FOMC Minutes

June 24-25, 2003

A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors

of the Federal Reserve System in Washington, D.C., starting on Tuesday, June 24, 2003, at 2:30 p.m.

and continuing on Wednesday, June 25, 2003, at 9:00 a.m.

Present:

Mr. Greenspan, Chairman

Mr. Bernanke

Ms. Bies

Mr. Broaddus

Mr. Ferguson

Mr. Gramlich

Mr. Guynn

Mr. Kohn

Mr. Moskow

Mr. Olson

Mr. Parry

Mr. Hoenig, Mses. Minehan and Pianalto, Messrs. Poole and Stewart, Alternate

Members of the Federal Open Market Committee

Messrs. McTeer, Santomero, and Stern, Presidents of the Federal Reserve Banks of

Dallas, Philadelphia, and Minneapolis respectively

Mr. Reinhart, Secretary and Economist

Mr. Bernard, Deputy Secretary

Mr. Gillum, Assistant Secretary

Ms. Smith, Assistant Secretary

Mr. Mattingly, General Counsel

Ms. Johnson, Economist

Mr. Stockton, Economist

Mr. Connors, Ms. Cumming, Messrs. Eisenbeis, Goodfriend, Howard, Judd, Lindsey,

Struckmeyer, and Wilcox, Associate Economists

Mr. Kos, Manager, System Open Market Account

Messrs. Ettin and Madigan, Deputy Directors, Divisions of Research and Statistics

and Monetary Affairs respectively, Board of Governors

Messrs. Slifman and Oliner, Associate Directors, Division of Research and Statistics,

Board of Governors

Messrs. Clouse and Whitesell, Deputy Associate Directors, Division of Monetary

Affairs, Board of Governors

Mr. Reifschneider, 2 Assistant Director, Division of Research and Statistics, Board of

Governors

Mr. Orphanides, 1 Adviser, Division of Monetary Affairs, Board of Governors

Mr. Elmendorf, 2 Section Chief, Division of Research and Statistics, Board of

Governors

Ms. Kusko, 2 Senior Economist, Division of Research and Statistics, Board of

Governors

Messrs. Bassett 2 and Wood, 2 Economists, Divisions of Monetary Affairs and

International Finance respectively, Board of Governors

Mr. Skidmore, Special Assistant to the Board, Office of Board Members, Board of

Governors

Mr. Luecke, Senior Financial Analyst, Division of Monetary Affairs, Board of

Governors

Ms. Low, Open Market Secretariat Assistant, Division of Monetary Affairs, Board of

Governors

Mr. Barron, First Vice President, Federal Reserve Bank of Atlanta

Messrs. Fuhrer and Hakkio, Ms. Mester, Messrs. Rasche, Rolnick, Rosenblum, and

Sniderman, Senior Vice Presidents, Federal Reserve Banks of Boston, Kansas City,

Philadelphia, St. Louis, Minneapolis, Dallas, and Cleveland respectively

Messrs. Evans, Hilton, and Kuttner, 1 Vice Presidents, Federal Reserve Banks of

Chicago, New York, and New York respectively

By unanimous vote, the minutes of the meeting of the Federal Open Market Committee held

on May 6, 2003, were approved.

The Manager of the System Open Market Account reported on recent developments in

foreign exchange markets. There were no open market operations in foreign currencies for

the System's account in the period since the previous meeting.

The Manager also reported on developments in domestic financial markets and on System

open market transactions in government securities and securities issued or fully guaranteed

by federal agencies during the period May 6, 2003, through June 24, 2003. By unanimous

vote, the Committee ratified these transactions.

The Committee discussed at length alternative means of providing monetary stimulus should

the target federal funds rate be reduced to a point where there was little or no latitude for

additional easing through this conventional policy instrument. The members agreed that

current economic conditions and the prevailing stances of monetary and fiscal policy made

the need to use unusual monetary policy tools a quite remote possibility. Even so, they

believed it was useful to discuss that possibility because of the implications for financial

markets and institutions and for the conduct of monetary policy of reducing short-term

interest rates to very low levels. An environment involving such interest rates could have

adverse repercussions on the functioning of some sectors of the money market, but the

members agreed that the potential extent of such disruptions would not be sufficient to

prevent the Committee from taking advantage of the full scope of conventional easing of the

federal funds rate, should that become necessary. Beyond that, a variety of nonconventional

measures for further easing was available. In this regard, the members discussed the

advantages and disadvantages of various approaches that, possibly employed in some

combination, would alter the size and composition of the System's balance sheet. They also

considered aspects of the Committee's communications as a means of underscoring to the

public its willingness to follow a sufficiently accommodative path of monetary policy for as

long as necessary to foster improved economic performance. The members did not see the

need at this time to reach a consensus on the desirability of any specific nontraditional

approach to the implementation of monetary policy, particularly given the low probability of

its near-term use. As experience had shown, at times of economic and financial market stress

the specific policy tools used would depend on circumstances. For now, however, they

believed that arriving at an understanding of the various options that might be employed

prepared them to respond more flexibly and effectively to unanticipated developments. While

considerable uncertainty surrounded each individual policy option, the members agreed that

the effectiveness of these alternative tools, along with the 125 basis points of conventional

easing still available, would allow monetary policy to combat economic weakness and

forestall any unexpected tendency for a pernicious deflation to develop.

The information reviewed at this meeting suggested that the economy continued to expand at

a subpar pace in recent months. Consumer spending increased moderately, housing activity

held at a high level, and government outlays grew substantially. Business investment,

however, was still soft. Industrial production and employment appeared to have stabilized

after an extended period of weakness. Consumer price inflation remained at a very low level.

Private nonfarm payrolls changed little on balance in April and May after declines earlier in

the year. Although employment in manufacturing continued to fall in May, hiring in

temporary help services, which supplies many of its workers to manufacturing, picked up

noticeably. Construction and financial services continued to add jobs. Unemployment edged

up further in May, to 6.1 percent, and the number of both short-term job losers and

longer-term unemployed increased as well. Initial claims for unemployment insurance

remained high.

Industrial production increased slightly in May after sizable declines in the preceding two

months. The manufacturing sector recorded broad-based improvement, though automobile

assemblies and the output of communications equipment continued to slide. The effects of

strength in the mining sector on the industrial production index were more than offset by a

reduction in utility output. Overall capacity utilization remained very low, with

manufacturing utilization near a twenty-year low.

Real consumer outlays, excluding cars and trucks, were flat in April but turned up in May.

Spending on motor vehicles rose over the two months from the first-quarter pace. At the

same time, the fundamentals underlying household spending became more favorable: Real

disposable income posted solid gains, and both the stock market and consumer confidence

recovered from earlier in the year.

Activity in the housing market was reasonably well maintained in April and May. Despite

unusually wet weather in many areas, starts of single-family and multifamily units in the two

months were just a little below their strong first-quarter levels. Building permits for new

single-family and multifamily homes were up from a depressed March level. Sales of both

existing and new homes in April and May were above the high levels recorded in recent

quarters.

Orders and shipments of nondefense capital goods were lackluster in April and May. This

sluggish performance followed a first-quarter decline in real outlays on equipment and

software that had more than reversed the fourth-quarter gains. Excluding purchases of

transportation equipment, however, outlays grew a bit over the first quarter. Real investment

in nonresidential structures dropped further in that quarter, though the rate of decline slowed.

Outlays for office buildings and industrial structures were down sharply, and falling rents and

rising vacancy rates in April suggested further weakness in the second quarter.

The book value of manufacturing inventories rose moderately further in the first quarter and

in April. Relative to shipments and sales, inventories of manufacturers, wholesalers, and

retailers have remained at quite low levels thus far this year.

The U.S. trade deficit in goods and services edged up in April from the first-quarter rate.

Real GDP growth in the major foreign industrial countries remained weak in the first quarter

as external demand sagged amid heightened geopolitical uncertainties. Real GDP growth

continued to slow in the first quarter in Japan and the United Kingdom, and economic

activity in the euro area was flat. By contrast, economic activity accelerated in Canada in the

first quarter.

Sharp declines in energy prices pulled down overall consumer prices in April and May, but

core consumer prices edged up. On a year-over-year basis, however, core consumer price

inflation eased noticeably. Core producer price inflation also declined over the year ending in

May. With regard to labor costs, average hourly earnings of production or nonsupervisory

workers were flat in April and increased moderately in May. The twelve-month change was

somewhat above that for the year earlier.

At its May 6, 2003, meeting the Federal Open Market Committee adopted a directive that

called for maintaining conditions in reserve markets consistent with keeping the federal funds

rate at around 1-1/4 percent. The Committee discussed a post-meeting release to the press

stating that over the next few quarters the upside and downside risks to the attainment of

sustainable growth were roughly equal, but that, in contrast, over the same period the

probability of an unwelcome substantial fall in inflation, though minor, exceeded that of a

pickup in inflation from its already low level. The Committee also agreed to a statement that,

taken together, the balance of risks to achieving its goals was weighted toward weakness over

the foreseeable future. The Committee noted that, while the geopolitical tensions that had

inhibited economic expansion in earlier months appeared to have diminished, the timing and

extent of an improving economic performance could not be reliably ascertained. In the

current circumstances, the members concluded the prudent course was to maintain a steady

policy stance, a high degree of vigilance, and a readiness to respond promptly as needed to

the emergence of clearer evidence relating to the performance of the economy.

The Committee's decision at the May meeting relating to the federal funds rate was not a

surprise to most market participants. However, splitting the balance of risks statement into

separate assessments about growth and inflation, in addition to noting a concern about a

further possible decline of inflation from an already low level, led market participants to

mark down their expectations for the federal funds rate. Consistent with those expectations,

Treasury coupon yields declined 35 to 60 basis points. Yields on corporate bonds also fell

about in line with rates on Treasuries even though capital markets absorbed a surge in bond

issuance by highly rated firms. Equity prices, buoyed by the decline in bond yields as well as

the improved outlook for economic growth, registered sizable gains over the intermeeting

period.

The dollar continued to depreciate in terms of an index of major foreign currencies amid

growing concerns about the financing burden of the large and growing U.S. current account

deficit and questions by market participants about the commitment of U.S authorities to a

"strong dollar" policy. Long-term interest rates fell in all major industrial economies, while

equity prices rose substantially.

Growth of M2 surged in May. At least part of the acceleration was due to special factors

related to strong mortgage refinancing activity and to the flow of funds associated with tax

payments.

The staff forecast prepared for this meeting once again suggested that the economic

expansion would strengthen substantially as the year progressed. Accommodative financial

conditions, recent additional fiscal stimulus, and robust gains in structural productivity would

provide significant impetus to spending over the months ahead. Inventory overhangs had

been substantially reduced, and business capital stocks likely had moved closer to desired

levels. As a consequence, improving sales and profits, low financing costs, and the temporary

federal tax incentive for investment in new equipment and software were expected gradually

to boost business investment spending. Given the ongoing slack in resource utilization,

downward pressure on core price inflation was expected over the forecast period.

In the Committee's discussion of current and prospective economic developments, members

referred to signs of improvement in some sectors of the economy, but they saw no conclusive

evidence of an appreciable overall strengthening in the sluggish economic expansion. On the

positive side, they pointed to reports of some pickup in retail sales, indications that labor and

product markets might be stabilizing, continued robust activity in housing markets, and

ongoing impetus from the federal government sector. Concurrently, however, weakness

persisted in business capital expenditures, which members continued to view as the critical

factor inhibiting the economic expansion. Looking ahead, they emphasized that favorable

underlying conditions were in place to support a substantial acceleration of the expansion,

though the timing and dimensions of a significantly improved economic performance

remained uncertain. Positive factors bearing on the outlook mentioned by members included

the accommodative stance of monetary policy and supportive financial conditions more

generally, the persistence of rapid growth in labor productivity, sizable declines in energy

prices from elevated levels earlier in the year, and indications of rising consumer confidence

and of less negative business sentiment. Members also gave considerable emphasis to the

anticipated effects of recent legislation that in short order would add substantially to the

degree of fiscal stimulus.

In their review of the outlook for inflation, members commented that currently elevated

levels of unused labor and other resources were likely to persist for an extended period, even

if economic growth turned out to be robust. And until it was substantially reduced, the output

gap would undoubtedly preclude any significant acceleration in inflation and could well

cause inflation to edge down from its already low level. At the same time, a substantial

further decline in inflation was viewed as having a low probability, though disinflation would

remain a matter of concern until a sustained pickup in overall economic activity was firmly

established.

In preparation for the midyear monetary policy report to Congress, the members of the Board

of Governors and the presidents of the Federal Reserve Banks submitted individual

projections of the growth of GDP, the rate of unemployment, and the rate of inflation for the

years 2003 and 2004. The members based these forecasts on their individual views as to the

appropriate path of policy over the projection period and had the opportunity to update them

until July 3. The forecasts of the rate of expansion in real GDP had central tendencies of

2-1/2 to 2-3/4 percent for 2003, implying that economic growth would accelerate noticeably

in the second half of the year, and 3-3/4 to 4-3/4 percent for 2004. These rates of growth

were associated with central tendencies for the civilian rate of unemployment of 6 to 6-1/4

percent in the fourth quarter of 2003 and 5-1/2 to 6 percent in the fourth quarter of 2004.

Forecasts of inflation, as measured by the chain-type price index for personal consumption

expenditures, pointed to the persistence of quite low inflation rates centered on ranges of

1-1/4 to 1-1/2 percent for this year and 1 to 1-1/2 percent in 2004.

Despite some differences with regard to the timing and strength of the anticipated upturn in

the expansion, the members agreed that accommodative monetary and fiscal policies along

with much improved financial conditions were likely to foster a better economic performance

over time. Growing market perceptions that monetary policy would remain stimulative for a

longer period than previously anticipated appeared to have contributed to significant declines

in interest rates across maturities and risk classes, and to rising prices in equity markets. The

gains in equity prices and a narrowing of risk spreads also appeared to reflect more upbeat

assessments of underlying business conditions and, partly in concert with reduced

geopolitical risks since the end of major military activity in Iraq, growing convictions that the

downside vulnerability of the domestic economy had diminished. Both business firms and

households had continued to take advantage of generally improving financial conditions to

strengthen their balance sheets through debt restructuring activities, thereby helping to

buttress the economy's financial underpinnings and foster sustained expansion.

The ongoing stimulative effects of earlier tax cuts and large increases in defense spending

had recently been enhanced by added fiscal stimulus that would provide households with

more spendable income in the months immediately ahead than had been anticipated earlier.

The expected result would be a relatively prompt and sizable boost to consumer expenditures

and, over time, to business spending. Some members expressed reservations, however, about

the extent of the near-term effects of tax rate reductions on overall consumer spending, given

the likelihood that some portion of the funds transferred to households would be used to

reduce personal debts or to add to various savings vehicles. Members also noted that

measures taken by many state and local governments to raise taxes and trim spending in

order to resolve fiscal crises would offset an uncertain--though in the view of most a

small--part of the federal sector stimulus over the period ahead. On balance, given the

combined effects of lower tax rates and the outlook for continued high levels of defense

spending, the federal sector generally was seen as an important source of stimulus to the

economy, both in the near term and over the forecast horizon.

With regard to the outlook for key expenditure sectors of the economy, members again

commented that the prospects for robust and sustained expansion would depend importantly

on business fixed investment, a sector where significant recovery had thus far failed to

materialize. A high degree of caution continued to dominate business decisionmaking in the

context of weak markets for the output of numerous firms and the related absence of pricing

power. And while the low cost and ample availability of financing for most business firms

along with the recently raised partial tax expensing provision for certain investment outlays

were positive factors, reports from business executives indicated that a key factor inhibiting

decisions to invest at this point was the unfavorable outlook for sales growth in the context of

substantial margins of excess capacity. Members also noted that the attention of many boards

of directors and other senior corporate officials remained focused on corporate governance

and accounting issues rather than potential capital projects, and that concerns about

vulnerabilities relating to such issues had damped appetites for taking risks. In this

environment, investment outlays tended to be limited to the replacement and upgrading of

existing facilities rather than expansion. A number of members nonetheless cited faint signs

of more positive investment prospects, though not of currently increasing investment

expenditures, gleaned from anecdotal commentary and responses to recent capital spending

surveys. The latest readings on orders and shipments of durable goods were also seen as a

favorable, though not a conclusive, sign of higher investment spending. In general, the

members anticipated that current restraints on business investment spending would lift

slowly as the expansion gathered momentum and business caution in investing and hiring

diminished further in response to increasing demand.

Outside the motor vehicle industry, business inventories appeared to be at generally low

levels, with many retailers and others reported to be following cautious inventory policies in

anticipation of sluggish sales over coming months. As a consequence, some inventory

accumulation appeared likely if final demand accelerated in line with the members' current

forecasts.

Consumer spending, though elevated, had grown at a reduced pace in recent quarters and the

members generally saw some acceleration as a likely but not inevitable prospect. An

important factor in this outlook was the anticipated effects of sizable additions to disposable

incomes stemming from the recent tax legislation. Other favorable factors referenced by the

members included indications of growing consumer confidence, the effects of rising stock

market wealth on consumer balance sheets, continued opportunities for many consumers to

extract equity from the appreciated value of their homes and to reduce interest service

burdens by refinancing mortgages, and more fundamentally a continuing uptrend in

disposable personal incomes associated in part with robust gains in labor productivity. Some

members nonetheless raised a note of caution regarding the potential strength of consumer

spending. They commented in particular that the lack of significant job growth resulting from

persisting business reluctance to hire new workers could undermine consumer confidence

and spending at some point, though they noted that there was little evidence of this as yet.

Some members also referred to the drain on disposable incomes stemming from rising local

taxes and fees intended to address the severe budget problems of many state and local

governments. On balance, while they acknowledged the risks of a weaker outcome, the

members generally expected the consumer sector to play a key role in their forecasts of a

significantly strengthening expansion.

The members continued to report a high level of housing demand in numerous parts of the

country, with housing construction described as a notably robust sector in many regional

economies. The strong performance of the housing industry continued to be attributed in

large measure to the lowest mortgage interest rates in several decades. On a more negative

note, multifamily construction was reported to be weak in a number of areas, evidently

reflecting low occupancy rates and rents.

Although current growth in demand from abroad was being held down by the relatively

sluggish economies of major U.S. trading partners, the weaker dollar was expected to foster

somewhat faster expansion in U.S. exports. However, downward revisions to foreign growth

forecasts for the balance of this year implied continuing restraint on the expansion in foreign

demand for U.S. goods and services. Members nonetheless cited some anecdotal evidence of

a pickup in foreign orders from U.S. manufacturers. At the same time, many U.S. business

contacts continued to express concern about the strength of foreign competition for their

products in domestic markets.

With the economy thought likely to continue to operate below its potential for an extended

period and productivity growth expected to remain robust, the members believed that the

current low-inflation environment would persist over the next several quarters and indeed

that some further disinflation could be in store. In this regard, there was concern that inflation

could be approaching a level that would begin to complicate the implementation of monetary

policy if economic weakness unexpectedly persisted or the economy was subjected to

another negative demand shock. However, in the view of at least some members, recent

developments had reduced the unwelcome prospect of substantial additional disinflation.

Those developments included a recent uptick in core measures of consumer prices, a drop in

the dollar on foreign exchange markets, and still elevated energy prices--all against the

backdrop of longer-term inflation expectations that were firmly anchored. More importantly,

however, the outlook for a strengthening expansion, which might well materialize in the near

future, should limit any further disinflationary trend.

In the Committee's discussion of policy for the intermeeting period ahead, all but one of the

members indicated that they could support a proposal to reduce the target federal funds rate

¼ percentage point to a level of 1 percent. While a significant step-up in the pace of the

expansion appeared to be a likely prospect, such an outcome was still a forecast whose

eventual realization, including both its timing and extent, remained uncertain. In the

circumstances and given currently large margins of unemployed labor and other resources,

the members agreed that an easing move was desirable to provide additional insurance that a

stronger economy would in fact materialize. Some members noted that at the May meeting

they had contemplated the need for an easing action at this meeting unless compelling

evidence developed in the interim that the hoped-for acceleration in economic activity was

clearly under way. The incoming information since the May meeting, while mildly

encouraging, did not provide compelling evidence to warrant forestalling an easing action.

Members saw virtually no prospect that the proposed easing, though it would reinforce an

already accommodative monetary policy, would incur any significant risk of contributing to

rising inflationary pressures, even if the strengthening of the economy proved to be

somewhat greater than they had incorporated in their forecasts. Indeed, the proposed

reduction in the nominal federal funds rate would about offset the apparent increase in the

real federal funds rate stemming from a recent decline in inflation. In this regard, further

disinflation seemed likely to be a more significant concern than rising inflation for a

considerable period of time.

Most of the members expressed a preference for limiting the reduction to ¼ percentage point.

Some commented that a good case could be made for a ½ percentage point easing, though all

but one of these members could support the smaller decrease. Views cited in favor of the ¼

percentage point easing included the emergence of firmer signs of a possible upturn in

economic activity, the near-term prospect of substantial added fiscal stimulus, and an already

very accommodative stance of monetary policy. No member expressed the opinion that a

smaller move should be favored because of concerns about dislocations resulting from a very

low level of the overnight interest rate. However, some members commented that a larger

reduction might be misread as an indication of more concern among policymakers about the

economic outlook than was in fact the case. Moreover, a 50 basis point reduction that was

associated with the communication of a Committee view that the risks to achieving its

objectives for economic activity were balanced might be mistakenly interpreted in the view

of some members as a signal that the Committee had come to the end of its policy easing

moves--a judgment they were not prepared to make at this time. The case for a larger 50

basis point reduction in the target federal funds rate focused on the desirability of a relatively

forceful policy move that would be more likely to promote a strengthening economic

expansion and at the same time provide greater assurance of countering any significant

disinflation. One member, who interpreted recent economic developments as providing fairly

persuasive indications that an upturn in the expansion was already under way, saw merit in

keeping policy unchanged but did not oppose a ¼ percentage point easing.

Concerning the press statement to be released to the public shortly after today's meeting, the

members agreed that it should include a reference to signs of firming economic activity and

should highlight the key factors underlying the members' outlook for a more robust economic

performance over time. Nonetheless, inflation could edge lower and the Committee needed to

be cognizant of the risk of substantial further disinflation, which could have potentially

adverse effects. With regard to the Committee's assessment of the risks to be incorporated in

the press release, the members generally agreed that the risks to the goal of sustainable

economic growth were about balanced for the next few quarters and that the probability of

appreciable further disinflation from an already low level of inflation exceeded the

probability of a rise in inflation. The members also endorsed a general statement stating that,

taken together, the balance of risks to the Committee's dual goals was tilted toward the

downside for the foreseeable future. During the discussion, several members also stressed the

importance of communicating clearly the reasons for the Committee's decisions, thereby

helping to assure the success of the Committee's policymaking efforts.

At the conclusion of the discussion, the Committee voted to authorize and direct the Federal

Reserve Bank of New York, until it was instructed otherwise, to execute transactions in the

System Account in accordance with the following domestic policy directive:

The Federal Open Market Committee seeks monetary and financial conditions

that will foster price stability and promote sustainable growth in output. To

further its long-run objectives, the Committee in the immediate future seeks

conditions in reserve markets consistent with reducing the federal funds rate to

an average of around 1 percent.

The vote encompassed the following statement whose substance would be included in the

press release to be made available shortly after the meeting:

The risks to the Committee's outlook for sustainable economic growth over the

next several quarters are balanced; the risks to its outlook for inflation over the

next several quarters are weighted toward the downside; and, taken together, the

balance of risks to its objectives is weighted toward the downside in the

foreseeable future.

Votes for this action: Messrs. Greenspan, Bernanke, Ms. Bies, Messrs.

Broaddus, Ferguson, Gramlich, Guynn, Kohn, Moskow, Olson, and Stewart.

(Mr. Stewart voted as an alternate member.)

Votes against this action: Mr. Parry.

Mr. Parry dissented because he preferred a 50 basis point reduction in the federal funds rate

target as insurance against continued sluggishness in economic activity and further declines

in inflation measures to undesirably low rates. While he believed that a significant increase in

the pace of activity over the next several quarters was likely, he had not yet seen convincing

evidence that this process was under way. Moreover, the current slack in labor and product

markets was likely to persist for some time even with a significant pickup in real GDP

growth, and this prospect threatened to reduce inflation further. Finally, recent declines in

inflation expectations had raised the real federal funds rate. In order to offset that increase

and provide additional stimulus, he saw a 50 basis point reduction in the rate as desirable.

It was agreed that the next meeting of the Committee would be held on Tuesday, August 12,

2003.

The meeting adjourned at 1:25 p.m.

Vincent R. Reinhart

Secretary

Footnotes

1. Attended portion of meeting relating to the discussion of the conduct of monetary policy in

a period of very low interest rates.

Return to text

2. Attended portion of meeting relating to the discussion of economic developments.

Return to text

Return to top

FOMC

Home | Monetary policy

Accessibility | Contact Us

Last update: August 14, 2003, 2:00 PM