Federal Open Market Committee statement.The Federal Open Market Committee decided, on December 9, 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. at 1 percent. The Committee continues to believe that an accommodative stance of monetary policy, coupled with robust underlying growth in productivity, is providing important ongoing support to economic activity. The evidence accumulated over the intermeeting period confirmed that output was expanding briskly, and the labor market appeared to be improving modestly. Increases in core consumer prices were muted and expected to remain low. The Committee perceived that the upside and downside risks to the attainment of sustainable growth for the next few quarters would be roughly equal. The probability of an unwelcome fall in inflation had diminished in recent months and appeared almost equal to that of a rise in inflation. However, with inflation quite low and resource use slack, the Committee believed that policy accommodation could be maintained for a considerable period. Voting for the FOMC See Federal Open Market Committee. FOMC See Federal Open Market Committee (FOMC). monetary policy action were: Alan Greenspan, Chairman; Timothy F. Geithner Timothy F. Geithner is the 9th president of the Federal Reserve Bank of New York. In that role he also serves as Vice Chairman of the Federal Open Market Committee (FOMC). Born August 18, 1961, in New York City, Mr. Geithner graduated from Dartmouth College with an A.B. , 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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