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July/August 1997, 
Vol. 79, No. 4
Posted 1997-07-01

The FOMC in 1996: 'Watchful Waiting'

by Michael J. Dueker and Andreas M. Fischer

In light of recent research findings, the authors review the 1996 policy posture of the Federal Open Market Committee (FOMC), the monetary policymaking body of the Federal Reserve System. They find several areas in which the FOMC’s policy positions were consistent with the conclusions of recent research studies, whether or not these studies directly influenced the Committee’s thinking. In general, the authors conclude that the FOMC intended to ensure that inflation was contained near 3 percent in 1996 but did not intend to bring down the trend rate of inflation that year.

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