"The Committee is strongly committed to returning inflation to its 2 percent objective. "In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgagebacked securities, as described in its previously announced plans." "In determining the extent of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments." "The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time." In support of these goals, the Committee decided to raise the target range for the federal funds rate to 4-1/2 to 4-3/4 percent." The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee is highly attentive to inflation risks. Russia’s war against Ukraine is causing tremendous human and economic hardship and is contributing to elevated global uncertainty. Inflation has eased somewhat but remains elevated. Job gains have been robust in recent months, and the unemployment rate has remained low. "Recent indicators point to modest growth in spending and production. For all other news related to stock markets, business, economy, India Budget 2023, sports, tech and much more, visit. ET: Chair Powell hosts live #FOMC press conference: /99opJIslvVĬatch all the updates and developments leading to the big event, here. Powell had then indicated that the Fed could consider raising interest rates by 75bps through 2023. The 12-member committee toned down pace of interest rate hike, a glimpse of which was seen in the December Monetary Policy where the US Central Bank had raised rates by 50bps to bring the range at 4.25-4.50 per cent, in line with the street's expectations. Nasdaq Composite was up 1.50 per cent while S&P 500 was higher by 0.77 per cent, Dow 30 recovered from early losses and was trading flat at 34,081.20. US markets were trading mix, albeit with relative stability around this time. The meeting concluded on 1 February and was followed by a press conference by Fed Chair Jerome Powell. The decision was taken during the Federal Open Market Committee (FOMC) meeting which began on Tuesday, 31 January 2023. FOMC Meeting 2023: US Federal Reserve on Wednesday raised interest rates by 25bps taking the range to 4.50-4.75 per cent.
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