Global| Jul 27 2016FOMC Leaves Rate Unchanged
by:Tom Moeller
|in:Economy in Brief
Summary
At today's meeting of the Federal Open Market Committee, the fed funds rate was left unchanged in the range of 0.25%-0.50%, as expected. Policy was viewed as "accommodative" in the report. The commentary in today's release was much [...]
At today's meeting of the Federal Open Market Committee, the fed funds rate was left unchanged in the range of 0.25%-0.50%, as expected. Policy was viewed as "accommodative" in the report.
The commentary in today's release was much the same as after the last meeting. Improvement in the labor market was highlighted early, indicating "some increase in labor market utilization in recent months."
Consumer spending was viewed as strong but business investment was soft. Price inflation was seen as running below the longer-term 2 percent objective, due to lower energy prices and lower prices for non-energy imports.
Looking ahead, moderate economic growth was expected to continue, but inflation should rise to 2 percent.
The press release for today's FOMC meeting can be found here.
Over the last year, growth in M2, a proxy for economic liquidity, has increased to 6.9% from 5.4%.
Haver's SURVEYS database contains the economic projections from the Federal Reserve Board.
| Current | Last | 2015 | 2014 | 2013 | 2012 | |
|---|---|---|---|---|---|---|
| Federal Funds Rate, % (Target) | 0.25-0.50 | 0.25-0.50 | 0.13 | 0.09 | 0.11 | 0.14 |
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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