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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Paul Kern who wrote (85245)8/17/2007 8:24:18 AM
From: Paul Kern  Read Replies (1) of 110194
 
Fed Says Downside Growth Risks Have Risen `Appreciably'

Last update: 8/17/2007 8:23:01 AM
(MORE TO FOLLOW) Dow Jones Newswires
August 17, 2007 08:23 ET (12:23 GMT)

Text Of FOMC Announcement On Financial Market Conditions
Last update: 8/17/2007 8:23:22 AM

NEW YORK (Dow Jones)--The following is the text of the Federl Open Market Committee announcement on Friday, Aug. 17.

Financial market conditions have deteriorated, and tighter credit conditions and increased uncertainty have the potential to restrain economic growth going forward. In these circumstances, although recent data suggest that the economy has continued to expand at a moderate pace, the Federal Open Market Committee judges that the downside risks to growth have increased appreciably. The Committee is monitoring the situation and is prepared to act as needed to mitigate the adverse effects on the economy arising from the disruptions in financial markets.

Voting in favor of the policy announcement were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Richard W. Fisher, Thomas M. Hoenig; Donald L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; Michael H. Moskow; Eric Rosengren; and Kevin M. Warsh.

(END) Dow Jones Newswires

August 17, 2007 08:23 ET (12:23 GMT)
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