Recent Updates
- China: GDP (Q1)
- Euro area: CSPP Holdings Detail (Q1)
- US: Consumer Sentiment (Apr-prelim), New Residential Constr (Mar)
- Hong Kong: Personal Bankruptcy Petitions, Clearing
- more updates...
Economy in Brief
U.S. Housing Affordability Fell Back in February, but Still in Recent Range
The NAR U.S. Fixed Rate Mortgage Housing Affordability Index decreased 7.6% (-1.4% y/y) in February to 173.1...
European New Car Registrations Remarkably Strong Yet Forgettable
Car registrations are not going to be the only statistic that bears these dual and seemingly dueling characteristics...
U.S. Retail Sales Soar in March
Total retail sales including food service and drinking establishments increased 9.8% (27.7% y/y) during March...
U.S. Industrial Production Rebounded in March
Industrial production rebounded in March, rising 1.4% m/m (+1.0% y/y)...
U.S. Home Builder Index Edges Higher in April
The NAHB-Wells Fargo Composite Housing Market Index rose 1.2% to 83 during April...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller April 29, 2015
At today's meeting of the Federal Open Market Committee, the Fed indicated that the recent slowdown in economic growth was related to "transitory" factors. Also noted was that labor markets remained "underutilized." It continued to suggest that "with appropriate policy accommodation, economic activity will expand at a moderate pace."
The Fed continued to indicate that inflation was running below its long-run objective, due to lower energy prices and falling non-energy import prices. It noted that "longer term inflation expectations have remained stable."
As a result of these views, the Fed elected to leave its target for the federal funds rate at 0 to 1/4 percent.
The press release for today's FOMC meeting can be found here.
The backdrop to today's meeting was a recent pickup in M2 growth to 6.1% y/y from its October low of 5.1%, and a recovery in monetary base growth to 3.9% y/y after having been negative in February. In addition, the foreign exchange value of the U.S. dollar has risen roughly 20% during the past year.
Haver's SURVEYS database contains the economic projections from the Federal Reserve Board.
Current | Last | 2013 | 2012 | 2011 | 2010 | |
---|---|---|---|---|---|---|
Federal Funds Rate, % (Target) | 0.00-0.25 | 0.00-0.25 | 0.11 | 0.14 | 0.10 | 0.17 |
Discount Rate, % | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.72 |