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Federal Reserve officials are likely to emerge from their policy meeting Wednesday with short-term interest rates still pinned near zero, though they could send fresh hints that they’re getting closer to raising rates. Fed Chairwoman Janet Yellen emphasized in congressional testimony earlier this month she expects the central bank to start lifting its benchmark federal-funds rate at some point before year-end.
Her comments and other recent public statements by Fed officials have made clear that July is too soon. Though the economy is growing moderately after contracting in the first quarter and employers are hiring at a solid pace, inflation remains stubbornly below the Fed’s 2% target and officials want to be more confident it is going to rise before acting.
This week “might be a little early. I think we’ll use that meeting to assess the data,” James Bullard, president of the Federal Reserve Bank of St. Louis, said last week on Fox Business Network. He added, “I’d see September having more than a 50% probability right now.”Most private economists surveyed by the Journal think liftoff is likely at the Fed’s September meeting. Many market participants expect policy makers to wait until December.
Her comments and other recent public statements by Fed officials have made clear that July is too soon. Though the economy is growing moderately after contracting in the first quarter and employers are hiring at a solid pace, inflation remains stubbornly below the Fed’s 2% target and officials want to be more confident it is going to rise before acting.
This week “might be a little early. I think we’ll use that meeting to assess the data,” James Bullard, president of the Federal Reserve Bank of St. Louis, said last week on Fox Business Network. He added, “I’d see September having more than a 50% probability right now.”Most private economists surveyed by the Journal think liftoff is likely at the Fed’s September meeting. Many market participants expect policy makers to wait until December.