At its February 3 meeting, the Federal Open Market Committee (FOMC) left the federal funds rate target unchanged at 5.5%, where it has been since March 25, 1997. Financial markets did not expect any change, so the announcement came as no surprise. The FOMC will reconvene on March 31.
Suggested citation: “Monetary Policy,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-02, pp. 02-04, 02.01.1998.