The Federal Reserve left the Fed funds rate steady, in line with expectations. However, it threw cold water on expectations for an early interest rate cut. Since the decision was in line with expectations, the gold and crypto markets did not react seriously. Fed Chairman Jerome Powell appeared in front of the cameras at a press conference after the interest rate decision.
Fedi kept the interest rate constant in line with expectations
cryptokoin.com As we reported, the Fed announced that it left the federal funds rate, which is the policy rate, unchanged in the range of 5.25%-5.5% after the January FOMC meeting. The Fed interest rate decision came in line with market expectations. Meanwhile, the Fed said in its policy statement that it does not think it would be appropriate to cut interest rates until there is greater confidence that inflation is sustainably moving toward 2%. Highlights from the Fed policy statement:
- Risks to achieving employment and inflation targets are moving towards a better balance.
- The economic outlook is uncertain. The Board remains very cautious about inflation risk.
- Latest data indicate that economic activity is expanding at a strong pace.
- Employment gains moderated. But it remains strong. Unemployment remains low. Inflation has decreased but remains high.
- Bond holding reductions will continue as previously announced.
- The policy decision was unanimous.
Here are the highlights from Fed Chairman Jerome Powell’s speech…
Jerome Powell, who appeared in front of the cameras after the Fed’s interest rate decision, started his statements. Here are the highlights from Powell’s speech:
- The economy has made good progress recently and inflation has decreased.
- The policy rate is in the restrictive zone.
- Activities in the housing sector decreased.
- The labor market remains tight.
Details coming…
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