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March 15, 2017US MONETARY POLICY Today, March 15, 2017, the Federal Open Market Committee (FOMC) decided to increase the target range for the federal funds rate by 0.25 percentage points to 0.75 to 1 per cent. The Committee is continuing with its existing policy of reinvesting principal payments from agency debt and mortgage-backed securities and anticipates doing so until the federal fund rate normalization is well underway. It was also noted that economic conditions are expected to evolve in a manner to only warrant gradual increases in the federal fund rate.
Since February, the US labour market has continued to strengthen with jobs gains remaining solid and the unemployment rate little changed. Household spending continues to rise and business fixed investment has firmed. Inflation has increased in recent quarters moving closer to the 2 percent longer-run objective. Market-based measures of inflation compensation remain low.
US Federal Reserve
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