Archive for July, 2007
FOMC Minutes June 27th/28th Meeting
Risks to economic growth “more balanced” Inflation level is “favorable” but moderation trend is not yet convincing Fed funds target will continue to be 5.25% “More balanced” risks to growth while upside risks to inflation persist According to the FOMC minutes, “Risks to growth were more balanced than at the time of the May meeting.” The balance primarily stems from the improvement in business spending data that was available between the May and June meeting. Moreover, members anticipate
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Testimony of Chairman Ben Bernanke Semiannual Monetary Policy Report to Congress
Fed’s forecast for 2007 and 2007 GDP growth is revised downward Core inflation still “predominant policy concern” The testimony is consistent with the federal funds target remaining at 5.25% Despite GDP downward revision, the Fed is still positive about future growth Bernanke noted that “after having run at an above-trend rate earlier in the current economic recovery, U.S. economic growth has proceeded during the past year at a pace more consistent with sustainable expansion.” This
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