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Fed caves on rates and balance-sheet tightening
Chairman Powell's grandfather Dick responds on behalf of monetary metals investors:
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Fed Adopts 'Patient' Rate Stance With Balance-Sheet Flexibility
By Craig Torres
Wednesday, January 30, 2019
The Federal Reserve said today it will be "patient" on any future interest-rate moves and signaled flexibility on the path for reducing its balance sheet, in a substantial pivot away from its bias just last month toward higher borrowing costs.
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The Federal Open Market Committee "will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support" a strong labor market and inflation near 2 percent, the central bank said in a statement Wednesday following a two-day meeting in Washington.
In a separate special statement, the Fed said it's "prepared to adjust any of the details for completing balance sheet normalization in light of economic and financial developments." The central bank also said it would be ready to alter the balance sheet's size and composition if the economy warrants a looser monetary policy than the federal funds could achieve on its own.
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