CUNA and NAFCU said the Federal Open Market Committee's decisionnot to change interest rates Wednesday was cautious andoptimistic.
“The FOMC's decision to keep the federal funds rate unchanged atits meeting today confirms our view that U.S. economic growthcontinues to be modest,” CUNA Senior Economist Perc Pineda said. “Brexit has had minimaleffects on the U.S. financial market so far, the dismal May jobnumbers were an aberration – given strong job gains in June – andinflation is creeping up, but the uncertainty of the pace ofeconomic expansion has kept the FOMC cautious. We will knowhow the U.S. economy has fared recently Friday when the secondquarter GDP advance estimates arrive.”
The FOMC last raised the federal funds target rate to a range of0.25% to 0.5% in December 2015.
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