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 Deflation: What Happens When Prices Fall
MAY 6, 2003, WAS AN EXTRAORDINARY DAY IN
Washington, D.C. The Federal Reserve held its
Federal Open Market Committee (FOMC)
meeting in its two-storied chandeliered boardroom
at the central bank's white marble temple on
Constitution Avenue. Now, there was nothing
unusual about the FOMC gathering. The committee meets... |  |  |  |  |
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