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Treasuries Drop on Fed Action

The Federal Open Market Committee decided today to keep its target for the federal funds rate at the 45-year low of 1%, but Fed members acknowledged that the economy is growing and the threat of inflation and deflation are now on equal footing. The adjustment in the disinflation bias, rather than in the policy, was the surprise in the story today.

While the Fed said its policy accommodation can be maintained for a "considerable period," much of the debate on the trading floor today is whether this means the Fed will raise rates in 2004, and if so, when? The next policy meeting is scheduled for Jan. 27 and Jan. 28.

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