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Economy in Brief
EMU and Japan; EMU Flash PMIs Make Small Recovery
PMIs in June in the EMU area showed some respite from the steady decline in recent months...
French Manufacturing Gives Steady Signal As Services Edge Ahead
The French manufacturing sector gives a steady signal in June but at a level that is off-peak...
U.S. Leading Economic Indicators' Rate of Increase Eases
The Conference Board's Composite Index of Leading Economic Indicators improved 0.2% (6.1% y/y) during May...
Philadelphia Fed Factory Conditions Plunge
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index retreated to 19.9 during June...
U.S. FHFA House Price Index Improves Minimally
The FHFA U.S. house price index nudged 0.1% higher (6.4% y/y) during April...
by Tom Moeller November 1, 2005
The Federal Open Market Committee's unanimous decision to increase the target rate for federal funds 25 basis points to 4.00% was widely expected by analysts. The discount rate also was raised 25 basis points to 5.00%. This latest increase was the twelfth since June of 2004.
Today's press release from the Fed focused on the effects of higher energy prices. "Elevated energy prices and hurricane-related disruptions in economic activity have temporarily depressed output and employment."
The FOMC statement further indicated, as it did in September, that "The cumulative rise in energy and other costs have the potential to add to inflation pressures ..."
For the complete text of the Fed's latest press release please click here.
Implementing Monetary Policy, a March 2005 speech by then Fed Governor Ben S. Bernanke is available here.
