FOMC
[on the hawkish side - they’re not going to ease up until the
unemployment rate starts rising or there’s a serious financial crisis]
http://www.federalreserve.gov/boarddocs/press/monetary/2007/20070628/default.htm
June 28, 2007 For immediate release
The Federal Open Market Committee decided today to keep its target
for the federal funds rate at 5-1/4 percent.
Economic growth appears to have been moderate during the first half
of this year, despite the ongoing adjustment in the housing sector.
The economy seems likely to continue to expand at a moderate pace
over coming quarters.
Readings on core inflation have improved modestly in recent months.
However, a sustained moderation in inflation pressures has yet to be
convincingly demonstrated. Moreover, 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.