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Macroeconomics  |  May 17, 2012 11:26:00

The Fed voted in April at a rate of 9-1


Minutes of the Bank Board Federal Reserve Bank of 24 to 25 April said that conditions in financial markets since the last meeting did not change significantly. However, asset prices have fluctuated considerably, apparently in response to changing views on U.S. and global economic outlook and the changing expectations about the future direction of monetary policy. Bond yields fell slightly in response to the unsatisfactory reports and growing concerns about the tensions in Europe.Short-term economic forecasts were revised upwards, reflected improved labor market conditions and stronger consumer spending. Medium-term projections of real GDP growth in April almost unchanged.

The Fed expects the economy to gradually accelerate in 2014, supported by part-time monetary policy, further improvements in credit availability and rising consumer and business confidence. Increased economic activity should be sufficient for gradual recovery of the labor market. The unemployment rate is likely to be increased at the end of 2014.Inflation remains under control.

The Fed decided to keep its key interest rate to the lowest level of 0-0.25%, continuing the extension of the maturity of the bonds and keep the existing policy of reinvesting principal payments from the holdings of mortgage-backed securities. He reiterated that economic conditions, including lack of resource utilization and subdued inflation outlook in the medium term, require ultra-low federal funds rate at least until the end of 2014. Voting board was in the ratio 9 to 1

Against the current monetary policy Jeffrey Lacker voted again. It believes that an increase in interest rates is likely to be half of 2013. Several members of the board were in favor of other asset purchases in the event that economic growth will stagnate. Only one member is currently considered necessary for the third round of quantitative easing.



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