In the 24 months from June 2004, the FOMC raised the federal funds rate from 1% to 5.25% in 17 increments of 25 basis points each. Meanwhile, housing and credit bubbles were rapidly expanding, fueling excessive household consumption, a sharp drop in personal savings, and a record current-account deficit – imbalances that set the stage for the meltdown that was soon to follow.
2004年后的24个月里，FOMC以每次25个基点的节奏通过17次操作将联邦基金利率从1%提高到5.25%。与此同时，房地产和信用泡沫出现了快速扩大，助长了家庭过度消费、个人储蓄急剧减少和创纪录的经常项目赤字——这些失衡为随后到来的崩溃埋下了伏笔。