Foreign Central Banks
At its November 10 meeting, the Federal Open Market Committee (FOMC) continued its series of policy rate increases with another 25 basis point (bp) rise in the target for the overnight uncollateralized interbank loan (federal funds) rate. The Bank of England and the European Central Bank target slightly longer-term money market rates, but neither has changed its target repurchase agreement rate recently; the Bank of Japan continues into the eleventh month of a ¥30–¥35 trillion target for its supply of current account balance liabilities.
Suggested citation: "Foreign Central Banks," Federal Reserve Bank of Cleveland, Economic Trends, no. 12-04, pp. 18, 12.01.2004.