NAFCU Chief Economist Curt Long’s statement on FOMC decision not to raise rates
WASHINGTON, DC (May 3, 2017) — 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.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.