FOMC Holds Rates Steady, Sees Inflation Near Target
FOMC Holds Rates Steady, Sees Inflation Near Target
All eyes will turn to the Eccles Building on Wednesday afternoon
04 May, 2018, 14:20
Singapore is not seen as being as sensitive to higher United States interest rates in comparison to its regional peers, which does provide some light behind why the Singapore Dollar is trading somewhat higher against the USD after the FOMCstatement. "The market is still a bit too long euros and remains vulnerable", she said. They referred to the labour market as still strong, brushing off the weakness and concerns related to last month's labour report.
Fed officials find themselves at a potential turning point this year.
In late March, the Fed raised interest rates by a quarter percent for the first time this year during Jerome Powell's first meeting as Chairman.
The central bank also signalled that the gradual path of rate hikes will stay.
Combined with USA economic growth and low unemployment, stronger inflation will likely encourage the Fed to maintain its pace of gradual rate increases this year. One exception is Goodfriend, who has favored changes pushed by conservatives to limit the Fed's flexibility in rate decisions.
The Fed expressed confidence that a recent rise in inflation to near the USA central bank's target would be sustained, leaving it on track to raise borrowing costs in June. U.S. growth remains robust, but the euro area economy recorded its slowest expansion in 18 months during the first quarter. The vote was unanimous.
Many on Wall Street think the economy is accelerating so quickly that the Fed will have to hike rates three more times in 2018 to keep the economy from overheating. Most officials expected three increases next year. Back in the US, the Federal Reserve now forecasts two more rate hikes this year, while an increasing number of policymakers see three as possible. That was down from 2.9 percent in the fourth quarter even though the tax cuts kicked in on January 1. Congress and the White House also agreed to increase federal spending over the next two years. The critics charged that those policies would eventually produce destructive bubbles in the prices of stocks and other assets and, eventually, undesirably high inflation.
Fed watchers had expected the Fed to acknowledge that inflation is moving higher, after lagging.
Labor markets remain tight. That is even while there is strong growth in hiring and in investment. This bullish outlook is being driven in part by America's robust labour market, where joblessness is seen falling as low as 3.6 per cent in the coming years from its current 4.1 per cent rate.
And Fed participants have discussed tolerance for an overshoot on inflation, not that numbers are near its 2% target.
Gold rose, then fell into the red in after hours trading and oil edged higher and the Aussie dollar traded at just over 75 USA cents. It omitted earlier language that the economy has strengthened in recent months. The jobless rate held steady at 8.5% in March, the lowest since December 2008. The firming in inflation numbers could make it harder to maintain that position.
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