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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

October 30, 2019
US MONETARY POLICY

After a 0.25 percentage point reduction in both July 2019 and September 2019, the Federal Open Market Committee (FOMC) voted to lower the target range for the federal funds rate by another 0.25 percentage points to the range of 1.50 to 1.75 per cent on October 30, 2019. The Committee noted that today's rate cut was due to global developments impacting the economic outlook and muted inflation pressures. The interest rate reduction supports the Committee's view that continued economic expansion, strong labour markets and inflation near the 2 per cent objective are the most likely outcomes for the US economy, but there are uncertainties about the outlook.

Recent information has the FOMC noting that the labour market remains strong and economic activity has been rising at moderate rate. Job gains have been solid and the unemployment rate has remained low. Household spending has been at a strong pace, but business fixed investment and exports remain weak. On a 12-month basis, inflation and inflation(excluding food and energy), are both running below 2 per cent. Inflation compensation measures remain low while longer-term inflation expectations are little changed.

 

 

US Federal Reserve



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