The Federal Reserve is raising its benchmark Interest Rate for the second time in three months. Janet yellen spoke to reporters about the Interest Rate and economy at this 50 minute briefing. Good afternoon. Today the committee decided to raise the target range for federal funds rate by one quarter percentage point bringing it to three quarters to 1 , the decision to make another gradual reduction in the amount of policy accommodation reflects the economiethe economys contis towards the employment and price stability objectives assigned to us by law. For some time that kennedy is charged of Economic Conditions all as anticipated, gradual increases in the federal funds rate would likely be appropriate to achieve and maintain objectives. Todays decision is in line with that view and does not represent a reassessment of the Economic Outlook or the appropriate course for the Monetary Policy. I will have more to say about the Monetary Policy shortly but first i will review the economic deve
That that she spoke about the rate increase with reporters on wednesday. This is just under one hour. Ood afternoon. Today the federal open Market Committee decided to raise the target range for the federal funds rate by one quarter percentage point, bring it to threequarters, to 1 . Our decision to make another gradual reduction in amount of policy accommodation reflects the economies continue to progress with the employment and price stability objectives assigned to us by law. For some time to committee is judged that its Economic Conditions evolve as anticipated gradual increases in the federal funds rate would likely be appropriate to achieve and maintain our objectives. Todays decision is in line with that view and does not represent a reassessment of the Economic Outlook or of the appropriate course of Monetary Policy. I will have more to say about Monetary Policy shortly, but first i will review recent economic developments in the outlook. The economy continues to expand to a mo
That that she spoke about the rate increase with reporters on wednesday. This is just under one hour. Ood afternoon. Today the federal open Market Committee decided to raise the target range for the federal funds rate by one quarter percentage point, bring it to threequarters, to 1 . Our decision to make another gradual reduction in amount of policy accommodation reflects the economies continue to progress with the employment and price stability objectives assigned to us by law. For some time to committee is judged that its Economic Conditions evolve as anticipated gradual increases in the federal funds rate would likely be appropriate to achieve and maintain our objectives. Todays decision is in line with that view and does not represent a reassessment of the Economic Outlook or of the appropriate course of Monetary Policy. I will have more to say about Monetary Policy shortly, but first i will review recent economic developments in the outlook. The economy continues to expand to a mo
59 oppose them. Californians also think caltrans should be more efficient. Only 23 of californians think caltrans needs more money. 61 believe caltrans should make better use of the money it already has. And we asked Governor Brown about these poll results. His response . Trust me. This is the heavy lift. I know that. Im telling you, im the governor for 14 years, my father was governor for eight years, i know what im talking about. You have to pay for it with new money. Voters arent buying what Governor Brown is selling. Reporter the legislative director at the Howard Jarvis Taxpayer Association really, its a question of priorities. General funds spending in california has increased by 36 billion over the last 6 years. And yet not one penny has gone towards transportation funding. Reporter now, we havent seen the final language of the proposal but theres probably a restriction that this new tax money would have to go to transportation projects although that could include public transit
Member wasonly one that dovish. Plus the committee now expects to raise rates at a slower pace to not only is the fed more dovish, but it has grown more dovish since the last meeting in april and remember from the minutes that most of voting members were ready to june as inflation continues to strengthen. Thef course we have disastrous jobs report and here is what the fed said. Andpace of improvement labor market has slowed. Inflation compensation declined. In other words, not enough to justify a rate hike the are notably, no mention in the policy statement of the grexit risk. The fed is on hold and giving no sign how soon it may move off of the quarterpoint p are we hope to in the press conference with janet yellen. That begins at 2 30. We have seen a major market move. Given me the data screens if you would. I want to show here at the moment on the screen. The market is up 84 and the vix plungers. That is a complacency that will support the fed. Michael mckee reversal. T goes right b