At its meeting of January 29–30, the Federal Open Market Committee left the intended federal funds rate unchanged at 1.75%, while the discount rate remained at 1.25%. However, the FOMC continues to believe that “the risks are weighted mainly toward conditions that may generate economic weakness in the foreseeable future.”
Suggested citation: "Monetary Policy," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-02, pp. 04-05, 02.01.2002.