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The Fed Tapers 10B, Rates Remain Unchanged

“The taper continues.

The Federal Reserve’s Federal Open Market Committee just announced its latest monetary policy decision, and there were no surprises.

The FOMC said it would take another $10 billion off its monthly asset purchases and keep interest rates between 0%-0.25%.

In its latest statement, the Fed said, “a range of labor market indicators suggests that there remains significant underutilization of labor resources.”

The latest FOMC announcement, which is not accompanied by a press conference from Fed Chair Janet Yellen, also comes on the heels of a better than expected GDP report this morning.

Here’s the full statement from the Fed:

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators and inflation moving toward levels the Committee judges consistent with its dual mandate. The Committee sees the risks to the outlook for economic activity and the labor market as nearly balanced and judges that the likelihood of inflation running persistently below 2 percent has diminished somewhat.

The Committee currently judges that there is sufficient underlying strength in the broader economy to support ongoing improvement in labor market conditions. In light of the cumulative progress toward maximum employment….”

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