After two consecutive weeks of federal funds trading, on average, at the target rate of 4.75% in late February, the rate jumped 10 basis points during the first week of March. By the week of March 19, however, the average weekly rate fell to within four basis points of the target.
Suggested citation: "Monetary Policy," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-04, pp. 02-03, 04.01.1999.