Full text of U.S. Financial Data : September 26, 2002

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September 26, 2002

USFinancialData
THE WEEK’S HIGHLIGHTS:
■ According to the press release issued after its Sept. 24 meeting, the
Federal Open Market Committee voted to keep its federal funds
rate target unchanged at 1.75 percent. There were two dissenting
votes in favor of a reduction in the federal funds target rate. The
release also noted the following:
The information that has become available since the last
meeting of the Committee suggests that aggregate demand
is growing at a moderate pace. Over time, the current
accommodative stance of monetary policy, coupled with
still robust underlying growth in productivity, should be
sufficient to foster an improving business climate. However,
considerable uncertainty persists about the extent and timing
of the expected pickup in production and employment owing
in part to the emergence of heightened geopolitical risks.
Consequently, the Committee believes that, for the foreseeable
future…the risks are weighted mainly toward conditions
that may generate economic weakness.
■ After rising 8.6 percent in July, the value of new orders for manufactured durable goods fell 0.6 percent in August. New orders are
up 4.4 percent from a year earlier.
■ The Conference Board reported that its index of consumer confidence fell 1.2 percentage points in September, the fifth decline in
the past six months.
■ The index of leading economic indicators fell 0.2 percent in August,
the fourth decline in the past five months.
All data are seasonally adjusted unless otherwise indicated.
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