Amid A Swirl Of Controversy, Fed Policy Remained Stable
Published Wednesday, December 31, 1969 at: 2:00 PM EST
Despite the double-digit plunge in stock prices in October and rebukes by the President, the Federal Reserve Board isn't changing course. Despite unusual turbulence, Fed policy remained stable and steady.
Two days after pivotal midterm federal elections and two weeks after an 11% drop in the Standard & Poor's stock index, the Fed's Nov. 8 monthly monetary policy news-release repeated its long-held strategy for controlling rates and inflation.
Despite the stock market plunge and unusually direct criticism of the Fed by President Donald J. Trump, the U.S. central bank policy remained unchanged. "The Committee decided to maintain the target range for the federal funds rate at 2% to 2.25%," said the Fed statement. Amid a swirl of controversy, Fed policy has remained stable.
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