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Federal Reserve approves first interest rate hike in more than three years
Abstract：Federal Reserve approves first interest rate hike in more than three years, sees six more ahead.
The Fed approved a 0.25 percentage point rate hike, the first increase since December 2018.
Along with the rate hikes, the committee also penciled in increases at each of the six remaining meetings this year, pointing to a consensus funds rate of 1.9% by year's end. That is a full percentage point higher than indicated in December. The committee sees three more hikes in 2023 then none the following year.
The rate rise was approved with only one dissent. St. Louis Fed President James Bullard wanted a 50 basis point increase.
Members also pared expectations for economic growth this year and sharply raised their outlook for inflation.
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FED meeting minutes strongly hint at a rate cut in September; US dollar index falls to new low this year!
The U.S. Bureau of Labor Statistics revised down the employment growth in the year ending in March by 818,000, an average monthly decrease of about 68,000, the largest downward revision since 2009. The substantial downward revision of employment data re-emphasized the severity and necessity of the U.S. employment problem, paving the way for a rate hike in September. Bearish for the U.S. dollar.
What new signals does the Federal Reserve have? FED Governor Michelle Bowman reiterates the risk of inflation!
Fed Governor Bowman: There are upside risks to inflation, the labor market continues to strengthen, and a cautious attitude will be maintained at the September meeting. Boston Fed President Collins: If the data is as expected, it would be appropriate to start easing policy "soon". Inflationary pressure will slow down the pace of U.S. interest rate cuts, which will be bullish for the dollar.
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