FOMC signals patience as rates stay on hold
Minutes emphasise “symmetric” target, noting inflation expectations are still “low”
The Federal Open Market Committee chose to keep rates steady at its meeting on May 2, signalling that it will be patient in implementing future hikes.
In maintaining the federal funds rate in the range of 1.5–1.75%, the committee stressed its inflation target is “symmetric”. The wording is a new addition to the statement, though it has been mentioned several times by Fed officials in recent speeches.
“By emphasising the symmetry of the 2% target, we believe the Fed is signalling to markets
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