Fomc news
You're looking for the latest news from the Federal Open Market Committee (FOMC), the monetary policy-making body of the Federal Reserve System in the United States. Here are some recent updates:
Latest FOMC Meeting Minutes:
- The FOMC met on March 15-16, 2023, and released the minutes from the meeting on April 5, 2023. The minutes highlighted the committee's decision to raise the federal funds target rate by 25 basis points to a range of 4.75% to 5.00%.
- The minutes also discussed the committee's assessment of the economy, noting that the labor market remains strong, but inflation remains above the committee's 2% target.
FOMC Decision:
- On March 15, 2023, the FOMC voted to raise the federal funds target rate by 25 basis points to a range of 4.75% to 5.00%. This was the 8th rate hike since March 2022.
- The committee also indicated that it expects to continue raising interest rates in the coming months to combat inflation.
FOMC Projections:
- The FOMC released its latest economic projections, known as the Summary of Economic Projections (SEP), on March 15, 2023. The projections show that the committee expects the federal funds target rate to reach a range of 5.25% to 5.50% by the end of 2023.
- The SEP also projects that the economy will grow at a pace of 1.8% in 2023, down from 2.3% in 2022.
FOMC Members' Views:
- FOMC members have been expressing differing views on the pace of interest rate hikes and the potential for a recession. Some members, such as Fed Chair Jerome Powell, have emphasized the need to continue raising interest rates to combat inflation, while others, such as Richmond Fed President Thomas Barkin, have suggested that the Fed may need to slow the pace of rate hikes to avoid a recession.
Market Reaction:
- The FOMC's decision to raise interest rates has had a significant impact on financial markets. The yield on the 10-year Treasury note has risen to around 3.5%, and the S&P 500 index has fallen by around 5% since the beginning of the year.
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