Federal Reserve Board Press Release

PRESS RELEASE - The Federal Open Market Committee decided today to keep its target for the federal funds rate unchanged at 1 3/4 percent, 13 August.

The softening in the growth of aggregate demand that emerged this spring has been prolonged in large measure by weakness in financial markets and heightened uncertainty related to problems in corporate reporting and governance.

The current accommodative stance of monetary policy, coupled with still-robust underlying growth in productivity, should b