The September Federal Open Market Committee (FOMC) meeting concluded with no change in the intended federal funds rate. Earlier in the summer, the FOMC raised the intended funds rate by a total of 50 basis points (bp). A higher funds rate tends to increase the opportunity cost of holding fixed-rate deposits.
Suggested citation: "Monetary Policy," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-10, pp. 02-05, 10.01.1999.