FOMC Keeps ?Extended Period,? Hoenig Dissents

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The Federal Reserve Board, following the policy meeting of its Federal Open Market Committee this afternoon, announced that it had decided 9-to-1 to maintain the fed funds rate at 0% to 0.25% and to hang onto the key phrase “economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.”

Thomas Hoenig, Kansas City Fed bank president, was the lone dissenter, arguing that language was not necessary.



Original Article Source by Barrons.com