Our Chairman, Alan Greenspan, has two designations: The President has appointed him both as a Board member and as Chairman. A Board member's term is fourteen years, and the Chairman has a term of four years. Though Alan Greenspan's chairmanship expires this June, his term as a Board member extends through January 2006.
In the face of inflation that continues to be much too high and in light of the recent high readings, the FOMC raised the federal funds rate by 75 basis points at our most recent meeting last week.