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FOMC Anticipates Modest Economic Growth

The Federal Open Market Committee (FOMC) issued a press release in the early afternoon on Wednesday, January 25 indicating that it “expects to maintain a highly accommodative stance for monetary policy … [and will] … keep the target range for the federal funds rate at 0 to ¼ percent and currently anticipates that economic conditions – including low rates of resource utilization and a subdued outlook for inflation over the medium run – are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.”

This announcement comes on the heels of the Fed’s announcement last August 9, 2011 when it indicated its intent to maintain the target Fed Funds rate, its primary monetary policy tool, at the current level of 0 to ¼ percent “at least through mid 2013.”