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No September Rate Increase from Fed

Posted on 9/18/2015

As many analysts expected, the Federal Open Market Committee decided yesterday to maintain near-zero interest rates following August's market turmoil and overseas economic weakness. Despite "moderate" economic expansion and improving labor market conditions in recent months, the committee "reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate."

"The Fed must be confident that the economy is strong enough to handle a rise in rates, which makes their first move the hardest," commented ABA Chief Economist James Chessen. "The pace of future rate increases is more critical than the first rate increase. Banks are actively engaged and continue to prepare for the return to a more normal rate environment, while ensuring their ability to continue to lend and support their communities."

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