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Sylad
Citizen
Username: Sylad
Post Number: 177
Registered: 6-2002
| | Posted on Wednesday, January 28, 2004 - 2:41 pm: |     |
From the FOMC:
The Federal Open Market Committee decided today to keep its target for the federal funds rate at 1 percent.
The Committee continues to believe that an accommodative stance of monetary policy, coupled with robust underlying growth in productivity, is providing important ongoing support to economic activity. The evidence accumulated over the intermeeting period confirms that output is expanding briskly. Although new hiring remains subdued, other indicators suggest an improvement in the labor market. Increases in core consumer prices are muted and expected to remain low.
The Committee perceives that the upside and downside risks to the attainment of sustainable growth for the next few quarters are roughly equal. The probability of an unwelcome fall in inflation has diminished in recent months and now appears almost equal to that of a rise in inflation. With inflation quite low and resource use slack, the Committee believes that it can be patient in removing its policy accommodation.
Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; Timothy F. Geithner, Vice Chairman; Ben S. Bernanke; Susan S. Bies; Roger W. Ferguson, Jr.; Edward M. Gramlich; Thomas M. Hoenig; Donald L. Kohn; Cathy E. Minehan; Mark W. Olson; Sandra Pianalto; and William Poole.
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Key point..They see indications that the labor market is improving.
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Tom Reingold
Citizen
Username: Noglider
Post Number: 1901
Registered: 1-2003
| | Posted on Wednesday, January 28, 2004 - 3:32 pm: | |
I'm still waiting for employment to improve. People are losing their jobs at the same rate that they run out of unemployment benefits. The result is that the official percentage of unemployed is constant, but the real number is rising.
Companies are outsourcing overseas more. Even governments are doing it! I'm not sure what the solution to that, but I expect it will decrease tax revenues substantially. That can't be good.
Tom Reingold the prissy-pants
There is nothing
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Dave
Citizen
Username: Dave
Post Number: 6236
Registered: 4-1998
| | Posted on Wednesday, January 28, 2004 - 4:00 pm: | |
Sales of durable goods numbers are down = not good
http://www.forbes.com/markets/newswire/2004/01/28/rtr1231445.html
Watch for Greenspan to slam the administration and congress about the deficit in a few weeks. |
Michaela May
Citizen
Username: Mayquene
Post Number: 61
Registered: 1-2004
| | Posted on Thursday, January 29, 2004 - 2:58 pm: | |
From CNN.com:
Greenspan to get tough on deficit
Central bank chief to deliver speech calling the ballooning budget gap dangerous, magazine reports.
January 26, 2004: 12:16 PM EST
NEW YORK (CNN/Money) - Federal Reserve Chairman Alan Greenspan is set to deliver a tough speech on the federal budget deficit, according to a report Monday.
Greenspan is expected to say that deficits are in fact important to the nation's economic health and may offer ways to curb spending, Fortune magazine reports in issues due to hit newsstands on Feb. 2.
Continued at http://money.cnn.com/2004/01/26/news/economy/fed_greenspan_deficit/ |
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