Monetary Policy: A Long-Term Perspective
The financial press has given much attention to the 25-basis-point increase in the federal funds rate on March 25. The reports have tended to concentrate on how near-term economic growth might be affected by the latest rise and by possible future increases. It is constructive, however, to consider the Fed's recent action in a longer-run context.
Suggested citation: “Monetary Policy: A Long-Term Perspective,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-05, pp. 05, 05.01.1997.