainty surrounding the outlook for economic 17 | growth and inflation. The Committee will continue to assess the effects of 18 | financial and other developments on economic prospects and will act as needed 19 | to foster price stability and sustainable economic growth. 20 | 21 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 22 | Timothy F. Geithner, Vice Chairman; Charles L. Evans; Thomas M. Hoenig; Donald 23 | L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; William Poole; and Kevin M. 24 | Warsh. Voting against was Eric S. Rosengren, who preferred to lower the target 25 | for the federal funds rate by 50 basis points at this meeting. 26 | 27 | In a related action, the Board of Governors unanimously approved a 28 | 25-basis-point decrease in the discount rate to 4-3/4 percent. In taking this 29 | action, the Board approved the requests submitted by the Boards of Directors of 30 | the Federal Reserve Banks of New York, Philadelphia, Cleveland, Richmond, 31 | Atlanta, Chicago, and St. Louis. 32 | -------------------------------------------------------------------------------- /statements/20080122.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee has decided to lower its target for the 2 | federal funds rate 75 basis points to 3-1/2 percent. 3 | 4 | The Committee took this action in view of a weakening of the economic outlook 5 | and increasing downside risks to growth. While strains in short-term funding 6 | markets have eased somewhat, broader financial market conditions have continued 7 | to deteriorate and credit has tightened further for some businesses and 8 | households. Moreover, incoming information indicates a deepening of the 9 | housing contraction as well as some softening in labor markets. 10 | 11 | The Committee expects inflation to moderate in coming quarters, but it will be 12 | necessary to continue to monitor inflation developments carefully. 13 | 14 | Appreciable downside risks to growth remain. The Committee will continue to 15 | assess the effects of financial and other developments on economic prospects 16 | and will act in a timely manner as needed to address those risks. 17 | 18 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 19 | Timothy F. Geithner, Vice Chairman; Charles L. Evans; Thomas M. Hoenig; Donald 20 | L. Kohn; Randall S. Kroszner; Eric S. Rosengren; and Kevin M. Warsh. Voting 21 | against was William Poole, who did not believe that current conditions 22 | justified policy action before the regularly scheduled meeting next week. 23 | Absent and not voting was Frederic S. Mishkin. 24 | 25 | In a related action, the Board of Governors approved a 75-basis-point decrease 26 | in the discount rate to 4 percent. In taking this action, the Board approved 27 | the requests submitted by the Boards of Directors of the Federal Reserve Banks 28 | of Chicago and Minneapolis. 29 | -------------------------------------------------------------------------------- /statements/20080130.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to lower its target for the 2 | federal funds rate 50 basis points to 3 percent. 3 | 4 | Financial markets remain under considerable stress, and credit has tightened 5 | further for some businesses and households. Moreover, recent information 6 | indicates a deepening of the housing contraction as well as some softening in 7 | labor markets. 8 | 9 | The Committee expects inflation to moderate in coming quarters, but it will be 10 | necessary to continue to monitor inflation developments carefully. 11 | 12 | Today’s policy action, combined with those taken earlier, should help to 13 | promote moderate growth over time and to mitigate the risks to economic 14 | activity. However, downside risks to growth remain. The Committee will 15 | continue to assess the effects of financial and other developments on economic 16 | prospects and will act in a timely manner as needed to address those risks. 17 | 18 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 19 | Timothy F. Geithner, Vice Chairman; Donald L. Kohn; Randall S. Kroszner; 20 | Frederic S. Mishkin; Sandra Pianalto; Charles I. Plosser; Gary H. Stern; and 21 | Kevin M. Warsh. Voting against was Richard W. Fisher, who preferred no change 22 | in the target for the federal funds rate at this meeting. 23 | 24 | In a related action, the Board of Governors unanimously approved a 25 | 50-basis-point decrease in the discount rate to 3-1/2 percent. In taking this 26 | action, the Board approved the requests submitted by the Boards of Directors of 27 | the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, 28 | Atlanta, Chicago, St. Louis, Kansas City, and San Francisco. 29 | -------------------------------------------------------------------------------- /statements/20080311.txt: -------------------------------------------------------------------------------- 1 | Since the coordinated actions taken in December 2007, the G-10 central banks have continued to work together closely and to consult regularly on liquidity pressures in funding markets. Pressures in some of these markets have recently increased again. We all continue to work together and will take appropriate steps to address those liquidity pressures. 2 | 3 | To that end, today the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank are announcing specific measures. 4 | 5 | Federal Reserve Actions 6 | 7 | The Federal Reserve announced today an expansion of its securities lending program. Under this new Term Securities Lending Facility (TSLF), the Federal Reserve will lend up to $200 billion of Treasury securities to primary dealers secured for a term of 28 days (rather than overnight, as in the existing program) by a pledge of other securities, including federal agency debt, federal agency residential-mortgage-backed securities (MBS), and non-agency AAA/Aaa-rated private-label residential MBS. The TSLF is intended to promote liquidity in the financing markets for Treasury and other collateral and thus to foster the functioning of financial markets more generally. As is the case with the current securities lending program, securities will be made available through an auction process. Auctions will be held on a weekly basis, beginning on March 27, 2008. The Federal Reserve will consult with primary dealers on technical design features of the TSLF. 8 | 9 | In addition, the Federal Open Market Committee has authorized increases in its existing temporary reciprocal currency arrangements (swap lines) with the European Central Bank (ECB) and the Swiss National Bank (SNB). These arrangements will now provide dollars in amounts of up to $30 billion and $6 billion to the ECB and the SNB, respectively, representing increases of $10 billion and $2 billion. The FOMC extended the term of these swap lines through September 30, 2008. 10 | 11 | The actions announced today supplement the measures announced by the Federal Reserve on Friday to boost the size of the Term Auction Facility to $100 billion and to undertake a series of term repurchase transactions that will cumulate to $100 billion. 12 | 13 | Information on Related Actions Being Taken by Other Central Banks 14 | 15 | Information on the actions that will be taken by other central banks is available at the following websites 16 | 17 | * [Bank of Canada](http://www.bank-banque-canada.ca/en/notices_fmd/2008/not110308.html) 18 | * [Bank of England](http://www.bankofengland.co.uk/publications/news/2008/017.htm) 19 | * [European Central Bank](http://www.ecb.int/press/pr/date/2008/html/pr080311.en.html) 20 | * [Swiss National Bank (61 KB PDF)](http://www.snb.ch/en/mmr/reference/pre_20080311/source/pre_20080311.en.pdf) 21 | 22 | Statements by Other Central Banks 23 | 24 | * [Bank of Japan](http://www.boj.or.jp/en/type/release/adhoc/un0803a.htm) 25 | * [Sveriges Riksbank](http://www.riksbank.com/templates/Page.aspx?id=27564) 26 | -------------------------------------------------------------------------------- /statements/20080318.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to lower its target for the 2 | federal funds rate 75 basis points to 2-1/4 percent. 3 | 4 | Recent information indicates that the outlook for economic activity has 5 | weakened further. Growth in consumer spending has slowed and labor markets have 6 | softened. Financial markets remain under considerable stress, and the 7 | tightening of credit conditions and the deepening of the housing contraction 8 | are likely to weigh on economic growth over the next few quarters. 9 | 10 | Inflation has been elevated, and some indicators of inflation expectations have 11 | risen. The Committee expects inflation to moderate in coming quarters, 12 | reflecting a projected leveling-out of energy and other commodity prices and an 13 | easing of pressures on resource utilization. Still, uncertainty about the 14 | inflation outlook has increased. It will be necessary to continue to monitor 15 | inflation developments carefully. 16 | 17 | Today’s policy action, combined with those taken earlier, including measures to 18 | foster market liquidity, should help to promote moderate growth over time and 19 | to mitigate the risks to economic activity. However, downside risks to growth 20 | remain. The Committee will act in a timely manner as needed to promote 21 | sustainable economic growth and price stability. 22 | 23 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 24 | Timothy F. Geithner, Vice Chairman; Donald L. Kohn; Randall S. Kroszner; 25 | Frederic S. Mishkin; Sandra Pianalto; Gary H. Stern; and Kevin M. Warsh. 26 | Voting against were Richard W. Fisher and Charles I. Plosser, who preferred 27 | less aggressive action at this meeting. 28 | 29 | In a related action, the Board of Governors unanimously approved a 30 | 75-basis-point decrease in the discount rate to 2-1/2 percent. In taking this 31 | action, the Board approved the requests submitted by the Boards of Directors of 32 | the Federal Reserve Banks of Boston, New York, and San Francisco. 33 | -------------------------------------------------------------------------------- /statements/20080430.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to lower its target for the 2 | federal funds rate 25 basis points to 2 percent. 3 | 4 | Recent information indicates that economic activity remains weak. Household and 5 | business spending has been subdued and labor markets have softened further. 6 | Financial markets remain under considerable stress, and tight credit conditions 7 | and the deepening housing contraction are likely to weigh on economic growth 8 | over the next few quarters. 9 | 10 | Although readings on core inflation have improved somewhat, energy and other 11 | commodity prices have increased, and some indicators of inflation expectations 12 | have risen in recent months. The Committee expects inflation to moderate in 13 | coming quarters, reflecting a projected leveling-out of energy and other 14 | commodity prices and an easing of pressures on resource utilization. Still, 15 | uncertainty about the inflation outlook remains high. It will be necessary to 16 | continue to monitor inflation developments carefully. 17 | 18 | The substantial easing of monetary policy to date, combined with ongoing 19 | measures to foster market liquidity, should help to promote moderate growth 20 | over time and to mitigate risks to economic activity. The Committee will 21 | continue to monitor economic and financial developments and will act as needed 22 | to promote sustainable economic growth and price stability. 23 | 24 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 25 | Timothy F. Geithner, Vice Chairman; Donald L. Kohn; Randall S. Kroszner; 26 | Frederic S. Mishkin; Sandra Pianalto; Gary H. Stern; and Kevin M. Warsh. Voting 27 | against were Richard W. Fisher and Charles I. Plosser, who preferred no change 28 | in the target for the federal funds rate at this meeting. 29 | 30 | In a related action, the Board of Governors unanimously approved a 31 | 25-basis-point decrease in the discount rate to 2-1/4 percent. In taking this 32 | action, the Board approved the requests submitted by the Boards of Directors of 33 | the Federal Reserve Banks of New York, Cleveland, Atlanta, and San Francisco. 34 | -------------------------------------------------------------------------------- /statements/20080625.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 2 percent. 3 | 4 | Recent information indicates that overall economic activity continues to 5 | expand, partly reflecting some firming in household spending. However, labor 6 | markets have softened further and financial markets remain under considerable 7 | stress. Tight credit conditions, the ongoing housing contraction, and the rise 8 | in energy prices are likely to weigh on economic growth over the next few 9 | quarters. 10 | 11 | The Committee expects inflation to moderate later this year and next year. 12 | However, in light of the continued increases in the prices of energy and some 13 | other commodities and the elevated state of some indicators of inflation 14 | expectations, uncertainty about the inflation outlook remains high. 15 | 16 | The substantial easing of monetary policy to date, combined with ongoing 17 | measures to foster market liquidity, should help to promote moderate growth 18 | over time. Although downside risks to growth remain, they appear to have 19 | diminished somewhat, and the upside risks to inflation and inflation 20 | expectations have increased. The Committee will continue to monitor economic 21 | and financial developments and will act as needed to promote sustainable 22 | economic growth and price stability. 23 | 24 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 25 | Timothy F. Geithner, Vice Chairman; Donald L. Kohn; Randall S. Kroszner; 26 | Frederic S. Mishkin; Sandra Pianalto; Charles I. Plosser; Gary H. Stern; and 27 | Kevin M. Warsh. Voting against was Richard W. Fisher, who preferred an 28 | increase in the target for the federal funds rate at this meeting. 29 | -------------------------------------------------------------------------------- /statements/20080805.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 2 percent. 3 | 4 | Economic activity expanded in the second quarter, partly reflecting growth in 5 | consumer spending and exports. However, labor markets have softened further and 6 | financial markets remain under considerable stress. Tight credit conditions, 7 | the ongoing housing contraction, and elevated energy prices are likely to weigh 8 | on economic growth over the next few quarters. Over time, the substantial 9 | easing of monetary policy, combined with ongoing measures to foster market 10 | liquidity, should help to promote moderate economic growth. 11 | 12 | Inflation has been high, spurred by the earlier increases in the prices of 13 | energy and some other commodities, and some indicators of inflation 14 | expectations have been elevated. The Committee expects inflation to moderate 15 | later this year and next year, but the inflation outlook remains highly 16 | uncertain. 17 | 18 | Although downside risks to growth remain, the upside risks to inflation are 19 | also of significant concern to the Committee. The Committee will continue to 20 | monitor economic and financial developments and will act as needed to promote 21 | sustainable economic growth and price stability. 22 | 23 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 24 | Timothy F. Geithner, Vice Chairman; Elizabeth A. Duke; Donald L. Kohn; Randall 25 | S. Kroszner; Frederic S. Mishkin; Sandra Pianalto; Charles I. Plosser; Gary H. 26 | Stern; and Kevin M. Warsh. Voting against was Richard W. Fisher, who preferred 27 | an increase in the target for the federal funds rate at this meeting. 28 | -------------------------------------------------------------------------------- /statements/20080916.xt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to keep its target for the 2 | federal funds rate at 2 percent. 3 | 4 | Strains in financial markets have increased significantly and labor markets 5 | have weakened further. Economic growth appears to have slowed recently, partly 6 | reflecting a softening of household spending. Tight credit conditions, the 7 | ongoing housing contraction, and some slowing in export growth are likely to 8 | weigh on economic growth over the next few quarters. Over time, the substantial 9 | easing of monetary policy, combined with ongoing measures to foster market 10 | liquidity, should help to promote moderate economic growth. 11 | 12 | Inflation has been high, spurred by the earlier increases in the prices of 13 | energy and some other commodities. The Committee expects inflation to moderate 14 | later this year and next year, but the inflation outlook remains highly 15 | uncertain. 16 | 17 | The downside risks to growth and the upside risks to inflation are both of 18 | significant concern to the Committee. The Committee will monitor economic and 19 | financial developments carefully and will act as needed to promote sustainable 20 | economic growth and price stability. 21 | 22 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 23 | Christine M. Cumming; Elizabeth A. Duke; Richard W. Fisher; Donald L. Kohn; 24 | Randall S. Kroszner; Sandra Pianalto; Charles I. Plosser; Gary H. Stern; and 25 | Kevin M. Warsh. Ms. Cumming voted as the alternate for Timothy F. Geithner. 26 | -------------------------------------------------------------------------------- /statements/20081029.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to lower its target for the 2 | federal funds rate 50 basis points to 1 percent. 3 | 4 | The pace of economic activity appears to have slowed markedly, owing 5 | importantly to a decline in consumer expenditures. Business equipment spending 6 | and industrial production have weakened in recent months, and slowing economic 7 | activity in many foreign economies is damping the prospects for U.S. exports. 8 | Moreover, the intensification of financial market turmoil is likely to exert 9 | additional restraint on spending, partly by further reducing the ability of 10 | households and businesses to obtain credit. 11 | 12 | In light of the declines in the prices of energy and other commodities and the 13 | weaker prospects for economic activity, the Committee expects inflation to 14 | moderate in coming quarters to levels consistent with price stability. 15 | 16 | Recent policy actions, including today’s rate reduction, coordinated interest 17 | rate cuts by central banks, extraordinary liquidity measures, and official 18 | steps to strengthen financial systems, should help over time to improve credit 19 | conditions and promote a return to moderate economic growth. Nevertheless, 20 | downside risks to growth remain. The Committee will monitor economic and 21 | financial developments carefully and will act as needed to promote sustainable 22 | economic growth and price stability. 23 | 24 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 25 | Timothy F. Geithner, Vice Chairman; Elizabeth A. Duke; Richard W. Fisher; 26 | Donald L. Kohn; Randall S. Kroszner; Sandra Pianalto; Charles I. Plosser; Gary 27 | H. Stern; and Kevin M. Warsh. 28 | 29 | In a related action, the Board of Governors unanimously approved a 30 | 50-basis-point decrease in the discount rate to 1-1/4 percent. In taking this 31 | action, the Board approved the requests submitted by the Boards of Directors of 32 | the Federal Reserve Banks of Boston, New York, Cleveland, and San Francisco. 33 | -------------------------------------------------------------------------------- /statements/20081216.txt: -------------------------------------------------------------------------------- 1 | The Federal Open Market Committee decided today to establish a target range for 2 | the federal funds rate of 0 to 1/4 percent. 3 | 4 | Since the Committee's last meeting, labor market conditions have deteriorated, 5 | and the available data indicate that consumer spending, business investment, 6 | and industrial production have declined. Financial markets remain quite 7 | strained and credit conditions tight. Overall, the outlook for economic 8 | activity has weakened further. 9 | 10 | Meanwhile, inflationary pressures have diminished appreciably. In light of the 11 | declines in the prices of energy and other commodities and the weaker prospects 12 | for economic activity, the Committee expects inflation to moderate further in 13 | coming quarters. 14 | 15 | The Federal Reserve will employ all available tools to promote the resumption 16 | of sustainable economic growth and to preserve price stability. In particular, 17 | the Committee anticipates that weak economic conditions are likely to warrant 18 | exceptionally low levels of the federal funds rate for some time. 19 | 20 | The focus of the Committee's policy going forward will be to support the 21 | functioning of financial markets and stimulate the economy through open market 22 | operations and other measures that sustain the size of the Federal Reserve's 23 | balance sheet at a high level. As previously announced, over the next few 24 | quarters the Federal Reserve will purchase large quantities of agency debt and 25 | mortgage-backed securities to provide support to the mortgage and housing 26 | markets, and it stands ready to expand its purchases of agency debt and 27 | mortgage-backed securities as conditions warrant. The Committee is also 28 | evaluating the potential benefits of purchasing longer-term Treasury 29 | securities. Early next year, the Federal Reserve will also implement the Term 30 | Asset-Backed Securities Loan Facility to facilitate the extension of credit to 31 | households and small businesses. The Federal Reserve will continue to consider 32 | ways of using its balance sheet to further support credit markets and economic 33 | activity. 34 | 35 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 36 | Christine M. Cumming; Elizabeth A. Duke; Richard W. Fisher; Donald L. Kohn; 37 | Randall S. Kroszner; Sandra Pianalto; Charles I. Plosser; Gary H. Stern; and 38 | Kevin M. Warsh. 39 | 40 | In a related action, the Board of Governors unanimously approved a 41 | 75-basis-point decrease in the discount rate to 1/2 percent. In taking this 42 | action, the Board approved the requests submitted by the Boards of Directors of 43 | the Federal Reserve Banks of New York, Cleveland, Richmond, Atlanta, 44 | Minneapolis, and San Francisco. The Board also established interest rates on 45 | required and excess reserve balances of 1/4 percent. 46 | -------------------------------------------------------------------------------- /statements/20090318.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in January 2 | indicates that the economy continues to contract. Job losses, declining equity 3 | and housing wealth, and tight credit conditions have weighed on consumer 4 | sentiment and spending. Weaker sales prospects and difficulties in obtaining 5 | credit have led businesses to cut back on inventories and fixed investment. 6 | U.S. exports have slumped as a number of major trading partners have also 7 | fallen into recession. Although the near-term economic outlook is weak, the 8 | Committee anticipates that policy actions to stabilize financial markets and 9 | institutions, together with fiscal and monetary stimulus, will contribute to a 10 | gradual resumption of sustainable economic growth. 11 | 12 | In light of increasing economic slack here and abroad, the Committee expects 13 | that inflation will remain subdued. Moreover, the Committee sees some risk 14 | that inflation could persist for a time below rates that best foster economic 15 | growth and price stability in the longer term. 16 | 17 | In these circumstances, the Federal Reserve will employ all available tools to 18 | promote economic recovery and to preserve price stability. The Committee will 19 | maintain the target range for the federal funds rate at 0 to 1/4 percent and 20 | anticipates that economic conditions are likely to warrant exceptionally low 21 | levels of the federal funds rate for an extended period. To provide greater 22 | support to mortgage lending and housing markets, the Committee decided today to 23 | increase the size of the Federal Reserve’s balance sheet further by purchasing 24 | up to an additional $750 billion of agency mortgage-backed securities, bringing 25 | its total purchases of these securities to up to $1.25 trillion this year, and 26 | to increase its purchases of agency debt this year by up to $100 billion to a 27 | total of up to $200 billion. Moreover, to help improve conditions in private 28 | credit markets, the Committee decided to purchase up to $300 billion of 29 | longer-term Treasury securities over the next six months. The Federal Reserve 30 | has launched the Term Asset-Backed Securities Loan Facility to facilitate the 31 | extension of credit to households and small businesses and anticipates that the 32 | range of eligible collateral for this facility is likely to be expanded to 33 | include other financial assets. The Committee will continue to carefully 34 | monitor the size and composition of the Federal Reserve's balance sheet in 35 | light of evolving financial and economic developments. 36 | 37 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 38 | William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald 39 | L. Kohn; Jeffrey M. Lacker; Dennis P. Lockhart; Daniel K. Tarullo; Kevin M. 40 | Warsh; and Janet L. Yellen. 41 | -------------------------------------------------------------------------------- /statements/20090429.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in March 2 | indicates that the economy has continued to contract, though the pace of 3 | contraction appears to be somewhat slower. Household spending has shown signs 4 | of stabilizing but remains constrained by ongoing job losses, lower housing 5 | wealth, and tight credit. Weak sales prospects and difficulties in obtaining 6 | credit have led businesses to cut back on inventories, fixed investment, and 7 | staffing. Although the economic outlook has improved modestly since the March 8 | meeting, partly reflecting some easing of financial market conditions, economic 9 | activity is likely to remain weak for a time. Nonetheless, the Committee 10 | continues to anticipate that policy actions to stabilize financial markets and 11 | institutions, fiscal and monetary stimulus, and market forces will contribute 12 | to a gradual resumption of sustainable economic growth in a context of price 13 | stability. 14 | 15 | In light of increasing economic slack here and abroad, the Committee expects 16 | that inflation will remain subdued. Moreover, the Committee sees some risk that 17 | inflation could persist for a time below rates that best foster economic growth 18 | and price stability in the longer term. 19 | 20 | In these circumstances, the Federal Reserve will employ all available tools to 21 | promote economic recovery and to preserve price stability. The Committee will 22 | maintain the target range for the federal funds rate at 0 to 1/4 percent and 23 | anticipates that economic conditions are likely to warrant exceptionally low 24 | levels of the federal funds rate for an extended period. As previously 25 | announced, to provide support to mortgage lending and housing markets and to 26 | improve overall conditions in private credit markets, the Federal Reserve will 27 | purchase a total of up to $1.25 trillion of agency mortgage-backed securities 28 | and up to $200 billion of agency debt by the end of the year. In addition, the 29 | Federal Reserve will buy up to $300 billion of Treasury securities by autumn. 30 | The Committee will continue to evaluate the timing and overall amounts of its 31 | purchases of securities in light of the evolving economic outlook and 32 | conditions in financial markets. The Federal Reserve is facilitating the 33 | extension of credit to households and businesses and supporting the functioning 34 | of financial markets through a range of liquidity programs. The Committee will 35 | continue to carefully monitor the size and composition of the Federal Reserve's 36 | balance sheet in light of financial and economic developments. 37 | 38 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 39 | William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald 40 | L. Kohn; Jeffrey M. Lacker; Dennis P. Lockhart; Daniel K. Tarullo; Kevin M. 41 | Warsh; and Janet L. Yellen. 42 | -------------------------------------------------------------------------------- /statements/20090624.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in April 2 | suggests that the pace of economic contraction is slowing. Conditions in 3 | financial markets have generally improved in recent months. Household spending 4 | has shown further signs of stabilizing but remains constrained by ongoing job 5 | losses, lower housing wealth, and tight credit. Businesses are cutting back on 6 | fixed investment and staffing but appear to be making progress in bringing 7 | inventory stocks into better alignment with sales. Although economic activity 8 | is likely to remain weak for a time, the Committee continues to anticipate that 9 | policy actions to stabilize financial markets and institutions, fiscal and 10 | monetary stimulus, and market forces will contribute to a gradual resumption of 11 | sustainable economic growth in a context of price stability. 12 | 13 | The prices of energy and other commodities have risen of late. However, 14 | substantial resource slack is likely to dampen cost pressures, and the 15 | Committee expects that inflation will remain subdued for some time. 16 | 17 | In these circumstances, the Federal Reserve will employ all available tools to 18 | promote economic recovery and to preserve price stability. The Committee will 19 | maintain the target range for the federal funds rate at 0 to 1/4 percent and 20 | continues to anticipate that economic conditions are likely to warrant 21 | exceptionally low levels of the federal funds rate for an extended period. As 22 | previously announced, to provide support to mortgage lending and housing 23 | markets and to improve overall conditions in private credit markets, the 24 | Federal Reserve will purchase a total of up to $1.25 trillion of agency 25 | mortgage-backed securities and up to $200 billion of agency debt by the end of 26 | the year. In addition, the Federal Reserve will buy up to $300 billion of 27 | Treasury securities by autumn. The Committee will continue to evaluate the 28 | timing and overall amounts of its purchases of securities in light of the 29 | evolving economic outlook and conditions in financial markets. The Federal 30 | Reserve is monitoring the size and composition of its balance sheet and will 31 | make adjustments to its credit and liquidity programs as warranted. 32 | 33 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 34 | William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald 35 | L. Kohn; Jeffrey M. Lacker; Dennis P. Lockhart; Daniel K. Tarullo; Kevin M. 36 | Warsh; and Janet L. Yellen. 37 | -------------------------------------------------------------------------------- /statements/20090812.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in June 2 | suggests that economic activity is leveling out. Conditions in financial 3 | markets have improved further in recent weeks. Household spending has continued 4 | to show signs of stabilizing but remains constrained by ongoing job losses, 5 | sluggish income growth, lower housing wealth, and tight credit. Businesses are 6 | still cutting back on fixed investment and staffing but are making progress in 7 | bringing inventory stocks into better alignment with sales. Although economic 8 | activity is likely to remain weak for a time, the Committee continues to 9 | anticipate that policy actions to stabilize financial markets and institutions, 10 | fiscal and monetary stimulus, and market forces will contribute to a gradual 11 | resumption of sustainable economic growth in a context of price stability. 12 | 13 | The prices of energy and other commodities have risen of late. However, 14 | substantial resource slack is likely to dampen cost pressures, and the 15 | Committee expects that inflation will remain subdued for some time. 16 | 17 | In these circumstances, the Federal Reserve will employ all available tools to 18 | promote economic recovery and to preserve price stability. The Committee will 19 | maintain the target range for the federal funds rate at 0 to 1/4 percent and 20 | continues to anticipate that economic conditions are likely to warrant 21 | exceptionally low levels of the federal funds rate for an extended period. As 22 | previously announced, to provide support to mortgage lending and housing 23 | markets and to improve overall conditions in private credit markets, the 24 | Federal Reserve will purchase a total of up to $1.25 trillion of agency 25 | mortgage-backed securities and up to $200 billion of agency debt by the end of 26 | the year. In addition, the Federal Reserve is in the process of buying $300 27 | billion of Treasury securities. To promote a smooth transition in markets as 28 | these purchases of Treasury securities are completed, the Committee has decided 29 | to gradually slow the pace of these transactions and anticipates that the full 30 | amount will be purchased by the end of October. The Committee will continue to 31 | evaluate the timing and overall amounts of its purchases of securities in light 32 | of the evolving economic outlook and conditions in financial markets. The 33 | Federal Reserve is monitoring the size and composition of its balance sheet and 34 | will make adjustments to its credit and liquidity programs as warranted. 35 | 36 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 37 | William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald 38 | L. Kohn; Jeffrey M. Lacker; Dennis P. Lockhart; Daniel K. Tarullo; Kevin M. 39 | Warsh; and Janet L. Yellen. 40 | -------------------------------------------------------------------------------- /statements/20090923.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in August 2 | suggests that economic activity has picked up following its severe downturn. 3 | Conditions in financial markets have improved further, and activity in the 4 | housing sector has increased. Household spending seems to be stabilizing, but 5 | remains constrained by ongoing job losses, sluggish income growth, lower 6 | housing wealth, and tight credit. Businesses are still cutting back on fixed 7 | investment and staffing, though at a slower pace; they continue to make 8 | progress in bringing inventory stocks into better alignment with sales. 9 | Although economic activity is likely to remain weak for a time, the Committee 10 | anticipates that policy actions to stabilize financial markets and 11 | institutions, fiscal and monetary stimulus, and market forces will support a 12 | strengthening of economic growth and a gradual return to higher levels of 13 | resource utilization in a context of price stability. 14 | 15 | With substantial resource slack likely to continue to dampen cost pressures and 16 | with longer-term inflation expectations stable, the Committee expects that 17 | inflation will remain subdued for some time. 18 | 19 | In these circumstances, the Federal Reserve will continue to employ a wide 20 | range of tools to promote economic recovery and to preserve price stability. 21 | The Committee will maintain the target range for the federal funds rate at 0 to 22 | 1/4 percent and continues to anticipate that economic conditions are likely to 23 | warrant exceptionally low levels of the federal funds rate for an extended 24 | period. To provide support to mortgage lending and housing markets and to 25 | improve overall conditions in private credit markets, the Federal Reserve will 26 | purchase a total of $1.25 trillion of agency mortgage-backed securities and up 27 | to $200 billion of agency debt. The Committee will gradually slow the pace of 28 | these purchases in order to promote a smooth transition in markets and 29 | anticipates that they will be executed by the end of the first quarter of 2010. 30 | As previously announced, the Federal Reserve’s purchases of $300 billion of 31 | Treasury securities will be completed by the end of October 2009. The 32 | Committee will continue to evaluate the timing and overall amounts of its 33 | purchases of securities in light of the evolving economic outlook and 34 | conditions in financial markets. The Federal Reserve is monitoring the size 35 | and composition of its balance sheet and will make adjustments to its credit 36 | and liquidity programs as warranted. 37 | 38 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 39 | William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald 40 | L. Kohn; Jeffrey M. Lacker; Dennis P. Lockhart; Daniel K. Tarullo; Kevin M. 41 | Warsh; and Janet L. Yellen. 42 | -------------------------------------------------------------------------------- /statements/20091104.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in September 2 | suggests that economic activity has continued to pick up. Conditions in 3 | financial markets were roughly unchanged, on balance, over the intermeeting 4 | period. Activity in the housing sector has increased over recent months. 5 | Household spending appears to be expanding but remains constrained by ongoing 6 | job losses, sluggish income growth, lower housing wealth, and tight credit. 7 | Businesses are still cutting back on fixed investment and staffing, though at a 8 | slower pace; they continue to make progress in bringing inventory stocks into 9 | better alignment with sales. Although economic activity is likely to remain 10 | weak for a time, the Committee anticipates that policy actions to stabilize 11 | financial markets and institutions, fiscal and monetary stimulus, and market 12 | forces will support a strengthening of economic growth and a gradual return to 13 | higher levels of resource utilization in a context of price stability. 14 | 15 | With substantial resource slack likely to continue to dampen cost pressures and 16 | with longer-term inflation expectations stable, the Committee expects that 17 | inflation will remain subdued for some time. 18 | 19 | In these circumstances, the Federal Reserve will continue to employ a wide 20 | range of tools to promote economic recovery and to preserve price stability. 21 | The Committee will maintain the target range for the federal funds rate at 0 to 22 | 1/4 percent and continues to anticipate that economic conditions, including low 23 | rates of resource utilization, subdued inflation trends, and stable inflation 24 | expectations, are likely to warrant exceptionally low levels of the federal 25 | funds rate for an extended period. To provide support to mortgage lending and 26 | housing markets and to improve overall conditions in private credit markets, 27 | the Federal Reserve will purchase a total of $1.25 trillion of agency 28 | mortgage-backed securities and about $175 billion of agency debt. The amount of 29 | agency debt purchases, while somewhat less than the previously announced 30 | maximum of $200 billion, is consistent with the recent path of purchases and 31 | reflects the limited availability of agency debt. In order to promote a smooth 32 | transition in markets, the Committee will gradually slow the pace of its 33 | purchases of both agency debt and agency mortgage-backed securities and 34 | anticipates that these transactions will be executed by the end of the first 35 | quarter of 2010. The Committee will continue to evaluate the timing and overall 36 | amounts of its purchases of securities in light of the evolving economic 37 | outlook and conditions in financial markets. The Federal Reserve is monitoring 38 | the size and composition of its balance sheet and will make adjustments to its 39 | credit and liquidity programs as warranted. 40 | 41 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 42 | William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald 43 | L. Kohn; Jeffrey M. Lacker; Dennis P. Lockhart; Daniel K. Tarullo; Kevin M. 44 | Warsh; and Janet L. Yellen. 45 | -------------------------------------------------------------------------------- /statements/20100316.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in January 2 | suggests that economic activity has continued to strengthen and that the labor 3 | market is stabilizing. Household spending is expanding at a moderate rate but 4 | remains constrained by high unemployment, modest income growth, lower housing 5 | wealth, and tight credit. Business spending on equipment and software has risen 6 | significantly. However, investment in nonresidential structures is declining, 7 | housing starts have been flat at a depressed level, and employers remain 8 | reluctant to add to payrolls. While bank lending continues to contract, 9 | financial market conditions remain supportive of economic growth. Although the 10 | pace of economic recovery is likely to be moderate for a time, the Committee 11 | anticipates a gradual return to higher levels of resource utilization in a 12 | context of price stability. 13 | 14 | With substantial resource slack continuing to restrain cost pressures and 15 | longer-term inflation expectations stable, inflation is likely to be subdued 16 | for some time. 17 | 18 | The Committee will maintain the target range for the federal funds rate at 0 to 19 | 1/4 percent and continues to anticipate that economic conditions, including low 20 | rates of resource utilization, subdued inflation trends, and stable inflation 21 | expectations, are likely to warrant exceptionally low levels of the federal 22 | funds rate for an extended period. To provide support to mortgage lending and 23 | housing markets and to improve overall conditions in private credit markets, 24 | the Federal Reserve has been purchasing $1.25 trillion of agency 25 | mortgage-backed securities and about $175 billion of agency debt; those 26 | purchases are nearing completion, and the remaining transactions will be 27 | executed by the end of this month. The Committee will continue to monitor the 28 | economic outlook and financial developments and will employ its policy tools as 29 | necessary to promote economic recovery and price stability. 30 | 31 | In light of improved functioning of financial markets, the Federal Reserve has 32 | been closing the special liquidity facilities that it created to support 33 | markets during the crisis. The only remaining such program, the Term 34 | Asset-Backed Securities Loan Facility, is scheduled to close on June 30 for 35 | loans backed by new-issue commercial mortgage-backed securities and on March 31 36 | for loans backed by all other types of collateral. 37 | 38 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 39 | William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Donald L. 40 | Kohn; Sandra Pianalto; Eric S. Rosengren; Daniel K. Tarullo; and Kevin M. 41 | Warsh. Voting against the policy action was Thomas M. Hoenig, who believed that 42 | continuing to express the expectation of exceptionally low levels of the 43 | federal funds rate for an extended period was no longer warranted because it 44 | could lead to the buildup of financial imbalances and increase risks to 45 | longer-run macroeconomic and financial stability. 46 | -------------------------------------------------------------------------------- /statements/20100428.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in March 2 | suggests that economic activity has continued to strengthen and that the labor 3 | market is beginning to improve. Growth in household spending has picked up 4 | recently but remains constrained by high unemployment, modest income growth, 5 | lower housing wealth, and tight credit. Business spending on equipment and 6 | software has risen significantly; however, investment in nonresidential 7 | structures is declining and employers remain reluctant to add to payrolls. 8 | Housing starts have edged up but remain at a depressed level. While bank 9 | lending continues to contract, financial market conditions remain supportive of 10 | economic growth. Although the pace of economic recovery is likely to be 11 | moderate for a time, the Committee anticipates a gradual return to higher 12 | levels of resource utilization in a context of price stability. 13 | 14 | With substantial resource slack continuing to restrain cost pressures and 15 | longer-term inflation expectations stable, inflation is likely to be subdued 16 | for some time. 17 | 18 | The Committee will maintain the target range for the federal funds rate at 0 to 19 | 1/4 percent and continues to anticipate that economic conditions, including low 20 | rates of resource utilization, subdued inflation trends, and stable inflation 21 | expectations, are likely to warrant exceptionally low levels of the federal 22 | funds rate for an extended period. The Committee will continue to monitor the 23 | economic outlook and financial developments and will employ its policy tools as 24 | necessary to promote economic recovery and price stability. 25 | 26 | In light of improved functioning of financial markets, the Federal Reserve has 27 | closed all but one of the special liquidity facilities that it created to 28 | support markets during the crisis. The only remaining such program, the Term 29 | Asset-Backed Securities Loan Facility, is scheduled to close on June 30 for 30 | loans backed by new-issue commercial mortgage-backed securities; it closed on 31 | March 31 for loans backed by all other types of collateral. 32 | 33 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 34 | William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Donald L. 35 | Kohn; Sandra Pianalto; Eric S. Rosengren; Daniel K. Tarullo; and Kevin M. 36 | Warsh. Voting against the policy action was Thomas M. Hoenig, who believed that 37 | continuing to express the expectation of exceptionally low levels of the 38 | federal funds rate for an extended period was no longer warranted because it 39 | could lead to a build-up of future imbalances and increase risks to longer run 40 | macroeconomic and financial stability, while limiting the Committee’s 41 | flexibility to begin raising rates modestly. 42 | -------------------------------------------------------------------------------- /statements/20100509.txt: -------------------------------------------------------------------------------- 1 | In response to the reemergence of strains in U.S. dollar short-term funding 2 | markets in Europe, the Bank of Canada, the Bank of England, the European 3 | Central Bank, the Federal Reserve, and the Swiss National Bank are announcing 4 | the reestablishment of temporary U.S. dollar liquidity swap facilities. These 5 | facilities are designed to help improve liquidity conditions in U.S. dollar 6 | funding markets and to prevent the spread of strains to other markets and 7 | financial centers. The Bank of Japan will be considering similar measures soon. 8 | Central banks will continue to work together closely as needed to address 9 | pressures in funding markets. 10 | 11 | Federal Reserve Actions 12 | 13 | The Federal Open Market Committee has authorized temporary reciprocal currency 14 | arrangements (swap lines) with the Bank of Canada, the Bank of England, the 15 | European Central Bank (ECB), and the Swiss National Bank. The arrangements with 16 | the Bank of England, the ECB, and the Swiss National Bank will provide these 17 | central banks with the capacity to conduct tenders of U.S. dollars in their 18 | local markets at fixed rates for full allotment, similar to arrangements that 19 | had been in place previously. The arrangement with the Bank of Canada would 20 | support drawings of up to $30 billion, as was the case previously. 21 | 22 | These swap arrangements have been authorized through January 2011. Further 23 | details on these arrangements will be available shortly. 24 | 25 | Information on Related Actions Being Taken by Other Central Banks 26 | 27 | Information on the actions that will be taken by other central banks is 28 | available at the following websites: 29 | 30 | * [Bank of 31 | Canada](http://www.bank-banque-canada.ca/en/notices_fmd/2010/notice090510.html) 32 | * [Bank of 33 | England](http://www.bankofengland.co.uk/publications/news/2010/040.htm) 34 | * [European Central 35 | Bank](http://www.ecb.int/press/pr/date/2010/html/pr100510_1.en.html) 36 | * [Bank of Japan (57 KB 37 | PDF)](http://www.boj.or.jp/en/type/release/adhoc10/un1005d.pdf) 38 | * [Swiss National Bank (60 KB 39 | PDF)](http://www.snb.ch/en/mmr/reference/pre_20100510_3/source/pre_20100510_3.en.pdf) 40 | * [U.S. Dollar Liquidity Swaps FAQs (51 KB 41 | PDF)](https://www.federalreserve.gov/newsevents/press/monetary/monetary20100510.pdf) 42 | -------------------------------------------------------------------------------- /statements/20100623.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in April 2 | suggests that the economic recovery is proceeding and that the labor market is 3 | improving gradually. Household spending is increasing but remains constrained 4 | by high unemployment, modest income growth, lower housing wealth, and tight 5 | credit. Business spending on equipment and software has risen significantly; 6 | however, investment in nonresidential structures continues to be weak and 7 | employers remain reluctant to add to payrolls. Housing starts remain at a 8 | depressed level. Financial conditions have become less supportive of economic 9 | growth on balance, largely reflecting developments abroad. Bank lending has 10 | continued to contract in recent months. Nonetheless, the Committee anticipates 11 | a gradual return to higher levels of resource utilization in a context of price 12 | stability, although the pace of economic recovery is likely to be moderate for 13 | a time. 14 | 15 | Prices of energy and other commodities have declined somewhat in recent months, 16 | and underlying inflation has trended lower. With substantial resource slack 17 | continuing to restrain cost pressures and longer-term inflation expectations 18 | stable, inflation is likely to be subdued for some time. 19 | 20 | The Committee will maintain the target range for the federal funds rate at 0 to 21 | 1/4 percent and continues to anticipate that economic conditions, including low 22 | rates of resource utilization, subdued inflation trends, and stable inflation 23 | expectations, are likely to warrant exceptionally low levels of the federal 24 | funds rate for an extended period. 25 | 26 | The Committee will continue to monitor the economic outlook and financial 27 | developments and will employ its policy tools as necessary to promote economic 28 | recovery and price stability. 29 | 30 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 31 | William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Donald L. 32 | Kohn; Sandra Pianalto; Eric S. Rosengren; Daniel K. Tarullo; and Kevin M. 33 | Warsh. Voting against the policy action was Thomas M. Hoenig, who believed that 34 | continuing to express the expectation of exceptionally low levels of the 35 | federal funds rate for an extended period was no longer warranted because it 36 | could lead to a build-up of future imbalances and increase risks to longer-run 37 | macroeconomic and financial stability, while limiting the Committee’s 38 | flexibility to begin raising rates modestly. 39 | -------------------------------------------------------------------------------- /statements/20100810.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in June 2 | indicates that the pace of recovery in output and employment has slowed in 3 | recent months. Household spending is increasing gradually, but remains 4 | constrained by high unemployment, modest income growth, lower housing wealth, 5 | and tight credit. Business spending on equipment and software is rising; 6 | however, investment in nonresidential structures continues to be weak and 7 | employers remain reluctant to add to payrolls. Housing starts remain at a 8 | depressed level. Bank lending has continued to contract. Nonetheless, the 9 | Committee anticipates a gradual return to higher levels of resource utilization 10 | in a context of price stability, although the pace of economic recovery is 11 | likely to be more modest in the near term than had been anticipated. 12 | 13 | Measures of underlying inflation have trended lower in recent quarters and, 14 | with substantial resource slack continuing to restrain cost pressures and 15 | longer-term inflation expectations stable, inflation is likely to be subdued 16 | for some time. 17 | 18 | The Committee will maintain the target range for the federal funds rate at 0 to 19 | 1/4 percent and continues to anticipate that economic conditions, including low 20 | rates of resource utilization, subdued inflation trends, and stable inflation 21 | expectations, are likely to warrant exceptionally low levels of the federal 22 | funds rate for an extended period. 23 | 24 | To help support the economic recovery in a context of price stability, the 25 | Committee will keep constant the Federal Reserve's holdings of securities at 26 | their current level by reinvesting principal payments from agency debt and 27 | agency mortgage-backed securities in longer-term Treasury securities.1 The 28 | Committee will continue to roll over the Federal Reserve's holdings of Treasury 29 | securities as they mature. 30 | 31 | The Committee will continue to monitor the economic outlook and financial 32 | developments and will employ its policy tools as necessary to promote economic 33 | recovery and price stability. 34 | 35 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 36 | William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Donald L. 37 | Kohn; Sandra Pianalto; Eric S. Rosengren; Daniel K. Tarullo; and Kevin M. 38 | Warsh. 39 | 40 | Voting against the policy was Thomas M. Hoenig, who judges that the economy is 41 | recovering modestly, as projected. Accordingly, he believed that continuing to 42 | express the expectation of exceptionally low levels of the federal funds rate 43 | for an extended period was no longer warranted and limits the Committee's 44 | ability to adjust policy when needed. In addition, given economic and financial 45 | conditions, Mr. Hoenig did not believe that keeping constant the size of the 46 | Federal Reserve's holdings of longer-term securities at their current level was 47 | required to support a return to the Committee's policy objectives. 48 | -------------------------------------------------------------------------------- /statements/20100921.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in August 2 | indicates that the pace of recovery in output and employment has slowed in 3 | recent months. Household spending is increasing gradually, but remains 4 | constrained by high unemployment, modest income growth, lower housing wealth, 5 | and tight credit. Business spending on equipment and software is rising, though 6 | less rapidly than earlier in the year, while investment in nonresidential 7 | structures continues to be weak. Employers remain reluctant to add to payrolls. 8 | Housing starts are at a depressed level. Bank lending has continued to 9 | contract, but at a reduced rate in recent months. The Committee anticipates a 10 | gradual return to higher levels of resource utilization in a context of price 11 | stability, although the pace of economic recovery is likely to be modest in the 12 | near term. 13 | 14 | Measures of underlying inflation are currently at levels somewhat below those 15 | the Committee judges most consistent, over the longer run, with its mandate to 16 | promote maximum employment and price stability. With substantial resource slack 17 | continuing to restrain cost pressures and longer-term inflation expectations 18 | stable, inflation is likely to remain subdued for some time before rising to 19 | levels the Committee considers consistent with its mandate. 20 | 21 | The Committee will maintain the target range for the federal funds rate at 0 to 22 | 1/4 percent and continues to anticipate that economic conditions, including low 23 | rates of resource utilization, subdued inflation trends, and stable inflation 24 | expectations, are likely to warrant exceptionally low levels for the federal 25 | funds rate for an extended period. The Committee also will maintain its 26 | existing policy of reinvesting principal payments from its securities holdings. 27 | 28 | The Committee will continue to monitor the economic outlook and financial 29 | developments and is prepared to provide additional accommodation if needed to 30 | support the economic recovery and to return inflation, over time, to levels 31 | consistent with its mandate. 32 | 33 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 34 | William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Sandra 35 | Pianalto; Eric S. Rosengren; Daniel K. Tarullo; and Kevin M. Warsh. 36 | 37 | Voting against the policy was Thomas M. Hoenig, who judged that the economy 38 | continues to recover at a moderate pace. Accordingly, he believed that 39 | continuing to express the expectation of exceptionally low levels of the 40 | federal funds rate for an extended period was no longer warranted and will lead 41 | to future imbalances that undermine stable long-run growth. In addition, given 42 | economic and financial conditions, Mr. Hoenig did not believe that continuing 43 | to reinvest principal payments from its securities holdings was required to 44 | support the Committee’s policy objectives. 45 | -------------------------------------------------------------------------------- /statements/20110126.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in December 2 | confirms that the economic recovery is continuing, though at a rate that has 3 | been insufficient to bring about a significant improvement in labor market 4 | conditions. Growth in household spending picked up late last year, but remains 5 | constrained by high unemployment, modest income growth, lower housing wealth, 6 | and tight credit. Business spending on equipment and software is rising, while 7 | investment in nonresidential structures is still weak. Employers remain 8 | reluctant to add to payrolls. The housing sector continues to be depressed. 9 | Although commodity prices have risen, longer-term inflation expectations have 10 | remained stable, and measures of underlying inflation have been trending 11 | downward. 12 | 13 | Consistent with its statutory mandate, the Committee seeks to foster maximum 14 | employment and price stability. Currently, the unemployment rate is elevated, 15 | and measures of underlying inflation are somewhat low, relative to levels that 16 | the Committee judges to be consistent, over the longer run, with its dual 17 | mandate. Although the Committee anticipates a gradual return to higher levels 18 | of resource utilization in a context of price stability, progress toward its 19 | objectives has been disappointingly slow. 20 | 21 | To promote a stronger pace of economic recovery and to help ensure that 22 | inflation, over time, is at levels consistent with its mandate, the Committee 23 | decided today to continue expanding its holdings of securities as announced in 24 | November. In particular, the Committee is maintaining its existing policy of 25 | reinvesting principal payments from its securities holdings and intends to 26 | purchase $600 billion of longer-term Treasury securities by the end of the 27 | second quarter of 2011. The Committee will regularly review the pace of its 28 | securities purchases and the overall size of the asset-purchase program in 29 | light of incoming information and will adjust the program as needed to best 30 | foster maximum employment and price stability. 31 | 32 | The Committee will maintain the target range for the federal funds rate at 0 to 33 | 1/4 percent and continues to anticipate that economic conditions, including low 34 | rates of resource utilization, subdued inflation trends, and stable inflation 35 | expectations, are likely to warrant exceptionally low levels for the federal 36 | funds rate for an extended period. 37 | 38 | The Committee will continue to monitor the economic outlook and financial 39 | developments and will employ its policy tools as necessary to support the 40 | economic recovery and to help ensure that inflation, over time, is at levels 41 | consistent with its mandate. 42 | 43 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 44 | William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Richard 45 | W. Fisher; Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Raskin; 46 | Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen. 47 | -------------------------------------------------------------------------------- /statements/20110622.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in April 2 | indicates that the economic recovery is continuing at a moderate pace, though 3 | somewhat more slowly than the Committee had expected. Also, recent labor 4 | market indicators have been weaker than anticipated. The slower pace of the 5 | recovery reflects in part factors that are likely to be temporary, including 6 | the damping effect of higher food and energy prices on consumer purchasing 7 | power and spending as well as supply chain disruptions associated with the 8 | tragic events in Japan. Household spending and business investment in 9 | equipment and software continue to expand. However, investment in 10 | nonresidential structures is still weak, and the housing sector continues to be 11 | depressed. Inflation has picked up in recent months, mainly reflecting higher 12 | prices for some commodities and imported goods, as well as the recent supply 13 | chain disruptions. However, longer-term inflation expectations have remained 14 | stable. 15 | 16 | Consistent with its statutory mandate, the Committee seeks to foster maximum 17 | employment and price stability. The unemployment rate remains elevated; 18 | however, the Committee expects the pace of recovery to pick up over coming 19 | quarters and the unemployment rate to resume its gradual decline toward levels 20 | that the Committee judges to be consistent with its dual mandate. Inflation 21 | has moved up recently, but the Committee anticipates that inflation will 22 | subside to levels at or below those consistent with the Committee's dual 23 | mandate as the effects of past energy and other commodity price increases 24 | dissipate. However, the Committee will continue to pay close attention to the 25 | evolution of inflation and inflation expectations. 26 | 27 | To promote the ongoing economic recovery and to help ensure that inflation, 28 | over time, is at levels consistent with its mandate, the Committee decided 29 | today to keep the target range for the federal funds rate at 0 to 1/4 percent. 30 | The Committee continues to anticipate that economic conditions--including low 31 | rates of resource utilization and a subdued outlook for inflation over the 32 | medium run--are likely to warrant exceptionally low levels for the federal 33 | funds rate for an extended period. The Committee will complete its purchases 34 | of $600 billion of longer-term Treasury securities by the end of this month and 35 | will maintain its existing policy of reinvesting principal payments from its 36 | securities holdings. The Committee will regularly review the size and 37 | composition of its securities holdings and is prepared to adjust those holdings 38 | as appropriate. 39 | 40 | The Committee will monitor the economic outlook and financial developments and 41 | will act as needed to best foster maximum employment and price stability. 42 | 43 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 44 | William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Richard 45 | W. Fisher; Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Raskin; 46 | Daniel K. Tarullo; and Janet L. Yellen. 47 | -------------------------------------------------------------------------------- /statements/20111213.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in November 2 | suggests that the economy has been expanding moderately, notwithstanding some 3 | apparent slowing in global growth. While indicators point to some improvement 4 | in overall labor market conditions, the unemployment rate remains elevated. 5 | Household spending has continued to advance, but business fixed investment 6 | appears to be increasing less rapidly and the housing sector remains depressed. 7 | Inflation has moderated since earlier in the year, and longer-term inflation 8 | expectations have remained stable. 9 | 10 | Consistent with its statutory mandate, the Committee seeks to foster maximum 11 | employment and price stability. The Committee continues to expect a moderate 12 | pace of economic growth over coming quarters and consequently anticipates that 13 | the unemployment rate will decline only gradually toward levels that the 14 | Committee judges to be consistent with its dual mandate. Strains in global 15 | financial markets continue to pose significant downside risks to the economic 16 | outlook. The Committee also anticipates that inflation will settle, over coming 17 | quarters, at levels at or below those consistent with the Committee’s dual 18 | mandate. However, the Committee will continue to pay close attention to the 19 | evolution of inflation and inflation expectations. 20 | 21 | To support a stronger economic recovery and to help ensure that inflation, over 22 | time, is at levels consistent with the dual mandate, the Committee decided 23 | today to continue its program to extend the average maturity of its holdings of 24 | securities as announced in September. The Committee is maintaining its existing 25 | policies of reinvesting principal payments from its holdings of agency debt and 26 | agency mortgage-backed securities in agency mortgage-backed securities and of 27 | rolling over maturing Treasury securities at auction. The Committee will 28 | regularly review the size and composition of its securities holdings and is 29 | prepared to adjust those holdings as appropriate. 30 | 31 | The Committee also decided to keep the target range for the federal funds rate 32 | at 0 to 1/4 percent and currently anticipates that economic 33 | conditions--including low rates of resource utilization and a subdued outlook 34 | for inflation over the medium run--are likely to warrant exceptionally low 35 | levels for the federal funds rate at least through mid-2013. 36 | 37 | The Committee will continue to assess the economic outlook in light of incoming 38 | information and is prepared to employ its tools to promote a stronger economic 39 | recovery in a context of price stability. 40 | 41 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 42 | William C. Dudley, Vice Chairman; Elizabeth A. Duke; Richard W. Fisher; 43 | Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Raskin; Daniel K. 44 | Tarullo; and Janet L. Yellen. Voting against the action was Charles L. Evans, 45 | who supported additional policy accommodation at this time. 46 | -------------------------------------------------------------------------------- /statements/20120125.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in December 2 | suggests that the economy has been expanding moderately, notwithstanding some 3 | slowing in global growth. While indicators point to some further improvement in 4 | overall labor market conditions, the unemployment rate remains elevated. 5 | Household spending has continued to advance, but growth in business fixed 6 | investment has slowed, and the housing sector remains depressed. Inflation has 7 | been subdued in recent months, and longer-term inflation expectations have 8 | remained stable. 9 | 10 | Consistent with its statutory mandate, the Committee seeks to foster maximum 11 | employment and price stability. The Committee expects economic growth over 12 | coming quarters to be modest and consequently anticipates that the unemployment 13 | rate will decline only gradually toward levels that the Committee judges to be 14 | consistent with its dual mandate. Strains in global financial markets continue 15 | to pose significant downside risks to the economic outlook. The Committee also 16 | anticipates that over coming quarters, inflation will run at levels at or below 17 | those consistent with the Committee's dual mandate. 18 | 19 | To support a stronger economic recovery and to help ensure that inflation, over 20 | time, is at levels consistent with the dual mandate, the Committee expects to 21 | maintain a highly accommodative stance for monetary policy. In particular, the 22 | Committee decided today to keep the target range for the federal funds rate at 23 | 0 to 1/4 percent and currently anticipates that economic conditions--including 24 | low rates of resource utilization and a subdued outlook for inflation over the 25 | medium run--are likely to warrant exceptionally low levels for the federal 26 | funds rate at least through late 2014. 27 | 28 | The Committee also decided to continue its program to extend the average 29 | maturity of its holdings of securities as announced in September. The Committee 30 | is maintaining its existing policies of reinvesting principal payments from its 31 | holdings of agency debt and agency mortgage-backed securities in agency 32 | mortgage-backed securities and of rolling over maturing Treasury securities at 33 | auction. The Committee will regularly review the size and composition of its 34 | securities holdings and is prepared to adjust those holdings as appropriate to 35 | promote a stronger economic recovery in a context of price stability. 36 | 37 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 38 | William C. Dudley, Vice Chairman; Elizabeth A. Duke; Dennis P. Lockhart; Sandra 39 | Pianalto; Sarah Bloom Raskin; Daniel K. Tarullo; John C. Williams; and Janet L. 40 | Yellen. Voting against the action was Jeffrey M. Lacker, who preferred to omit 41 | the description of the time period over which economic conditions are likely to 42 | warrant exceptionally low levels of the federal funds rate. 43 | -------------------------------------------------------------------------------- /statements/20120313.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in January 2 | suggests that the economy has been expanding moderately. Labor market 3 | conditions have improved further; the unemployment rate has declined notably in 4 | recent months but remains elevated. Household spending and business fixed 5 | investment have continued to advance. The housing sector remains depressed. 6 | Inflation has been subdued in recent months, although prices of crude oil and 7 | gasoline have increased lately. Longer-term inflation expectations have 8 | remained stable. 9 | 10 | Consistent with its statutory mandate, the Committee seeks to foster maximum 11 | employment and price stability. The Committee expects moderate economic growth 12 | over coming quarters and consequently anticipates that the unemployment rate 13 | will decline gradually toward levels that the Committee judges to be consistent 14 | with its dual mandate. Strains in global financial markets have eased, though 15 | they continue to pose significant downside risks to the economic outlook. The 16 | recent increase in oil and gasoline prices will push up inflation temporarily, 17 | but the Committee anticipates that subsequently inflation will run at or below 18 | the rate that it judges most consistent with its dual mandate. 19 | 20 | To support a stronger economic recovery and to help ensure that inflation, over 21 | time, is at the rate most consistent with its dual mandate, the Committee 22 | expects to maintain a highly accommodative stance for monetary policy. In 23 | particular, the Committee decided today to keep the target range for the 24 | federal funds rate at 0 to 1/4 percent and currently anticipates that economic 25 | conditions--including low rates of resource utilization and a subdued outlook 26 | for inflation over the medium run--are likely to warrant exceptionally low 27 | levels for the federal funds rate at least through late 2014. 28 | 29 | The Committee also decided to continue its program to extend the average 30 | maturity of its holdings of securities as announced in September. The Committee 31 | is maintaining its existing policies of reinvesting principal payments from its 32 | holdings of agency debt and agency mortgage-backed securities in agency 33 | mortgage-backed securities and of rolling over maturing Treasury securities at 34 | auction. The Committee will regularly review the size and composition of its 35 | securities holdings and is prepared to adjust those holdings as appropriate to 36 | promote a stronger economic recovery in a context of price stability. 37 | 38 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 39 | William C. Dudley, Vice Chairman; Elizabeth A. Duke; Dennis P. Lockhart; Sandra 40 | Pianalto; Sarah Bloom Raskin; Daniel K. Tarullo; John C. Williams; and Janet L. 41 | Yellen. Voting against the action was Jeffrey M. Lacker, who does not 42 | anticipate that economic conditions are likely to warrant exceptionally low 43 | levels of the federal funds rate through late 2014. 44 | -------------------------------------------------------------------------------- /statements/20120425.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in March 2 | suggests that the economy has been expanding moderately. Labor market 3 | conditions have improved in recent months; the unemployment rate has declined 4 | but remains elevated. Household spending and business fixed investment have 5 | continued to advance. Despite some signs of improvement, the housing sector 6 | remains depressed. Inflation has picked up somewhat, mainly reflecting higher 7 | prices of crude oil and gasoline. However, longer-term inflation expectations 8 | have remained stable. 9 | 10 | Consistent with its statutory mandate, the Committee seeks to foster maximum 11 | employment and price stability. The Committee expects economic growth to remain 12 | moderate over coming quarters and then to pick up gradually. Consequently, the 13 | Committee anticipates that the unemployment rate will decline gradually toward 14 | levels that it judges to be consistent with its dual mandate. Strains in global 15 | financial markets continue to pose significant downside risks to the economic 16 | outlook. The increase in oil and gasoline prices earlier this year is expected 17 | to affect inflation only temporarily, and the Committee anticipates that 18 | subsequently inflation will run at or below the rate that it judges most 19 | consistent with its dual mandate. 20 | 21 | To support a stronger economic recovery and to help ensure that inflation, over 22 | time, is at the rate most consistent with its dual mandate, the Committee 23 | expects to maintain a highly accommodative stance for monetary policy. In 24 | particular, the Committee decided today to keep the target range for the 25 | federal funds rate at 0 to 1/4 percent and currently anticipates that economic 26 | conditions--including low rates of resource utilization and a subdued outlook 27 | for inflation over the medium run--are likely to warrant exceptionally low 28 | levels for the federal funds rate at least through late 2014. 29 | 30 | The Committee also decided to continue its program to extend the average 31 | maturity of its holdings of securities as announced in September. The Committee 32 | is maintaining its existing policies of reinvesting principal payments from its 33 | holdings of agency debt and agency mortgage-backed securities in agency 34 | mortgage-backed securities and of rolling over maturing Treasury securities at 35 | auction. The Committee will regularly review the size and composition of its 36 | securities holdings and is prepared to adjust those holdings as appropriate to 37 | promote a stronger economic recovery in a context of price stability. 38 | 39 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 40 | William C. Dudley, Vice Chairman; Elizabeth A. Duke; Dennis P. Lockhart; Sandra 41 | Pianalto; Sarah Bloom Raskin; Daniel K. Tarullo; John C. Williams; and Janet L. 42 | Yellen. Voting against the action was Jeffrey M. Lacker, who does not 43 | anticipate that economic conditions are likely to warrant exceptionally low 44 | levels of the federal funds rate through late 2014. 45 | -------------------------------------------------------------------------------- /statements/20120801.txt: -------------------------------------------------------------------------------- 1 | Information received since the Federal Open Market Committee met in June 2 | suggests that economic activity decelerated somewhat over the first half of 3 | this year. Growth in employment has been slow in recent months, and the 4 | unemployment rate remains elevated. Business fixed investment has continued to 5 | advance. Household spending has been rising at a somewhat slower pace than 6 | earlier in the year. Despite some further signs of improvement, the housing 7 | sector remains depressed. Inflation has declined since earlier this year, 8 | mainly reflecting lower prices of crude oil and gasoline, and longer-term 9 | inflation expectations have remained stable. 10 | 11 | Consistent with its statutory mandate, the Committee seeks to foster maximum 12 | employment and price stability. The Committee expects economic growth to remain 13 | moderate over coming quarters and then to pick up very gradually. Consequently, 14 | the Committee anticipates that the unemployment rate will decline only slowly 15 | toward levels that it judges to be consistent with its dual mandate. 16 | Furthermore, strains in global financial markets continue to pose significant 17 | downside risks to the economic outlook. The Committee anticipates that 18 | inflation over the medium term will run at or below the rate that it judges 19 | most consistent with its dual mandate. 20 | 21 | To support a stronger economic recovery and to help ensure that inflation, over 22 | time, is at the rate most consistent with its dual mandate, the Committee 23 | expects to maintain a highly accommodative stance for monetary policy. In 24 | particular, the Committee decided today to keep the target range for the 25 | federal funds rate at 0 to 1/4 percent and currently anticipates that economic 26 | conditions--including low rates of resource utilization and a subdued outlook 27 | for inflation over the medium run--are likely to warrant exceptionally low 28 | levels for the federal funds rate at least through late 2014. 29 | 30 | The Committee also decided to continue through the end of the year its program 31 | to extend the average maturity of its holdings of securities as announced in 32 | June, and it is maintaining its existing policy of reinvesting principal 33 | payments from its holdings of agency debt and agency mortgage-backed securities 34 | in agency mortgage-backed securities. The Committee will closely monitor 35 | incoming information on economic and financial developments and will provide 36 | additional accommodation as needed to promote a stronger economic recovery and 37 | sustained improvement in labor market conditions in a context of price 38 | stability. 39 | 40 | Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; 41 | William C. Dudley, Vice Chairman; Elizabeth A. Duke; Dennis P. Lockhart; Sandra 42 | Pianalto; Jerome H. Powell; Sarah Bloom Raskin; Jeremy C. Stein; Daniel K. 43 | Tarullo; John C. Williams; and Janet L. Yellen. Voting against the action was 44 | Jeffrey M. Lacker, who preferred to omit the description of the time period 45 | over which economic conditions are likely to warrant an exceptionally low level 46 | of the federal funds rate. 47 | --------------------------------------------------------------------------------