Global| May 03 2017FOMC Delays Interest Rate Action
by:Tom Moeller
|in:Economy in Brief
Summary
At today's meeting of the Federal Open Market Committee, the targeted federal-funds rate was left unchanged in a range of 0.75% to 1.00%. The targeted range has been raised three times since the low of 0.12% in place from late-2008 [...]
At today's meeting of the Federal Open Market Committee, the targeted federal-funds rate was left unchanged in a range of 0.75% to 1.00%. The targeted range has been raised three times since the low of 0.12% in place from late-2008 until late-2015.
Further interest rate increases appear likely. The statement accompanying today's meeting indicated that "The Committee views the slowing in growth during the first quarter as likely to be transitory,"
An expectation of improvement in growth was indicated as "the fundamentals underpinning the continued growth of consumption remained solid. Business fixed investment firmed."
While price inflation was seen as running below the two percent objective, it was expected to stabilize around that level over the "medium term."
Risks to the outlook appeared roughly balanced.
The press release for today's FOMC meeting can be found here.
Haver's SURVEYS database contains the economic projections from the Federal Reserve Board.
| Current | Last | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|
| Federal Funds Rate Target | 0.75%-1.00% | 0.75%-1.00% | 0.40% | 0.13% | 0.09% | 0.11% |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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