FOMC hikes rate to 4.50%, tweaks statement
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Text of FOMC statement
By MarketWatch
Last Update: 2:18 PM ET Jan. 31, 2006
WASHINGTON (MarketWatch) -- Here is the text of the statement released by the Federal Open Market Committee on Tuesday after it raised short-term rates by a quarter of a percentage point to 4.50 percent.
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.
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.
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.
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.
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.
By MarketWatch
Last Update: 2:18 PM ET Jan. 31, 2006
WASHINGTON (MarketWatch) -- Here is the text of the statement released by the Federal Open Market Committee on Tuesday after it raised short-term rates by a quarter of a percentage point to 4.50 percent.
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.
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.
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.
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.
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.
- Mensagens: 1620
- Registado: 17/11/2005 1:02
FOMC hikes rate to 4.50%, tweaks statement
FOMC hikes rate to 4.50%, tweaks statement
By Greg Robb
WASHINGTON (MarketWatch) - The Federal Open Market Committee increased its target for overnight interest rates by a quarter percentage point to 4.50% Tuesday.
This is the 14th straight meeting with a quarter-point rate hike.
The increase in the federal funds rate was expected by traders and economists on Wall Street.
The vote was unanimous.
The committee only slightly changed the explanatory statement from the December meeting, softening the forward looking phrase to "some further policy actions may be needed."
The new statement omits the word "measured" and the statement in December that further rate moves were "likely."
By Greg Robb
WASHINGTON (MarketWatch) - The Federal Open Market Committee increased its target for overnight interest rates by a quarter percentage point to 4.50% Tuesday.
This is the 14th straight meeting with a quarter-point rate hike.
The increase in the federal funds rate was expected by traders and economists on Wall Street.
The vote was unanimous.
The committee only slightly changed the explanatory statement from the December meeting, softening the forward looking phrase to "some further policy actions may be needed."
The new statement omits the word "measured" and the statement in December that further rate moves were "likely."
- Mensagens: 1620
- Registado: 17/11/2005 1:02
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