The Federal Open Market Committee (FOMC) decided tat its September 30 meeting to let the federal funds rate stand at 5.5%, marking six months since the rate was last altered. This inaction came as no surprise to the financial markets, which had widely anticipated the decision. The committee will reconvene on November 12.
Suggested citation: “Monetary Policy,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-10, pp. 02-04, 10.01.1997.