Fed Stands Pat Again; FOMC Statement Supports our Interest-Rate Thesis
The Federal Reserve chose to maintain the target federal-funds rate at 0.25% to 0.50% for the time being, as inflation expectations remain below the central bank’s 2% target and the unemployment rate remained stable. Eight members of the Federal Open Market Committee were in favor of maintaining the status quo, while two indicated a preference for a 0.25% increase.The committee’s stance supported our thesis on the path of interest-rate movements over the next several years in several ways. On t...
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