On December 11, 2001, the Federal Open Market Committee (FOMC) lowered the target federal funds rate 25 basis points (bp) to 1.75%. This was the eleventh decrease in 2001, the Committee having reduced the rate at each of its eight regularly scheduled meetings and three times at unscheduled (telephone) meetings. At one unscheduled meeting in April, the Committee held rates constant. The moves have reduced the target federal funds rate 475 bp from 6.5%, where it stood at the beginning of 2001.
Suggested citation: "Monetary Policy," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-01, pp. 04, 01.01.2002.