Newsroom

FOR IMMEDIATE RELEASE

Washington (July 26, 2017) - National Association of Federally-Insured Credit Unions (NAFCU)Chief Economist Curt Long issued the following statement todayin response to the Federal Open Market Committee's announcement of no change in interest ratesafter the conclusion of its two-day meeting today.

"At its last meeting, thecommittee reaffirmed that it expects to raise rates one more time this year," said Long. "That will have to wait until December, most likely, and some firming of inflation will be needed in the coming months in order for that to happen. Meanwhile, the Committee sent a clear signal that it expects to start tapering the Fed's balance sheet in September. At this point, it would take a seismic event to derail those plans. "

The FOMC last raised the federalfunds target rate to a range of 1 to 1.25 percent in June. The FOMC will meet again Sept. 19-20.

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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