Global| Aug 01 2012FOMC May Be Hinting of Upcoming Action
by:Tom Moeller
|in:Economy in Brief
Summary
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 [...]
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 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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