General outlook.(Analysis)
Pro Farmer, December, 2005
INTEREST RATES: As anticipated, the Fed raised short-term interest rates one-quarter point Dec. 13 to 4.25%. With the rate hike a foregone conclusion, focus was on the statement accompanying the announcement.
Instead of noting "policy accommodation can be removed at a pace that is likely to be measured," the Fed statement said, "further measured policy firming is likely to be needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balance." The key was the Fed's removal of the "accommodative" reference from its statement. That marks the first time in more than a year and a half that word wasn't in the statement --a hint the string of 13 consecutive increases in short-term rates may be coming to an end. ...
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