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US Fed 'patient' on further rate hike: FOMC minutes

IANS  |  Washington 

The latest minutes of the US (Fed) meeting showed that the was still "patient" on further rate hikes.

In light of global economic and financial developments and muted inflation pressures, members concurred that the central bank's (FOMC) could be patient as it determined what future adjustments to the target range for the federal funds rate may be appropriate to support those outcomes, according to the minutes of the Fed's March 19-20 meeting, reported on Wednesday.

After concluding a two-day policy meeting on March 20, the Fed decided to maintain the target range for the federal funds rate at 2.25 percent to 2.5 percent.

Meanwhile, the majority of policy makers so far see no rate hikes for the year of 2019.

"With regard to the outlook for beyond this meeting, a majority of participants expected that the evolution of the economic outlook and risks to the outlook would likely warrant leaving the target range unchanged for the remainder of the year," said the minutes.

However, some of the policy makers remained open to changing their attitude if situation develops, seeing more rate hikes "appropriate" if runs at higher than normal growth rate.

"Several participants noted that their views of the appropriate target range for the federal funds rate could shift in either direction based on incoming data and other developments," said the minutes.

"Some participants indicated that if the evolved as they currently expected, with economic growth above its longer-run trend rate, they would likely judge it appropriate to raise the target range for the federal funds rate modestly later this year," said the minutes.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 11 2019. 04:52 IST
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