Federal Open Market Committee Minutes – Key Quotes
March 10 Conference Call:
By improving conditions in funding markets, the [Term Securities Lending Facility] was expected to help restore the functioning of financial markets more generally and thereby promote the effective conduct of monetary policy as well as macroeconomic stability.
March 18 Meeting:
…some believed that a prolonged and severe [...]
Federal Open Market Committee Minutes – Key Quote
The economic projections provided by the members of the Board of Governors and the presidents of the Federal Reserve Banks help shape monetary policy and can aid public understanding of the basis for policy actions. Considerable uncertainty attends these projections, however. The economic and statistical models and relationships [...]
Federal Open Market Committee Minutes – Key Quotes
These developments, together with renewed strains in financial markets, suggested that growth in late 2007 and during 2008 was likely to be somewhat more sluggish than participants had indicated in their October projections….
Recent readings on inflation generally were seen as slightly less favorable than in earlier months, partly [...]
Federal Open Market Committee Minutes – Key Quote
In their discussion of the economic outlook and situation, and in the projections that they had submitted for this meeting, participants noted that economic activity had expanded at a somewhat faster pace in the third quarter than previously anticipated and that there was
scant evidence of negative spillovers from [...]
Federal Open Market Committee Minutes – Key Quote
Participants made only modest revisions to their outlook for inflation in the period since the Committee’s last regular meeting. Still, they recognized that incoming data on core inflation continued to be favorable, and they generally were a little more confident that the decline in inflation earlier this year [...]
Federal Open Market Committee Minutes
At a Glance
Federal Funds Rate: 5.25%
Change: Unchanged
Discount Rate: 6.25%*
Change: Unchanged
Predominant Concern: Inflation*
*Note however that the Committee took the unusual action ten days later on August 17, 2007 of lowering the discount rate 50-basis points (0.5%) between meetings and issued a statement that “the downside risks to growth have increased appreciably.”
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