A highly anticipated decision on a possible rise in the benchmark federal funds rate will finally come to light this week. The Federal Open Market Committee meets on Tuesday and Wednesday to discuss monetary policy and whether to raise the rate from historic lows in effect since 2008. Analysts believe the FOMC will wait until September to hike rates, according to Business Insider. Following a surprise economic contraction in Q1 which held off a rate hike, several key pieces of data that the Fed looks at to decide on rates have shown improvement. Employment, wages and inflation have all indicated economic growth, but consumer spending continues to send mixed signals. [BI]
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