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THE ECONOMY | NATION/WORLD

Fed's March 25 Rate Hike Was Unanimous

May 23, 1997|(Associated Press)

Despite scant evidence of inflation, Federal Reserve Board officials were unanimous in their decision to raise interest rates in March and a few wanted a bigger increase than the quarter percentage point decided upon, according to minutes released. At its March 25 meeting, the Federal Open Market Committee, on a 10-0 vote, raised to 5.5% the federal funds rate on overnight loans between banks. That roiled stock and bond markets. The minutes indicate there was no presumption about whether rates would need to be changed before the next meeting. The board ended that meeting, on Tuesday, with no announcement, signaling no immediate change. The minutes of that meeting won't be released until after the next meeting, on July 1 and 2.

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