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Economy in Brief

FOMC May Be Hinting of Upcoming Action
by Tom Moeller  August 1, 2012

As expected, the Federal Open Market Committee today left the Federal funds rate in a "range from 0 to 1/4 percent." The Fed funds rate has remained unchanged since late-2008 at its lowest level ever. The discount rate also was left unchanged at 0.75%. The Fed indicated that the economy may warrant an exceptionally low Fed funds rate at least through late 2014.

An addition to past meeting minutes was the statement, "The Committee will closely monitor incoming information on economic and financial developments and will provide additional accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability."

The Committee also decided to continue through the end of the year its program to extend the average maturity of its holdings of securities.

The press release for today's FOMC meeting can be found here.

The Haver databases USECON, WEEKLY and DAILY contain the figures from the Federal Reserve Board.

  Current Last 2011 2010 2009 2008
Federal Funds Rate, % (Target 0.00-0.25 0.00-0.25 0.10 0.17 0.16 1.93
Discount Rate, % 0.75 0.75 0.75 0.72 0.50 2.39
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