- Retail Trade, Household Consumption (Feb), Population (Feb)
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- Japan: First Ten Days Trade (Mar), International Trade, Real Trade Indexes (Feb)
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Economy in Brief
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
by Tom Moeller September 21, 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.
The commentary in today's release was much the same as after the last meeting. Improvement in the labor market was highlighted, and although the unemployment remained steady, "job gains have been solid."
Consumer spending was viewed as strong, but business investment was soft. Price inflation was seen as running below the longer-term 2% objective, due to lower energy prices and lower prices for non-energy imports.
Updated projections for economic activity were released. This year's GDP growth forecast was reduced to 1.8% from 2.0% expected at the last meeting. Expected growth next year and in 2018 was left at 2.0%. Over the long term, 1.8% growth was expected rather than 2.0% projected in June. PCE price inflation was expected to be 1.3% this year versus 1.4% expected earlier. Projections for 2017 and for 2018 were unchanged at 1.9% and 2.0%, respectively. Core PCE price inflation forecasts were unchanged at 1.7% in 2016, 1.8% in 2017 and 2.0% in 2018. The unemployment rate was projected to decline to 4.5% by 2018, revised from 4.6%.
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.
|Federal Funds Rate, % (Target)||0.25-0.50||0.25-0.50||0.13||0.09||0.11||0.14|