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Economy in Brief

FOMC Delays Interest Rate Action
by Tom Moeller  May 3, 2017

At today's meeting of the Federal Open Market Committee, the targeted federal-funds rate was left unchanged in a range of 0.75% to 1.00%. The targeted range has been raised three times since the low of 0.12% in place from late-2008 until late-2015.

Further interest rate increases appear likely. The statement accompanying today's meeting indicated that "The Committee views the slowing in growth during the first quarter as likely to be transitory,"

An expectation of improvement in growth was indicated as "the fundamentals underpinning the continued growth of consumption remained solid. Business fixed investment firmed."

While price inflation was seen as running below the two percent objective, it was expected to stabilize around that level over the "medium term."

Risks to the outlook appeared roughly balanced.

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.

Current Last 2016 2015 2014 2013
Federal Funds Rate Target 0.75%-1.00% 0.75%-1.00% 0.40% 0.13% 0.09% 0.11%
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