After ending the final monetary policy meeting this year, the Fed issued a statement saying that the US job market has improved significantly this year and there is reason to believe that inflation will move toward the medium-term target of 2%. Given the economic outlook and the need for existing policies to affect the future of the economy, the Fed decided to start raising interest rates now. After the rate hike, the Fed will continue to maintain a loose monetary policy to support further improvement in the job market and to allow inflation to move toward the target.
The statement said that since the October regular meeting, the US economy has expanded moderately, household consumption and corporate fixed investment have grown steadily, and the real estate market has further improved, but net exports have been weak. Since the beginning of this year, various indicators have shown a significant reduction in “idle†in the job market. Inflation is still below the Fed’s 2% medium-term target, which reflects the decline in import prices of energy products and non-energy products.
The Fed expects that the US economy will continue to expand moderately in the future and the job market will continue to improve. Considering the domestic and international factors affecting the US economy, the Fed believes that the risks faced by economic activities and the job market are roughly balanced. As the temporary factors that undermine inflation fade away, the job market continues to improve, the US inflation rate will rebound to the target of 2%, and the Fed will keep a close eye on changes in inflation.
Fed Chair Janet Yellen said at the press conference after the meeting that the Fed’s follow-up rate hike will depend on new economic data. The pace of monetary policy normalization will be cautious and gradual, but not necessarily mechanically and evenly. . The start of the rate hike reflects the Fed’s confidence in the current state of the US economy, but if the economic development is disappointing, the Fed will implement a more accommodative monetary policy.
She said that the Fed has done its best to fully communicate with the market to avoid the "overflow" effect of interest rate hikes and bring unexpected fluctuations to the market.
In response to the financial crisis, the Federal Reserve has maintained the federal funds rate at an ultra-low level close to zero since the end of 2008. Since last year, the Fed has postponed the rate hike several times.
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