FRB: Press Release -- FOMC statement and Board discount rate action -- September 17, 2001
Central bank: fed | Type: statement | Date: 2001-09-17

Release Date: September 17, 2001
Even before the tragic events of last week, employment, production, and business spending remained weak, and last week's events have the potential to damp spending further.
Nonetheless, the long-term prospects for productivity growth and the economy remain favorable and should become evident once the unusual forces restraining demand abate. For the foreseeable future, the Committee continues to believe that against the background of its long-run goals of price stability and sustainable economic growth and of the information currently available, the risks are weighted mainly toward conditions that may generate economic weakness.
In taking the discount rate action, the Federal Reserve Board approved requests submitted by the Boards of Directors of the Federal Reserve Banks of Richmond, Chicago, Minneapolis, Dallas, and San Francisco.
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