At yesterday’s final FOMC meeting chaired by Ms Yellen minutes were positive: ‘Gains in employment, household spending, and business fixed investment have been solid, and the unemployment rate stayed low’ while inflation is expected to inch up to the 2 per cent target and then stay there. The Fed Funds target rate was not changed from its current 1.25 to 1.50 per cent as the risks to the outlook remained roughly balanced. Her successor, Jay Powell, will be signed in on Monday.
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