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The Economy in Perspective

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A moment’s notice … Those of us in the monetary policy business are used to being questioned almost daily about the meaning of a data release, a Fed official’s speech, or a financial market swing. Does a depreciation in the Malaysian ringgit mean that the Federal Open Market Committee (FOMC) will hesitate to change the federal funds rate at its next meeting? If a jump in food prices can be traced to a freight car shortage in Nebraska, will the Fed look the other way? If short-order cooks now earn $9.00 per hour in Poughkeepsie, will the Fed regard this as a cause for concern?

Suggested citation: “The Economy in Perspective,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-11, pp. 01, 11.01.1997.

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