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Economy in Brief
U.S. New Home Sales Decline While Prices Rise
New home sales declined 6.9% (+7.0% y/y) during April to 673,000 (SAAR)...
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The Kansas City Fed indicated that its index of regional manufacturing sector business activity eased to 4 in May from 5 in April...
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The labor market remains on a firm footing...
EMU PMI Ticks Higher As Manufacturing Continues to Contract
The EMU PMI remains weak in May at 51.6...
U.S. Mortgage Loan Refinancings Surge as Rates Steady
The MBA total Mortgage Applications Index gained 2.4% (15.4% y/y) during the week ending May 17...
by Tom Moeller May 1, 2019
The Federal Open Market Committee voted unanimously at today's meeting to leave the federal funds rate target in a range between 2.25% and 2.50%. The decision was expected in the Action Economics Forecast Survey.
The Fed stated that the labor market was "strong" and that the economy was growing at a "solid" rate. Growth in consumer demand and business investment were observed to have slowed.
On the pricing front, the Fed noted that total inflation and price gains, excluding food & energy, were running below the Fed's 2.0% target. Survey-based measures of long-term inflation expectations were little changed.
The press release for today's FOMC meeting can be found here.
| Current | Last | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|
| Federal Funds Rate Target | 2.25% - 2.50% | 2.25% - 2.50% | 1.82% | 1.00% | 0.40% | 0.13 |
