Newsroom
October 19, 2016
Fed Beige Book shows continued modest growth
The Federal Reserve's latest Beige Book notes modest economic growth in September that NAFCU's Curt Long says should keep the Federal Open Market Committee on track for a December interest rate hike.
"While a rate hike in the fourth quarter is expected, the FOMC is unlikely to do so at its November meeting as the committee will want to wait until financial markets digest the election results," Long said. "As a result, December is the most likely candidate."
The report showed that labor market conditions remained tight across most of the 12 Federal Reserve districts, with only modest employment and wage growth. Price increases were small but most regions saw an increase in retail spending. A few districts reported concerns about economic uncertainty in the lead-up to the presidential election.
The FOMC's next two-day policy meeting is set for Nov. 1-2. The FOMC raised the federal funds target rate to a range of 0.25 to 0.5 percent in December 2015.
"While a rate hike in the fourth quarter is expected, the FOMC is unlikely to do so at its November meeting as the committee will want to wait until financial markets digest the election results," Long said. "As a result, December is the most likely candidate."
The report showed that labor market conditions remained tight across most of the 12 Federal Reserve districts, with only modest employment and wage growth. Price increases were small but most regions saw an increase in retail spending. A few districts reported concerns about economic uncertainty in the lead-up to the presidential election.
The FOMC's next two-day policy meeting is set for Nov. 1-2. The FOMC raised the federal funds target rate to a range of 0.25 to 0.5 percent in December 2015.
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