Stocks Steady After Release of Fed Minutes

06 July, 2017, 00:24 | Author: Celia Hoffman
  • Mike Powell  Getty Images

Others pushed for more time to first see how the broader USA economy fares during the second half of 2017. The labor market is strengthening, while business investment and consumer spending appear to be recovering from recent lows.

In other economic news, new orders for USA manufactured goods fell by more than expected in the month of May, according to a report released by the Commerce Department on Wednesday. I think that inflation is lower than they want. As the Fed raises rates, lenders have lowered borrowing costs, the opposite of the effect intended by the central bank.

The Fed said in June it would runoff maturing principal payments on Treasuries initially at $6 billion per month, increasing by $6 billion every three months over 12 months, until it reaches $30 billion. Meanwhile, U.S. officials will soon confront the challenge of raising the debt ceiling to continue to fund the government. But Ms. Yellen downplayed the extent of the Fed's concerns at a news conference after the Fed's June meeting. Investors saw a almost 20 percent chance of another rate hike in September, and a 60 percent chance of another rate hike or two by December. "This program, which would gradually reduce the Federal Reserve's securities holdings by decreasing reinvestment of principal payments from those securities, was described in an addendum to the Committee's Policy Normalization Principles and Plans to be released after this meeting". By the end of this year, Ms. Yellen has said, the Fed may raise rates to a level that neither encourages nor discourages growth. "It can move and people will continue to buy the banks", he said.

The lone dissenter to the decision was Minneapolis Fed President Neel Kashkari, who argued in a subsequent op-ed that inflation doesn't show signs of picking up soon.

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The minutes from the June meeting noted that the Fed's recent rate increases are beginning to be felt among some American borrowers, especially the less wealthy.

"Most participants viewed the recent softness in these price data as largely reflecting idiosyncratic factors.however, several participants expressed concern that progress.might have slowed and that the recent softness in inflation might persist", the Fed said in the minutes.

Some members of the Federal Open Market Committee, which sets the benchmark USA interest rate, also expressed concern that Wall Street stocks were overvalued.

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