Federal Reserve Keeps Benchmark US Interest Rate at 5.25 Percent
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Citing that the risk of inflation is the predominant risk to the economy and that the housing sector is adjusting, the Federal Reserve is keeping the key rate at 5.25 percent, the same as it has been since last August.
Policy makers said “economic growth slowed in the first part of this year and the adjustment in the housing sector is ongoing.” They said the economy “seems likely to continue to expand at a moderate pace over coming quarters.” In language that was little changed from March, they added that core inflation remains “somewhat elevated.”
Bonds weakened after the unanimous decision and the dollar advanced as traders speculated the Fed is unlikely to cut rates in coming months. Stocks fell in the minutes after the announcement before rallying.
“People are a little more impatient than the Fed is,” said John Silvia, chief economist at Wachovia Corp. in Charlotte, North Carolina. “They are not reacting to every wiggle in the economic data. They are looking down the road.” Bloomberg.com
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