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Economy in Brief

Federal Funds Rate Raised to 2.0%
by Tom Moeller November 10, 2004

The Federal Open Market Committee raised the target rate for federal funds by 25 basis points to 2.00%, as expected. The discount rate also was raised 25 basis points to 3.00%.

The decision was unanimous.

Today's press release from the Fed indicated "The Committee believes that, even after this action, the stance of monetary policy remains accommodative and, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity. Output appears to be growing at a moderate pace despite the rise in energy prices, and labor market conditions have improved. Inflation and longer-term inflation expectations remain well contained.

For the complete text of the Fed's latest press release please click here.

This report from the Federal Reserve Bank of St. Louis addresses "Gasoline Affordability."

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