Today the Federal Reserve concluded its July FOMC meeting leaving only three remaining meetings this year. As expected, the Federal Reserve raised rates by ¼% taking its terminal benchmark rate to between 5 ¼% and 5 ½%, no surprise there. This took the fed funds rate to its highest level since 2001 or in 22 years.
Another predictable statement was that"The Fed would assess additional information on inflation, employment, and economic growth before determining its next step." As expected, he stressed that the Fed would remain vigilant and keep its options open. During an event in Dublin in 1860 the rope on which he was walking broke and two workers were killed although Blondin was not injured. The moral of the story was that trying to thread the needle to such a great degree has consequences. The analogy I see here is that although Powell’s statements have left him unscathed at some point, they could be extremely detrimental to others.
Considering that the economy in part has remained resilient and according to Powell we have for the most part alleviated real fears of a recession this year it shows that economic activity is expanding at a moderate pace which is a huge move from what they conveyed at the FOMC meeting in June.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »