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Monetary Policy

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The past two years have been characterized by relatively stable interest rates. At its March 31 meeting, the Federal Open Market Committee (FOMC) left the federal funds rate target unchanged, a decision that was widely anticipated in financial markets. That meeting marked the one-year anniversary of the latest rate change, a 25-basispoint increase to 5.5% on March 25, 1997. The discount rate has stayed the same over an even longer period, its last move being a decrease of 25 basis points to 5% in February 1996. The FOMC will reconvene on May 19.


Suggested citation: “Monetary Policy,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-04, pp. 02-03, 04.01.1998.

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