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Macroeconomics  |  June 20, 2012 01:00:05

The U.S. central bank will decide on monetary policy (20 June 2012)


WASHINGTON (MEDIAFAX) - The Federal Reserve on Wednesday, the Fed will decide on the setting of monetary policy. At its last meeting the Fed left rates unchanged in the range zero to 0.25 percent.

Fed officials have repeatedly announced that this low rate they want to leave until 2014.

In its latest assessment report of the U.S. economy, the so-called Beige Book, the Fed said economic growth in the United States in the last two months increased and the "slight increase" showed the recruitment of new forces. "Overall economic activity expanded at a moderate pace," said the situational report on economic development from April to late May, the so-called Beige Book, the U.S. central bank.

According to the Fed's hiring of new forces stable or slightly increasing. "The economic outlook remains positive, our contacts are optimistic but cautious," said on Fed.

Beige Book also noted that inflationary pressures appear to be mild, partly due to a drop in energy prices.

"No change in rates will not be until 2014. Markets will wait for some support. That, in my opinion, but come when elections in Greece goes well. Conversely, if they fall ill, the Fed will want some way to support markets," the agency estimated the analyst unless otherwise indicated financial markets, Next Finance Martin Prokop.

The Federal Reserve, the sound of the full name of the U.S. central bank consists of 12 Federal Reserve Banks, each of which represents one exchange district. The Federal Reserve Bank have their branches, which is 25th in total

The U.S. economy in the first quarter of this year increased by the revised data QoQ only 1.9 percent, while the Commerce Department originally reported increase of 2.2 percent. While analysts expected a revision to be equal to two percent. In the last quarter of last year, U.S. gross domestic product (GDP) grew by three percent equals, in the first three months of this year slowed down significantly. Analysts now expect the economy in the second quarter will increase by about 2.5 percent.

The unemployment rate in the U.S. unexpectedly rose in May to 8.2 percent, while analysts expected a stagnant unemployment rate to 8.1 percent in April. A major disappointment, however, was primarily the creation of new jobs outside agriculture which originated in May only 69 thousand new jobs, while markets awaited the creation of 150,000 jobs.This result is the worst since May last year. In the private sector was established in May, then only 82 000, while analysts expected to 164 thousand new jobs.

Seasonally adjusted number of unemployed persons in May unexpectedly rose by 220,000 to 12.72 million. In the same period last year, the U.S. jobless 13.89 million persons and the unemployment rate equal to nine percent. The average working week was reduced by 0.1 hours to 34.4 hours. The average hourly wage increased by two cents to 23.41 dollars and yoy increase of 1.7 percent.

Tomáš Králíček, kralicek@mediafax.cz

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