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Fed Struggles To Meet On Common Ground, FOMC To Preserve Policy

Fed Struggles To Meet On Common Ground, FOMC To Preserve Policy

David Song and Trang Nguyen,

THE TAKEAWAY: Boston Fed Pushes For Discount Rate Cut > Kansas City Vote To Raise > Growing Rift Amongst Fed Officials

According to the Fed minutes, the statement revealed that the board of directors at the Boston Fed called for a quarter-percentage point discount-rate cut to 0.5 percent in light of the “recently reduced charges on Federal Reserve’s dollar liquidity swap arrangements with major foreign central banks.” In contrast, Kansas City Fed once again pushed for a quarter-point increase, while the remaining ten regional Fed banks sought to keep the discount rate unchanged. The recent development coming out of the Fed suggest central bank officials are struggling to meet on common ground amid the slowdown in the world economy, and we may see the FOMC maintain a neutral policy stance throughout the first-half of 2012 as the global landscape remains clouded with high uncertainty.

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