SOMC: Fed Should Keep Raising Rates

Newrnan, Emily
November 2004
Bond Buyer;11/16/2004, Vol. 350 Issue 32011, p2
Trade Publication
The article reports that the Shadow Open Market Committee (SOMC) of the U.S. Federal Reserve System has said in its semi-annual policy statement, that the U.S. economy remains healthy, but the Federal Reserve should work to contain inflation by raising interest rates gradually to between 3% and 4%. The SOMC also urged the Federal Reserve to continue its campaign to become more transparent by announcing a specific target for inflation, but added that inflation should not be the Federal Reserve's primary indicator on rates.


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