1.1. The Federal Open Market Committee (FOMC) meets about every six weeks to assess the state of the econ- omy and to decide what actions the central bank should take. The minutes of this meeting are released three weeks after the meeting, however, a brief press release is made available immediately. Find the schedule of minutes and press releases at www.federalreserve.gov/lomc/

a. When was the last scheduled meeting of the FOMC? When is the next meeting?

b. Review the press release from the last meeting. What did the committee decide to do about short- term interest rates? Review the most recently published meeting min- utes. What areas of the economy seemed to be of most concern to the committee members?