Foreign Central Banks
The Federal Reserve, alone among the major central banks, changed its policy rate during the past month, raising it another 25 basis points to 1.75%. The Federal Open Market Committee characterized the policy situation as one in which “the stance of monetary policy remains accommodative” but also said that “policy accommodation can be removed at a pace that is likely to be measured.”
Suggested citation: "Foreign Central Banks," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-10, pp. 18, 10.01.2004.