Full text of U.S. Financial Data : June 29, 2000

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June 29, 2000

USFinancialData
THE WEEK’S HIGHLIGHTS:
■ At the conclusion of its two-day meeting on June 27-28, the
Federal Open Market Committee voted to maintain its existing
policy stance, which seeks to keep the overnight federal funds
rate at 6.5 percent. In announcing its decision, the FOMC said:
Recent data suggest that the expansion of aggregate demand
may be moderating toward a pace closer to the rate of growth
of the economy’s potential to produce. Although core measures
of prices are rising slightly faster than a year ago, continuing
rapid advances in productivity have been containing costs and
holding down underlying price pressures. Nonetheless, signs
that growth in demand is moving to a sustainable pace are
still tentative and preliminary, and the utilization of the pool
of available workers remains at an unusually high level. In
these circumstances, and against the background of its long-term
goals of price stability and sustainable economic growth and
of the information currently available, the Committee believes
the risks continue to be weighted mainly toward conditions
that may generate heightened inflation pressures in the
foreseeable future.
■ According to the “final” estimate, real GDP grew at a 5.5 percent
annual rate during the first quarter, up 0.1 percentage points from
the preliminary estimate.
■ After falling 5.7 percent in April, the value of new factory orders
for manufactured durable goods rose $12.3 billion, or 6 percent,
in May.
All data are seasonally adjusted unless otherwise indicated.
U.S. Financial Data is published weekly by the Research Division of the Federal Reserve Bank of
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