Fed expected to keep interest rates steady as Yellen era ends

Fed expected to keep interest rates steady as Yellen era ends

The bank kept the interest rate range between 1.25 and 1 percent, an attempt to coax low inflation toward the Fed's 2-percent target before increasing the pace of rate hikes.

Hundreds of Fed staffers gathered Thursday to celebrate Yellen's Fed tenure, welcoming her with prolonged applause when she appeared in the Fed's giant atrium, according to participants at the staff gathering.

"The committee expects that economic conditions will evolve in a manner that will warrant further gradual increases in the federal funds rate", the policy-setting Federal Open Market Committee said in a statement Wednesday in Washington, adding the word "further" twice to previous language. His monetary policy views are unknown, but the Richmond Fed has traditionally leaned hawkish. But its message on inflation signalled it was on track to raise the borrowing costs in March under incoming chief Jerome Powell.

And Shepherdson noted that business investment was up 7.9 per cent in the final quarter of 2017, with the energy industry reversing recent declines in spending on equipment. "It's going to be a more bullish commentary about the economy and maybe include something on rising inflation expectations", said Simons. The decision, which came at the end of a two-day meeting, was widely expected.

Among the S&P 500's 11 major sectors, technology.SPLRCT gave the biggest boost to the index. Meanwhile, yields on Treasury notes moved higher.

Yellen will see plenty of familiar faces at her first day in the new office. This article is strictly for informational purposes only. Past performance does not guarantee future results.

Powell will assume the post at a time when unemployment is the lowest in 16 years and the stock market stands at record highs.

The Fed has proceeded on a course to reduce its balance sheet by no longer replacing all of the securities maturing on its balance sheet. There were changes made to the FOMC statement, in line with expectation.

She leaves behind some challenges for her successor.

Ms Yellen, the first woman to lead the Fed, officially steps when her term as chair expires on Saturday.

The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product.

The Straits Times Index in Singapore climbed 0.37 per cent to 3,547.2 points.

And then there's supply. But the overall core PCE rate is still well below the Fed's 2% target.

"We believe rates across the curve are headed higher", Bank of America Merrill Lynch strategists wrote in a research note.

Then again, two months ago traders weren't so sure that 10-year yields could break above 2.4 percent, and they've stayed above that level for five weeks.

Ready for a few bumps in interest rates?

Some forecasters say they can see clouds on the horizon, though a little squinting is required.

The Fed operates independently.

Ready to get started? The dollar has been making attempts to recover.

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