“Over the course of the past year, our views about the path of interest rates that would best achieve our employment and inflation objectives changed significantly,” Fed Chair Powell says about the Fed's previous rate cuts.
WASHINGTON — The Federal Reserve held interest rates steady following its two-day meeting this week and indicated that no action is likely next year amid persistently low inflation.
"The Committee judges that the current stance of monetary policy is appropriate to support sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective," the statement said. At the committee's September meeting, individual members were split on what could happen next year, with eight members seeing no change and nine indicating the likelihood of one or more increases. One member even foresaw three hikes. On balance, the estimate then was for at least one hike in 2020.
The committee releases its economic estimates quarterly. While only 10 members vote on rate policy, all 17 FOMC officials have input on the economic and rate projections.
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