In an inter-meeting action on April 18, 2001, the Federal Open Market Committee (FOMC) lowered the intended federal funds rate 50 basis points (bp) to 4.5%, its lowest level since August 1994. Its April 18 press release noted that lower capital spending and other factors threaten “to keep the pace of economic activity unacceptably weak.”
Suggested citation: "Monetary Policy," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-05, pp. 04, 05.01.2001.