Data for: March 16, 2010
Source: Federal Reserve
Fed Up Disc-Up
Fnds or ount or
Date Rate Dn Rate Dn Bias Comments
————————————————————————————-
16-Mar-10 0.00 0.75 Still sees FOMC says that econ activity continued to
to fed funds rate strengthen and the labor mkt is stabilizing.
0.25 low for extended Household spending still restrained, businesses
period with econ still reluctant to hire. Bank lending continued to
activity stronger contract, but fin mkt conditions still supportive.
and inflation Business investment up for equipment and software,
pressures but down for structures, while housing starts
subdued. remain at depressed levels. Hoenig dissented again
believed “extended period” wording no longer
warranted under current conditions.
18-Feb-10 0.00 0.75 + Hikes discount Fed hikes discount rate and makes other changes
to rate citing to “further the normalization” of the Fed’s lending
0.25 continued facilities. The changes are “not expected to lead
improvement to tighter financial market conditions for
in financial households and businesses and do not signal
market any change in the outlook for the economy
conditions or monetary policy,” the Fed said.
27-Jan-10 0.00 0.50 Econ activity FOMC says that econ activity continued to
to continued to strengthen, labor mkt deterioration abating.
0.25 strengthen Household spending still restrained, businesses
Inflation still reluctant to hire. Bank lending continued to
pressures contract, but fin mkt conditions still supportive.
to stay Inflation still expected to remain subdued for
subdued. some time. FOMC confirmed they will phase out
liquidity measures on announced schedule. Final TAF
auction will be March 8. Vote was 9-1, with Hoenig
dissenting, believed “extended period” wording no
longer warranted under current conditions.
16-Dec-09 0.00 0.50 Econ activity FOMC says that econ continued to pick up and that
to has picked up labor market deterioration is “abating,” but cautions
0.25 Inflation that businesses are still cutting back on fixed investment
pressures and are reluctant to resume hiring. The housing sector
to stay has shown signs of improvement, while consumption
subdued. has expanded at a “moderate rate,” though it is still
constrained by a number of factors. With inflation
seen subdued, the FOMC repeated that the Fed Funds
rate is likely to remain exceptionally low for an
extended period. FOMC will phase out liquidity
measures on the previously announced schedule.
04-Nov-09 0.00 0.50 Econ activity FOMC repeats that fed funds should remain
to has picked up exceptionally low for some time,’ but did cut back
0.25 Inflation its target for agency debt purchases to $175 billion
pressures through the end of 1Q 2010 from the previously
to stay announced $200 billion. The target for agency
subdued. MBS purchases remained at $1.25 trillion. The
adjustment to agency debt purchases “reflects
the recent path of purchases and reflects
the limited availability of agency debt.”
Says economic activity continued to pick up and
inflation is expected to remain subdued.
23-Sep-09 0.00 0.50 Econ activity FOMC ‘decided to gradually slow the pace’ of
to has picked up agency MBS and agency debt purchases and
0.25 Inflation expects to end them entirely by the end of the
pressures first quarter of 2010. They also confirmed that
to stay the Fed’s purchases of Treasury securities will
subdued. end at the end of October. They repeated that
the will continue to evaluate the size and timing
of security purchases. Now says economic
activity has picked up following the severe downturn.
Still expects policy actions to promote gradual
recovery. Still expects inflation to remain
subdued for some time.’ Repeatssubdued f
Fed funds rate to remain ‘exceptionally low’
for an ‘extended period.’ Vote 10-0.
12-Aug-09 0.00 0.50 Near-term FOMC ‘decided to gradually slow the pace’ of
to outlook still weakTreasuries purchases and ‘anticipates that the full
0.25 Inflation amount will be purchased by the end of October.’
pressures But repeats to continue to evaluate size timing
to stay of security purchases. Now says economic
subdued. activity ‘leveling out’ and financial market
conditions improved in recent weeks.cond
Drops ‘contraction’ but repeats economic
activity ‘is likely to remain weak for a time.’
Still expects policy actions to promote gradual
recovery. Still expects inflation to remain
subdued for some time.’ Repeatssubdued f
Fed funds rate to remain ‘exceptionally low’
for an ‘extended period.’ Vote 10-0.
24-Jun-09 0.00 0.50 Near-term Fed makes no changes to plans for
to outlook weak securities purchase amounts, timing.secu
0.25 Inflation Notes pace of econ contraction is slowing.
pressures But activity ‘is likely to remain weak for a time.’
to stay Still expects policy actions to promote gradual
subdued. econ recovery. While Fed still expects infl
to remain ‘subdued for some time’, it no
longer talks of risk of excessive disinflation.
Businesses appear to be making progress
in bringing inventories and sales into
better alignment. Will continue to monitor size
and composition of balance sheet. Vote 10-0.
29-Apr-09 0.00 0.50 Near-term Fed makes no changes to plans for
to outlook weak securities purchases, keeps levels announced in
0.25 Inflation March. Note pace of econ contraction slowing.
pressures Econ outlook improved from March, butEco
to stay activity ‘is likely to remain weak for a time.’
subdued. Still expects policy actions to promote gradual
econ recovery. Expects increased slack in US
and abroad to keep infl ‘subdued’ and possibly
below rates best for economic growth and price
stability. Will continue to monitor size and
composition of balance sheet. Vote 10-0.
** Market News International Washington Bureau (202) 371-2121 **
[TOPICS: M$U$$$,MMUFE$,MGU$$$,MFU$$$]
