Under the leadership of Alan Greenspan the Federal Reserve Funds Rate started to climb from a rate of 1.00% in June 2003 until reaching a high of 5.25% on June 29th 2006. This marked the first meeting of the Federal Open Market Committee (FOMC) under current Chairman Ben Bernanke.The following FOMC meetings significantly lowered the Funds Rate. It is currently at 2.00% but market participants are forecasting that there won’t be any more cuts. The next scheduled FOMC meeting is the June 24th-25th.
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