(Reuters) - The board approved their requests to keep the discount rate steady at 6.25 percent on April 23 and on May 7. The Fed's policy-setting Federal Open Market Committee maintained the federal funds rate on May 9 at 5.25 percent.
"Although directors noted rather weak GDP growth in the first quarter, most expected the overall economy to resume moderate expansion over the balance of the year as the contraction of the housing activity abated," minutes of the May 7 meeting said.
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"Although directors noted rather weak GDP growth in the first quarter, most expected the overall economy to resume moderate expansion over the balance of the year as the contraction of the housing activity abated," minutes of the May 7 meeting said.
Read more at Reuters.com Bonds News
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