The Federal Reserve held its benchmark fed funds interest rate steady on Wednesday, as the economy stayed on a moderate growth path. The vote to hold policy steady was unanimous.
The central bank’s description of the economy was unchanged from six weeks ago: the labor market remained strong, growth was helped by consumer spending, and inflation remained below the 2% target.
Financial markets have been volatile this week due to worries about how the global economy may suffer due to the outbreak of a new viral strain in China. Stocks fell sharply earlier in the week but have partially rebounded.
Yields on the ten-year Bond are off 29 basis points since Jan. 2. When it was 1.87 and closed today Jan. 30th at 1.58. This has been great for interest rates, which are trending lower.
The unemployment rate remains at a 50-year low of 3.5%
Big picture: Businesses are still hiring at a healthy pace and laying off very few workers. New applications for unemployment benefits fell again, leaving them just slightly above a half-century low. The strong labor market has given consumers the confidence to keep spending and extend a U.S. economic expansion.
About the Author
Ryan Christensen
Responsive, Responsible and Resourceful - How Real Estate Should Be. This is the foundation of our continued success: responsive service, providing accurate and timely information, and demystifying the process. 100% of my business is referral based because I listen to my clients' needs and exceed their expectations. As a full-time real estate broker, I am the best advocate for both my buyers and sellers. I am always available, regardless of the time of day.
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