Edwin (Tom) Dickens
Doug Henwood wrote:
>
> [The divine Alan will save us all!]
>
> <http://www.federalreserve.gov/BoardDocs/Press/General/2000/20001219/default.htm>
>
> Release Date: December 19, 2000
>
> For immediate release
>
> The Federal Open Market Committee at its meeting today decided to
> maintain the existing stance of monetary policy, keeping its target
> for the federal funds rate at 6-1/2 percent.
>
> The drag on demand and profits from rising energy costs, as well as
> eroding consumer confidence, reports of substantial shortfalls in
> sales and earnings, and stress in some segments of the financial
> markets suggest that economic growth may be slowing further. While
> some inflation risks persist, they are diminished by the more
> moderate pace of economic activity and by the absence of any
> indication that longer-term inflation expectations have increased.
> The Committee will continue to monitor closely the evolving economic
> situation.
>
> Against the background of its long-run goals of price stability and
> sustainable economic growth and of the information currently
> available, the Committee consequently believes that the risks are
> weighted mainly toward conditions that may generate economic weakness
> in the foreseeable future.