Chart 12
Federal Open Market Committee: Fed Funds Target Rate
Quarter |
Year |
Federal Open Market Committee: Fed Funds Target Rate (percent) |
Real Personal Consumption Expenditures (Percent Change - Annual Rate; Seasonally Adjusted Annual Rate, chain-weighted in 2000 dollars) |
Recession Quarter? (yes/no) |
1Q |
1979 |
N/A |
2.11% |
no |
2Q |
1979 |
N/A |
-0.15% |
no |
3Q |
1979 |
N/A |
4.02% |
no |
4Q |
1979 |
N/A |
1.16% |
no |
1Q |
1980 |
N/A |
-0.63% |
yes |
2Q |
1980 |
N/A |
-8.63% |
yes |
3Q |
1980 |
N/A |
4.43% |
yes |
4Q |
1980 |
N/A |
5.44% |
no |
1Q |
1981 |
N/A |
1.71% |
no |
2Q |
1981 |
N/A |
0.09% |
no |
3Q |
1981 |
N/A |
1.60% |
yes |
4Q |
1981 |
N/A |
-2.99% |
yes |
1Q |
1982 |
N/A |
2.67% |
yes |
2Q |
1982 |
N/A |
1.42% |
yes |
3Q |
1982 |
N/A |
3.11% |
yes |
4Q |
1982 |
N/A |
7.47% |
yes |
1Q |
1983 |
N/A |
3.97% |
no |
2Q |
1983 |
N/A |
8.20% |
no |
3Q |
1983 |
N/A |
7.29% |
no |
4Q |
1983 |
N/A |
6.46% |
no |
1Q |
1984 |
10.25 |
3.49% |
no |
2Q |
1984 |
11.00 |
5.86% |
no |
3Q |
1984 |
11.00 |
3.13% |
no |
4Q |
1984 |
8.13 |
5.37% |
no |
1Q |
1985 |
8.50 |
6.89% |
no |
2Q |
1985 |
7.75 |
3.69% |
no |
3Q |
1985 |
8.00 |
7.81% |
no |
4Q |
1985 |
7.75 |
0.91% |
no |
1Q |
1986 |
7.25 |
3.37% |
no |
2Q |
1986 |
6.88 |
4.31% |
no |
3Q |
1986 |
5.88 |
7.12% |
no |
4Q |
1986 |
6.00 |
2.57% |
no |
1Q |
1987 |
6.00 |
0.18% |
no |
2Q |
1987 |
6.75 |
5.58% |
no |
3Q |
1987 |
7.31 |
4.57% |
no |
4Q |
1987 |
6.81 |
0.98% |
no |
1Q |
1988 |
6.75 |
6.82% |
no |
2Q |
1988 |
7.50 |
2.89% |
no |
3Q |
1988 |
8.13 |
3.39% |
no |
4Q |
1988 |
8.75 |
4.78% |
no |
1Q |
1989 |
9.75 |
1.50% |
no |
2Q |
1989 |
9.50 |
1.90% |
no |
3Q |
1989 |
9.00 |
3.86% |
no |
4Q |
1989 |
8.25 |
1.84% |
no |
1Q |
1990 |
8.25 |
3.29% |
no |
2Q |
1990 |
8.25 |
1.34% |
no |
3Q |
1990 |
8.00 |
1.65% |
yes |
4Q |
1990 |
7.00 |
-2.83% |
yes |
1Q |
1991 |
6.00 |
-1.69% |
yes |
2Q |
1991 |
5.75 |
3.53% |
no |
3Q |
1991 |
5.25 |
1.74% |
no |
4Q |
1991 |
4.00 |
-0.35% |
no |
1Q |
1992 |
4.00 |
6.76% |
no |
2Q |
1992 |
3.75 |
2.32% |
no |
3Q |
1992 |
3.00 |
4.04% |
no |
4Q |
1992 |
3.00 |
4.73% |
no |
1Q |
1993 |
3.00 |
1.44% |
no |
2Q |
1993 |
3.00 |
3.60% |
no |
3Q |
1993 |
3.00 |
4.44% |
no |
4Q |
1993 |
3.00 |
3.61% |
no |
1Q |
1994 |
3.50 |
4.51% |
no |
2Q |
1994 |
4.25 |
2.91% |
no |
3Q |
1994 |
4.75 |
2.89% |
no |
4Q |
1994 |
5.50 |
4.06% |
no |
1Q |
1995 |
6.00 |
0.64% |
no |
2Q |
1995 |
6.00 |
3.36% |
no |
3Q |
1995 |
5.75 |
3.53% |
no |
4Q |
1995 |
5.50 |
2.76% |
no |
1Q |
1996 |
5.25 |
3.58% |
no |
2Q |
1996 |
5.25 |
4.42% |
no |
3Q |
1996 |
5.25 |
2.58% |
no |
4Q |
1996 |
5.25 |
3.37% |
no |
1Q |
1997 |
5.50 |
4.40% |
no |
2Q |
1997 |
5.50 |
1.87% |
no |
3Q |
1997 |
5.50 |
6.74% |
no |
4Q |
1997 |
5.50 |
4.20% |
no |
1Q |
1998 |
5.50 |
4.48% |
no |
2Q |
1998 |
5.50 |
6.51% |
no |
3Q |
1998 |
5.25 |
4.92% |
no |
4Q |
1998 |
4.75 |
5.50% |
no |
1Q |
1999 |
4.75 |
4.06% |
no |
2Q |
1999 |
5.00 |
6.38% |
no |
3Q |
1999 |
5.25 |
4.25% |
no |
4Q |
1999 |
5.50 |
5.04% |
no |
1Q |
2000 |
6.00 |
6.53% |
no |
2Q |
2000 |
6.50 |
2.55% |
no |
3Q |
2000 |
6.50 |
3.92% |
no |
4Q |
2000 |
6.50 |
3.41% |
no |
1Q |
2001 |
5.00 |
1.66% |
yes |
2Q |
2001 |
3.75 |
1.01% |
yes |
3Q |
2001 |
3.00 |
1.77% |
yes |
4Q |
2001 |
1.75 |
6.96% |
yes |
1Q |
2002 |
1.75 |
1.41% |
no |
2Q |
2002 |
1.75 |
2.37% |
no |
3Q |
2002 |
1.75 |
2.26% |
no |
4Q |
2002 |
1.25 |
1.41% |
no |
1Q |
2003 |
1.25 |
2.48% |
no |
2Q |
2003 |
1.00 |
3.64% |
no |
3Q |
2003 |
1.00 |
5.85% |
no |
4Q |
2003 |
1.00 |
3.06% |
no |
1Q |
2004 |
1.00 |
4.66% |
no |
2Q |
2004 |
1.25 |
1.89% |
no |
3Q |
2004 |
1.75 |
4.36% |
no |
4Q |
2004 |
2.25 |
4.34% |
no |
1Q |
2005 |
2.75 |
3.48% |
no |
2Q |
2005 |
3.25 |
3.37% |
no |
3Q |
2005 |
3.75 |
4.07% |
no |
4Q |
2005 |
4.25 |
1.13% |
no |
Source: Federal Reserve Board/ REALTOR/ Haver Analytics..
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