The Federal Reserve Bank of Philadelphia President, Patrick Harker said on Tuesday that the central bank made the right choice last week to maintain interest rates steady amid an outlook that likely heralds more inflation declines, per Reuters.
Key quotes “The data point to continued disinflation, to labor markets coming into better balance, and to resilient consumer spending—three elements necessary for us to stick to the soft landing we remain optimistic to achieve.” “Fed decision to hold rates was the correct decision.” “Data shows inflation is falling and the labor market is in better balance. “Consumer spending has been resilient.” Economy is on track for a soft landing.” “The runway at our destination is in sight.
How often does the Fed hold monetary policy meetings? The Federal Reserve holds eight policy meetings a year, where the Federal Open Market Committee assesses economic conditions and makes monetary policy decisions. The FOMC is attended by twelve Fed officials – the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional Reserve Bank presidents, who serve one-year terms on a rotating basis.
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