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June 30, 2004 at 08:00 PM
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The Federal Open Market Committee raised the federal funds target rate 25 basis points to 1.25% from 1%, a change analysts say will have good impact on the insurance industry.
The U.S. benchmark rate is the overnight rate charged to commercial banks and other depository institutions.
The FOMC, comprised of heads of the Federal Reserve system, said in a statement that “even after this action, the stance of monetary policy remains accommodative and, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity.”
