NAFCU Chief Economist Curt Long Statement on Federal Reserve's Announced Interest Rate Increase

FOR IMMEDIATE RELEASE | June 14, 2017

NAFCU Chief Economist Curt Long Statement on Federal Reserve's Announced Interest Rate Increase

FOR IMMEDIATE RELEASE

Washington (June 14, 2017) - National Association of Federally-Insured Credit Unions (NAFCU)Chief Economist Curt Long issued the following statement today in response to the Federal Reserve's announcement of a quarter-point increase in the federal funds target rate to a range of 1 to 1.25 percent. The decision to raise rates was made during a two-day meeting of the Federal Open Market Committee (FOMC).

"The actions taken by the Fed reflect confidence in the labor market and a perception that global risks have declined in the first six months of the year," said Long. "Nevertheless, the outlook for the second half is uncertain.

"Inflation has slowed recently and the debt ceiling debate poses political risk," he added. "But with the Fed stating its intentions to start reducing the size of the balance sheet this year, it is offering a clear vote of confidence for the economy."

The FOMC said in its statement that it "currently expects to begin implementing a balance sheet normalization program this year, provided that the economy evolves broadly as anticipated."

The FOMC last raised the federalfunds target rate to a range of 0.75 to 1 percent in March.

The committee's revised projections are three quarter-point rate hikes in 2017 (including the ones announced today and in March), three in 2018 and three to four in 2019. The FOMC will meet again July 25-26.

The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go towww.nafcu.orgor @NAFCU on Twitter.

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Falen Taylor
press@nafcu.org

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