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The Federal Open Market Committee (FOMC) left interest rates unchanged yesterday at the conclusion of its second of eight regular yearly meetings. The central bank’s key interest rate will stay between the target range of 4.25% to 4.5%.
In a statement following the meeting, the Committee reported:
- Economic activity has continued to expand at a solid pace.
- Labor market conditions remain solid. The unemployment rate has stabilized at a low level in recent months.
- Inflation, though, remains somewhat elevated.
Powell pointed to the new administration’s policy shifts in trade, immigration, fiscal, and regulatory areas, which have the potential to significantly impact the economy and monetary policy.
The Fed Chair said that “uncertainty around the changes” persists despite recent developments, requiring the FOMC to “separate the signal from the noise” as economic conditions evolve.
It’s not just the Fed that seeks a clearer economic picture. Powell added, “Surveys of households and businesses point to heightened uncertainty about the economic outlook.”
See more on interest rates from Chief Economist Michael Guckes in Leading Drivers of Future Construction Activity.
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