Circular
Target for Federal Funds Rate Raised by 25 Basis Points; Discount Rate Increased
March 22, 2005
Circular No. 11691

To All Depository Institutions and Others  
    Concerned in the Second Federal Reserve District:

The Federal Open Market Committee (FOMC) today raised its target for the federal funds rate by 25 basis points, to 2.75 percent. In addition, the Board of Governors of the Federal Reserve System approved a 25 basis point increase in the discount rate, to 3.75 percent.

The FOMC’s statement is available on the Federal Reserve Board’s website.

The Board's discount rate action was taken at the requests of the boards of directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, and San Francisco.

Press release (FOMC statement) OFFSITE


Timothy F. Geithner
President