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The Economy in Perspective

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The real thing? … At this writing, we have just finished preparations for the May 7 meeting of the Federal Open Market Committee. If you are a Fed watcher, you know that your peers do not expect to see any change in the federal funds rate target at this meeting and perhaps not at the June meeting either. Sentiment about the funds rate waxes and wanes with news about the economy’s strength, and lately the news has been interpreted more as mixed than bullish. Professional forecasters generally scoff at the notion that the recovery is in jeopardy, but they now expect a more attenuated expansion path this year than they envisioned a month or two ago. Seasoned observers of business cycles.

Suggested citation: "The Economy in Perspective," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-05, pp. 01, 05.01.2002.

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