rssFederal Reserve Holds Interest Rate Near Zero
Wednesday, April 28, 2010 at 2:31 pm
- 20 Comments
This afternoon, the Federal Open Markets Committee, the board of the Federal Reserve that determines monetary policy and interest rates, announced it has decided to keep the target federal funds rate between 0.0 and 0.25 percent, as expected.
The language in the statement was virtually identical to that in last month’s, indicating no change in Fed policy. All of the FOMC members voted to keep rates the same, save for Federal Reserve Bank of Kansas City President Thomas Hoenig, a vocal inflation hawk who has voted for rate increases at the past two meetings. The minutes say Hoenig believes that keeping interest rates low for “an extended period” is “no longer warranted because it could lead to a build-up of future imbalances and increase risks to longer run macroeconomic and financial stability.”
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20 Comments
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Comment posted April 29, 2010 @ 12:47 pm
Just a continuation of the policy that enables the banksters on Wall Street, such as Goldman Sachs, to use money for free to reap immense profits. The borrowing of money at zero rates and turning around and getting 3 percent on Treasuries or more than 12 percent on Brazilian bonds is dependent on the Bernanke policy. More of the same, don't anticipate a rate hike until at least mid-2011, and only a 1/4 point at that. This Ponzi scheme on the part of the Bernanke Fed, mere minions of Wall Street, makes Bernie Madoff look like a petty thief.
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