Overarching goal, to sustain expansion for the benefit of the american people. At the fomc meeting that included today, we maintained our policy Interest Rate but made significant changes to our statement. Since the beginning of the year, we have judged our policy stance was probably appropriate and we should be patient in assessing the need for changes. In light of increased uncertainties and muted inflation pressures, we emphasize the committee will monitor the implications of incoming information for the Economic Outlook and will act as appropriate to sustain the expansion with a strong labor market and inflation near its 2 objective. Step back andke a review how the changing economic and financial picture brings us to todays decision. So far this year, the economy has performed reasonably well with solid fundamentals supporting continued growth and strong employment. Runningn has been somewhat below our objective that we have expected it to pick up supported by solid growth and a s
On day 5 at wimbledon, djokovic and 15 year old cori gauff in action later as well as andy murray and Serena Williams in the mixed doubles. Well be live there at 2. 30 and bring you news on England International karen carneys retirement from football. Matt has all the weather sunny and warm in places but will it last . 28 this afternoon in some southern areas, to live this weekend, will it stay dry . I will let you know. I will explain more in 25 minutes. Thanks matt. Also coming up tributes are paid to horse racing puinditjohn mccririck. Pundit. With his signature deerstalker hat and flamboyant style, he was a familiar face on british television. Hello, everyone this is afternoon live. A gang behind the biggest modern day Slavery Network ever exposed in the uk has been convicted of offences including trafficking, Money Laundering and forcing people into forced labour. Police believe there were up to 400 victims put to work by the polish organised crime gang in the West Midlands. A thr
Given uncertainties and muted inflation pressures, we will closely monitor incoming information for the Economic Outlook and will act as appropriate to sustain the expansion with a strong labor market and inflation near its 2 objective. I would like to take a step back and review how the changing economic and financial picture brings us to todays decision. So far this year, the economy has performed reasonably well with solid fundamentals supporting continued growth and strong employment. Inflation has been running somewhat below our objective but we expect it to pick up, supported by solid growth and a strong job market. Along with this stable picture, this favorable picture we , have been mindful of some ongoing crosscurrents, including trade development and concerns about Global Growth. At the time of our last fomc meeting, which ended on may 1, there was tentative evidence that these cross currents were moderating. The latest data was encouraging from china and europe. And there we
Cut. Seven of them are forecasting two quarterpoint cuts this year one is forecasting one cut eight are on hold. And one is forecasting a high cut. Eight forecasting a cut. Ser seven is two cuts. One is one cut, one on hold, one hike the result is actually unchanged. However, its down by 50 basis points for 2020 to 2. 1 , down by 1 for 2021 to one quarter point to 2. 4 . The long run also down by a quarter. The long run fund rate to 2. 5 from 2. 8 all of this took place, by the way, without much change in the Overall Economic forecast. A little tweak here on jdp, unemployment let me get to what the statement says about the economy the labor market in the statement says remain strong Economic Activity rising at a moderate rate and thats down from a solid rate in the last. Job gains solid, it says the Unemployment Rate remains low. Same language as last time Household Spending picked up from earlier in the year Business Investment was soft, and they had said it slowed. Overall inflation
As appropriate to sustain the expansion of the fed sees longer run federal funds rate dropping from 2. 8 to 2. 5 . On inflation the fed closely monitoring inflation at it point. The forecast is for headline inflation to fall 1. 5 this year. The fed sees core inflation slipping to 1. 8 . Then in 2021 the fed sees a reversal, inflation rising back to 2 . On gdp the fed forecast as 2. 1 in 2019. The fed lowered outlook for unemployment this year to 3. 6 . The fed sees the labor market as strong right now but they say the rising economy at a moderate rate. Now the data shows that Consumer Spending picked up but Business Investment softened. Fed sees uncertain forecast of economy, jobs, ininflation. Very interesting statement but no rate cut today. Looking at one fed president or one fed vote away from a rate cut this year. Two fed votes away from two rate cuts this year. Back to you, charles. Charles edward lawrence, thank you very much thats a whole lot. Here to unpack it all, Danielle Di