National Association of Federal 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.
“As expected, the Fed put off a rate hike until next month,” said Long. “Given the growing amount of uncertainty over the election, it makes sense for the Fed to take a wait-and-see approach. Nevertheless, positive job data and strengthening inflation mean that a rate hike is more likely than not in December.”
The FOMC’s next two-day policy meeting is set for Dec. 13-14.
The FOMC raised the federal funds target rate to a range of 0.25 to 0.5 percent in December 2015.