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Vol. 77, No. 2
Posted 1995-03-01

The FOMC in 1993 and 1994: Monetary Policy in Transition

by Michael R. Pakko

The Federal Reserve’s monetary policy actions in 1994 might appear to represent an abrupt departure from those of the previous year. Six highly publicized increases in short-term interest rates followed a period of relative stability in short-term rates in 1993. Michael R Pakko reviews the actions of the Federal Open Market Committee (FOMC ), the Federal Reserve’s primary policymaking body, over the past two years. He views the FOMC’s actions in the context of the Fed’s support for a policy of long-term price stability.

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