At the conclusion of its February meeting, the Federal Open Market Committee (FOMC) indicated that no action had been taken to change the intended federal funds rate. Since February 1996, the Committee has altered the funds rate only once—a 25-basis-point increase (from 5¼% to 5½%) in March 1997.
Suggested citation: “Monetary Policy,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-03, pp. 02-04, 03.01.1998.