Federal Reserves Second Monetary Policy Report for 1996 Hearing Before the Co

Cover Federal Reserves Second Monetary Policy Report for 1996 Hearing Before the Co
Federal Reserves Second Monetary Policy Report for 1996 Hearing Before the Co
Housing United States Congress Senate Committee On Bank
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Overall employment growth was brisk, and by June the unemployment rate reached its lowest level in six years. 52 The Discount Rate and Selected Market Interest Rates Daily - 8, ^s/>>^ _ 12/20 2/1/96 1995 1996 Note. Dotted vertical lines indicate days on which the Committee announced a monetary policy action. The ticks on the horizontal axis indicate days on which the Corrmittee held scheduled meetings. The last observations are for July 16, 1996. Inflation during the first half of the year was ...gener- ally well behaved. Energy prices surged, mainly in response to a runup in the world price of oil. And bad news about grain crops raised the prospect of higher food prices down the road. However, price inflation for consumer items other than food. And energy held steady or moved a bit lower Labor costs presented a mixed picture. The increase in total hourly compen- sation over the first three months of the year, as measured by the employment cost index, was in line with its recent moderate trend.

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