Fed Is Still Patient

At the conclusion of its regular two-day meeting (January 27-28), the Federal Reserve again stated that it will be “patient”in deciding when to increase the federal funds rate from its current 0 to 1/4 percent target range. It has remained at the near zero level since late 2008. “The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators continuing to move toward levels the Committee judges consistent with its dual mandate,” the Fed policy makers noted in a post-meeting statement. They added that “In determining how long to maintain this target range, the Committee will assess progress–both realized and expected–toward its objectives of maximum employment and 2 percent inflation.”

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