<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml"> <head profile="http://gmpg.org/xfn/11"> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8" /> <title>Doug Henwood Talks » Blog Archive » FOMC</title> <meta name="generator" content="WordPress 2.2.2" /> <!-- leave this for stats --> <link rel="stylesheet" href="http://henwood.blogspace.com/wp-content/themes/plain/style.css" type="text/css" media="screen" /> <link rel="alternate" type="application/rss+xml" title="RSS 2.0" href="http://henwood.blogspace.com/?feed=rss2" /> <link rel="alternate" type="text/xml" title="RSS .92" href="http://henwood.blogspace.com/?feed=rss" /> <link rel="alternate" type="application/atom+xml" title="Atom 0.3" href="http://henwood.blogspace.com/?feed=atom" /> <link rel="pingback" href="http://henwood.blogspace.com/xmlrpc.php" /> <link rel='archives' title='September 2007' href='http://henwood.blogspace.com/?m=200709' /> <link rel='archives' title='August 2007' href='http://henwood.blogspace.com/?m=200708' /> <link rel='archives' title='July 2007' href='http://henwood.blogspace.com/?m=200707' /> <link rel='archives' title='June 2007' href='http://henwood.blogspace.com/?m=200706' /> <link rel='archives' title='May 2007' href='http://henwood.blogspace.com/?m=200705' /> <link rel='archives' title='April 2007' href='http://henwood.blogspace.com/?m=200704' /> <link rel='archives' title='March 2007' href='http://henwood.blogspace.com/?m=200703' /> <link rel='archives' title='February 2007' href='http://henwood.blogspace.com/?m=200702' /> <link rel='archives' title='January 2007' href='http://henwood.blogspace.com/?m=200701' /> <link rel='archives' title='December 2006' href='http://henwood.blogspace.com/?m=200612' /> <link rel='archives' title='November 2006' href='http://henwood.blogspace.com/?m=200611' /> <link rel='archives' title='October 2006' href='http://henwood.blogspace.com/?m=200610' /> <link rel='archives' title='September 2006' href='http://henwood.blogspace.com/?m=200609' /> <link rel='archives' title='August 2006' href='http://henwood.blogspace.com/?m=200608' /> <link rel='archives' title='July 2006' href='http://henwood.blogspace.com/?m=200607' /> <link rel='archives' title='June 2006' href='http://henwood.blogspace.com/?m=200606' /> <link rel='archives' title='May 2006' href='http://henwood.blogspace.com/?m=200605' /> <link rel='archives' title='April 2006' href='http://henwood.blogspace.com/?m=200604' /> <link rel='archives' title='March 2006' href='http://henwood.blogspace.com/?m=200603' /> <link rel='archives' title='February 2006' href='http://henwood.blogspace.com/?m=200602' /> <link rel='archives' title='January 2006' href='http://henwood.blogspace.com/?m=200601' /> <link rel='archives' title='December 2005' href='http://henwood.blogspace.com/?m=200512' /> <link rel='archives' title='November 2005' href='http://henwood.blogspace.com/?m=200511' /> <link rel='archives' title='October 2005' href='http://henwood.blogspace.com/?m=200510' /> <link rel='archives' title='September 2005' href='http://henwood.blogspace.com/?m=200509' /> <link rel="EditURI" type="application/rsd+xml" title="RSD" href="http://henwood.blogspace.com/xmlrpc.php?rsd" /> </head> <body> <div id="page"> <div id="header"> <div id="headerimg"> <h1><a href="http://henwood.blogspace.com">Doug Henwood Talks</a></h1> <!-- <div class="description">Just another WordPress weblog</div>--> </div> </div> <hr noshade size="3" /> <div id="content" class="widecolumn"> <div class="navigation"> <div class="alignleft">« <a href="http://henwood.blogspace.com/?p=2146">RE: Resolution on immigrants’ human rights</a></div> <div class="alignright"><a href="http://henwood.blogspace.com/?p=2148">Re: FOMC</a> »</div> </div> <div class="post" id="post-2147"> <h2><a href="http://henwood.blogspace.com/?p=2147" rel="bookmark" title="Permanent Link: FOMC">FOMC</a></h2> <div class="entrytext"> <p>[this is more hawkish than expected (by the markets, not by me) - “further policy firming” are the magic words, carried over from the previous announcement, as was much of the 2nd graf]</p> <p><a href="http://www.federalreserve.gov/boarddocs/press/monetary/2006/20060328/default.htm">http://www.federalreserve.gov/boarddocs/press/monetary/2006/20060328/default.htm</a></p> <p>Release Date: March 28, 2006</p> <p>For immediate release</p> <p>The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 4-3/4 percent.</p> <p>The slowing of the growth of real GDP in the fourth quarter of 2005 seems largely to have reflected temporary or special factors. Economic growth has rebounded strongly in the current quarter but appears likely to moderate to a more sustainable pace. As yet, the run-up in the prices of energy and other commodities appears to have had only a modest effect on core inflation, ongoing productivity gains have helped to hold the growth of unit labor costs in check, and inflation expectations remain contained. Still, possible increases in resource utilization, in combination with the elevated prices of energy and other commodities, have the potential to add to inflation pressures.</p> <p>The Committee judges that some further policy firming may be needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balance. In any event, the Committee will respond to changes in economic prospects as needed to foster these objectives.</p> <p>Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Susan S. Bies; Jack Guynn; Donald L. Kohn; Randall S. Kroszner; Jeffrey M. Lacker; Mark W. Olson; Sandra Pianalto; Kevin M. Warsh; and Janet L. Yellen.</p> <p>In a related action, the Board of Governors approved a 25-basis-point increase in the discount rate to 5-3/4 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Dallas, and San Francisco.</p> <hr /> <p><a href="http://www.federalreserve.gov/boarddocs/press/monetary/2006/20060131/default.htm">http://www.federalreserve.gov/boarddocs/press/monetary/2006/20060131/default.htm</a></p> <p>Release Date: January 31, 2006</p> <p>For immediate release</p> <p>The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 4-1/2 percent.</p> <p>Although recent economic data have been uneven, the expansion in economic activity appears solid. Core inflation has stayed relatively low in recent months and longer-term inflation expectations remain contained. Nevertheless, possible increases in resource utilization as well as elevated energy prices have the potential to add to inflation pressures.</p> <p>The Committee judges that some further policy firming may be needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balance. In any event, the Committee will respond to changes in economic prospects as needed to foster these objectives.</p> <p>Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; Timothy F. Geithner, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; Jack Guynn; Donald L. Kohn; Jeffrey M. Lacker; Mark W. Olson; Sandra Pianalto; and Janet L. Yellen.</p> <p>In a related action, the Board of Governors unanimously approved a 25-basis-point increase in the discount rate to 5-1/2 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Kansas City, Dallas, and San Francisco.</p> <p class="postmetadata alt"> <small> This entry was posted on Tuesday, March 28th, 2006 at 3:15 pm and is filed under <a href="http://henwood.blogspace.com/?cat=1" title="View all posts in Uncategorized" rel="category">Uncategorized</a>. You can follow any responses to this entry through the <a href='http://henwood.blogspace.com/?feed=rss2&p=2147'>RSS 2.0</a> feed. 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