NEWS： The Fed's "pigeon" sounds louder
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The Federal Reserve abruptly ended its three-year monetary policy tightening on Wednesday, predicting no interest rate hikes this year at a time of signs of economic slowdown and announcing that it would stop reducing its balance sheet in September.
The announcements at the end of the two-day policy meeting meant that the Fed would stop its efforts to gradually normalize monetary policy, although far from meeting the target set by the end of 2015, when it raised interest rates for the first time since the financial crisis and recession of 2007-2009.
The Fed's overnight interest rate target, the federal funds rate target, may remain in the current range of 2.25-2.50% at least until the end of the year, altering the original estimate altogether, policymakers said.
Interest rates are now expected to peak at 2.6% in 2020, about a percentage point below the historical average of the federal funds rate, suggesting that the U.S. economy has entered a more depressed stage.
Compared with most of last year's forecasts, Fed policymakers no longer see the need to raise interest rates to "restrictive" levels to prevent inflation. Inflation is still below the Fed's target of 2%.
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