The Engine Room of American Monetary Policy
By Rob Kirby – FinancialSense.com (28 Jul 2008)
“Who hasn’t heard of the Federal Reserve’s vaunted interest rate policy group, the FOMC? We’re all aware that this group is constituted of Fed Governors who meet every-so-often and at the conclusion of their meetings, make an “announcement” regarding their target for short term interest rates or the Fed Funds Rate. Accompanying the decision on interest rates, there is typically a simultaneous release, or statement, espousing the views of the governors who make up the FOMC – which is short for Federal Open Market Committee.”
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