U.S. FEDERAL RESERVE MONETARY POLICY

Characterization of the State of the Economy

The Board of Governors of Federal Reserve (2004), in the most recent Monetary Policy Report to the Congress, stated that economic expansion in the American economy strengthened in the first-half of 2004. The Report to the Congress also stated that it was likely that the American economy would continue to grow throughout the remainder of 2004 and into 2005.

The Board of Governors (2004) also noted, however, that job growth in the American economy continued to be sluggish, and that job growth might not strengthen substantially in the remainder of 2004. The Report to the Congress did not indicate that the Federal Reserve was especially concerned about sluggish job growth in the American economy at this time (approximately mid-year 2004).

The Board of Governors (2004) also noted that rising energy prices could prove to be a drag on the performance of the American economy. Continued increases in energy prices could curtail

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Approximate Word count = 678
Approximate Pages = 3 (250 words per page)

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