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The Economy in Perspective

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Close calls … The Federal Reserve's Open Market Committee will meet on September 24 to review the state of the economy and to cosider making changes in its chief monetary policy instrument, the federal funds rate. Financial market participants have been poised for a September rate increase for nearly six months, but their expectations continue to rise and fall with the tide of information about the near-term economic activity. In August, for example, an upward revision of second-quarter real GDP, coupled with stronger-than-expected data about housing starts and durable-goods orders, persuaded investors to retract their prediction of an imminent economic slowdown.

Suggested citation: “The Economy in Perspective,” Federal Reserve Bank of Cleveland, Economic Trends, no. 96-09, pp. 01, 09.01.1996.

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