Data for: August 12, 2009 Source: Federal Reserve

Fed Up Disc-Up Fnds or ount or Date Rate Dn Rate Dn Bias Comments

12-Aug-09 0.00 0.50 Near-term FOMC 'decided to gradually slow the pace' of to outlook still Treasuries purchases and 'anticipates that the full 0.25 Inflation amount will be purchased by the end of October.' pressures But repeats to continue to evaluate size timing to stay of security purchases. Now says economic subdued. activity 'leveling out' and financial market conditions improved in recent weeks. Drops 'contraction' but repeats economic activity 'is likely to remain weak for a time.' Still expects policy actions to promote gradual recovery. Still expects inflation to remain subdued for some time.' Repeats Fed funds rate to remain 'exceptionally low' for an 'extended period.' Vote 10-0.

24-Jun-09 0.00 0.50 Near-term Fed makes no changes to plans for to outlook still securities purchase amounts, timing. 0.25 Inflation Notes pace of econ contraction is slowing. pressures But activity 'is likely to remain weak for a time.' to stay Still expects policy actions to promote gradual subdued. econ recovery. While Fed still expects infl to remain 'subdued for some time', it no longer talks of risk of excessive disinflation. Businesses appear to be making progress in bringing inventories and sales into better alignment. Will continue to monitor size and composition of balance sheet. Vote 10-0.

29-Apr-09 0.00 0.50 Near-term Fed makes no changes to plans for to outlook weak securities purchases, keeps levels announced in 0.25 Inflation March. Note pace of econ contraction slowing. pressures Econ outlook improved from March, butEco to stay activity 'is likely to remain weak for a time.' subdued. Still expects policy actions to promote gradual econ recovery. Expects increased slack in US and abroad to keep infl 'subdued' and possibly below rates best for economic growth and price stability. Will continue to monitor size and composition of balance sheet. Vote 10-0.

18-Mar-09 0.00 0.50 Near-term Fed to buy up to $300b longer-term Treasury to outlook weak, securities, as well as additional $750b agency-backed 0.25 Inflation MBS securites and doubled agency debt purchases to pressures $200b. Says may expand TALF to include assets to stay other than the current program of household and subdued. small business securities. Said interest rates may need to stay low for 'extended period' as the near-term economic outlook remains 'weak.' Inflation is expected to remain subdued, even below rates that would foster growth and price stability. Vote was 10-0.

28-Jan-09 0.00 0.50 Significant Fed keeps rates unchanged, but repeats that to downside rates may need to stay low for some time. 0.25 risks to Now says prepared to buy long-term econ outlook Treasuries if conditions suggest that Inflation these purchases would improve private pressures credit markets. Said it will be implementing to stay TALF program and repeats that it is ready subdued. to expand agency MBS/debt purchases and extend the program's duration. Fed's Lacker dissented, preferred purchases of Treasuries over targeted credit programs. Says data suggests continued econ weakening. Recovery to begin later this year, but with significant downside risks to that forecast. Inflation pressure should remain subdued. Vote 8-1, with new NY Fed Pres Dudley voting.

16-Dec-08 0.00 - 0.50 - Weakening Fed cuts rates to range of 0% to 0.25%. Cuts to of discount rates by 75 bps to 0.50%. "Will employ 0.25 economic all available tools to promote the resumption of activity sustainable econ growth and to preserve price and reduction stability," Fed says. Fed funds rates likely to stay of "exceptionally low" for "some time." Repeats inflationary to buy agency and MBS and "stands ready to pressures. expand its purchases as conditions warrant." Fed evaluating benefits of buying "longer term" Treasuries. Plans to keep balance sheet at high levels and will continue to consider ways of using it to support credit markets, economic activity. Economic activity, inflation outlook to weaken further. Vote 10-0.

29-Oct-08 1.00 - 1.25 - Weakening Fed cuts rates 50 bps. Says downside of risks to growth remain and expects inflation economic to moderate consistent with price stability. activity Repeats recent actions should help and reduction improve credit conditions and "promote of a return to moderate" growth. Economic inflationary activity seems to have "slowed markedly." pressures. Slowing foreign activity dampening US exports. Repeats "will act as needed." Vote 10-0.

08-Oct-08 1.50 - 1.75 - Weakening Intermetting move as part of coordinated of cuts by a number of central banks. economic Fed says that economic activity has weakened activity and inflationary pressures have been and reduction reduced. The intensification of financial market of turmoil is likely to exert additional inflationary restraint on spending due to tightening credit, pressures. Fed said. Added that they will continue to monitior further developments and act as needed.

16-Sep-08 2.00 2.25 Downside Fed leaves rates unchanged. risks to Strains in financial markets increased growth and significantly. 'Tight credit conditions' upside risks housing contraction likely to weigh on to inflation growth in next few quarters. significant Says upside risks to inflation concern and downside risk to growth both significant concern' to the FOMC. Repeats that inflation has been high due to energy prices, and while inflation is expected to moderate later this year and next, the outlook remains 'highly uncertain.' Repeats will act as needed to promote both economic growth and price stability.

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