After raising the intended federal funds rate target 25 basis points in each of its two previous meetings, the Federal Open Market Committee (FOMC) left the rate unchanged at its October meeting. Nonetheless, many financial market participants expect the federal funds rate to increase further, exceeding the current 5.25% rate in the months ahead.
Suggested citation: "Monetary Policy," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-11, pp. 02-05, 11.01.1999.