NAFCU president and CEO Dan Berger on Federal Reserve’s announcement to maintain current interest rate
WASHINGTON, DC (April 27, 2016) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement today in response to the Federal Reserve’s announcement of no interest-rate increase.
“The FOMC’s decision to hold off on a rate hike was widely expected, as recent readings on consumer spending and inflation have been weak,” said Berger. “More importantly, uncertainty over the global economy has led policy makers to take a wait-and-see approach. All eyes shift to the next meeting in June, but in the absence of inflationary pressure, there is little urgency for the Fed to resume rate normalization.”
The FOMC raised the federal funds target rate to a range of 0.25 to 0.5 percent in December.
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.