After months of speculation, the Fed finally made its decision on the interest rate, keeping it near zero. But in case you missed the live press conference (or were pressed for time), in our Bisnow Video of the Day, we have the most important two minutes of Fed chairwoman Janet Yellen's announcement, which came as a surprise to many.
"Recent global economic and financial developments are likely to put further downward pressure on inflation in the near-term," Janet says from the podium. "These developments may also restrain US activity somewhat, but have not led at this point to a significant change in the committee's outlook for the US economy."
In one of the highlights, the Fed boss says she expects continuous GDP growth and progress in the labor market. Domestic spending is "robust," so an interest rate was considered, but in the end, turmoil in global markets led to the delay. The first increase in the Federal funds rate will most likely come when the labor market improves and inflation returns to its 2% objective over the medium term.
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