Fed Board minutes to February and March meetings
Fed Board minutes to February and March meetings showed all 12 District Bank voted to leave the primary credit rate unchanged at the existing 3.0%. No sentiment was expressed by at either the February 25 or the March 11 meetings for changing the primary credit rate at this time, and the Board approved the establishment of the primary credit rate at the existing level of 3 percent. In March, the directors saw "mixed reports on economic conditions across sectors and Districts. Labor markets remained tight, and some directorsreported corresponding wage pressures and continued difficulty finding workers of allskill levels. Some directors observed a slowdown in consumer spending, but otherssaid that retail sales in their Districts had remained strong. While concerns about tradepolicy had abated somewhat, many directors noted continued uncertainties about theglobal economy as a factor posing risks to the U.S. economic outlook."