At its May 7 meeting, the Federal Open Market Committee left the intended federal funds rate unchanged at 1.75%. Its press release stated that “economic activity has been receiving considerable upward impetus from a marked swing in inventory investment,” but the strength of final demand over the next few quarters is uncertain.
Suggested citation: "Monetary Policy," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-06, pp. 04, 06.01.2002.