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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

December 19, 2018

Today, December 19th 2018, the Federal Open Market Committee (FOMC) voted to increase the target range for the federal funds rate to 2.25 to 2.50 per cent.  The Committee judges that some further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labour market conditions and inflation near the symmetric 2 per cent objective.

The Committee noted the labour market has continued to strengthen and economic activity has been rising at a strong rate. Job gains have been strong, on average, and the unemployment rate has remained low.  Business fixed investment has moderated from its strong pace earlier this year, while growth in household spending has remained strong.  Overall inflation and inflation excluding food and energy both remain around 2 per cent, with long-term inflation expectations little changed.  The median projection from the Federal Reserve for US GDP growth is 3.0 per cent in 2018, 2.3 per cent in 2019, 2.0 per cent in 2020, and 1.8 per cent in 2021.

US Federal Reserve

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