FOMC Statement

With financial markets functioning more normally, and with persistent strength in domestic demand, foreign economies firming and labor markets remaining very tight, the degree of monetary ease required to address the global financial market turmoil of last fall is no longer consistent with sustained, noninflationary, economic expansion. Today's increase in the federal funds rate, together with the policy action in June and the firming of conditions more generally in U.S. financial markets over recent months, should markedly diminish the risk of rising inflation going forward. As a consequence, the directive the Federal Open Market Committee adopted is symmetrical with regard to the outlook for policy over the near term. 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, Kansas City, and San Francisco. The discount rate is the interest rate that is charged depository institutions when they borrow from their district Federal Reserve Banks. 1999 Monetary policy

Federal Reserve (1999, August 23). FOMC Statement. Fomc Statements, Federal Reserve. https://whenthefedspeaks.com/doc/fomc_statement_19990824

@misc{wtfs_fomc_statement_19990824,
  author = {Federal Reserve},
  title = {FOMC Statement},
  year = {1999},
  month = {Aug},
  howpublished = {Fomc Statements, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/fomc_statement_19990824},
  note = {Retrieved via When the Fed Speaks corpus}
}