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Fed left its benchmark interest rate without changes
Federal Reserve System (FRS) the USA following the meeting on 26-27 January to keep interest rates on federal loan funds (federal funds rate) in target range of 0.25-0.50% per annum, said in a communique on the results of the January meeting of the Federal Open Market Committee (FOMC).
The decision was unanimous and in line with expectations of economists and market participants.
However, the Fed signaled a slower rate hikes later than previously planned. In December, the leaders of the Central Bank, on average saw an opportunity to four rate hikes in 2016, each time by 25 basis points.
The overall assessment of the economic situation in the US has worsened, the Fed noted the weakening activity, despite the creation of new jobs, and expects to maintain low inflation.
In general, the tone of the Fed's statement was much more "dovish" than expected market say experts. Some of them consider it important to signal the disappearance of words about the balance of risks to the forecast of economic activity and the US labor market.
«The information received after the December meeting of the FOMC, it suggests that improving the situation on the labor market continued, although economic growth slowed late last year, "- said in a statement. Assessment of the state of the economy was much weaker than in December.
«Consumer spending and business investment increased at a moderate pace, and the housing sector showed a further improvement; However, net exports have been weak, and the growth of investment in inventories slowed down ", - says the Fed.
« A number of recently published indicators of the labor market, including a strong increase in the number jobs point to a further reduction of labor underutilization ", - the document says. Assessment of the situation in the labor market the United States turned out to be more restrained than the previous meeting.
«Inflation continues to remain below the long-term target of the committee, is 2%, partly reflecting the reduction in prices energy and import costs, not related to energy. Market indicators of inflation compensation continued to decline, some indicators of longer-term inflation expectations, based on surveys, in general, have changed slightly in recent months, "- say in the FOMC. Already 26th consecutive meeting of the Fed pays attention to keep inflation below targetiruemogo level.
«The duty of FOMC is to promote maximum employment and price stability of the population. The Committee currently anticipates that the gradual adjustment of the nature of monetary policy, economic activity will grow at a moderate pace, and the performance of the labor market will continue to be strengthened, "- stated in a communique.
" It is expected that inflation in the near future will remain low, partly due to a further fall in energy prices, but it will rise to 2% in the medium term after the termination of the temporary effects from lower energy prices and imports. FOMC is closely monitoring the international economic situation and what is happening in the financial markets and assess the implications for the labor market and inflation, "- said in a statement.
« In view of the economic outlook, the Committee adopted decision to keep the interest rate target range for the federal loan funds from 0.25% to 0.50%. The course of monetary policy is stimulating, supporting a further improvement in labor market conditions and a return to the 2 per cent inflation ", - said the Fed.
« In determining the terms and the size of future adjustments to the target range of the interest rate on federal funds credit committee will evaluate both already realized and expected economic conditions in comparison with the targets: maximum employment and inflation at 2%. This evaluation will take into account a wide range of information, including indicators of labor market conditions, indicators of inflationary pressures and inflation expectations, and data on changes in financial and international environment "- promises the Fed.
" In light of the current backlog of inflation from the target of 2% Committee will closely monitor the actual and expected progress towards the target level. The Fed expects that the nature of changes in economic conditions give grounds for a gradual increase in interest rates. For some time, the interest rate is likely to remain below the level that would prevail in the long run. However, the actual trajectory of the interest rate will depend on the economic outlook, based on the incoming data, "- explains the Federal Reserve.
« The Committee retains the existing policy of reinvesting the proceeds from bonds and mortgages securities of federal agencies in the mortgage securities of federal agencies and extension of close to maturity of Treasury securities by perevlozheniya at auction and intends to do so as long as the normalization of interest rates will not go full speed. This policy, save attachments Fed in securities with longer maturities at a substantial level, should support growth-enhancing financial condition, "- said the Fed.
Before the promulgation of the decision Fed major US stock indexes have changed in different directions: from falling to 0,7% (Nasdaq) to an increase of 0,2% (Standard & amp; Poor's 500), 22:25 MSK to all three of the indicator declined from 0.1% to 0, 9%.
dollar by this time fell to $ 1.0887 per Euro compared to $ 1.0871 at the end of the session in New York the day before, and $ 1 , 0876 just before the publication of the communique. In tandem with the Japanese national currency the dollar has risen by 0.3% to 118.82 yen.
The prices of US Treasuries of various maturities are rising, their yield is reduced to background Fed statement, including the 10-year government bonds, it fell 4 basis points - up to 2,010%.
The April gold futures in electronic trading on the Comex went up 0.2%, to $ 1123 per troy ounce, while the main session on Wednesday, precious metals ended lower by 0.4%, to $ 1,115.80 an ounce. WTI crude oil for delivery in March rose by 0.2%, to $ 31.51 a barrel, the April Brent futures rose by 2%, to $ 33.19 a barrel.
The next Fed meeting will be held on 15-16 March 2016 and will be accompanied by the publication of macroeconomic forecasts and a press conference the head of the Central Bank Janet Yellen.
In December, 2015 the Fed made the first rate increase since June 2006, before the rate remained at historically low levels - 0-0.25% - for seven years, from December 2008.
In comparison, the base rate of the European Central Bank (ECB) and the Bank of England now make up a record low of 0.05% and 0.5%, respectively.
interfax.ru
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