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Fed ready for a December rate hike

Wednesday, Nov 02 2016
Fed ready for a December rate hike

Federal Reserve policy makers left interest rates unchanged while saying the argument for higher borrowing costs strengthened further amid accelerating inflation, reinforcing expectations for a hike next month.“The committee judges that the case for an increase in the federal funds rate has continued to strengthen but decided, for the time being, to wait for some further evidence of continued progress toward its objectives,” the Federal Open Market Committee said in a statement Wednesday following a two-day meeting in Washington. The decision was 8-2.

Fed officials revealed growing confidence that inflation is on track to reach their 2 percent target. The central bank said Wednesday that the pace of price gains “has increased somewhat since earlier this year” and that market-based measures of inflation compensation “have moved up.” The committee also omitted previous language saying inflation would probably “remain low in the near term.”

 

Euro is curently being traded around 1.11 handle, Sterling is at 1.23 area, while Aussie is above 0.7650 level.

More in this category: « ADP employment increased by 147,000 jobs Australian Trade Balance deficit narrowed to $1.23 billion »

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