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SOURCE ROOM

FOMC statement (September 18, 2007)

Federal Open Market Committee

Claims Supported by This Source

  1. Lowered the target for the federal funds rate by 50 bp to 4.75% (September 18, 2007).
  2. Rationale: The tightening of credit conditions has the potential to intensify the housing correction and to restrain broader economic growth. To forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets.
  3. At the same time, lowered the primary credit rate by 50 bp to 5.25% (unanimous).

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