Federal Reserve's Monetary Policy Report, Jul 2005

The Federal Reserve published its July 2005 Monetary Policy Report to the Congress on Wednesday 20 July. The U.S. economy continued to expand at a solid pace over the first half of 2005 despite the restraint imposed on aggregate demand by a further rise in crude oil prices, the report said.

"Household spending trended up, propelled by rising wealth and income and by low interest rates, and business outlays received ongoing support from favorable financial conditions, rising sales, and increased

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