WASHINGTON — The Federal Reserve left interest rates unchanged on Wednesday, and its chairman, Jerome H. Powell, stressed that it would remain patient, even as investors looked for a rate cut and President Trump urged one.
A strengthening economy has prompted members of the policy-setting Federal Open Market Committee to raise rates nine times since 2015, with four increases coming under Mr. Powell’s leadership. But they have adopted a cautious stance this year, first as growth wavered and more recently as inflation has fallen further below the committee’s 2 percent target.
At a news conference after the committee’s meeting on Wednesday, Mr. Powell said the United States economy remained strong and said signs of global economic weakness that prompted concern in March had partly subsided. “It appears that risks have moderated somewhat,” he said. “Our outlook, and my outlook, is a positive one, is a healthy one, for the U.S. economy for the rest of this year.”
But Mr. Powell continued to project a patient approach to setting the Fed’s benchmark interest rate and gave no indication that a cut was any more likely than an increase at the moment. “We do think that our policy stance is appropriate right now,” he said. “We don’t see a strong case for moving in either direction.”
That stance once again puts the Fed at odds with Mr. Trump, who has called on the central bank to start cutting rates. On Tuesday, Mr. Trump suggested that the Fed cut rates by one point, saying that would help the United States economy “go up like a rocket.”
Mr. Powell, who was picked by Mr. Trump to run the Fed but whose approach has since drawn the president’s ire, again dismissed any potential influence by the White House, saying the Fed does not take “political opinions” into account when setting monetary policy.
Politics aside, weak inflation could force the Fed to walk a policy tightrope in the coming months. The economy is growing faster than its long-term trend, and employers are hiring vigorously a full decade into an expansion. But puzzlingly slow price increases could become a problem. Mr. Powell said officials remained “strongly committed” to their 2 percent inflation target and believed that prices would rise over time, and he repeatedly played down the recent deceleration in inflation.
“We suspect that some transitory factors may be at work,” Mr. Powell said of core inflation, which eased to 1.6 percent in March.
He acknowledged that if inflation ran “persistently below” its target, that would be an “issue” the Fed would have to address.
Mr. Powell’s decision to dismiss the slowdown in inflation as fleeting — without detailing how the Fed will react if price gains stay low — may have been an effort to convince investors that the Fed is happy to hold rates steady for now.
Many investors had begun to expect a rate cut later this year, and stock prices fell after the Fed news conference.
“The market was pricing in nothing but rate cuts,” said Gennadiy Goldberg, United States rates strategist at TD Securities. “I think he was trying to push back against the idea that the economy is turning lower and the Fed can never generate inflation.”
But economists said there was no reason for the Fed to move now, given the state of the economy.
“Inflation is low and the economy is fine, and given that combination of factors, there’s really nothing for the Fed to do here,” said Ellen Zentner, the chief United States economist at Morgan Stanley. “The best prescription right now is for them to stand by, stand pat.”
Congress has given the Fed two jobs: maintaining full employment and achieving low, stable inflation. But officials have not sustainably hit their 2 percent target since formally adopting it in 2012. If it lingers too far below that goal for an extended period, consumers and businesses could come to expect permanently slower gains, making it harder for the Fed to ever coax inflation higher.
“I do think it’s important that inflation run close to, and sustainably, for a sustained period of time, and symmetrically around 2 percent,” Mr. Powell said on Wednesday. Otherwise, lower inflation expectations could “put downward pressure on inflation and make it harder for us to react to downturns and harder for us to support the economy in difficult times.”
Some officials and economists think price increases are stubbornly low because of globalization and technology, while others have suggested that it is because the job market is not as tight as headline figures suggest.
At 3.8 percent, the unemployment rate is hovering near its lowest level since the late 1960s. Growth in average hourly earnings has risen above 3 percent after a long period of sluggishness. Yet labor force participation by workers in their prime working years remains depressed, suggesting that some people may be left on the sidelines.
“Job gains have been solid, on average, in recent months, and the unemployment rate has remained low,” officials said in their postmeeting statement.
No committee members dissented at the meeting, continuing Mr. Powell’s unbroken record. Not one official has voted against a rate decision since December 2017, when Janet L. Yellen was chairwoman and two presidents of regional Federal Reserve Banks, Charles L. Evans and Neel T. Kashkari, opposed a rate increase.
In a technical move, the Fed lowered the so-called interest on excess reserves rate at this meeting, bringing it down to 2.35 percent from 2.4 percent. The move says little about the central bank’s view on the economy, and is not a cut to its main policy interest rate, which is still set at 2.25 to 2.5 percent.
The tweak is simply intended to keep the federal funds rate within that range. The effective funds rate has been climbing higher, partly as a result of regulatory changes. If it climbed too high, market participants could lose faith in the Fed’s ability to use its tools to achieve its goals. The Fed has made two previous adjustments to the interest on excess reserves rate. Both of those tweaks came alongside a rate increase, making this the first stand-alone adjustment.
“This is just a technical fix. It really has no implications for policy,” Mr. Powell said. “I think we’ll continue to control” the Fed funds rate, “and it will continue to transmit well into broader financial conditions.”B:
凌波步专解跑狗图【一】【间】【破】【庙】【内】，【数】【十】【个】【乞】【丐】【全】【部】【围】【在】【一】【起】，【有】【小】【有】【青】【年】，【但】【就】【是】【没】【有】【老】【年】【人】，【这】【其】【中】【的】【原】【因】【可】【想】【而】【知】。 【而】【就】【在】【这】【破】【庙】【的】【角】【落】【里】【正】【卷】【缩】【着】【一】【个】【瘦】【小】【的】【身】【影】，【一】【个】【脸】【上】【脏】【兮】【兮】【的】【男】【孩】【子】【正】【准】【备】【走】【到】【了】【那】【躺】【在】【地】【上】【的】【人】【身】【后】，【想】【看】【看】【她】【怎】【么】【样】【了】。 “【狗】【子】，【别】【过】【去】【了】，【这】【家】【伙】【肯】【定】【死】【了】，【我】【今】【天】【在】【街】【上】【看】【到】【好】【几】【个】【别】【的】【地】
【在】【丹】【药】【阁】【自】【然】【有】【丹】【药】【买】【卖】，【这】【些】【都】【是】【大】【师】【们】【的】【手】【笔】，【价】【格】【更】【是】【不】【菲】，【毕】【竟】【丹】【药】【师】【这】【一】【行】【业】【实】【在】【是】【太】【烧】【钱】【了】，【每】【一】【个】【丹】【药】【师】【都】【可】【以】【说】【是】【被】【用】【灵】【石】【给】【推】【起】【来】【的】。 【王】【小】【天】【摇】【了】【摇】【头】：“【我】【是】【来】【考】【核】【的】，【就】【从】【最】【低】【级】【的】【来】【说】【吧】，【什】【么】【时】【候】【有】【丹】【徒】【的】【考】【试】【呢】？” 【一】【听】【王】【小】【天】【竟】【然】【是】【来】【参】【加】【考】【试】【的】，【这】【名】【侍】【女】【微】【微】【惊】【讶】，【小】【嘴】
【门】【外】，【梁】【培】【然】【悠】【哉】【悠】【哉】【拿】【出】【手】【机】【查】【看】【昨】【晚】【发】【的】【围】【脖】，【耐】【心】【翻】【看】【评】【论】。 #【呜】【呜】【呜】，【怎】【么】【办】，【我】【越】【看】【越】【觉】【得】【他】【们】【配】【一】【脸】，【这】【该】【死】【的】【眼】【缘】【让】【我】【居】【然】【一】【点】【也】【不】【眼】【红】，【一】【点】【也】【不】【嫉】【妒】【了】!# #【难】【道】【只】【有】【我】【一】【个】【人】【感】【觉】【梁】【影】【帝】【是】【在】【求】【名】【分】【吗】？# 【看】【到】【这】【条】【评】【论】，【梁】【培】【然】【忽】【然】【有】【一】【种】【终】【于】【被】【人】【理】【解】【了】【感】【觉】，【于】【是】【他】【好】【心】【情】【的】
【因】【着】【第】【二】【天】【就】【要】【走】【人】【又】【比】【较】【多】，【邓】【重】【云】【顺】【理】【成】【章】【的】【就】【留】【了】【下】【来】，【心】【里】【美】【滋】【滋】【的】【帮】【着】【忙】【前】【忙】【后】【的】【收】【拾】，【力】【争】【在】【李】【初】【雨】【的】【家】【人】【心】【里】【留】【下】【一】【个】【好】【的】【印】【象】。 【不】【过】【也】【有】【让】【他】【不】【开】【心】【的】【事】【情】，【出】【门】【倒】【垃】【圾】【遇】【到】【了】【装】【作】【偶】【遇】【的】【周】【婷】【婷】，【看】【到】【周】【婷】【婷】【那】【带】【着】【占】【有】【欲】【的】【眼】【光】【心】【下】【一】【沉】，【没】【等】【周】【婷】【婷】【说】【话】，【垃】【圾】【一】【倒】【飞】【快】【的】【转】【身】【回】【到】【院】【子】，凌波步专解跑狗图“【快】【回】【去】【睡】【觉】！！” 【阿】【呆】【对】【着】【她】【们】【怒】【吼】【了】【一】【声】。 “.”【众】【人】。 【阿】【呆】【的】【举】【动】，【让】【所】【有】【人】【硬】【是】【楞】【一】【下】，【让】【人】【没】【有】【一】【丝】【丝】【的】【防】【备】。 【这】【么】【粗】【暴】【的】【么】？ 【墨】【小】【白】【留】【意】【到】【了】【一】【个】【细】【节】，【阿】【呆】【刚】【才】【训】【斥】【她】【们】【的】【时】【候】，【就】【像】【换】【了】【一】【个】【人】【一】【样】，【少】【了】【之】【前】【的】【憨】【样】，【多】【了】【一】【份】【严】【肃】。 “【我】【拿】【到】【了】。”【这】【个】【时】【候】，
【又】【是】【一】【阵】【寂】【静】，【羽】【凤】【拱】【手】【道】：“【属】【下】【愿】【往】!” “【你】【们】【呢】？”【陈】【一】【凡】【淡】【淡】【瞟】【了】【他】【一】【眼】，【对】【其】【他】【人】【问】【道】。 “【属】【下】【愿】【往】!” “【属】【下】【愿】【往】!” 【众】【人】【稀】【稀】【落】【落】【的】【回】【答】【道】。 “【那】【好】，【给】【你】【们】【一】【天】【时】【间】，【去】【吧】!”【陈】【一】【凡】【挥】【手】【道】。 “【一】【天】？【这】【是】【不】【是】……”【众】【人】【又】【瞪】【大】【了】【眼】【睛】，【这】【可】【是】【驱】【逐】【一】【位】【十】【方】【天】【域】【中】，
【顾】【家】【阖】【府】【都】【已】【经】【熄】【了】【灯】，【温】【沅】【的】【院】【子】【里】【仍】【然】【亮】【着】【灯】。 【顾】【清】【寅】【今】【日】【被】【抱】【着】【过】【来】【与】【温】【沅】【睡】，【温】【沅】【斜】【靠】【在】【床】【榻】【上】，【一】【下】【没】【一】【下】【地】【给】【他】【扇】【着】【扇】【子】。 “【叩】【叩】【叩】。”【有】【人】【敲】【了】【窗】【户】。 【温】【沅】【裹】【了】【件】【衣】【服】，【未】【开】【窗】，“【怎】【么】【样】？” “【已】【经】【安】【排】【马】【车】【送】【回】【江】【南】【了】。”【窗】【外】【的】【人】【声】【音】【略】【显】【嘶】【哑】，【气】【息】【也】【是】【不】【大】【稳】。 “【辛】【苦】
【李】【悠】【然】【的】【到】【来】，【几】【乎】【可】【以】【说】【是】【让】【刘】【刑】【一】【飞】【冲】【天】，【一】【时】【间】，【帝】【都】【之】【中】【的】【众】【多】【大】【人】【物】【们】，【对】【于】【李】【悠】【然】【的】【忌】【惮】，【更】【是】【上】【升】【了】【三】【分】。 【帝】【都】【之】【中】【因】【为】【李】【泽】【伦】【亲】【自】【拜】【访】【武】【王】【府】【的】【事】【情】【而】【震】【惊】【不】【已】，【不】【过】【要】【说】【最】【为】【震】【惊】【的】，【还】【是】【孝】【王】【刘】【淼】【和】【吏】【部】【尚】【书】【张】【坤】【两】【人】【了】。 【此】【时】【的】【吏】【部】【尚】【书】【府】，【张】【坤】【独】【自】【一】【个】【人】【坐】【在】【书】【房】【之】【中】，【脸】【色】【复】【杂】
“【周】【通】【兄】！” 【就】【在】【周】【通】【拼】【命】【逃】【走】【时】，【一】【道】【喊】【声】，【让】【周】【通】【的】【身】【体】【顿】【时】【忍】【不】【住】【的】【一】【颤】。 【他】【目】【光】【连】【忙】【朝】【着】【声】【音】【传】【来】【的】【源】【头】【看】【去】，【当】【他】【看】【清】【楚】【停】【留】【在】【那】【里】【的】【两】【道】【身】【影】【时】，【他】【的】【眼】【中】，【也】【是】【有】【着】【浓】【浓】【的】【惊】【喜】【之】【色】【涌】【现】【而】【出】。 “【韩】【枫】【兄】！【灵】【儿】！【你】【们】【怎】【么】【来】【了】？”【周】【通】【满】【脸】【惊】【讶】【的】【道】。 【他】【的】【确】【没】【有】【想】【到】【会】【在】【这】【里】【遇】【到】