First, though, I would like to share a few thoughts on the U.S. economy and the considerations that we at the Federal Reserve will be weighing as we prepare for our policy meeting on December 11, less than two weeks from now. The Federal Open Market Committee (FOMC), the monetary policy making arm of the Federal Reserve System, last met on October 30-31.
The international financial community is pleased that we have undertaken within a short span of time all those tough measures which were committed by the previous governments but were never implemented. Thus our credibility in their eyes has been restored.