November 10, 2004
The U.S. Federal Reserve raised interest rates November 10 by a quarter percentage point for the fourth time this year, moving the rate to 2 percent from 1.75 percent.
The Fed began lifting rates in June from 1 percent. In a post meeting statement citing strengthening job markets, the Fed indicated that it expects to be able to keep on a measured course of rate increases.
"Output appears to be growing at a moderate pace despite the rise in energy prices, and labor market conditions have improved," the Fed said. "The committee believes 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."