Federal Open Market Committee statements.The Federal Open Market Committee decided on May 3, 2005, to raise 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. 25 basis points, to 3 percent. The Committee believes that, even after this action, the stance of monetary policy remains accommodative and, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity. Recent data suggest that the solid pace of spending growth has slowed somewhat, partly in response to the earlier increases in energy prices. Labor market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience conditions, however, apparently continue to improve gradually. Pressures on inflation have picked up in recent months and pricing power Pricing Power An economic term referring to the effect that a change in a firm's product price has on the quantity demanded of that product. Pricing power ties in with the "Price Elasticity of Demand. is more evident. Longer-term inflation expectations remain well contained. The Committee perceives that, with appropriate monetary policy action, the upside and downside risks to the attainment of both sustainable growth and price stability should be kept roughly equal. With underlying inflation expected to be contained, the Committee believes that policy accommodation can be removed at a pace that is likely to be measured. Nonetheless, the Committee will respond to changes in economic prospects as needed as needed prn. See prn order. to fulfill its obligation to maintain price stability. Voting for the FOMC See Federal Open Market Committee. FOMC See Federal Open Market Committee (FOMC). monetary policy action were: Alan Greenspan Alan Greenspan Dr. Greenspan is Chairman of the Board of Governors of the Federal Reserve System. Dr. Greenspan also serves as Chairman of the Federal Open Market Committee (FOMC), the Fed's principal monetary policymaking body. , 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; Susan S. Bies; Roger W. Ferguson, Jr.; Richard W. Fisher Richard W. Fisher, born 1949,[1] is currently the President of the Federal Reserve Bank of Dallas, having assumed that post in April, 2005. A first-generation American, Fisher was born in Los Angeles, California but grew up in Mexico. ; Edward M. Gramlich; 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. ; Anthony M. Santomero; and Gary H. Stern Gary H. Stern took office on March 16, 1985, as the eleventh chief executive of the Ninth Federal Reserve Bank, at Minneapolis. He is currently serving a full term that began March 1, 2001. Dr. Stern was born on November 3, 1944, in San Luis Obispo, California. He holds an A. . In a related action, the Board of Governors unanimously approved a 25-basis-point increase in the discount rate, to 4 percent. In taking this action, the Board approved the requests submitted by the boards of directors of the Federal Reserve Banks of Boston, New York Boston is a town in Erie County, New York, United States. The population was 7,897 at the 2000 census. The town is named after Boston, Massachusetts. The Town of Boston is an interior town of the county and one of the county's "Southtowns. , Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas Minneapolis, Kansas, is a city in Ottawa County, Kansas, United States. The population was 2,046 at the 2000 census. It is the county seat of Ottawa CountyGR6. City, Dallas, and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . The Federal Open Market Committee decided on June 30, 2005, to raise its target for the federal funds rate 25 basis points, to 314 percent. The Committee believes that, even after this action, the stance of monetary policy remains accommodative and, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity. Although energy prices have risen further, the expansion remains firm and labor market conditions continue to improve gradually. Pressures on inflation have stayed elevated, but longer-term inflation expectations remain well contained. The Committee perceives that, with appropriate monetary policy action, the upside and downside risks to the attainment of both sustainable growth and price stability should be kept roughly equal. With underlying inflation expected to be contained, the Committee believes that policy accommodation can be removed at a pace that is likely to be measured. Nonetheless, the Committee will respond to changes in economic prospects as needed to fulfill its obligation to maintain price stability. Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; Timothy F. Geithner, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; Richard W. Fisher; Edward M. Gramlich; Donald L. Kohn; Michael H. Moskow; Mark W. Olson; Anthony M. Santomero; and Gary H. Stern. In a related action, the Board of Governors unanimously approved a 25-basis-point increase in the discount rate, to 4 1/4 percent. In taking this action, the Board approved the requests submitted by the boards of directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. The Federal Open Market Committee decided on August 9, 2005, to raise its target for the federal funds rate 25 basis points, to 312 percent. The Committee believes that, even after this action, the stance of monetary policy remains accommodative and, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity. Aggregate spending, despite high energy prices, appears to have strengthened since late winter, and labor market conditions continue to improve gradually. Core inflation has been relatively low in recent months and longer-term inflation expectations remain well contained, but pressures on inflation have stayed elevated. The Committee perceives that, with appropriate monetary policy action, the upside and downside risks to the attainment of both sustainable growth and price stability should be kept roughly equal. With underlying inflation expected to be contained, the Committee believes that policy accommodation can be removed at a pace that is likely to be measured. Nonetheless, the Committee will respond to changes in economic prospects as needed to fulfill its obligation to maintain price stability. Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; Timothy F. Geithner, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; Richard W. Fisher; Donald L. Kohn; Michael H. Moskow; Mark W. Olson; Anthony M. Santomero; and Gary H. Stern. In a related action, the Board of Governors unanimously approved a 25-basis-point increase in the discount rate, to 412 percent. In taking this action, the Board approved the requests submitted by the boards of directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. |
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