The Federal Reserve’s monetary policy setting committee, the Federal Open Market Committee (FOMC), concluded its January meeting and released the standard post-meeting statement announcing the widely expected result of no change in the target for the benchmark short-term interest federal funds rate leaving it at 25-50 basis points. The committee recognized continuing progress in the labor market despite slower economic growth in the fourth quarter. Inflation continues to run below the 2% target with energy prices and non-energy import prices the culprits. Inflation is expected remain below target in the near term but return to 2% over the medium term.
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