The Federal
Reserve announced Wednesday the earliest it plans to raise interest rates in the
summer of 2015. The Fed also plans to end the
bond-buying program known as quantitative easing after October, halting a six-year
bond-buying effort that has left the Fed holding more than $4 trillion of
Treasury and mortgage bonds.
What remains worrisome is that GDP has consistently
underperformed the central bank's expectations and projections were again
reduced through 2017. The Fed's updated forecast showed policy makers expect
the economy to expand at a pace consistently below 3% until 2017.
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