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NAFCU Chief Economist Curt Long’s statement on FOMC decision not to raise rates

National Association of Federally-Insured Credit Unions (NAFCU) Chief Economist Curt Long issued the following statement in response to the Federal Open Market Committee’s announcement of no change in interest rates after the conclusion of its two-day meeting today.

"The FOMC is not overreacting to the mediocre economic data received in recent months. The committee seems convinced that the overall trajectory of the economy remains solid. We are still on track for a rate hike at the committee's next meeting in June, although poor jobs data later this week could cloud the issue," Long said.

The FOMC raised the federal funds target rate to a range of 0.75 to 1 percent this March. The FOMC’s next two-day policy meeting is set for June 13-14.

NAFCU

We provide credit unions with the best federal advocacy, education and compliance assistance in the industry. The National Association of Federally-Insured Credit Unions (NAFCU) is a direct membership association for federally insured credit unions. We are committed to representing, assisting, educating and informing our member credit unions to help them grow, and help grow the credit union industry. Over the years we have been able to build on our foundation, growing stronger with our members and steadfast in our beliefs and focus: providing unwavering federal advocacy, top-rated education, one-of-a-kind compliance assistance and supreme responsiveness. Why? Because we believe credit unions are the best and they deserve the best.  

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