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The Fed offered additional insights into its decision to make no changes to rates.

WASHINGTON–The Fed has released minutes from its March meeting, offering additional insights into its decision to make no changes to rates.

As CUToday.info reported earlier, the Fed opted not to change rates at its March meeting and is now indicating it’s unlikely to change rates at all during 2019 and perhaps won’t move again until 2021. President Trump has been pushing the Fed to lower rates to encourage greater growth.
Minutes released by the Federal Open Market Committee (FOMC) show the FOMC found the labor market remains strong but that “growth of economic activity has slowed from its solid rate in the fourth quarter.”

 The FOMC further found payroll employment was little changed in February, but job gains have been solid, on average, in recent months, and the unemployment rate has remained low.

 “Recent indicators point to slower growth of household spending and business fixed investment in the first quarter,” the Fed said in a statement. “In a 12-month basis, overall inflation has declined, largely as a result of lower energy prices; inflation for items other than food and energy remains near 2%. On balance, market-based measures of inflation compensation has remained low in recent months, and survey-based measures of longer-term inflation expectations are little changed.”

 At its March meeting, the Committee decided to maintain the target range for the federal funds rate at 2.25% to 2.50%. 

 Voting for the FOMC monetary policy action were: Jerome H. Powell, Chairman;  John C. Williams, Vice Chairman; Michelle W. Bowman, Lael Brainard, James Bullard, Richard H. Clarida, Charles L. Evans, Esther L. George, Randal K. Quarles, and Eric S. Rosengren.

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