Fed releases minutes from March meeting
Federal Reserve officials at their most recent meeting left room for the possibility of interest rate increases before the end of the year, should economic conditions improve, according to minutes from the session released Wednesday.
"Several participants noted that their views of the appropriate range for the federal funds rate could shift in either direction based on incoming data and other developments," the meeting summary stated."Some participants indicated that if the economy evolved as they currently expected, with economic growth above its longer-run trend rate, they would likely judge it appropriate to raise the target range for the federal funds rate modestly later this year.
And these minutes noted that most members believe it will be appropriate to keep interest rates the same for 2019. At the March meeting, members noted the weak beginning to 2019, specifically citing household spending and business investment as metrics holding back broader economic growth. However, since that meeting, expectations for the first quarter have gotten more optimistic, with the Atlanta Fed's GDP tracker going from 0.2 percent in the early part of March to around 2.1 percent now.
In addition to dealing with the evolving economy, the Fed has been under intense political pressure. President Donald Trump has continued his attacks on the central bank, going so far last Friday to suggest that not only should the bank be cutting rates but that it also ought to consider restarting the bond purchase program known as quantitative easing.
Downside risks include some weakening data that"could be the harbinger of a substantial deterioration in economic activity. Moreover, trade policies and foreign economic developments could move in directions that have significant negative effects on U.S. economic growth."
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