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SOURCE ROOM

FOMC statement (December 16, 2008)

Federal Open Market Committee

Claims Supported by This Source

  1. Set the target range for the federal funds rate to 0 to 0.25%.
  2. Will employ all available tools. Exceptionally low levels for the federal funds rate are likely to be warranted for some time.
  3. The focus of policy will be to support the functioning of financial markets and stimulate the economy through open market operations and other measures that sustain the size of the balance sheet at a high level. The merits of purchasing large quantities of agency debt and MBS, and of purchasing longer-term Treasury securities, will be evaluated. The TALF will be implemented early next year.
  4. Lowered the discount rate by 75 bp to 0.5%.

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