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Fed provides no clue on interest rate hike

Wednesday, Jun 17 2015
As it was largely expected Fed left its interest rates unchanged at <0.25%. “Economic activity has been expanding moderately,” the Federal Open Market Committee said in a statement Wednesday in Washington. “The pace of job gains picked up,” it said, and “underutilization of labor resources diminished somewhat” since their last meeting in April. 
 
A rebound in job growth is giving Fed officials reason to look beyond a first-quarter economic slowdown as they consider when to tighten policy. At the same time, inflation remains below their target, and central bankers say the timing of a rate increase depends on how economic data unfold.
 
“The committee expects inflation to rise gradually toward 2 percent over the medium term as the labor market improves further and the transitory effects of earlier declines in energy and import prices dissipate,” according to the statement. The Fed repeated it will raise rates when it sees further labor-market improvement and is “reasonably confident” inflation will move back to its 2 percent goal over the medium term.
 
After the statement USD sharply fell against its major rivals. Euro is currently being traded slightly above 1.13 handle, Aussie is few points above 0.7710 area, while Sterling is around 1.5770 area.
More in this category: « Eurozone CPI up by 0.3% Aussie lower due to fall in iron ore prices »

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