The Sept. 20 statement announced that the Fed was raising its key short-term interest rate by one-quarter point to 3.75%, its 11th straight increase, despite uncertainty about the economic impact of Hurricane Katrina. The storm hurt near-term economic growth, which normally would call for lower interest rates. But it also has elevated inflationary pressure, which normally would call for higher rates.
PARSING THE FED
Weathering the Storm
WSJ, September 20, 2005
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