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Economy in Brief

FOMC Sees Pickup in Economic Activity; Pares Back Bond Purchases Further
by Tom Moeller  April 30, 2014

At today's meeting of the Federal Open Market Committee, the Fed indicated that economic growth had picked up and that price inflation still was below its long run objective. Fiscal policy was seen as limiting the economy's performance.

Economic growth was projected to continue at a "moderate pace" and that risks to the outlook were "evenly balanced." Ongoing improvement in the labor market was expected to be the result of this growth. The Fed suggested that inflation running below its 2.0% target would pose "risks to economic performance."

The Fed reduced the amount of its asset purchases of agency mortgage-backed and longer-term Treasury securities to $45 billion per month from $55 billion per month. The Federal funds rate was left unchanged in a range of 0.00% - 0.25% and the discount rate remained at 0.75%.

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

Haver's SURVEYS database contains the economic projections from the Federal Reserve Board.

Current Last 2013 2012 2011 2010
Federal Funds Rate, % (Target) 0.00-0.25 0.00-0.25 0.11 0.14 0.10 0.17
Discount Rate, % 0.75 0.75 0.75 0.75 0.75 0.72
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