The unemployment rates for African Americans, Asians, and Hispanics decreased, on net, over April and May and were below their levels at the end of the previous economic expansion, though persistent differentials in unemployment rates across groups remained.
As a result, the Desk began in May to reinvest agency MBS principal payments in excess of the cap. Federal Open Market Committee (FOMC) Meeting Minutes© 2007-2020 Fusion Media Limited. The Committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective as the most likely outcomes, but uncertainties about this outlook have increased. The labor force participation rate moved down somewhat in April and held steady in May, remaining close to its average over the previous few years; the employment-to-population ratio stayed flat in April and May. Most major global equity price indexes declined, on net, and EME sovereign spreads widened modestly. Building permit issuance for new single-family homesâwhich tends to be a good indicator of the underlying trend in construction of such homesâwas at roughly the same level in May as its first-quarter average. Measures of inflation compensation derived from Treasury Inflation-Protected Securities also decreased notably over the period along with declines in oil prices.Major U.S. equity price indexes declined, on net, over the intermeeting period. Please note that all comments are pending until approved by our moderators. Participants also discussed the decline in yields on longer-term Treasury securities in recent months. Key EventsGlobal markets along with US futures for the Dow...We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. any of each other's Investing.com's posts.Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.Sign up to create alerts for Instruments, In the AFEs, policy expectations and sovereign yields declined notably, in part reflecting more-accommodative monetary policy communications by major central banks.The broad dollar index rose a bit over the intermeeting period. The forecast for total PCE price inflation this year was revised down somewhat, reflecting a lower near-term projection for energy prices. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent. Euro-area peripheral spreads to German equivalents moved sharply lower, and far-forward inflation compensation recovered modestly.The manager pro tem turned next to a review of money market developments and Open Market Desk operations. Overall, no decisions were reached at this meeting; participants stated that additional work would be necessary to clearly define the objectives of such a facility and to evaluate its potential net benefits.Treasury yields fell sharply and far-forward measures of inflation compensation dropped significantly in the United States and abroad. Investing.com -- The S&P 500 finally joined the Nasdaq Composite in hitting record territory, making up for losses of the past months driven by the coronavirus pandemic. Several participants also noted reports from some business contacts in the manufacturing sector suggesting that they were putting capital expenditures or hiring plans on hold and were reevaluating their global supply chains in light of trade uncertainties. But a big move is comig. All Rights Reserved Your ability to comment is currently suspended due to negative user reports. Manufacturing production had posted declines so far this year. A couple of participants noted that the continued softness in the housing sector was a concern, even though the decline in mortgage rates since last fall was expected to provide stronger impetus for activity; a couple of participants were somewhat optimistic that residential investment would pick up.In their discussion of the labor market, participants cited evidence that conditions remained strong, including the very low unemployment rate and the fact that job gains had been solid, on average, in recent months.
A couple of participants favored a cut in the target range at this meeting, judging that a prolonged period with inflation running below 2 percent warranted a more accommodative policy response to firmly center inflation and inflation expectations around the Committee's symmetric 2 percent objective.With regard to the outlook for monetary policy beyond this meeting, nearly all participants had revised down their assessment of the appropriate path for the federal funds rate over the projection period in their SEP submissions, and some had marked down their estimates of the longer-run normal level of the funds rate as well. FOMC communications following the May meeting had little net effect on yields, though they rose modestly following the Chair's press conference. Private sector analysts had marked down their forecasts for longer-term corporate profit growth.
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