With no FOMC meeting in April and no inter-meeting move, the target federal funds rate and the discount rate have remained unchanged since March. The rates have now held steady for more than four months, the longest since the seven-and-a-half months between May 2000 and January 2001, when rates stayed constant at 6.5%, before the 11 moves and 475 basis point (bp) decline of 2001.
Suggested citation: "Monetary Policy," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-05, pp. 04, 05.01.2002.