BREAKING: Fed Votes to Keep Rates at Near Zero
In a very unexpected turn of events, the Fed has voted to keep interest rates near zero. Despite lower unemployment, the Fed believes the US’s role as the world’s strongest economic engine makes an interest rate hike in a chaotic global market a dangerous move and further monitoring of foreign markets is necessary. Furthermore, the Fed says that inflation isn’t going anywhere and remains below its long-range objective. The decision had only one dissenting voter, Jeff Lacker of Richmond. But many questions still remain. If there is no hike today, when will it come? Will there be a negative interest rate before the year’s end? While the majority still believes the Fed will make a hike before year-end, some have stated there will no hike until 2017. Stay tuned to Bisnow as the story develops.