Fed Extends Policy Of Watchful Inaction

Thu., Nov. 14, 1996

From Staff And Wire Reports

The Federal Reserve, encouraged by fresh evidence that inflation is not a threat, left interest rates unchanged Wednesday. That continued a pattern of watchful inaction that economists said could last for many months.

The Federal Open Market Committee, which sets interest rates for the central bank, announced the steady policy stance following 3-1/2 hours of discussion.

“The Fed has hit the jackpot in terms of producing what it has been trying to achieve,” said David Jones, chief economist at Aubrey G. Lanston & Co. in New York. “We have a soft landing in which economic growth has slowed to a sustained, non-inflationary pace.”

Many economists said as long as the inflation numbers are well-behaved, the Fed will be content to remain on the sidelines.

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Fed Extends Policy Of Watchful Inaction

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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