The Federal Open Market Committee decided today to keep its target for the fed eral funds rate at 5-1/4 percent.
Economic growth slowed in the first part of this year and the adjustment in th e housing sector is ongoing. Nevertheless, the economy seems likely to expand at a moderate pace over coming quarters.
Voting for the FOMC monetary policy action were: Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chair man; Thomas M. Hoenig; Donald L. Kohn; Randall S. Kroszner; Cathy E. Minehan; Frederic S. Mishkin; Michael H. Moskow; William Poole; and Kevin M. Warsh.