The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 3 percent.
Financial markets remain under considerable stress, and credit has
tightened further for some businesses and households. Moreover, recent
information indicates a deepening of the housing contraction as well as
some softening in labor markets.
The Committee expects inflation to moderate in coming quarters, but
it will be necessary to continue to monitor inflation developments
Today’s policy action, combined with those taken earlier, should
help to promote moderate growth over time and to mitigate the risks to
economic activity. However, downside risks to growth remain. The
Committee will continue to assess the effects of financial and other
developments on economic prospects and will act in a timely manner as
needed to address those risks.
Voting for the FOMC monetary policy action were: Ben S. Bernanke,
Chairman; Timothy F. Geithner, Vice Chairman; Donald L. Kohn; Randall
S. Kroszner; Frederic S. Mishkin; Sandra Pianalto; Charles I. Plosser;
Gary H. Stern; and Kevin M. Warsh. Voting against was Richard W.
Fisher, who preferred no change in the target for the federal funds
rate at this meeting.
In a related action, the Board of Governors unanimously approved a
50-basis-point decrease in the discount rate to 3-1/2 percent. In
taking this action, the Board approved the requests submitted by the
Boards of Directors of the Federal Reserve Banks of Boston, New York,
Philadelphia, Cleveland, Atlanta, Chicago, St. Louis, Kansas City, and
Category: Federal Reserve
Its time to bid a not-so-fond adieu to the New York Times columns of Ben Stein. No, he is not leaving the paper. Rather, we’ve reached the point where Stein’s commentary has become detached from reality, so ridiculously fabricated, that it can no longer be read. Indeed, its become so absurd that not only have…Read More
No surprise here: Sales of HD DVD Players Plunge After Warner Move:
"One week after Warner Brothers Entertainment announced that it was abandoning its support for the next-generation HD DVD format in favor of the Blu-ray high-definition format, consumers abandoned HD DVD.
What was a 50-50 market split in 2007 for the high-definition players shifted sharply in Blu-ray’s favor in the new year. For the week that ended Jan. 12, Blu-ray hardware captured 90 percent of the market, according to data collected by the NPD Group, a market analysis firm."
Wired had the best take on the matter:
You’ve got to hand to Toshiba. Even now, when faced with overwhelming evidence that Sony’s Blu-ray has won the high def format war, the mortally wounded HD DVD backer just keeps on prolonging the inevitable.
So to the HD DVD camp I say this: You’ve put up a good fight, guys, but seriously, what are you going to, bleed on Blu-ray? Let’s move on with our lives.
Sales of HD DVD Players Plunge After Warner Move
ERIC A. TAUB
NYT, January 28, 2008
Hey HD DVD: It’s Not Just a Flesh Wound
Wired, January 28, 2008 | 4:22:25 PM
NPD Confirms Huge Blu-ray Share Jump http://hd.broadcastnewsroom.com/articles/viewarticle.jsp?id=291403