The Fed voted to leave interest rates unchanged earlier today. Here's what else you need to know about the most recent decision.
"On a 12-month basis, overall inflation and inflation for items other than food and energy have declined and are running below 2 percent," the Fed says.
The central bank held its benchmark rate in a target between 2.25% and 2.5%, meeting market expectations though perhaps disappointing President Donald Trump, who earlier this week urged the Fed to cut the rate by 1 percentage point. However, the funds rate had been drifting to the top of its range, most recently trading at 2.45%. Banks currently are holding $1.56 trillion at the Fed, with all but $1.41 trillion considered excess.
On the critical inflation question, the statement said "market-based measures of inflation compensation have remained low in recent months."The committee did offer another language tweak reflecting the lackluster inflation picture. Other than a weak February, the jobs market also has been strong. Economists project nonfarm payrolls in April grew by about 180,000; the report will be released Friday.Financial markets also have been performing well, with the Dow Jones Industrial Average now up about 14% for 2019 after a disastrous close to 2018, brought on from market fears that the Fed would stay on a tightening path.
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