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Feds Report Economic Activity Expanding at Solid Pace
Thursday, January 29, 2015 6:30 AM

In a report released yesterday, the Federal Open Market Committee (FOMC) suggests economic activity has been expanding at a solid pace.

The report says that labor market conditions have improved, with strong job gains and a lower unemployment rate; labor market indicators suggest that underutilization of labor resources continues to diminish; household spending is rising moderately; and recent declines in energy prices have boosted household purchasing power.

Also in the report: declining inflation largely reflects declines in energy prices. Market-based measures of inflation compensation have declined substantially in recent months, and survey-based measures of longer-term inflation expectations have remained stable.

The statement also said that inflation is anticipated to decline further in the near term, but should rise gradually toward 2 percent over the medium term as the labor market improves further and the transitory effects of lower energy prices and other factors dissipate.

To support continued progress toward maximum employment and price stability, the FOMC reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate. In determining how long to maintain this target range, the FOMC will assess progress toward its objectives of maximum employment and 2 percent inflation.

To review the full report, click here.

Other 2015 Monetary Policy Releases