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Dates for:  2002   |  2001   |  2000   |  1999   |  1998   |  1997   |  1996   |  1995   |  1994   |  1993   |  1992   |  1991 2003 FOMC Meeting Directive Bias Vote Policy Change Fed Funds Target Change Primary Credit Discount Rate** Change 1/28 & 1/29 Maintain Symmetrical 12 to 0   1.25   2.25   3/18 Maintain Symmetrical 12 to 0   1.25   2.25   5/6 Maintain Economic weakness risk 12 to 0   1.25   2.25   6/24 & 6/25 Decrease slightly Deflation risk & economic weakness risk 11 to 1   1.00 -0.25 2.00 -0.25 8/12 Maintain Deflation risk 12 to 0   1.00   2.00   9/16 Maintain Deflation risk 12 to 0   1.00   2.00   10/28 Maintain Deflation risk 12 to 0   1.00   2.00   12/9 Maintain Symmetrical 12 to 0   1.00   2.00   ** On January 9, 2003, the Fed changed its operating procedures regarding discount window borrowing. Going forward, the primary credit discount rate will be 100 basis points higher than the federal funds rate target. Fed Reserve System   •   Federal Reserve Policy Actions   •   Key FOMC Dates for 2003

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