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| Today's FOMC Interest-Rate Decision (#1) - Jun. 30, 2005 |
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Summary
Per the overwhelming expectation, the Federal Open Market Committee today announced its decision to increase the target rate on federal funds by 25 basis points, from 3.00% to 3.25%.
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I want to take the necessary time to write a more thorough analysis of today's FOMC decision as well as the statement accompanying it. I'll have this out sometime tomorrow.
In the meantime, though, I'll make the quick observation, that nothing of substance changed in today's statement, versus its predecessor. This may explain the bond and stock markets' less than enthusiastic initial response to the communique.
The post-meeting statement can be accessed at: FOMC Statement.
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