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Inside An Inter-Meeting Fed Move

By Jeff Miller

 About this article:
 After last Friday's weak employment report, there is speculation that the Fed might take action to cut interest rates even before the next scheduled policy announcement on Jan. 30. Since such action is rather unusual, it is worth a look at when this has happened in the past. In fact, we can answer a lot about Fed behavior -- at least as it was under Greenspan -- by an in-depth look at past meetings, including this conference call from Jan. 3, 2001. In early 2001 the Fed decided to take action via a conference call. The fed funds rate was 6.5%, raised to that level in May 2000 as the last move in a tightening cycle. It would prove to be the first move in a series of actions that took the fed funds rate 4.75% lower within the year. The Fed had changed the bias to...

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