Federal Reserve Policymakers Will Tighten Monetary Policy
WASHINGTON (AP) - Federal Reserve policymakers voted 9-1 at their May 19 meeting to tighten monetary policy slightly while leaving open the possibility for an increase in a key interest rate, minutes of that meeting released on Friday showed.
However, an increase in the discount rate, the rate at which the Fed lends money to other banks, never materialized as financial markets calmed down and the value of the U.S. dollar on foreign exchange markets appeared to stabilize.
In the May meeting, the Open Market Committee - the arm of the Fed that orders the buying and selling of government bonds and other securities - agreed to seek ``to increase somewhat the …
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Publication information: Article title: Federal Reserve Policymakers Will Tighten Monetary Policy. Contributors: Not available. Newspaper title: THE JOURNAL RECORD. Publication date: July 11, 1987. Page number: Not available. © 2009 THE JOURNAL RECORD. Provided by ProQuest LLC. All Rights Reserved.