Interest Rates to Remain Steady
This past Wednesday, the Federal reserve met to discuss the interest rate for the duration of 2019. It was reported that only 6 of the 17 officials opposed the plan to keep the interest rate unchanged this year.
When asked about their decision, Federal Reserve Chairman Jerome Powell said “we would be patient.” And when asked to clarify, “means we don’t feel any hurry to change our interest rate policy.” Possibly the best news was that “The U.S. economy is in a good place,” and “a modest slowdown, with overall conditions remaining favorable. We see no need to rush to judgment (by lifting or cutting rates).”
This is great news! It comes after many economists predicted a likely increase to the rate by the 3rd quarter of 2019.