Sept. 12, 2012 – The Federal Open Market Committee begins a two-day policy setting session today that will determine the Fed’s next actions, if any, to stimulate the economy.
Last month, the FOMC kept the federal funds rate target at a range of 0 to 0.25 percent, where it has stood since 2008. It announced no new policy actions but did say it intended to keep the federal funds rate “exceptionally low” through the end of 2014.
Federal Reserve Chairman Ben Bernanke has said the nation’s looming fiscal cliff calls out for action by Congress and the administration and that Fed action, if any, would be a last resort. In July, the committee opted to continue its program to extend maturities of its securities holdings through this year.
The FOMC concludes its meeting tomorrow; a policy statement is expected out about 2:30 p.m. Eastern. NAFCU will publish a Macro Data Flash for members on the committee’s statement and what it means to credit unions.