FOMC Minutes October 28-29, 2008 Nov 19, 2008 02:03PM

A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, October 28, 2008 at 2:00 p.m. and continued on Wednesday, October 29, 2008 at 9:00 a.m.
PRESENT:
Mr. Bernanke, Chairman
Mr. Geithner, Vice Chairman
Ms. Duke
Mr. Fisher
Mr. Kohn
Mr. Kroszner
Ms. Pianalto
Mr. Plosser
Mr. Stern
Mr. Warsh

Ms. Cumming, Messrs. Evans, Lacker, and Lockhart, and Ms. Yellen, Alternate Members of the Federal Open Market Committee

Messrs. Bullard, Hoenig, and Rosengren, Presidents of the Federal Reserve Banks of St. Louis, Kansas City, and Boston, respectively

Mr. Madigan, Secretary and Economist
Ms. Danker, Deputy Secretary
Mr. Skidmore, Assistant Secretary
Ms. Smith, Assistant Secretary
Mr. Alvarez, General Counsel
Mr. Baxter, Deputy General Counsel
Mr. Sheets, Economist
Mr. Stockton, Economist


Messrs. Connors, English, and Kamin ...


Philadelphia Opens Arms and Hearts to Chilean Culture in November Nov 11, 2008 07:00AM

PHILADELPHIA, Nov. 11 /PRNewswire/ -- The city of Brotherly Love will open its arms to embrace Chilean culture from November 13 - 21 as Philadelphia celebrates the sights, sounds and flavors of Chile in celebration of the 20th anniversary of the Chilean American Chamber of Commerce of Greater Philadelphia (CACC). "Chile and Philadelphia have a long history in trade, as Philadelphia is the main port for Chilean fresh fruit exports into the United States. Sixty million cases of Chilean fruit comes through the Philadelphia region into the United States," said Ambassador Mariano Fernandez, of the Embassy of Chile in the United States. "This relationship has created thousands of jobs for Philadelphians." "For the past 20 years, Philadelphia has seen the growth of trade with Chile, with the many products brought into the U.S. through our city's ports, in large part thanks to the tremendous efforts of the Chilean and ...


FOMC Cuts Rates 50 Basis Points to 1% Oct 29, 2008 02:20PM

The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 1 percent.

The pace of economic activity appears to have slowed markedly, owing importantly to a decline in consumer expenditures. Business equipment spending and industrial production have weakened in recent months, and slowing economic activity in many ...


Fed Cuts Rates 50bp Oct 8, 2008 07:09AM

The Federal Open Market Committee has decided to lower its target for the federal funds rate 50 basis points to 1-1/2 percent. The Committee took this action in light of evidence pointing to a weakening of economic activity and a reduction in inflationary pressures.

Incoming ...


FOMC Minutes September 16, 2008 Oct 7, 2008 02:03PM

The Manager of the System Open Market Account reported on recent developments in foreign exchange markets. There were no open market operations in foreign currencies for the System's account in the period since the previous meeting. The Manager also reported on developments in domestic financial markets and on System open market operations in government securities and federal agency obligations during the period since the previous meeting. By unanimous vote, the Committee ratified these transactions.

In light of severe stresses in dollar funding markets, the Committee considered a proposal intended to provide the flexibility necessary to respond promptly to requests from foreign central banks to engage in temporary reciprocal currency ("swap") arrangements to be used in supporting dollar liquidity in their jurisdictions. After the discussion, the Committee voted unanimously to authorize its Foreign Currency Subcommittee to direct the Federal Reserve Bank of New York as needed to expand existing swap ...




Sep 16, 2008 02:18PM FOMC Leaves Rates Unchanged At 2%
Aug 26, 2008 02:04PM Minutes of the Federal Open Market Committee (August 5)
Aug 5, 2008 03:21PM FOMC Rate Decision Side-By-Side Comparison (08/05 vs 06/25)
Aug 5, 2008 02:16PM FOMC Leaves Rates Unchanged At 2%
Jul 23, 2008 02:38PM Fed's Plosser can't 'rule out' raising rates as home prices drop - Bloomberg
Jun 25, 2008 02:11PM FOMC Leaves Rates Unchanged at 2%
Apr 30, 2008 02:57PM Comments On Fed Action From BTIG Market Strategist
Apr 30, 2008 02:17PM FOMC Cuts Interest Rates 25 bp to 2%
Apr 18, 2008 09:47AM Federal Reserve's Plosser: Central Banks Must Uphold Currency Purchase Power - DJ
Apr 16, 2008 01:42PM Federal Reserve's Plosser: US Economy 'Has Slowed Dramatically' - DJ
Mar 18, 2008 03:15PM Plosser and Fisher Looking For Less of A Cut-- Maybe A Move Toward A Hawkish Stance?
Mar 18, 2008 02:17PM FOMC: Fisher, Plosser Dissented, Preferred Less Aggressive Action - DJ
Mar 18, 2008 02:17PM UPDATE: FOMC Cuts Rates 75 bps to 2.25%
Mar 4, 2008 09:37AM David Moenning's Daily State of the Markets: 03/04
Feb 7, 2008 09:34AM David Moenning's Daily State of the Markets: 2/7
Jan 30, 2008 02:16PM FOMC Cuts Interest Rates 50bp to 3% (Full Text)
Jan 8, 2008 08:30AM Headlines from Philly Fed President Charles Plosser