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January 30, 2019US MONETARY POLICY Today, January 30th, 2019, the Federal Open Market Committee (FOMC) voted to maintain the target range for the federal funds rate of 2.25 to 2.50 per cent. The Committee noted that they expect the economic expansion to be sustained with a strong labour market and inflation near the 2 per cent objective. However, in light of global economic and financial developments and muted inflation pressures, the committee "will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes".
The Committee noted the labour market has continued to strengthen and economic activity has been rising at a solid rate. Job gains have been on average strong 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 continued to be strong. Inflation and inflation excluding food and energy both remain around 2 per cent, but market-based measures of inflation compensation have recently moved lower.
US Federal Reserve
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