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Market Update : 
Fed: Slower Growth, Higher Rates
Author: 123jump.com Staff
123jump.com
Last Update: 4:24 PM EST February 20 2008

The information reviewed at the January meeting, which included the advance data on the national income and product accounts for the fourth quarter, indicated that economic activity had decelerated sharply in recent months. The contraction in homebuilding intensified in the fourth quarter, the growth in consumer spending slowed, and survey measures of both consumer and business sentiment were at low levels.

 
The following is the unedited transcript of the news release from the Federal Open Market Committee.

Present:
Mr. Bernanke, Chairman
Mr. Geithner, Vice Chairman
Mr. Fisher
Mr. Kohn
Mr. Kroszner
Mr. Mishkin
Ms. Pianalto
Mr. Plosser
Mr. Stern
Mr. Warsh

Messrs. Evans, Lacker, and Lockhart, and Ms. Yellen, Alternate Members of the Federal Open Market Committee

Messrs. Hoenig, Poole, and Rosengren, Presidents of the Federal Reserve Banks of Kansas City, St. Louis, and Boston, respectively

Mr. Madigan, Secretary and Economist
Ms. Danker, Deputy Secretary
Mr. Skidmore, Assistant Secretary
Ms. Smith, Assistant Secretary
Mr. Alvarez, General Counsel
Mr. Baxter, Deputy General Counsel
Mr. Sheets, Economist
Mr. Stockton, Economist

Messrs. Connors, English, and Kamin, Ms. Mester, Messrs. Rosenblum, Slifman, Sniderman, Tracy, and Wilcox, Associate Economists

Mr. Dudley, Manager, System Open Market Account

Mr. Struckmeyer,1 Deputy Staff Director, Office of Staff Director for Management, Board of Governors

Mr. Parkinson,2 Deputy Director, Division of Research and Statistics, Board of Governors

Mr. Clouse, Senior Associate Director, Division of Monetary Affairs, Board of Governors

Ms. Liang and Messrs. Reifschneider and Wascher, Associate Directors, Division of Research and Statistics, Board of Governors

Ms. Barger2 and Mr. Greenlee,2 Associate Directors, Division of Banking Supervision and Regulation, Board of Governors

Mr. Gibson,2 Deputy Associate Director, Division of Research and Statistics, Board of Governors

Mr. Dale, Senior Adviser, Division of Monetary Affairs, Board of Governors

Mr. Oliner, Senior Adviser, Division of Research and Statistics, Board of Governors

Messrs. Durham and Perli, Assistant Directors, Division of Monetary Affairs, Board of Governors

Mr. Blanchard, Assistant to the Board, Office of Board Members, Board of Governors

Mr. Small, Project Manager, Division of Monetary Affairs, Board of Governors

Mr. Bassett, 3 Senior Economist, Division of Monetary Affairs, Board of Governors

Mr. Doyle, 3 Senior Economist, Division of International Finance, Board of Governors
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