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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

July 31, 2019
US MONETARY POLICY

Today, July 31st, 2019, the Federal Open Market Committee (FOMC) voted to lower the target range for the federal funds rate by 0.25 percentage points to the range of 2.00 to 2.25 per cent. The committee noted that today's action supports the view that the sustained expansion of economic activity, strong labor market conditions, and inflation near 2 per cent objective are the most likely outcomes, but uncertainties about the outlook remain. In light of global developments, trade uncertainty and muted inflation pressure, the FOMC cut interest rates and will monitor implication of incoming economic information and will act to sustain economic expansion, a strong labour market and inflation near the symmetric 2 per cent objective.The Committee will conclude the reduction of its aggregate securities holdings in the System Open Market Account in August, two months earlier than previously indicated.

Recent information has FOMC noting that the labour market remains strong and economic activity has been rising at moderate rate. On average job gains have been solid and the unemployment rate remains low. Household spending has picked up, but business fixed investment has been soft. Overall inflation and inflation for items other than food and energy are running below 2 per cent. Market-based measures of inflation compensation remain low and longer-term expectations are little changed.

 

 

US Federal Reserve



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