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December FOMC meeting: First hike since 2006, signaling a gradual and data-dependent pace of tightening ahead

Global & Regional Focus Notes

18 Δεκεμβρίου 2015
As expected, the Federal Reserve raised the target range for the fed funds rate for the first time since 2006 by 25bp to 25-50bp at its 15-16 December meeting. According to the post-meeting statement, the rationale behind the committee’s decision was the considerable improvement in the US labor market this year and the Fed’s confidence that inflation will rise, over the medium term, to the 2.0% objective target, acknowledging the time lag with which policy actions affect future economic conditions. With respect to the pace of rate tightening ahead, the statement suggested that it will be rather gradual, dependent on the US economic outlook as well as on global financial developments. The statement also highlighted that the “stance of monetary policy remains accommodative, even after the start of the tightening process, a phrase that was also used during the 2004 tightening cycle.
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