At its December 16 meeting, the Federal Open Market Committee (FOMC) left the federal funds rate target unchanged at 5.5%. This decision had been widely anticipated by financial markets in the weeks leading up to the meeting. Most analysts believed that the FOMC would not act in the immediate wake of the Asian financial crisis. The FOMC will reconvene for a two-day meeting beginning February 3.
Suggested citation: “Monetary Policy,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-01, pp. 02-04, 01.01.1998.