FOMC Statement Is Out

There were no interest rate changes made at today's meeting of Federal Reserve Open Market Committee. None were expected.

Thomas M. Hoenig continues to dissent from the views of other FOMC members and is calling for removal of language that states the Fed will maintain low interest rates for an extended period of time.

No mention was made in the statement of the fact that the effective Fed Funds rate is trading at 0.20%, only 5 basis points away from the top end of the Feds target Fed funds range.

The entire statement can be read in the EPJ vault, here.