Question

Go to https://www.federalreserve.gov/monetarypolicy/ fomc.htm. This site reports activity by the FOMC. Click on “Meeting calendars and information” and click on the statement released after the most recent FOMC meeting. Summarize this statement in one paragraph. Be sure to note what the committee decided to do to the federal funds rate target. Now review the statements from the past two meetings. Has the stance of the committee changed?

Short answer

The agenda appears to have shifted from large-scale revenue generation for the reserve to long-run wealth distribution and optimal capital allocation for greater productivity and attractive GDP and growth indicators.

Step-by-step solution

Concept Introduction 

The Federal Open Market Committee (FOMC) is the supreme federal government body in charge of the Federal Reserve's open market operations. It is a committee established within the Federal Reserve System that makes basic decisions regarding interest rates and the expansion of the money supply in the American economy.

Explanation of Solution 

The Federal Open Market Committee (FOMC) implements monetary policy for the Federal Reserve System, which serves as the United States' central bank. The FOMC last met in May $1stand2nd,2018$. They discussed the success of recent job fairs held in the first few months of $2018$.

The other major agenda item appears to be the continuation of the interest rate paid on required and excess reserve balances at $1.75percent$, as well as the approval of the establishment of the primary credit rate at the current level of $2.25percent$.

The agenda appears to have shifted from large-scale revenue generation for the reserve to long-run wealth distribution and optimal capital allocation for greater productivity and attractive GDP and growth indicators.