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“Steady on Interest Rates” Says Federal Reserve
The Federal Reserve’s Federal Open Market Committee unanimously voted to leave the key U.S. interest rate alone Wednesday. The money policy group will maintain the target range for the federal funds rate at 2.25% to 2.50%.
Fed leaders were more upbeat about the economy too, despite its slow start earlier this year.
Federal Reserve Chairman Jerome Powell said after the two-day meeting, “I see us on a good path,” when evaluating the health of the economy.
Part of the reason cited for not changing the rate was the recent decline in inflation, even though the economy continues to grow “at a solid rate” and the “labor market remains strong.” The Fed acknowledged household spending and business fixed investment slowed in Q1.
A statement issued by the Fed noted, “The Committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2% objective as the most likely outcomes.” That said, the group promises to “be patient” regarding future adjustments to the target range to keep the economy humming along.
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