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Money and Financial Markets

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The May 4 statement of the Federal Open Market Committee noted the “accommodative stance of monetary policy.” This stance is reflected in current estimates of the real federal funds rate, which is calculated as the nominal federal funds rate minus the inflation rate. By one measure, the real funds rate currently stands at –0.4%.


Suggested citation: "Money and Financial Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-07, pp. 05-07, 07.01.2004.

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