U.S. Fed's Target Federal Funds Interest Rate History (Table)

By Alex Tanzi

Oct. 8 (Bloomberg) -- The following table details the monetary actions of the Federal Reserve's Open Market Committee

The FOMC vote column refers to the votes for and against the interest rate decision. For more details on dissenting votes, see the bottom of the table. The Fed releases the vote count with the interest rate decision. The dissension details come from the published minutes of the FOMC meetings, which are released the day after the following meeting date.

============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 10/08/08 1.50% -Fed cuts the rate to 1.50% in an unscheduled meeting- 09/16/08 2.00% None 0.00% 2.25% Inflation/Growth Risk10-0

Downside risks to growth; upside risk to inflation 08/05/08 2.00% None 0.00% 2.25% Inflation/Growth Risk10-1

Downside risks to growth; upside risk to inflation 06/25/08 2.00% None 0.00% 2.25% Inflation Risk 9-1 ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================

Diminished downside growth risk; upside risk to inflation 04/30/08 2.00% Easing -0.25% 2.25% Assessment Omitted 8-2

Economic activity remains weak, inflation uncertainty remains high 03/18/08 2.25% Easing -0.75% 2.50% Downside Growth Risk 8-2

Economic activity has weaken further, Inflation has been elevated. 03/16/08 -Fed cuts the discount rate to 3.25% in an unscheduled meeting-

and extends discount window loan terms to 90 days from 30 days. 01/30/08 3.00% Easing -0.50% 3.50% Downside Growth 9-1

Inflation expected to moderate in coming quarters. 01/22/08 3.50% Easing -0.75% 4.00% Inter-meeting 8-1 12/11/07 4.25% Easing -0.25% 4.75% Assessment Omitted 9-1

Growth moderate over time, inflation risks remain. 10/31/07 4.50% Easing -0.25% 5.00% Balanced 9-1

Growth will likely slow, inflation risks remain. 09/18/07 4.75% Easing -0.50% 5.25% Assessment Omitted 10-0

Potentially restrained growth, inflation risks remain. 08/17/07 -Fed cuts the discount rate to 5.75% in an unscheduled meeting- ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================

-and changes economic assessment to downside risks to growth- 08/07/07 5.25% None None 6.25% Inflation risk 10-0

Growth likely moderate, no moderation in inflation pressures. 06/28/07 5.25% None None 6.25% Inflation risk 10-0

Growth likely moderate, no moderation in inflation pressures. 05/09/07 5.25% None None 6.25% Inflation risk 10-0

Growth likely moderate, inflation likely to moderate. 03/21/07 5.25% None None 6.25% Inflation risk 10-0

Growth likely moderate, inflation likely to moderate. 01/31/07 5.25% None None 6.25% Inflation risk 11-0

Growth likely moderate, inflation likely to moderate.

12/12/06 5.25% None None 6.25% Inflation risk 10-1 10/25/06 5.25% None None 6.25% Inflation risk 10-1 09/20/06 5.25% None None 6.25% Inflation risk 10-1 08/08/06 5.25% None None 6.25% Inflation risk 9-1 06/29/06 5.25% Tightening 0.25% 6.25% Inflation risk 10-0 ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 05/10/06 5.00% Tightening 0.25% 6.00% Inflation risk 11-0 03/28/06 4.75% Tightening 0.25% 5.75% Balanced 11-0

-Bernanke assumes chairman's position on Feb. 1, 2006- 01/31/06 4.50% Tightening 0.25% 5.50% Balanced 10-0 12/13/05 4.25% Tightening 0.25% 5.25% Balanced 10-0 11/01/05 4.00% Tightening 0.25% 5.00% Balanced 10-0 09/20/05 3.75% Tightening 0.25% 4.75% Balanced 9-1 08/09/05 3.50% Tightening 0.25% 4.50% Balanced 10-0 06/30/05 3.25% Tightening 0.25% 4.25% Balanced 11-0 05/03/05 3.00% Tightening 0.25% 4.00% Balanced 11-0 03/22/05 2.75% Tightening 0.25% 3.75% Balanced 12-0 02/02/05 2.50% Tightening 0.25% 3.50% Balanced 12-0

12/14/04 2.25% Tightening 0.25% 3.25% Balanced 12-0 11/10/04 2.00% Tightening 0.25% 3.00% Balanced 12-0 09/21/04 1.75% Tightening 0.25% 2.75% Balanced 12-0 08/10/04 1.50% Tightening 0.25% 2.50% Balanced 12-0 ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 06/30/04 1.25% Tightening 0.25% 2.25% Balanced 12-0 05/04/04 1.00% None None 2.00% Balanced 12-0 03/16/04 1.00% None None 2.00% Balanced 12-0 01/28/04 1.00% None None 2.00% Balanced 12-0

12/09/03 1.00% None None 2.00% Balanced 12-0 10/28/03 1.00% None None 2.00% Balanced w/ 12-0

risk of

disinflation

09/16/03 1.00% None None 2.00% Balanced w/ 12-0

risk of

disinflation 08/12/03 1.00% None None 2.00% Balanced w/ 12-0

risk of

disinflation 06/25/03 1.00% Easing -0.25% 2.00% Balanced w/ 11-1 ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================

risk of

deflation 05/06/03 1.25% None None 2.25% Balanced w/ 12-0

risk of

deflation 03/18/03 1.25% None None 2.25% None 12-0 01/29/03 1.25% None None 2.25% Balanced 12-0

-(*)Primary Credit Rate Replaces Discount Rate Jan. 9, 2003-

12/10/02 1.25% None None 0.75% Balanced 12-0 11/06/02 1.25% Easing -0.50% 0.75% Balanced 12-0 09/24/02 1.75% None None 1.25% Weakness 10-2 08/13/02 1.75% None None 1.25% Weakness 12-0 06/26/02 1.75% None None 1.25% Balanced 10-0 05/07/02 1.75% None None 1.25% Balanced 10-0 03/19/02 1.75% None None 1.25% Balanced 10-0 01/30/02 1.75% None None 1.25% Weakness 10-0 ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================

12/11/01 1.75% Easing -0.25% 1.25% Weakness 10-1 11/06/01 2.00% Easing -0.50% 1.50% Weakness 10-0 10/02/01 2.50% Easing -0.50% 2.00% Weakness 10-0 09/17/01 3.00% Easing -0.50% 2.50% Inter-meeting 10-0 08/21/01 3.50% Easing -0.25% 3.00% Weakness 8-0 06/27/01 3.75% Easing -0.25% 3.25% Weakness 9-1 05/15/01 4.00% Easing -0.50% 3.50% Weakness 9-1 04/18/01 4.50% Easing -0.50% 4.00% Inter-meeting 10-0 03/20/01 5.00% Easing -0.50% 4.50% Weakness 10-0 01/31/01 5.50% Easing -0.50% 5.00% Weakness 10-0 01/03/01 6.00% Easing -0.50% 5.50% Inter-meeting 10-0

12/19/00 6.50% None None 6.00% Weakness 10-0 11/15/00 6.50% None None 6.00% Inflation 10-0 10/03/00 6.50% None None 6.00% Inflation 10-0 08/22/00 6.50% None None 6.00% Inflation 10-0 ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 06/28/00 6.50% None None 6.00% Inflation 10-0 05/16/00 6.50% Tightening 0.50% 6.00% Inflation 10-0 03/21/00 6.00% Tightening 0.25% 5.50% Inflation 10-0 02/02/00 5.75% Tightening 0.25% 5.25% Inflation 10-0

12/21/99 5.50% None None 5.00% Neutral 10-0 11/16/99 5.50% Tightening 0.25% 5.00% Neutral 10-0 10/05/99 5.25% None None 4.75% Tightening 10-0 08/24/99 5.25% Tightening 0.25% 4.75% Neutral 9-1 06/30/99 5.00% Tightening 0.25% 4.50% Neutral 9-1 05/18/99 4.75% None None 4.50% Tightening 11-0 03/30/99 4.75% None None 4.50% Neutral 11-0 02/03/99 4.75% None None 4.50% Neutral 11-0

12/22/98 4.75% None None 4.50% Neutral 11-0 11/17/98 4.75% Easing -0.25% 4.50% Neutral 10-1 10/15/98 5.00% Easing -0.25% 4.75% Inter-meeting n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 09/29/98 5.25% Easing -0.25% 5.00% Easing 11-0 08/18/98 5.50% None None 5.00% Neutral 10-1 07/01/98 5.50% None None 5.00% Tightening 10-1 05/19/98 5.50% None None 5.00% Tightening 10-2 03/31/98 5.50% None None 5.00% Tightening 11-1 02/04/98 5.50% None None 5.00% Neutral 12-0

12/16/97 5.50% None None 5.00% Neutral 11-1 11/12/97 5.50% None None 5.00% Tightening 11-1 09/30/97 5.50% None None 5.00% Tightening 10-0 08/19/97 5.50% None None 5.00% Tightening 10-0 07/02/97 5.50% None None 5.00% Tightening 10-0 05/20/97 5.50% None None 5.00% Tightening 9-1 03/25/97 5.50% Tightening 0.25% 5.00% Neutral 10-0 02/05/97 5.25% None None 5.00% Tightening 10-0

12/17/96 5.25% None None 5.00% Tightening 12-0 ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 11/13/96 5.25% None None 5.00% Tightening 12-0 09/24/96 5.25% None None 5.00% Tightening 11-1 08/20/96 5.25% None None 5.00% Tightening 11-1 07/03/96 5.25% None None 5.00% Tightening 11-1 05/21/96 5.25% None None 5.00% Neutral 10-0 03/26/96 5.25% None None 5.00% Neutral 10-0 01/31/96 5.25% Easing -0.25% 5.00% Easing 10-0

12/19/95 5.50% Easing -0.25% 5.25% Neutral 11-0 11/15/95 5.75% None None 5.25% Neutral 10-1 09/26/95 5.75% None None 5.25% Neutral 11-0 08/22/95 5.75% None None 5.25% Neutral 11-0 07/06/95 5.75% Easing -0.25% 5.25% Easing 10-1 05/23/95 6.00% None None 5.25% Neutral 11-0 03/28/95 6.00% None None 5.25% Tightening 11-0 02/01/95 6.00% Tightening 0.50% 5.25% Neutral 12-0

============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 12/20/94 5.50% None None 4.75% Tightening 11-1 11/15/94 5.50% Tightening 0.75% 4.75% Neutral 12-0 09/27/94 4.75% None None 4.00% Tightening 11-1 08/16/94 4.75% Tightening 0.50% 4.00% Neutral 12-0 07/06/94 4.25% None None 3.50% Tightening 9-2* 05/17/94 4.25% Tightening 0.50% 3.50% Neutral 10-0 04/18/94 3.75% Tightening 0.25% 3.00% Inter-meeting n/a 03/22/94 3.50% Tightening 0.25% 3.00% Neutral 8-2 02/04/94 3.25% Tightening 0.25% 3.00% Neutral 10-0

12/21/93 3.00% None None 3.00% Neutral 10-2 11/16/93 3.00% None None 3.00% Neutral 12-0 09/23/93 3.00% None None 3.00% Neutral 12-0 08/17/93 3.00% None None 3.00% Neutral 12-0 07/07/93 3.00% None None 3.00% Tightening 11-1 05/18/93 3.00% None None 3.00% Tightening 10-2 03/23/93 3.00% None None 3.00% Neutral 10-2 ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 02/03/93 3.00% None None 3.00% Neutral 12-0

12/22/92 3.00% None None 3.00% Neutral 12-0 11/17/92 3.00% None None 3.00% Easing 9-3 10/06/92 3.00% None None 3.00% Easing 8-4 09/04/92 3.00% Easing -0.25% 3.00% Inter-meeting n/a 08/18/92 3.25% None None 3.00% Easing 10-2 07/02/92 3.25% Easing -0.50% 3.00% Easing 10-2 05/19/92 3.75% None None 3.50% Neutral 12-0 04/09/92 3.75% Easing -0.25% 3.50% Inter-meeting n/a 03/31/92 4.00% None None 3.50% Easing 12-0 02/05/92 4.00% None None 3.50% Easing 12-0

12/20/91 4.00% Easing -0.50% 3.50% Easing 11-1 12/06/91 4.50% Easing -0.25% 4.50% Inter-meeting n/a 11/06/91 4.75% Easing -0.25% 4.50% Easing 8-2 10/31/91 5.00% Easing -0.25% 5.00% Inter-meeting n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 10/01/91 5.25% None None 5.00% Easing 10-0 09/13/91 5.25% Easing -0.25% 5.00% Inter-meeting n/a 08/20/91 5.50% None None 5.50% Easing 10-0 08/06/91 5.50% Easing -0.25% 5.50% Inter-meeting n/a 07/03/91 5.75% None None 5.50% Neutral 10-0 05/14/91 5.75% None None 5.50% Neutral 10-0 04/30/91 5.75% Easing -0.25% 5.50% Inter-meeting n/a 03/26/91 6.00% None None 6.00% Neutral 10-0 03/08/91 6.00% Easing -0.25% 6.00% Inter-meeting n/a 02/06/91 6.25% None None 6.00% Easing 11-0 02/01/91 6.25% Easing -0.50% 6.00% Inter-meeting n/a 01/08/91 6.75% Easing -0.25% 6.50% Inter-meeting n/a

12/18/90 7.00% Easing -0.25% 6.50% Easing 10-0 12/07/90 7.25% Easing -0.25% 7.00% Inter-meeting n/a 11/14/90 7.50% Easing -0.25% 7.00% Easing 11-0 10/29/90 7.75% Easing -0.25% 7.00% Inter-meeting n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 10/02/90 8.00% None None 7.00% Easing 7-4 08/21/90 8.00% None None 7.00% Easing 11-0 07/13/90 8.00% Easing -0.25% 7.00% Inter-meeting n/a 07/03/90 8.25% None None 7.00% Easing 11-0 05/15/90 8.25% None None 7.00% Neutral 10-1 03/27/90 8.25% None None 7.00% Neutral 8-3 02/07/90 8.25% None None 7.00% Neutral 8-3

12/19/89 8.25% Easing -0.25% 7.00% Neutral 9-2 11/14/89 8.50% None None 7.00% Easing 10-1 10/18/89 8.50% Easing -0.50% 7.00% Inter-meeting n/a 10/03/89 9.00% None None 7.00% Easing 9-2 08/22/89 9.00% None None 7.00% Easing 10-1 07/26/89 9.00% Easing -0.25% 7.00% Inter-meeting n/a 07/06/89 9.25% Easing -0.38% 7.00% Neutral 10-1 06/05/89 9.63% Easing -0.12% 7.00% Inter-meeting n/a 05/16/89 9.75% None None 7.00% Neutral 11-1 ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 03/28/89 9.75% None None 7.00% Tightening 11-1 02/24/89 9.75% Tightening 0.12% 7.00% Inter-meeting n/a 02/23/89 9.63% Tightening 0.25% 6.50% n/a n/a 02/14/89 9.38% Tightening 0.38% 6.50% Inter-meeting n/a 02/08/89 9.00% Tightening 0.25% 6.50% Tightening 10-2

12/14/88 8.75% Tightening 0.37% 6.50% Tightening 11-1 11/22/88 8.38% Tightening 0.13% 6.50% Inter-meeting n/a 11/01/88 8.25% None None 6.50% Tightening 11-1 10/17/88 8.25% None None 6.50% Inter-meeting n/a 09/20/88 8.25% None None 6.50% Tightening 12-0 08/09/88 8.25% Tightening 0.50% 6.50% Tightening 10-1 08/05/88 7.75% None None 6.00% n/a n/a 07/19/88 7.75% Tightening 0.25% 6.00% Inter-meeting n/a 06/30/88 7.50% None None 6.00% Tightening 8-3 06/22/88 7.50% Tightening 0.25% 6.00% Inter-meeting n/a 05/25/88 7.25% Tightening 0.25% 6.00% Inter-meeting n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 05/17/88 7.00% Tightening 0.25% 6.00% Tightening 9-2 03/29/88 6.75% Tightening 0.25% 6.00% Neutral n/a 02/10/88 6.50% Easing -0.13% 6.00% Neutral 11-0 01/05/88 6.63% Easing -0.25% 6.00% Inter-meeting n/a

12/16/87 6.88% None None 6.00% Neutral 9-2 11/04/87 6.88% Easing -0.37% 6.00% Easing 11-0

-No target rate from 10/19 to 11/3 due to stock market crash- 10/08/87 7.25% None None 6.00% Inter-meeting n/a 09/22/87 7.25% None None 6.00% Neutral 11-0 09/04/87 7.25% Tightening 0.25% 6.00% Inter-meeting n/a 09/03/87 7.00% Tightening 0.25% 5.50% Inter-meeting n/a 08/18/87 6.75% None None 5.50% Tightening 11-0

-Greenspan assumes chairman's position on Aug. 11, 1987- 07/07/87 6.75% None None 5.50% Neutral 11-0 07/02/87 6.75% None None 5.50% Inter-meeting n/a 05/19/87 6.75% Tightening 0.25% 5.50% Tightening 9-1 ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 04/29/87 6.50% Tightening 0.50% 5.50% Inter-meeting n/a 03/31/87 6.00% None None 5.50% Tightening 11-0 02/11/87 6.00% None None 5.50% Tightening 10-0

12/16/86 6.00% Tightening 0.12% 5.50% Neutral 10-0 11/05/86 5.88% None None 5.50% Neutral 10-0 09/23/86 5.88% None None 5.50% Tightening 11-1 08/19/86 5.88% Easing -0.50% 5.50% Neutral 10-2 07/11/86 6.38% Easing -0.50% 6.00% Neutral 10-1 06/05/86 6.88% None None 6.50% Inter-meeting n/a 05/20/86 6.88% Tightening 0.13% 6.50% Neutral 10-1 04/21/86 6.75% Easing -0.50% 6.50% Inter-meeting n/a 04/01/86 7.25% None None 7.00% Neutral 11-0 03/07/86 7.25% Easing -0.50% 7.00% n/a n/a 02/12/86 7.75% None None 7.50% Neutral 10-2

12/17/85 7.75% Easing -0.25% 7.50% Easing 9-1 ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 11/05/85 8.00% None None 7.50% Easing 9-1 10/01/85 8.00% None None 7.50% Neutral 10-1 08/20/85 8.00% Tightening 0.25% 7.50% Neutral 9-2 05/21/85 7.75% Easing -0.25% 7.50% Easing 11-1 04/16/85 8.25% Easing -0.25% 8.00% n/a n/a 03/29/85 8.50% Easing -0.50% 8.00% Neutral 11-0 02/13/85 9.00% Tightening 0.75% 8.00% Neutral 9-3

12/24/84 8.25% Easing -0.50% 8.00% n/a n/a 12/18/84 8.75% Easing -0.25% 8.50% n/a 10-2 11/22/84 9.00% Easing -0.50% 8.50% n/a n/a 11/07/84 9.50% Easing -0.50% 9.00% n/a 11-1 10/02/84 10.00% Easing -1.75% 9.00% n/a 9-3 08/21/84 11.75% Tightening 0.75% 9.00% n/a 11-1 06/30/84 11.00% Tightening 0.50% 9.00% n/a n/a 04/09/84 10.50% None None 9.00% n/a 10-1 03/27/84 10.50% Tightening 1.00% 8.50% n/a 9-3 ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================

8/83-10/83 9.50% Easing -0.13% 8.50% n/a n/a 5/83-8/83 9.63% Tightening 1.13% 8.50% n/a n/a

12/15/82 8.50% Easing -0.50% 8.50% n/a 10-2 11/22/82 9.00% Easing -0.50% 9.00% n/a 11-1 10/12/82 9.50% Easing -0.50% 9.50% n/a 9-3 09/24/82 10.00% Tightening 0.50% 10.00% Inter-meeting n/a 08/27/82 9.50% Easing -1.00% 10.00% n/a n/a 08/16/82 10.50% Easing -0.50% 10.50% n/a n/a 08/02/82 11.00% Easing -0.50% 11.50% n/a 10-1 07/20/82 11.50% Easing -1.50% 12.00% n/a 7-1 4/82-6/82 13.00% Easing -2.00% 12.00% n/a n/a 1/82-4/82 15.00% Tightening 3.00% 12.00% n/a n/a

12/04/81 12.00% Easing -1.00% 12.00% n/a n/a 11/30/81 13.00% Easing -1.00% 13.00% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 11/02/81 14.00% Easing -1.50% 13.00% n/a n/a 6/81-10/81 15.50% Easing -4.50% 14.00% n/a n/a 05/31/81 20.00% None None 14.00% n/a n/a 05/08/81 20.00% Tightening 4.00% 14.00% n/a n/a 05/05/81 16.00% None None 14.00% n/a n/a 1/81-4/81 16.00% Easing -4.00% 13.00% n/a n/a 01/08/81 20.00% Tightening 0.20% 13.00% n/a n/a

12/29/80 18.00% Easing -2.00% 13.00% n/a n/a 12/05/80 20.00% Tightening 2.00% 13.00% n/a n/a 11/26/80 18.00% Tightening 3.00% 12.00% n/a n/a 11/17/80 15.00% None None 12.00% n/a n/a 11/07/80 15.00% Tightening 1.25% 11.00% n/a n/a 10/80-11/80 13.75% Tightening 1.75% 11.00% n/a n/a 10/01/80 12.00% None None 11.00% n/a n/a 09/26/80 12.00% Tightening 1.00% 11.00% n/a n/a 09/15/80 11.00% Tightening 1.00% 10.00% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 08/07/80 10.00% Tightening 0.50% 10.00% n/a n/a 07/28/80 9.50% None None 10.00% n/a n/a 06/13/80 9.50% None None 11.00% n/a n/a 06/05/80 9.50% Easing -0.75% 12.00% n/a n/a 05/30/80 10.75% None None 12.00% n/a n/a 05/22/80 10.75% Easing -0.75% 13.00% n/a n/a 4/80-5/80 11.50% Easing -8.50% 13.00% n/a n/a 2/80-3/80 20.00% Tightening 5.00% 13.00% n/a n/a 02/15/80 15.00% Tightening 1.00% 13.00% n/a n/a 01/14/80 14.00% None None 12.00% n/a n/a

11/79-12/79 14.00% Easing -1.50% 12.00% n/a n/a 10/25/79 15.50% Tightening 2.50% 12.00% n/a n/a 10/08/79 13.00% Tightening 1.50% 12.00% n/a n/a 09/19/79 11.50% Tightening 0.12% 11.00% n/a n/a 08/31/79 11.38% Tightening 0.38% 10.50% n/a n/a 08/17/79 11.00% Tightening 0.37% 10.50% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 07/27/79 10.63% Tightening 0.13% 10.00% n/a n/a 07/20/79 10.50% Tightening 0.25% 10.00% n/a n/a 04/30/79 10.25% Tightening 0.25% 9.50% n/a n/a

12/20/78 10.00% Tightening 0.12% 9.50% n/a n/a 11/15/78 9.88% Tightening 0.13% 9.50% n/a n/a 11/01/78 9.75% Tightening 0.75% 9.50% n/a n/a 10/18/78 9.00% Tightening 0.25% 8.50% n/a n/a 09/29/78 8.75% Tightening 0.12% 8.00% n/a n/a 09/22/78 8.63% Tightening 0.13% 8.00% n/a n/a 09/20/78 8.50% Tightening 0.12% 7.75% n/a n/a 09/08/78 8.38% Tightening 0.13% 7.75% n/a n/a 08/25/78 8.25% Tightening 0.12% 7.75% n/a n/a 08/21/78 8.13% Tightening 0.13% 7.75% n/a n/a 08/16/78 8.00% Tightening 0.12% 7.25% n/a n/a 07/19/78 7.88% Tightening 0.13% 7.25% n/a n/a 07/03/78 7.75% None None 7.25% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 06/21/78 7.75% Tightening 0.25% 7.00% n/a n/a 05/17/78 7.50% Tightening 0.25% 7.00% n/a n/a 05/11/78 7.25% None None 7.00% n/a n/a 04/27/78 7.25% Tightening 0.12% 6.50% n/a n/a 04/26/78 7.13% Tightening 0.13% 6.50% n/a n/a 04/19/78 7.00% Tightening 0.25% 6.50% n/a n/a 01/09/78 6.75% Tightening 0.25% 6.50% n/a n/a

10/26/77 6.50% None None 6.00% n/a n/a 10/15/77 6.50% Tightening 0.25% 5.75% n/a n/a 09/20/77 6.25% Tightening 0.12% 5.75% n/a n/a 09/15/77 6.13% Tightening 0.13% 5.75% n/a n/a 08/31/77 6.00% None None 5.75% n/a n/a 08/14/77 6.00% Tightening 0.12% 5.25% n/a n/a

12/76-8/77 5.88% Tightening 1.13% 5.25% n/a n/a 11/26/76 4.75% Easing -0.13% 5.25% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 11/22/76 4.88% Easing -0.12% 5.25% n/a n/a 10/13/76 5.00% Easing -0.13% 5.50% n/a n/a 7/76-10/76 5.13% Easing -0.37% 5.50% n/a n/a 05/01/76 5.50% Tightening 0.62% 5.50% n/a n/a 04/21/76 4.88% Tightening 0.13% 5.50% n/a n/a 01/19/76 4.75% None None 5.50% n/a n/a 01/12/76 4.75% Easing -0.13% 6.00% n/a n/a

10/75-1/76 4.88% Easing -1.62% 6.00% n/a n/a 6/75-9/75 6.50% Tightening 1.25% 6.00% n/a n/a 06/01/75 5.25% None None 6.00% n/a n/a 05/16/75 5.25% None None 6.00% n/a n/a 05/01/75 5.25% None None 6.25% n/a n/a 04/30/75 5.25% Easing -0.25% 6.25% n/a n/a 03/21/75 5.50% Easing -0.25% 6.25% n/a n/a 03/10/75 5.75% Easing -0.25% 6.25% n/a n/a 02/26/75 6.00% Easing -0.25% 6.75% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 02/06/75 6.25% Easing -0.25% 6.75% n/a n/a 02/04/75 6.50% Easing -0.50% 7.25% n/a n/a 01/16/75 7.00% Easing -0.25% 7.25% n/a n/a 01/10/75 7.25% Easing -0.75% 7.25% n/a n/a

12/20/74 8.00% Easing -0.25% 7.75% n/a n/a 12/15/74 8.25% Easing -0.75% 7.75% n/a n/a 12/09/74 9.00% Easing -0.25% 7.75% n/a n/a 11/26/74 9.25% None None 8.00% n/a n/a 7/74-11/74 9.25% Easing -3.75% 8.00% n/a n/a 5/74-7/74 13.00% Tightening 1.25% 8.00% n/a n/a 04/25/74 10.75% Tightening 0.75% 8.00% n/a n/a 3/74-4/74 10.00% Tightening 1.00% 7.50% n/a n/a

9/73-2/74 9.00% Easing -2.00% 7.50% n/a n/a 08/30/73 11.00% Tightening 0.50% 7.50% n/a n/a 08/14/73 10.50% None None 7.50% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 07/27/73 10.50% Tightening 0.25% 7.00% n/a n/a 07/15/73 10.25% Tightening 0.75% 7.00% n/a n/a 07/06/73 9.50% Tightening 0.25% 7.00% n/a n/a 07/02/73 9.25% Tightening 0.75% 7.00% n/a n/a 06/11/73 8.50% Tightening 0.25% 6.50% n/a n/a 05/31/73 8.25% Tightening 0.37% 6.00% n/a n/a 05/18/73 7.88% Tightening 0.38% 6.00% n/a n/a 05/11/73 7.50% None 0.25% 6.00% n/a n/a 05/04/73 7.50% Tightening 0.25% 5.75% n/a n/a 03/29/73 7.25% Tightening 0.25% 5.50% n/a n/a 03/14/73 7.00% Tightening 0.25% 5.50% n/a n/a 03/03/73 6.75% None None 5.50% n/a n/a 02/26/73 6.75% Tightening 0.25% 5.50% n/a n/a 02/12/73 6.50% Tightening 0.12% 5.00% n/a n/a 01/27/73 6.38% Tightening 0.38% 5.00% n/a n/a 01/19/73 6.00% Tightening 0.12% 5.00% n/a n/a 01/15/73 5.88% Tightening 0.13% 5.00% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 01/04/73 5.75% Tightening 0.25% 4.50% n/a n/a

3/72-12/72 5.50% Tightening 2.00% 4.50% n/a n/a

12/71-2/72 3.50% Easing -0.50% 4.50% n/a n/a 12/17/71 4.00% Easing -0.13% 4.50% n/a n/a 12/16/71 4.13% Easing -0.43% 4.50% n/a n/a 11/29/71 4.56% Easing -0.19% 4.75% n/a n/a 11/12/71 4.75% Easing -0.25% 4.75% n/a n/a 11/07/71 5.00% Easing -0.13% 4.75% n/a n/a 9/71-10/71 5.13% Easing -0.62% 5.00% n/a n/a 08/15/71 5.75% Tightening 0.25% 5.00% n/a n/a 07/16/71 5.50% Tightening 0.25% 5.00% n/a n/a 07/02/71 5.25% Easing -0.25% 4.75% n/a n/a 3/71-7/71 5.50% Tightening 2.00% 4.75% n/a n/a 02/19/71 3.50% Easing -0.25% 4.75% n/a n/a 02/04/71 3.75% Easing -0.25% 5.00% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 01/22/71 4.00% Easing -0.25% 5.00% n/a n/a 01/12/71 4.25% Easing -0.25% 5.25% n/a n/a 01/08/71 4.50% Easing -0.25% 4.50% n/a n/a

-------Average Monthly Federal Funds and Discount Rates------- 12/01/70 4.90% n/a -0.70% 5.52% n/a n/a 11/01/70 5.60% n/a -0.60% 5.85% n/a n/a 10/01/70 6.20% n/a -0.09% 6.00% n/a n/a 09/01/70 6.29% n/a -0.32% 6.00% n/a n/a 08/01/70 6.61% n/a -0.60% 6.00% n/a n/a 07/01/70 7.21% n/a -0.39% 6.00% n/a n/a 06/01/70 7.60% n/a -0.34% 6.00% n/a n/a 05/01/70 7.94% n/a -0.16% 6.00% n/a n/a 04/01/70 8.10% n/a 0.34% 6.00% n/a n/a 03/01/70 7.76% n/a -1.22% 6.00% n/a n/a 02/01/70 8.98% n/a 0.00% 6.00% n/a n/a 01/01/70 8.98% n/a 0.01% 6.00% n/a n/a 12/01/69 8.97% n/a 0.12% 6.00% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 11/01/69 8.85% n/a -0.15% 6.00% n/a n/a 10/01/69 9.00% n/a -0.15% 6.00% n/a n/a 09/01/69 9.15% n/a -0.04% 6.00% n/a n/a 08/01/69 9.19% n/a 0.58% 6.00% n/a n/a 07/01/69 8.61% n/a -0.29% 6.00% n/a n/a 06/01/69 8.90% n/a 0.23% 6.00% n/a n/a 05/01/69 8.67% n/a 1.26% 6.00% n/a n/a 04/01/69 7.41% n/a 0.62% 5.95% n/a n/a 03/01/69 6.79% n/a 0.18% 5.50% n/a n/a 02/01/69 6.61% n/a 0.31% 5.50% n/a n/a 01/01/69 6.30% n/a 0.28% 5.50% n/a n/a 12/01/68 6.02% n/a 0.20% 5.36% n/a n/a 11/01/68 5.82% n/a -0.09% 5.25% n/a n/a 10/01/68 5.91% n/a 0.13% 5.25% n/a n/a 09/01/68 5.78% n/a -0.25% 5.25% n/a n/a 08/01/68 6.03% n/a 0.01% 5.48% n/a n/a 07/01/68 6.02% n/a -0.05% 5.50% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 06/01/68 6.07% n/a -0.04% 5.50% n/a n/a 05/01/68 6.11% n/a 0.35% 5.50% n/a n/a 04/01/68 5.76% n/a 0.71% 5.20% n/a n/a 03/01/68 5.05% n/a 0.34% 4.66% n/a n/a 02/01/68 4.71% n/a 0.11% 4.50% n/a n/a 01/01/68 4.60% n/a 0.09% 4.50% n/a n/a 12/01/67 4.51% n/a 0.38% 4.50% n/a n/a 11/01/67 4.13% n/a 0.25% 4.18% n/a n/a 10/01/67 3.88% n/a -0.11% 4.00% n/a n/a 09/01/67 3.99% n/a 0.09% 4.00% n/a n/a 08/01/67 3.90% n/a 0.11% 4.00% n/a n/a 07/01/67 3.79% n/a -0.19% 4.00% n/a n/a 06/01/67 3.98% n/a 0.04% 4.00% n/a n/a 05/01/67 3.94% n/a -0.11% 4.00% n/a n/a 04/01/67 4.05% n/a -0.48% 4.10% n/a n/a 03/01/67 4.53% n/a -0.47% 4.50% n/a n/a 02/01/67 5.00% n/a 0.06% 4.50% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 01/01/67 4.94% n/a -0.46% 4.50% n/a n/a 12/01/66 5.40% n/a -0.36% 4.50% n/a n/a 11/01/66 5.76% n/a 0.23% 4.50% n/a n/a 10/01/66 5.53% n/a 0.13% 4.50% n/a n/a 09/01/66 5.40% n/a -0.13% 4.50% n/a n/a 08/01/66 5.53% n/a 0.23% 4.50% n/a n/a 07/01/66 5.30% n/a 0.13% 4.50% n/a n/a 06/01/66 5.17% n/a 0.27% 4.50% n/a n/a 05/01/66 4.90% n/a 0.23% 4.50% n/a n/a 04/01/66 4.67% n/a 0.02% 4.50% n/a n/a 03/01/66 4.65% n/a 0.05% 4.50% n/a n/a 02/01/66 4.60% n/a 0.18% 4.50% n/a n/a 01/01/66 4.42% n/a 0.10% 4.50% n/a n/a 12/01/65 4.32% n/a 0.22% 4.42% n/a n/a 11/01/65 4.10% n/a 0.02% 4.00% n/a n/a 10/01/65 4.08% n/a 0.07% 4.00% n/a n/a 09/01/65 4.01% n/a -0.11% 4.00% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 08/01/65 4.12% n/a 0.03% 4.00% n/a n/a 07/01/65 4.09% n/a 0.05% 4.00% n/a n/a 06/01/65 4.04% n/a -0.06% 4.00% n/a n/a 05/01/65 4.10% n/a 0.01% 4.00% n/a n/a 04/01/65 4.09% n/a 0.05% 4.00% n/a n/a 03/01/65 4.04% n/a 0.06% 4.00% n/a n/a 02/01/65 3.98% n/a 0.08% 4.00% n/a n/a 01/01/65 3.90% n/a 0.05% 4.00% n/a n/a 12/01/64 3.85% n/a 0.33% 4.00% n/a n/a 11/01/64 3.52% n/a 0.16% 3.62% n/a n/a 10/01/64 3.36% n/a -0.09% 3.50% n/a n/a 09/01/64 3.45% n/a -0.05% 3.50% n/a n/a 08/01/64 3.50% n/a 0.08% 3.50% n/a n/a 07/01/64 3.42% n/a -0.08% 3.50% n/a n/a 06/01/64 3.50% n/a 0.00% 3.50% n/a n/a 05/01/64 3.50% n/a 0.03% 3.50% n/a n/a 04/01/64 3.47% n/a 0.04% 3.50% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 03/01/64 3.43% n/a -0.05% 3.50% n/a n/a 02/01/64 3.48% n/a 0.00% 3.50% n/a n/a 01/01/64 3.48% n/a 0.10% 3.50% n/a n/a 12/01/63 3.38% n/a -0.10% 3.50% n/a n/a 11/01/63 3.48% n/a -0.02% 3.50% n/a n/a 10/01/63 3.50% n/a 0.02% 3.50% n/a n/a 09/01/63 3.48% n/a -0.01% 3.50% n/a n/a 08/01/63 3.49% n/a 0.47% 3.50% n/a n/a 07/01/63 3.02% n/a 0.03% 3.24% n/a n/a 06/01/63 2.99% n/a -0.01% 3.00% n/a n/a 05/01/63 3.00% n/a 0.10% 3.00% n/a n/a 04/01/63 2.90% n/a -0.08% 3.00% n/a n/a 03/01/63 2.98% n/a -0.02% 3.00% n/a n/a 02/01/63 3.00% n/a 0.08% 3.00% n/a n/a 01/01/63 2.92% n/a -0.01% 3.00% n/a n/a 12/01/62 2.93% n/a -0.01% 3.00% n/a n/a 11/01/62 2.94% n/a 0.04% 3.00% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 10/01/62 2.90% n/a 0.00% 3.00% n/a n/a 09/01/62 2.90% n/a -0.03% 3.00% n/a n/a 08/01/62 2.93% n/a 0.22% 3.00% n/a n/a 07/01/62 2.71% n/a 0.03% 3.00% n/a n/a 06/01/62 2.68% n/a 0.32% 3.00% n/a n/a 05/01/62 2.36% n/a -0.42% 3.00% n/a n/a 04/01/62 2.78% n/a -0.07% 3.00% n/a n/a 03/01/62 2.85% n/a 0.48% 3.00% n/a n/a 02/01/62 2.37% n/a 0.22% 3.00% n/a n/a 01/01/62 2.15% n/a -0.18% 3.00% n/a n/a 12/01/61 2.33% n/a -0.28% 3.00% n/a n/a 11/01/61 2.61% n/a 0.35% 3.00% n/a n/a 10/01/61 2.26% n/a 0.38% 3.00% n/a n/a 09/01/61 1.88% n/a -0.12% 3.00% n/a n/a 08/01/61 2.00% n/a 0.83% 3.00% n/a n/a 07/01/61 1.17% n/a -0.56% 3.00% n/a n/a 06/01/61 1.73% n/a -0.25% 3.00% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 05/01/61 1.98% n/a 0.49% 3.00% n/a n/a 04/01/61 1.49% n/a -0.53% 3.00% n/a n/a 03/01/61 2.02% n/a -0.52% 3.00% n/a n/a 02/01/61 2.54% n/a 1.00% 3.00% n/a n/a 01/01/61 1.54% n/a -0.44% 3.00% n/a n/a 12/01/60 1.98% n/a -0.46% 3.00% n/a n/a 11/01/60 2.44% n/a -0.03% 3.00% n/a n/a 10/01/60 2.47% n/a -0.13% 3.00% n/a n/a 09/01/60 2.60% n/a -0.38% 3.00% n/a n/a 08/01/60 2.98% n/a -0.25% 3.18% n/a n/a 07/01/60 3.23% n/a -0.09% 3.50% n/a n/a 06/01/60 3.32% n/a -0.53% 3.65% n/a n/a 05/01/60 3.85% n/a -0.07% 4.00% n/a n/a 04/01/60 3.92% n/a 0.08% 4.00% n/a n/a 03/01/60 3.84% n/a -0.13% 4.00% n/a n/a 02/01/60 3.97% n/a -0.02% 4.00% n/a n/a 01/01/60 3.99% n/a 0.00% 4.00% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 12/01/59 3.99% n/a -0.01% 4.00% n/a n/a 11/01/59 4.00% n/a 0.02% 4.00% n/a n/a 10/01/59 3.98% n/a 0.22% 4.00% n/a n/a 09/01/59 3.76% n/a 0.26% 3.83% n/a n/a 08/01/59 3.50% n/a 0.03% 3.50% n/a n/a 07/01/59 3.47% n/a 0.08% 3.50% n/a n/a 06/01/59 3.39% n/a 0.49% 3.50% n/a n/a 05/01/59 2.90% n/a -0.06% 3.05% n/a n/a 04/01/59 2.96% n/a 0.16% 3.00% n/a n/a 03/01/59 2.80% n/a 0.37% 2.92% n/a n/a 02/01/59 2.43% n/a -0.05% 2.50% n/a n/a 01/01/59 2.48% n/a 0.06% 2.50% n/a n/a 12/01/58 2.42% n/a 0.15% 2.50% n/a n/a 11/01/58 2.27% n/a 0.47% 2.40% n/a n/a 10/01/58 1.80% n/a 0.04% 2.00% n/a n/a 09/01/58 1.76% n/a 0.23% 1.91% n/a n/a 08/01/58 1.53% n/a 0.85% 1.75% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 07/01/58 0.68% n/a -0.25% 1.75% n/a n/a 06/01/58 0.93% n/a 0.30% 1.75% n/a n/a 05/01/58 0.63% n/a -0.63% 1.75% n/a n/a 04/01/58 1.26% n/a 0.06% 2.03% n/a n/a 03/01/58 1.20% n/a -0.47% 2.35% n/a n/a 02/01/58 1.67% n/a -1.05% 2.75% n/a n/a 01/01/58 2.72% n/a -0.26% 2.94% n/a n/a 12/01/57 2.98% n/a -0.30% 3.00% n/a n/a 11/01/57 3.28% n/a -0.22% 3.23% n/a n/a 10/01/57 3.50% n/a 0.03% 3.50% n/a n/a 09/01/57 3.47% n/a 0.23% 3.50% n/a n/a 08/01/57 3.24% n/a 0.25% 3.15% n/a n/a 07/01/57 2.99% n/a -0.01% 3.00% n/a n/a 06/01/57 3.00% n/a 0.00% 3.00% n/a n/a 05/01/57 3.00% n/a 0.00% 3.00% n/a n/a 04/01/57 3.00% n/a 0.04% 3.00% n/a n/a 03/01/57 2.96% n/a -0.04% 3.00% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 02/01/57 3.00% n/a 0.16% 3.00% n/a n/a 01/01/57 2.84% n/a -0.10% 3.00% n/a n/a 12/01/56 2.94% n/a 0.06% 3.00% n/a n/a 11/01/56 2.88% n/a -0.08% 3.00% n/a n/a 10/01/56 2.96% n/a 0.01% 3.00% n/a n/a 09/01/56 2.95% n/a 0.22% 3.00% n/a n/a 08/01/56 2.73% n/a -0.02% 2.81% n/a n/a 07/01/56 2.75% n/a 0.04% 2.75% n/a n/a 06/01/56 2.71% n/a -0.04% 2.75% n/a n/a 05/01/56 2.75% n/a 0.13% 2.75% n/a n/a 04/01/56 2.62% n/a 0.12% 2.65% n/a n/a 03/01/56 2.50% n/a 0.00% 2.50% n/a n/a 02/01/56 2.50% n/a 0.05% 2.50% n/a n/a 01/01/56 2.45% n/a -0.03% 2.50% n/a n/a 12/01/55 2.48% n/a 0.13% 2.50% n/a n/a 11/01/55 2.35% n/a 0.11% 2.36% n/a n/a 10/01/55 2.24% n/a 0.06% 2.25% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 09/01/55 2.18% n/a 0.22% 2.18% n/a n/a 08/01/55 1.96% n/a 0.28% 1.97% n/a n/a 07/01/55 1.68% n/a 0.04% 1.75% n/a n/a 06/01/55 1.64% n/a 0.21% 1.75% n/a n/a 05/01/55 1.43% n/a 0.00% 1.75% n/a n/a 04/01/55 1.43% n/a 0.08% 1.63% n/a n/a 03/01/55 1.35% n/a 0.06% 1.50% n/a n/a 02/01/55 1.29% n/a -0.10% 1.50% n/a n/a 01/01/55 1.39% n/a 0.11% 1.50% n/a n/a 12/01/54 1.28% n/a 0.45% 1.50% n/a n/a 11/01/54 0.83% n/a -0.02% 1.50% n/a n/a 10/01/54 0.85% n/a -0.21% 1.50% n/a n/a 09/01/54 1.06% n/a -0.16% 1.50% n/a n/a 08/01/54 1.22% n/a 0.42% 1.50% n/a n/a

---------------------Discount Rate Changes-------------------- 07/01/54 0.80% n/a n/a 1.50% n/a n/a 04/16/54 n/a n/a n/a 1.50% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 02/05/54 n/a n/a n/a 1.75% n/a n/a

01/16/53 n/a n/a n/a 2.00% n/a n/a

08/21/50 n/a n/a n/a 1.75% n/a n/a

08/13/48 n/a n/a n/a 1.50% n/a n/a 01/12/48 n/a n/a n/a 1.25% n/a n/a

04/25/46 n/a n/a n/a 1.00% n/a n/a

10/30/42 n/a n/a n/a 0.50% n/a n/a

08/27/37 n/a n/a n/a 1.00% n/a n/a

02/02/34 n/a n/a n/a 1.50% n/a n/a

============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================ 10/20/33 n/a n/a n/a 2.00% n/a n/a 05/26/33 n/a n/a n/a 2.50% n/a n/a 04/07/33 n/a n/a n/a 3.00% n/a n/a 03/03/33 n/a n/a n/a 3.50% n/a n/a

06/24/32 n/a n/a n/a 2.50% n/a n/a 02/26/32 n/a n/a n/a 3.00% n/a n/a

10/16/31 n/a n/a n/a 3.50% n/a n/a 10/09/31 n/a n/a n/a 2.50% n/a n/a 05/08/31 n/a n/a n/a 1.50% n/a n/a

12/24/30 n/a n/a n/a 2.00% n/a n/a 06/20/30 n/a n/a n/a 2.50% n/a n/a 05/02/30 n/a n/a n/a 3.00% n/a n/a 03/14/30 n/a n/a n/a 3.50% n/a n/a 02/07/30 n/a n/a n/a 4.00% n/a n/a ============================================================================ Announce. Fed Funds Direction Amount of Discount Policy FOMC Date Target Change Rate(*) Concern Vote ============================================================================

11/15/29 n/a n/a n/a 4.50% n/a n/a 11/01/29 n/a n/a n/a 5.00% n/a n/a 08/09/29 n/a n/a n/a 6.00% n/a n/a

07/13/28 n/a n/a n/a 5.00% n/a n/a 05/18/28 n/a n/a n/a 4.50% n/a n/a 02/03/28 n/a n/a n/a 4.00% n/a n/a

08/05/27 n/a n/a n/a 3.50% n/a n/a

08/13/26 n/a n/a n/a 4.00% n/a n/a 04/23/26 n/a n/a n/a 3.50% n/a n/a 01/08/26 n/a n/a n/a 4.00% n/a n/a

02/27/25 n/a n/a n/a 3.50% n/a n/a

08/08/24 n/a n/a n/a 3.00% n/a n/a 06/12/24 n/a n/a n/a 3.50% n/a n/a 05/01/24 n/a n/a n/a 4.00% n/a n/a

02/23/23 n/a n/a n/a 4.50% n/a n/a

06/22/22 n/a n/a n/a 4.00% n/a n/a

11/03/21 n/a n/a n/a 4.50% n/a n/a 09/22/21 n/a n/a n/a 5.00% n/a n/a 07/21/21 n/a n/a n/a 5.50% n/a n/a 06/16/21 n/a n/a n/a 6.00% n/a n/a 05/05/21 n/a n/a n/a 6.50% n/a n/a

06/01/20 n/a n/a n/a 7.00% n/a n/a 01/23/20 n/a n/a n/a 6.00% n/a n/a

11/03/19 n/a n/a n/a 4.75% n/a n/a

04/06/18 n/a n/a n/a 4.00% n/a n/a

12/21/17 n/a n/a n/a 3.50% n/a n/a

09/26/16 n/a n/a n/a 3.00% n/a n/a

02/18/15 n/a n/a n/a 4.00% n/a n/a 02/03/15 n/a n/a n/a 4.50% n/a n/a

12/23/14 n/a n/a n/a 5.00% n/a n/a 12/18/14 n/a n/a n/a 5.50% n/a n/a 11/16/14 n/a n/a n/a 6.00% n/a n/a ============================================================================ NOTE:(*) The discount rate was changed to the primary credit rate on Jan. 9, 2003.

Dissension Details: 06/25/08 Mr. Fisher dissented because he preferred an increase in the target federal funds rate at this meeting. While the financial system was still frail and downside risks to growth remained, the risk that inflation would fail to moderate as expected by the Committee had increased substantially over the intermeeting period. Relatively strong demand for oil and other commodities abroad, as well as increased labor and other operating costs in the emerging economies, was boosting prices of globally traded goods and services. Mr. Fisher was especially concerned about behavioral changes among business operators that appeared to be accommodating inflationary pressures. In particular, firms increasingly appeared to be planning to pass through their higher input costs to final goods prices in order to protect their profit margins. Overall, Mr. Fisher viewed inflation expectations as becoming less well anchored. To help restrain inflation expectations and inflation, Mr. Fisher felt it would be appropriate for the Committee to tighten the stance of monetary policy.

04/30/08 Messrs. Fisher and Plosser dissented because they preferred no change in the target federal funds rate at this meeting. Although the economy had been weak, it had evolved roughly as expected since the previous meeting. Stresses in financial markets also had continued, but the Federal Reserve's liquidity facilities were helpful in that regard and the more worrisome development in their view was the outlook for inflation. Rising prices for prices, energy, and other commodities; signs of higher inflation expectations; and a negative real federal funds rate raised substantial concerns about the prospects for inflation. Mr. Plosser cited the recent rapid growth of monetary aggregates as additional evidence that the economy had ample liquidity after the aggressive easing of policy to date. Mr. Fisher was concerned that an adverse feedbank loop was developing by which lowering the funds rate had been pushing down the exchange value of the dollar, contributing to higher commodity and import prices, cutting real spending by businesses and households, and therefore ultimately impairing economic activity. To help prevent inflation expectations from becoming unhinged, both Messrs. Fisher and Plosser felt the Committee should put additional emphasis on its price stability goal at this point, and they believed that another reduction in the funds rate at this meeting could prove costly over the longer run.

run.

03/18/08 Messrs. Fisher and Plosser dissented because, in light of heightened inflation risks, they favored easing policy less aggressively. Incoming data suggested a weaker near-term outlook for economic growth, but the Committee's earlier policy moves had already reduced the target federal funds rate by 225 basis points to address risks to growth, and the full effect of those rate cuts had yet to be felt. While financial markets remained under stress, the Federal Reserve had already taken separate, significant actions to address liquidity issues in markets. In fact, Mr. Fisher felt that focusing on measures targeted at relieving liquidity strains would improve economic prospects more quickly and lastingly than would further reductions in the federal funds rate at this point; he believed that alleviating these strains would increase the efficacy of the earlier rate cuts. Both Messrs. Fisher and Plosser were concerned that inflation expectations could potentially become unhinged should the Committee continue to lower the funds rate in the current environment. They pointed to measures of inflation and indicators of inflation expectations that had risen, and Mr. Fisher stressed the international influences on U.S. inflation rates. Mr. Plosser noted that the Committee could not afford to wait until there was clear evidence that inflation expectations were no longer anchored, as by then it would be too late to prevent a further increase in inflation pressures.

01/30/08 Voting against was Richard W. Fisher, who preferred no change in the target for the federal funds rate at this meeting.

01/22/08 Voting against was William Poole, who did not believe that current conditions justified policy action before the regularly scheduled meeting next week. Absent and not voting was Frederic S. Mishkin.

10/31/07 Mr. Hoenig dissented because he believed that policy should remain unchanged at this meeting. Projections for the U.S. and global economies suggested that growth was likely to proceed at a reasonable pace over the outlook period. To better assure that outcome, the FOMC had moved rates down significantly at its September meeting. At this meeting, inflation risks appeared elevated and Mr. Hoenig felt that the target federal funds rate was currently close to neutral. In these circumstances, he judged that policy needed to be slightly firm to better hold inflation in check. Going forward, if the data suggested the Committee needed to ease further, it could do so. He also recognized that liquidity remains a near-term challenge and that the Federal Reserve would be prepared to act if needed. Mr. Hoenig saw the risks to both economic growth and inflation to be elevated and preferred to wait, watch, and be ready to depending on how events developed.

12/12/06 Mr. Lacker dissented because he believed that further tightening was needed to help ensure that core inflation declines to an acceptable rate in coming quarters.

10/25/06 Mr. Lacker dissented because he believed that further tightening was needed to help ensure that core inflation declines to an acceptable rate in coming quarters.

09/20/06 Mr. Lacker dissented because he believed that further tightening was needed to bring inflation down more rapidly than would be the case if the policy rate were kept unchanged. Recent data indicated that inflation remained above levels consistent with price stability. Moreover, the upswing in compensation and unit labor costs in the first half of the year indicated that inflation risks were tilted to the upside. Although real growth was likely to be moderate in coming quarters, in his view it was unlikely to be slow enough to bring core inflation down.

08/08/06 Jeffery Lacker dissented because he preferred an increase of 25 basis points in the federal funds rate target at this meeting.

09/20/05 Mr. Olson dissented because he preferred that the Committee defer policy action at this meeting, pending the receipt of additional information on the economic effects resulting from the severe shock of Hurricane Katrina.

06/25/03 Voting against the action was Robert T. Parry. President Parry preferred a 50 basis point reduction in the target for the federal funds rate.

09/24/02 Messrs. Gramlich and McTeer dissented because they preferred to ease monetary policy at this meeting. The economic expansion, which resumed almost a year ago, had recently lost momentum, and job growth had been minimal over the past year. With inflation already low and likely to decline further in the face of economic slack and rapid productivity growth, the potential cost of additional stimulus seemed low compared with the risk of further weakness.

12/11/01 Mr. Hoenig dissented because he preferred to leave the federal funds rate unchanged. He judged that a 2 percent federal funds rate was already quite stimulative and that a more stimulative policy was not needed. Following the rapid and aggressive policy actions already taken, it would be prudent to give the current policy more time to work through the economy. It was also his position that reducing the federal funds rate at this meeting could increase interest rate volatility by creating an expectation of a faster or a more aggressive reversal of policy.

06/27/01 Mr. Poole dissented because he believed the FOMC actions this year had already established a highly stimulative monetary policy stance. The M2 and MZM measures of money had risen at annual rates in excess of 10 percent and 20 percent respectively over the past six months, and the real federal funds rate was very likely below its equilibrium level. Other more qualitative information on financial conditions pointed in the same direction. Economic forecasts were that the economy's growth would resume later this year and the fact that long-term interest rates had not declined since December also indicated that the market anticipated a revival of faster economic growth before long. Given the lags in monetary processes, he believed that adding further monetary policy stimulus raised an undue risk of fostering higher inflation in the future. Moreover, against this background, he was especially concerned that a statement that the Committee continued to view the balance of risks as weighted toward weakness would be read in the market as a sign that the Committee was likely to ease further in the near term. He thought future developments were equally likely to warrant an action in either direction, and he did not think the Committee should take a step that probably would cause expectations of further easing to become embedded in market interest rates.

05/15/01 Mr. Hoenig dissented because he preferred a less aggressive easing action involving a reduction of 25 basis points in the federal funds rate. While the risks of weaker economic growth still tended to dominate those of rising inflation and called for some further easing, the Committee had added significant liquidity to the economy this year through its cumulatively large easing actions. The lagged effects of those actions should be felt increasingly over time. Moreover, following the rapid and aggressive policy actions already taken, a more cautious policy move at this point would in his view appropriately limit the risks of producing an overly accommodative policy stance and rising inflation over time.

08/24/99 Mr. McTeer dissented for essentially the same reasons he did at the June 30 meeting: low inflation and, except for energy, minimal inflation in the pipeline. He believes that positive supply-side forces will continue to damp the impact of strong demand on output prices and that productivity gains will continue to damp the effect of higher wages on unit labor costs.

06/30/99 Mr. McTeer dissented because he believed that tightening was unnecessary to contain inflation. He noted that most measures of current inflation remain low, and he saw few signs of inflation in the pipeline. Conditions that called for a preemptive tightening in 1994--rapidly rising commodity prices and real short-term interest rates near zero--are not present today. While money growth has been rapid by historical standards, market-based indicators of monetary policy suggest sufficient restraint. Except for oil, most sensitive commodity prices have risen only slightly after years of decline, the dollar remains strong, real short-term interest rates are near historical norms, and productivity growth has accelerated in recent quarters. Mr. McTeer does not believe that rapid growth based on new technology, rising productivity, and other supply-side factors is inflationary, especially in the current global environment. He would have preferred to continue to test the growth limits of the new economy.

11/17/98 Mr. Jordan dissented because he believed that the two recent reductions in the Federal funds rate were sufficient responses to the stresses in financial markets that had emerged suddenly in late August. An additional rate reduction risked fueling an unsustainably strong growth rate of domestic demand. He expressed concern that the excessively rapid rates of growth of the monetary and credit aggregates were inconsistent with continued low inflation. Moreover, any further monetary expansion in response to economic weakness abroad could ultimately have a disrupting influence on domestic prosperity if policy were forced to reverse course at a later date to defend the purchasing power of the dollar.

08/18/98 Mr. Jordan dissented because he believed that the underlying strength of aggregate demand in the U.S. economy would remain fundamentally intact, despite economic problems abroad. The problems in Asia provide a channel for economic imbalances to develop. Exports from some U.S. manufacturing industries will decline due to softer foreign markets and import competition. At the same time, domestic demand for imports, housing, and consumer durables will increase due to favorable interest rate trends. Though U.S. production of goods and services might slow during the period ahead, it is not yet clear that total demand will diminish at a comparable pace. At the same time, ample credit provision encourages speculative lending and excessive consumption. Consequently, continued rapid growth in the money supply creates the risk that inflation will accelerate and economic imbalances will become protracted.

07/01/98 Mr. Jordan dissented because he believed that the unsustainably rapid growth of domestic demand--fueled by the acceleration of money and credit growth in the past year--was reflected in the recent sharp increase in imports and rising trade deficits. As U.S. output growth slows significantly from the rapid pace of 1997 and early 1998, it will be essential that domestic demand also slow. The very welcome progress toward eliminating inflation in recent years has contributed to the outstanding performance of the economy. Allowing domestic demand to continue to exceed domestic production would run the risk that corrosive effects of rising inflation would undermine future growth prospects. Furthermore, the resultant trade and current account deficits would have to be matched by ever larger inflows of foreign capital. Modest monetary restraint at this time might prevent either the buildup of inflationary imbalances that would eventually necessitate future policy restraint or unsustainable capital flows. In either case an economic contraction might become unavoidable.

05/19/98 Mr. Poole dissented because he believed that the sustained increase in money growth in recent quarters and associated accommodative conditions in the credit markets pointed to rising inflation. Although faster productivity growth suggested that trend output growth might be modestly higher than previously thought, the growth rate of aggregate demand over the past two years clearly had exceeded the economy's long-run growth potential. Without a reduction of aggregate demand growth, inflation would rise. In his view, the Federal Reserve should therefore take prompt action to reduce money growth to limit the rise in inflation and to avoid an increase in longer-term inflation expectations, which would tend to destabilize aggregate employment and financial markets.

Mr. Jordan also noted that the monetary and credit aggregates had accelerated further from already rapid growth rates in 1997. In his view, these high growth rates were fueling unsustainably rapid increases of real estate and other asset prices, and reports of ``too much cash chasing too few deals'' were becoming more frequent. Anticipated gains on both real and financial investments had risen relative to the cost of borrowed funds. In these circumstances, it was increasingly likely that the Committee would face a choice between smaller increases in interest rates sooner versus larger increases later. He added that maximum sustainable economic growth occurs when businesses and households act on the assumption that the dollar will maintain its value over time, and nothing he had heard from consumer groups, bankers, or other business people in his District led him to believe that decisions were being made in the expectation that the purchasing power of the dollar would be stable. Furthermore, expectations that market values of income- producing investments would continuously rise relative to underlying earning streams were not consistent with a stable purchasing power of money. He also believed that the view that real interest rates currently were high was not confirmed by observed behavior. Bankers told him that both consumers and businesses believed that credit was cheap and plentiful. These potentially inflationary conditions and imbalances in the economy were not conducive to sustained maximum growth.

03/31/98 Mr. Jordan dissented because growth rates of various measures of money and credit in the second half of 1997 and the first quarter of this year were not consistent in his view with continued progress in reducing inflation. Recent price statistics understated the trend rates of inflation. The one-time effects of falling oil prices, lower food prices, and recent appreciation of the dollar on foreign-exchange markets provided only a temporary reduction of inflation. While some reacceleration of reported rates of inflation was probably unavoidable, sustained rapid money growth would risk even higher inflation in future years. The durability of the economic expansion would be jeopardized by price and wage decisions reflecting expectations that the purchasing power of the dollar would decline at faster rates in the future. Once such expectations became imbedded in the economy, even stronger policy actions would be required in order to reestablish a downward trend of inflation.

12/16/97 Mr. Broaddus dissented because he continued to believe that a modest tightening of policy would be prudent in light of the apparent persisting strength in aggregate demand for goods and services. He recognized the case for holding policy steady given recent developments in East Asian economies and financial markets; he believed, however, that a slight firming at this meeting would provide valuable insurance against the risk that demand growth might remain above a sustainable trend and require a sharper policy response later. He thought further that the potential benefits of this insurance outweighed the risk that such an action would have a significant negative impact on U.S. economic activity. He also believed that signaling a greater willingness to tolerate modest policy adjustments in response to emerging developments would foster more flexible movements in longer-term financial markets, and specifically enable longer- term interest rates to play their traditional role as automatic stabilizers for the economy more effectively.

11/12/97 Mr. Broaddus dissented because he believed that a modest tightening of policy would be prudent in view of the recent strength in aggregate demand for goods and services; such demand appeared to be growing considerably more rapidly than the sustainable rate at which it could be supplied without an increase in inflation. While he recognized that a tightening at this meeting presented risks in view of recent financial and economic developments in East Asia, he believed these risks were outweighed by the risk that policy would have to be tightened more aggressively if action were delayed, demand remained robust, and the recent apparent reduction in inflationary expectations were reversed. The negative impact on economic activity in such circumstances would be markedly greater than if a more modest action were taken at this meeting.

05/20/97 Mr. Broaddus dissented because he believed that the strength of investment demand, due possibly to an increase in the trend growth rate of productivity, required somewhat higher real interest rates to prevent inflationary pressures from developing. He was concerned that, with the economy already operating at a high level and labor markets apparently very tight, any increase in such pressures might be costly to reverse and might reduce the credibility of the Committee's longer-run strategy of promoting maximum sustainable growth by fostering price level stability. He also believed that the risk to the economy of a moderate further tightening was small given the apparent momentum of aggregate economic activity.

09/24/96 Mr. Stern dissented because he believed that a modestly more restrictive policy was appropriate. In his view, historical precedents suggested that prolonged periods of taut labor markets were eventually associated with rising inflation. Given prevailing pressures on resources, especially labor, Mr. Stern was concerned about the distinct risk of an acceleration of inflation. Should this acceleration occur, he believed it would prove disruptive to the favorable performance of the economy, and he preferred to begin to address this risk promptly.

08/20/96 Mr. Stern dissented because he believed that policy should become modestly more restrictive. He was concerned that, in the absence of a substantial and sustained improvement in productivity, the prevailing pattern of demand might engender an increase in inflationary pressures, and that such pressures would ultimately threaten the ongoing economic expansion. In Mr. Stern's judgment, it was prudent at this point to resist such a development in order to lay a foundation for the long-term health of the economy.

07/03/96 Mr. Stern dissented because he was convinced that a modestly more restrictive policy was warranted. In his view, the momentum of the economy and strains on capacity in labor and some other markets raised the possibility of an acceleration of inflation that would jeopardize the economic expansion. This concern aside, Mr. Stern also believed that current circumstances were favorable for policy action to reduce inflation further and thereby help to sustain the ongoing improvement in the economy.

11/15/95 Mr. Lindsey dissented because he believed a rate cut was necessary due to high consumer debt levels and uncertainty as to when the federal budget impasse would end.

07/06/95 Mr. Hoenig dissented because he believed that it would be prudent to adopt an asymmetric directive and wait for information rather than to move at this juncture based on the projections and the evidence that we have about the real fed funds rate.

12/20/94 Governor LaWare dissented.

11/15/94 President Broaddus dissented.

09/27/94 President Broaddus dissented.

07/06/94 President Broaddus and Governor Lindsey dissented. At the end of this meeting, Mr. Lindsey indicated to Chairman Greenspan that his dissent on the operational paragraph was based on a possible misunderstanding of the implications of the bias in the directive. His dissent was from a directive that he perceived as calling for a more or less automatic tightening of policy during the intermeeting period. On the understanding that any tightening during the intermeeting period would depend on further indications of inflationary developments, Mr. Lindsey requested that his vote be recorded in the minutes as in favor of this policy action. Chairman Greenspan agreed that his request was appropriate.

03/22/94 President Broaddus and President Jordan dissented.

12/21/93 Governor Angell and Governor Lindsey dissented.

06/07/93 Governor Angell dissented.

05/18/93 Governor Angell and President Boehne dissented.

03/23/93 Governor Angell and Governor Lindsey dissented.

11/17/92 President Jordan, Governor LaWare and President Melzer dissented.

10/06/92 President Jordan, Governor LaWare, Governor Lindsey and President Melzer dissented.

08/18/92 Governor LaWare and President Melzer dissented.

07/01/92 Governor LaWare and President Melzer dissented.

12/17/91 Governor LaWare dissented.

11/05/91 Governor Angell and Governor Kelley dissented.

10/02/90 Governor Angell, President Boykin, Presdient Hoskins and Governor Seger dissented.

05/15/90 President Hoskins dissented.

03/27/90 Governor Angell, President Hoskins, and Governor LaWare dissented.

02/07/90 President Boykin, Presdient Hoskins and Governor Seger dissented.

12/19/89 Governor Angell and President Melzer dissented.

07/06/89 Governor Seger dissented.

To contact the reporter on this story: Alex Tanzi in Washington at atanzi@bloomberg.net