1. Go to the FOMC page of the Federal Reserve Board’s website

(http://www.federalreserve.gov/FOMC/) to find the statement issued after the most recent FOMC meeting. (Click on

“Meeting calendars, statements, and minutes” and then click on the most recent statement listed in the calendar.)

a. What is the target federal funds rate?

b. Is the target federal funds rate different from the target federal funds rate in the previous FOMC statement? If yes, by how much does it differ?

c. Does the statement comment on current macroeconomic conditions in the United States? How does it describe the U.S. economy?