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March 21, 2000 FOMC
Announcement
The Federal Open Market Committee voted
today to raise its target for the federal funds rate by 25 basis points to
6 percent. In a related action, the Board of Governors approved a 25 basis
point increase in the discount rate to 5-1/2 percent.
Economic conditions and considerations
addressed by the Committee are essentially the same as when the Committee
met in February. The Committee remains concerned that increases in demand
will continue to exceed the growth in potential supply, which could foster
inflationary imbalances that would undermine the economy's record economic
expansion.
Against the background of its long-run
goals of price stability and sustainable economic growth and of the
information currently available, the Committee believes the risks are
weighted mainly toward conditions that may generate heightened inflation
pressures in the foreseeable future.
In taking the discount rate action, the
Federal Reserve Board approved requests submitted by the Boards of
Directors of the Federal Reserve Banks of Boston, New York, Philadelphia,
Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City
and San Francisco. The discount rate is the rate charged depository
institutions when they borrow short-term adjustment credit from their
district Federal Reserve Banks.
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Last modified: March 17, 2001
Published By Tulips and Bears
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