20 March 2002, 13:23  Fed Leaves Rates Unchanged; Shifts To Neutral Bias

The Federal Open Market Committee announced Tuesday it decided "to keep its target for the federal funds rate unchanged at 1-3/4 percent." The satement said "The information that has become available since the last meeting of the Committee indicates that the economy, bolstered by a marked swing in inventory investment, is expanding at a significant pace. Nonetheless, the degree of the strengthening in final demand over coming quarters, an essential element in sustained economic expansion, is still uncertain." The Fed said the risks are now "balanced" and announced that it will include the roll call of votes with its meeting announcements. All members voted for the rate decision and the shift to a neutral stance. //MarketNews

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