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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who started this subject11/6/2001 2:45:11 PM
From: rolatzi   of 436258
 
U.S. Federal Open Market Committee Statement: Full Text 11/06 14:21

Washington, Nov. 6 (Bloomberg) -- The following is the full text of the statement
released today by the Federal Reserve:

The Federal Open Market Committee decided today to lower its target for the
federal funds rate by 50 basis points to 2 percent. In a related action, the Board
of Governors approved a 50 basis point reduction in the discount rate, to 1 1/2
percent.

Heightened uncertainty and concerns about a deterioration in business
conditions both here and abroad are damping economic activity. For the
foreseeable future, then, the Committee continues to believe that, against the
background of its long-run goals of price stability and sustainable economic
growth and of the information currently available, the risks are weighted mainly
toward conditions that may generate economic weakness.

Although the necessary reallocation of resources to enhance security may
restrain advances in productivity for a time, the long-term prospects for
productivity growth and the economy remain favorable and should become
evident once the unusual forces restraining demand abate.

In taking the discount rate action, the Federal Reserve Board approved the
request submitted by the Board of Directors of the Federal Reserve Bank of
Richmond.
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