Fed Maintains Benchmark Rate

At the conclusion of their October 27-28 meeting, Federal Reserve policymakers once again announced that there would be no increase in the benchmark interest rate. It will remain at the target rate of 0.0-0.25 percent, where it’s been since December 2008. However, the Fed indicated it would definitely be ready to raise the federal funds rate in December, as long as the economy is strong enough. A post meeting statement explained that “To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate. In determining whether it will be appropriate to raise the target range at its next meeting, the Committee will assess progress—both realized and expected—toward its objectives of maximum employment and 2 percent inflation.” The Fed’s final meeting of the year is December 15-16.

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