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Money and Financial Markets

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On September 21, the Federal Open Market Committee (FOMC) raised the target federal funds rate to 1.75%, 25 basis points (bp) higher than the target established on August 10. Following the decision, the Federal Reserve’s Board of Governors raised the primary credit rate 25 bp to 2.75%. The next probable move will occur in November 2004, as implied by yields on federal funds futures. The probability of a 25 bp increase at the November meeting (there is no meeting in October) was estimated at 81% on September 29, compared to 57% on September 15, a week before the previous meeting.

Suggested citation: "Money and Financial Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-10, pp. 05, 10.01.2004.

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