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Monetary policy report to the Congress, July 18, 2001

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  • anonymous
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    Abstract

    The weakness in the economy that emerged late last year has become more persistent and widespread. In response, the FOMC has lowered the target federal funds rate six times this year, for a cumulative total reduction of 2-3/4 percentage points. A number of factors account for this unusually steep reduction in the federal funds rate, including the magnitude and rapidity of the slowdown and the need to offset a stronger dollar and lower equity prices. At midyear the information available for the recent performance of both the U.S. economy and some of our key trading partners remains somewhat downbeat, on balance. Nonetheless, a number of factors are in place that should set the stage for stronger growth later this year and in 2002. Moreover, the outlook for productivity growth over the longer run remains favorable.

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    File URL: http://www.federalreserve.gov/pubs/bulletin/2001/0801lead.pdf
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    Bibliographic Info

    Article provided by Board of Governors of the Federal Reserve System (U.S.) in its journal Federal Reserve Bulletin.

    Volume (Year): (2001)
    Issue (Month): Aug ()
    Pages: 501-527

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    Handle: RePEc:fip:fedgrb:y:2001:i:aug:p:501-527:n:v.87no.8

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    Keywords: Economic conditions - United States ; Monetary policy - United States;

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    Cited by:
    1. Aoki, Kosuke & Proudman, James & Vlieghe, Gertjan, 2004. "House prices, consumption, and monetary policy: a financial accelerator approach," Journal of Financial Intermediation, Elsevier, vol. 13(4), pages 414-435, October.

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