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CUNA and NAFCU said the Federal Open Market Committee’s decision not to change interest rates Wednesday was cautious and optimistic.

“The FOMC’s decision to keep the federal funds rate unchanged at its meeting today confirms our view that U.S. economic growth continues to be modest,” CUNA Senior Economist Perc Pineda said. “Brexit has had minimal effects on the U.S. financial market so far, the dismal May job numbers were an aberration – given strong job gains in June – and inflation is creeping up, but the uncertainty of the pace of economic expansion has kept the FOMC cautious. We will know how the U.S. economy has fared recently Friday when the second quarter GDP advance estimates arrive.”

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Peter Strozniak

Credit Union Times

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