Fed keeps rates unchanged at 3.75%.
The full statement from the Federal Reserve:
The Federal Open Market Committee approved the following statement for release by a 9 – 3 vote:
The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate. The Committee is continuing its policy of maintaining ample reserves in the banking system.
Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little.
Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability.
Voting against the monetary policy action were Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.
Below is the statement from the June Meeting:
The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote:
The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate. The Committee reaffirmed its policy of maintaining ample reserves in the banking system.
Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little.
Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability.
Before the decision:
- S&P -0.62%, Nasdaq -0..55%.
- 2 year 4.315%, 10 year yield 4.635%
- EURUSD 1.1396, USDJPY 163.77
What has happened since the decision:
- The September Fed funds contract is at 77% and for December a 50% for another hike.
- The USD moved lower in the shorter end with the 2 year falling to 4.270% from 4.315%. The 10 year is now at 4.640% - little changed.
- The S&P is now down -0.34% and the Nasdaq is now down -0.11%.
- EURUSD is trading higher at 1.1425 (lower USD). The USDJPY is at 163.51 (lower USD).
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