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..