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Monetary Policy Report
Report

Monetary Policy Report

July 17, 2013

Board of Governors of the Federal Reserve System
Federal Reserve Board, 2013
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Editorial Rating

7

Qualities

  • Analytical
  • Overview

Recommendation

In its regular semiannual report to the US Congress, the Federal Reserve’s Board of Governors restates its statutory mission of supporting employment, price stability and long-term interest rates. The report summarizes economic and financial progress over the previous two quarters and offers the governors’ outlook for the next few years. In this latest installment, the Fed finds the US economy to be improving – albeit slowly and with the constraint of the sequestration that began in 2013 . The Fed also indicates the conditions that will determine how much longer it will continue its accommodative monetary policy. getAbstract recommends this official recap of the US and global economies to those looking for timely information from the US central bank.

Take-Aways

  • The Federal Reserve Bank works to foster “maximum employment, stable prices and moderate long-term interest rates.”
  • The Fed semiannually reports to Congress about medium- and long-term impacts on jobs, inflation and interest rates.
  • The Fed’s assessments of economic production and capacity at mid-year 2013 lead it to posit that the “longer-run normal rate of unemployment” is between 5.2% and 6%.

About the Author

The Board of Governors of the Federal Reserve is a central government agency that, along with 12 regional Federal Reserve Banks, forms the Federal Reserve System of the United States.

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