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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

May 03, 2023

At its scheduled Federal Open Market Committee (FOMC) meeting, the Federal Reserve announced that it will raise the target range for the federal funds rate by 25 basis points to 5.0% to 5.25%. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in May 2022.

Economic activity in the United States is estimated to have increased 1.1% (seasonally adjusted annualized rate) in the first quarter of 2023 reflecting gains in consumer spending, exports and non-residential fixed investment. 

While job gains have been robust, the unemployment rate remained low in recent months. While tighter credit conditions for households and businesses are expected to weigh on economic acitivity, hiring and inflation, the extent of these effects are still very uncertain. The Federal Reserve noted that the US banking system is sound and resilient. 

US inflation has eased in recent months but remains elevated. The United States Consumer Price Index (not seasonally adjusted) for All Urban Consumers increased 5.0% year-over-year in March 2023. This was below the 6.0% increase reported in February 2023.

The Committee will continue to monitor economic developments and is prepared to adjust the monetary policy measures as appropriate, taking into account information on labor market conditions, inflation pressures and inflation expectations, and financial and international developments. The next scheduled FOMC meeting will be held on June 13-14, 2023. An updated summary of Economic Projections will be provided at the same meeting.



Source: US Federal Reserve, FOMC Statement

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