Federal Reserve officials left their main interest rate unchanged and continued to pledge patience as they grappled with conflicting currents in the U.S. economy.
Policy makers gave no clear signal that their next move would be a hike or a cut, or that any adjustment should be expected at their next meeting in June. The unanimous 10-0 decision left the target range for the benchmark federal funds rate at 2.25 per cent to 2.5 per cent. As with recent economic data, the Federal Open Market Committee’s assessment of conditions had something for both hawks and doves.
The economy expanded at a 3.2 per cent annualized pace from January to March, boosted by exports and inventories growth. The labour market remains robust, with unemployment at around a half- century low and wage gains near the best pace of this expansion. Inflation FearsThe Fed’s fears over low inflation have been mounting, with Powell recently calling it “one of the major challenges of our time.” That’s spurred some speculation that a further slowing in core price gains could prompt officials to cut rates even during a healthy expansion.
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