Friday, July 29, 2016
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Interest Rates Stand Until Unemployment Reaches 6.5%
> Interest Rates Stand Until Unemployment Reaches 6.5%
It was announce Wednesday that the Federal Reserve will preserve already historically low interest rates until the nation’s unemployment rate reaches 6.5% or close to it.
The unemployment rate currently sits at 7.7% and is forecasted to reach a level between 6.8% and 7.3% by the end of 2014.
The Federal Reserve also committed to having the short-term rate remain until inflation rates reach near 2.5%, higher than the current 2.2%.
The hopes of keeping short term rates near zero percent is to “spur economic growth and lower long-term borrowing costs for consumers and corporate,” according to USA Today.
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