Fed releases semi-annual monetary policy report

Author: Adam Button | Category: Central Banks

Highlights of the semi-annual report

  • Full text here (pdf)
  • Both total and core inflation were held down in part by prices for services adversely affected by the pandemic, and indicators of longer-run inflation expectations are now at similar levels to those seen in recent years
  • The use of nontraditional high-frequency indicators over the past year has amply shown that they can yield large benefits, especially when economic conditions are changing rapidly
  • The Committee noted that it expects it will be appropriate to maintain [the fed funds] target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time.
  • Many of those who lost their jobs were not seeking work and so were not counted among the unemployed.

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