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Economy in Brief

FOMC Leaves Rate Unchanged
by Tom Moeller  July 27, 2016

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
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