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Financial News: Federal Reserve Concerned About Low Inflation

Federal Reserve Concerned About Low Inflation

11/22/2017 - 14:10:00 (RTTNews)

(RTTNews) - The Federal Reserve on Wednesday hinted that a rate hike is "likely" despite mounting concerns about low inflation.

Low inflation might also be a result of "developments that could prove more persistent," according to the minutes of the Fed's most recent meeting on Oct 31-Nov 1.

At that meeting, the Fed held interest rates steady between 1% and 1.25%.

A number of officials are worried that a decline in longer-term inflation expectations would make it more challenging for the Committee to promote a return of inflation to 2 percent over the medium term.

On a brighter note, policy makers said labor market conditions generally continued to strengthen and that real gross domestic product (GDP) expanded at a solid pace in the third quarter despite hurricane-related disruptions.

GDP is expected to rise at a solid pace in the fourth quarter of this year, boosted in part by a rebound in spending and production after the negative effects of the hurricanes in the third quarter.

Given the economic outlook, the Fed is likely to raise interest rates by a quarter point in December.

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