The Federal Reserve left the federal funds rate unchanged at its July meeting, keeping the target range of 5.25% to 5.5%. In its statement, the committee...
The Federal Reserve left the federal funds rate unchanged at its July meeting, keeping the target range of 5.25% to 5.5%. In its statement, the committee says"risks to achieving its employment and inflation goals continue to move into better balance" and"there has been some further progress toward the Committee's 2 percent inflation objective."
Whereas before they saw more risk to the inflation side, they say quote, the outlook is uncertain and the committee is attentive to the risks to both sides of its dual mandate. However often rules from the Chicago fed filled in for Loretta Mester from the Cleveland Vets since she retired in June.But also it did seem like there was a little bit of inching towards that loosening of language that might indicate a little bit more decisiveness for September.It's nice that we get the press conference.
So they kept the language around needing greater confidence on inflation readings to adjust their policy stance. But taking away that idea of inflation being elevated and calling it somewhat elevated is really, you know, to my quick reading here on the desk, the most important change within that statement that again is opening that door that I think the Fed wants to walk itself through in six weeks.And we want to go back to Jennifer Shaon Burger now to see what else you want to flag from the statement or the interpretation of it.
The central bank's Federal Open Market Committee ended a two-day policy meeting by keeping its benchmark overnight interest rate in the 5.25%-5.50% range. Inflation, according to the Fed's statement, was now just "somewhat elevated," a key downgrade from the assessment that it has used throughout much of its battle against rising prices that inflation was "elevated.
Austan Goolsbee Federal Funds Rate Loretta Mester Chicago Fed
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