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Fed Leaves Interest Rates Unchanged
Today the Federal Reserve opted to leave overnight lending rates in the U.S. unchanged at 1%-1.25% but hinted it might raise them before year-end.
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Today the Federal Reserve opted to leave overnight lending rates in the U.S. unchanged at 1%-1.25%. But the central bank indicated it might raise them before year-end pending evidence of further momentum in economic growth.
The Fed describes the U.S. economy as “rising at a solid rate” and says ongoing strength of the economy “will warrant gradual increases.” The bank has raised interest rates in quarter-point steps four times since late 2015.
An increase in December is widely expected among investors and traders, The Wall Street Journal says. The Fed predicts no lasting economic impact of hurricanes that damaged the Gulf Coast area. And the gross domestic product expanded by a relatively healthy 3% in the third quarter, according to a first-round estimate by the Dept. of Commerce.
Another indicator of impending rate hikes is the unemployment rate. In September it dropped to 4.2%, the lowest level since 2001.
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