Fed leaves rates unchanged
[a little on the hawkish side, or so it seems to me - stock traders
seem to think otherwise]
http://www.federalreserve.gov/boarddocs/press/monetary/2007/20070321/
For immediate release
The Federal Open Market Committee decided today to keep its target
for the federal funds rate at 5-1/4 percent.
Recent indicators have been mixed and the adjustment in the housing
sector is ongoing. Nevertheless, the economy seems likely to continue
to expand at a moderate pace over coming quarters.
Recent readings on core inflation have been somewhat elevated.
Although inflation pressures seem likely to moderate over time, the
high level of resource utilization has the potential to sustain those
pressures.
In these circumstances, the Committee’s predominant policy concern
remains the risk that inflation will fail to moderate as expected.
Future policy adjustments will depend on the evolution of the outlook
for both inflation and economic growth, as implied by incoming
information.
Voting for the FOMC monetary policy action were: Ben S. Bernanke,
Chairman; Timothy F. Geithner, Vice Chairman; Thomas M. Hoenig;
Donald L. Kohn; Randall S. Kroszner; Cathy E. Minehan; Frederic S.
Mishkin; Michael H. Moskow; William Poole; and Kevin M. Warsh.