Money and Financial Markets
At its September 16 meeting, the Federal Open Market Committee (FOMC) did not change either the federal funds rate target (1%) or the primary credit rate (2%). At its August and September meetings, the FOMC affirmed that “the accommodative stance of monetary policy, coupled with robust underlying growth in productivity, is providing important ongoing support to economic activity.” Furthermore, it “believes that policy accommodation can be maintained for a considerable period.”
Suggested citation: "Money and Financial Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 03-10, pp. 05, 10.01.2003.