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To: yard_man who wrote (6354)	1/28/2004 2:25:15 PM
From: Louis V. Lambrecht	Read Replies (2) \| Respond to of 110194

Fed changed the bias to "lifting" interest rates. reuters.com Fed keeps rates steady, says can be patient Wed January 28, 2004 02:17 PM ET WASHINGTON, Jan 28 (Reuters) - The U.S. Federal Reserve opted on Wednesday to hold interest rates at 1958 lows to keep the economic recovery rolling but changed its wording on the future of rates slightly to say it can "be patient" before lifting borrowing costs. The unanimous decision by the rate-setting Federal Open Market Committee keeps the trendsetting federal funds rate for overnight loans between banks at 1 percent. In a statement at the close of a two-day meeting, the U.S. central bank said chances of a drop in prices stood about equal to an inflation pickup -- a position adopted at the last FOMC meeting on Dec. 9. Policymakers said growth was strengthening and made a slight alteration to a a pledge made last August to keep rates at levels designed to stimulate borrowing and spending for a "considerable period."

To: yard_man who wrote (6354)	1/28/2004 4:12:31 PM
From: mishedlo	Read Replies (1) \| Respond to of 110194

For immediate release The Federal Open Market Committee decided today to keep its target for the federal funds rate at 1 percent. The Committee continues to believe that an accommodative stance of monetary policy, coupled with robust underlying growth in productivity, is providing important ongoing support to economic activity. The evidence accumulated over the intermeeting period confirms that output is expanding briskly. Although new hiring remains subdued, other indicators suggest an improvement in the labor market. Increases in core consumer prices are muted and expected to remain low. The Committee perceives that the upside and downside risks to the attainment of sustainable growth for the next few quarters are roughly equal. The probability of an unwelcome fall in inflation has diminished in recent months and now appears almost equal to that of a rise in inflation. With inflation quite low and resource use slack, the Committee believes that it can be patient in removing its policy accommodation. federalreserve.gov