Hurry up and wait on rates
Reuters
2014-09-17
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Rate hikes will likely be at a quicker pace but still won't start until 2015:
After meeting for two days, the Federal Reserve indicated the first increase from near-zero rates will not come until sometime next year- keeping the key phrase "considerable time" in their statement.
Fed Chair Janet Yellen was asked for clarification during the press conference that followed.
SOUNDBITE: JANET YELLEN, CHAIR, FEDERAL RESERVE (ENGLISH) SAYING:
"I want to emphasize that there is no mechanical interpretation of what the term considerable time means. And as I have said repeatedly, the decisions that the committee makes about what is the appropriate time to begin to raise its target for the Federal Funds rate will be data dependent."
The Fed lowered their economic growth forecast, saying a significant amount of slack remains in the U.S. labor market, even though it also said on balance, labor market conditions improved.
As expected it reduced its bond buying by a
After meeting for two days, the Federal Reserve indicated the first increase from near-zero rates will not come until sometime next year- keeping the key phrase "considerable time" in their statement.
Fed Chair Janet Yellen was asked for clarification during the press conference that followed.
SOUNDBITE: JANET YELLEN, CHAIR, FEDERAL RESERVE (ENGLISH) SAYING:
"I want to emphasize that there is no mechanical interpretation of what the term considerable time means. And as I have said repeatedly, the decisions that the committee makes about what is the appropriate time to begin to raise its target for the Federal Funds rate will be data dependent."
The Fed lowered their economic growth forecast, saying a significant amount of slack remains in the U.S. labor market, even though it also said on balance, labor market conditions improved.
As expected it reduced its bond buying by a
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