As expected, the U.S. central bank left interest rates unchanged within a range between 5.25% and 5.50%. Although the central bank remains focused on inflation, the committee appears to be laying some groundwork on a potential shift in its bias.
“In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals,” the committee said in its monetary policy statement.
The latest economic projections, also known as the "dot plot," indicates that the central bank continues to see the Fed Funds rate rising to 5.6% by the end of this year, unchanged from June’s estimate. This would signals one more rate hike on the horizon. The gold market is holding on to most of its earlier gains in initial reaction to the latest monetary policy statement and updated economic projections. December gold futures last traded at $1,963.50 an ounce, up 0.50% on the day.
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