Federal Open Market Committee directive. (Announcements).The Federal Open Market Committee decided on January 29, 2003, to keep its target for the federal funds rate Federal Funds Rate The interest rate at which a depository institution lends immediately available funds (balances at the Federal Reserve) to another depository institution overnight. unchanged at 1 1/4 percent. Oil price premiums and other aspects of geopolitical risks have reportedly fostered continued restraint on spending and hiring by businesses. However, the Committee believes that as those risks lift, as most analysts expect, the accommodative stance of monetary policy, coupled with ongoing growth in productivity, will provide support to an improving economic climate over time. In these circumstances, the Committee believes that, against the background of its long-run goals of price stability and sustainable economic growth and of the information currently available, the risks are balanced with respect to the prospects for both goals for the foreseeable future. Voting for the FOMC See Federal Open Market Committee. FOMC See Federal Open Market Committee (FOMC). monetary policy action were Alan Greenspan, Chairman; William J. McDonough
William J. McDonough, vice chairman and special advisor to the chairman at Merrill Lynch & Co. Inc. , Vice Chairman; Ben S. Bernanke; Susan S. Bies; J. Alfred Broaddus, Jr.; Roger W. Ferguson, Jr.; Edward M. Gramlich; Jack Guynn; Donald L. Kohn; Michael H. Moskow Michael H. Moskow took office on September 1, 1994, as the eighth president and chief executive officer of the Federal Reserve Bank of Chicago. In 2007, he serves as a voting member of the Federal Open Market Committee, bringing his District's perspective to policy discussions in ; Mark W. Olson This article needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. ; and Robert T. Parry. |
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