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ODJ REPEAT:Verbatim Text Of Federal Reserve Interest Rate Decision
The following is the verbatim text of the Federal Reserve's decision on
interest rates released Tuesday, May 4.
NEW YORK (Dow Jones)--The Federal Open Market Committee decided today to
keep its target for the federal funds rate at 1 percent.
The Committee continues to believe that an accommodative stance of
monetary
policy, coupled with robust underlying growth in productivity, is providing
important ongoing support to economic activity. The evidence accumulated
over
the intermeeting period indicates that output is continuing to expand at a
solid rate and hiring appears to have picked up. Although incoming inflation
data have moved somewhat higher, long-term inflation expectations appear to
have remained well contained.
The Committee perceives the upside and downside risks to the attainment of
sustainable growth for the next few quarters are roughly equal. Similarly,
the
risks to the goal of price stability have moved into balance. At this
juncture, with inflation low and resource use slack, the Committee believes
that policy accommodation can be removed at a pace that is likely to be
measured.
Voting for the FOMC monetary policy actions were: Alan Greenspan,
Chairman;
Timothy F. Geithner, Vice Chairman; Ben S. Bernanke; Susan S. Bies; Roger W.
Ferguson, Jr.; Edward M. Gramlich; Thomas M. Hoenig; Donald L. Kohn; Cathy
E.
Minehan; Mark W. Olson; Sandra Pianalto; and William Poole.
(END) Dow Jones Newswires
05-04-04 1418ET
DJ info:
N/DJCS,N/DJOS,N/OSCM,N/OSEN,N/OSFF,N/OSFR,N/OSTR,N/BON,N/CBK,N/DJFX,N/DJWI,N
/EC
O,N/FCTV,N/FIN,N/GENI,N/MON,N/SDT,N/TPC
Copyright 2004 OsterDowJones Commodity News (ODJ). All rights reserved.
-
#1475
Keywords: EFIOTC CURRENCY ECONOMY FINANCIAL GENERAL STOCKS
13:19:22 05/04/04
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