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At the conclusion of the meeting, the Federal Reserve Bank of New York was authorized and directed, until instructed otherwise by the Committee, to execute transactions in the System Account in accord...
At the same time, while most members were forecasting high levels of resource use and little change in the rate of inflation this year, they saw only a very limited risk that a slight easing move migh...
Most members endorsed a proposal to adopt the relatively low ranges for growth of M2 and M3 that the Committee had set on a tentative basis in July. These members favored retention of the tentative ra...
More generally, resource utilization was expected to remain high and greater pressures could emerge in labor and product markets. Members noted that one broad measure of wages had picked up and that t...
Negative factors cited by the members included ongoing concerns about job security that were being sustained by a continuing stream of workforce reduction announcements by major business concerns, inc...
In keeping with the practice at meetings when the Committee establishes its long-run ranges for growth of the money and debt aggregates, the members of the Committee and the Federal Reserve Bank presi...
Over the remainder of the two-year forecast horizon, the economy was expected to grow generally along its estimated potential. Consumer spending was anticipated to keep pace with the growth of disposa...
Consumer surveys indicated some deterioration in consumer confidence in January. Recent indicators of housing demand and activity were mixed.
The Manager of the System Open Market Account reported on recent developments in foreign exchange markets. He indicated that the swap line drawing by the Bank of Mexico had been repaid in full on Janu...
The Treasury Department today announced that President Clinton observed the signing of an income tax convention by U.S. Ambassador to Thailand William Itoh and Thai Foreign Minister Amnuay Viravan in ...
Helping the economy and raising incomes requires increasing productivity, and the saving rate is central to that objective. The initiative we are announcing today has the potential of raising our nati...
The U.S. Treasury and the Japanese Ministry of Finance met in Tokyo today to review progress under the U.S.-Japan financial services agreement announced in Washington last January by President Clinton...
There's a striking example of this ideal in the World Council of Credit Unions' call for self-audit and renewal. It says: "Credit union management and staff should regularly ask the question, `How hav...
Few would dispute that service is crucial for any business enterprise, certainly including conventional, for-profit businesses. Over the past decade, we've seen companies around the country give new e...
Today we face rapid changes in financial services. Several key forces lie behind this transformation, including technological and financial innovation, consolidation, globalization, and customer deman...
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