At its November 12 meeting, the Federal Open Market Committee (FOMC) left the federal funds rate target unchanged at 5.5%. The decision was widely anticipated by financial markets because of the sell-off in U.S. equity markets. The FOMC has maintained the 5.5% target at each of its last five meetings.
Suggested citation: “Monetary Policy,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-12, pp. 02-04, 12.01.1997.