At its June 30 meeting, the Federal Open Market Committee (FOMC) left the 5.5% federal funds rate target unchanged, as it has since March 1997. (The next scheduled meeting is on August 18.) For most participants in financial markets, the committee’s decision came as no surprise. The Reserve Banks’ discount rates have remained unchanged at 5.0% over an even longer period, since February 1996.
Suggested citation: “Monetary Policy,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-07, pp. 02-04, 07.01.1998.