The Federal Open Market Committee has decided to lower its target for the federal funds rate 50 basis points to 1-1/2 percent.
"I believe that the bold actions taken by the Congress, the Treasury, the Federal Reserve, and other agencies, together with the natural recuperative powers of the financial markets, will lay the groundwork for financial and economic recovery."
On October 6, 2008, the Federal Reserve conducted an auction of $150 billion in 85-day credit through its Term Auction Facility. Results of the auction are listed on the Board website.
Residential Foreclosures in Texas Depart from National Trends—In Texas, the number of foreclosures has been among the highest in the nation. However, the state's foreclosure rate as a percentage of total mortgages has not ranked high.
The price of a McDonald's Big Mac may provide a glimpse into the factors that shape regional, national and global pricing. "The Big Mac: A Global-to-Local Look at Pricing" finds price-setting behaviors for a relatively simple product like the Big Mac are quite complex.
The trimmed mean PCE inflation rate for August was an annualized 2.2 percent. According to the BEA, the overall PCE inflation rate for August was 0.4 percent, annualized, while the inflation rate for PCE excluding food and energy was 3.0 percent.
Texas Factory Activity Declines—Texas manufacturing weakened further in September. Most indicators of current production and general business conditions recorded their lowest readings since the survey’s inception in 2004.
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