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US: FOMC December Meeting − To Boldly Go…
Tue, Dec 16 2008, 21:11 GMT
by John Silvia
Where No FOMC Has Gone Before
Today the Federal Open Market Committee (FOMC) took two bold steps forward in the conduct of policy. First the Fed moved to a range for the Fed funds target range. This effectively recognizes the Fed’s difficulty in controlling any precise funds rate at this low target and under current circumstances. Second, the Fed will “employ all available tools to promote the resumption of sustainable growth and to preserve price stability.” Effectively, the Fed is committing to a continued expansion of its balance sheet to support financial markets and the U.S. economy. The Fed lowered its target for the federal funds rate by at least 75 basis points to a range of zero to 25 basis points, the lowest rate in more than fifty years. Monetary policy continues to adjust to an environment of economic recession, lower inflation expectations and the imbalance of asset valuations.
Published on Tue, Dec 16 2008, 21:12 GMT
Wachovia Corporation
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