Federal Reserve Holds Rates Near Zero


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Federal Reserve Holds Rates Near Zero

The chair, Jerome H. Powell, said the Fed was keeping interest rates unchanged and would continue to buy large amounts of government debt, but suggested that these purchases could taper off as recovery continued.

Today, the Federal Open Market Committee kept interest rates near zero, and maintained our asset purchases. These measures, along with our strong guidance on interest rates and on our balance sheet, will ensure that monetary policy will continue to support the economy until the recovery is complete. It’s not timely for us to be thinking about raising interest rates right now. What we’re doing is we’re looking at our asset purchases and judging what is right for the economy and judging how close we are to substantial further progress. And then, and then tapering after that. We feel like we’re going to be making good progress over the next — in the course of the next year, couple of years, really toward maximum employment. This is a very strong labor market. If you look at the number of job openings compared to the number of unemployed, it’s — we’re clearly on a path to a very strong labor market with high participation, low unemployment, high employment, wages moving up across the spectrum. That’s the path that we’re on. And it shouldn’t take that long in macroeconomic time to get there.

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