At its June 26 meeting, the Federal Open Market Committee (FOMC) decided to leave the federal funds rate unchanged at 1 3/4%, its intended level since December 2001. Noting that incoming information confirmed a continuing increase in economic activity, the Committee deemed the current policy stance accommodative. In light of current information, the Committee perceives that the risks are balanced with respect to the prospects for its two goals—price stability and sustainable growth.
Suggested citation: "Monetary Policy," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-08, pp. 04, 08.01.2002.