- Korea: Housing Price Index (Apr)
- US: Consumer Sentiment (Apr-final), GDP (Q1 Adv), ECI (Q1)
- Consumer Sentiment Detail (Apr-final)
- US: Selected NIPA Tables (Q1-Adv), Summary key Source Data (Q1)
- Canada: GDP by Industry (Feb), Industrial Product Prices (Mar)
- *Taiwan National House Price Indexes Rebased to 2016=100.*
- Euro area: HICP (Apr-Flash), ECB Survey of Professional Forecasters (Q2)
- Italy: CPI, HICP (Apr-Prelim)
- Brazil: Sao Paolo Capacity Utilization (Mar);Mexico: Debt (Mar);
- more updates...
Economy in Brief
U.S. Employment Cost Index Has Stronger Gain
Lifted by outsized rises in several industries, the employment cost index for civilian workers rose 0.8% (2.4% y/y) during Q1'17...
Chicago Purchasing Managers Index Strengthens
The Chicago Purchasing Managers Business Barometer Index for April increased to 58.3 from 57.7 in March...
EMU Money and Credit Perk Up
There is some noticeable acceleration in EMU money and credit growth...
Durable Goods Orders Improvement Moderates
New orders for durable goods rose 0.7% (4.5% y/y) during March...
U.S. Initial Claims for Unemployment Insurance Increase
Initial unemployment claims for unemployment insurance rose to 257,000 during the week ended April 22...
U.S. Pending Home Sales Ease
The National Association of Realtors (NAR) reported that pending home sales slipped 0.8% ((+0.8% y/y) during March...
by Tom Moeller June 15, 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.
Economic growth projections were revised downward, however, from those developed for the last meeting. The economy is expected to grow 2.0% annually through 2017, versus modest improvement to 2.2% this year then 2.1% in 2017 foreseen at the last meeting. The unemployment rate is projected to decline to 4.6% versus 4.7% expected earlier.
Core PCE inflation forecasts were little-changed at 1.7% for this year and 1.9% for next. That's versus 1.6% and 1.9% expected earlier, respectively.
This economic backdrop lowered the level of the Fed funds rate to 1.6% next year from 2.4% expected at the last meeting.
The press release for today's FOMC meeting can be found here.
The economic forecasts are set against the backdrop of recently steady 6.0% growth in M2.
Haver's SURVEYS database contains the economic projections from the Federal Reserve Board.
|Federal Funds Rate, % (Target)||0.25-0.50||0.00-0.25||0.13||0.09||0.11||0.14|