Today it was released that the U.S. economy expanded at an astonishing 3% annual pace from April through June
The U.S. Federal Reserve (Fed) decided Wednesday to keep its interest rates unchanged for the fifth consecutive time this year, resisting pressure from President Donald Trump to lower them.
In announcing its monetary policy decision, the U.S. central bank decided to keep interest rates in a range of 4.25% and 4.50%.
It was released today that the U.S. economy expanded at a surprising 3% annual pace from April through June, recovering at least temporarily from a first-quarter slump that reflected disruptions caused by President Trump’s trade wars .
The Fed’s Federal Open Market Committee (FOMC) statement reiterated at the end of its two-day meeting that «in considering the scope and timing of further adjustments» it will «carefully assess the incoming numbers, the evolving outlook and the balance of risks.»
U.S. economy grows 0.7 % quarter-over-quarter
The note, which precedes Fed Chairman Jerome Powell‘s regular press conference, noted that «while swings in net exports continue to affect the numbers, recent indicators suggest that growth in economic activity moderated in the first half of the year.»
This latest announcement comes on the same day that the Bureau of Economic Analysis (BEA) reported that the U.S. economy grew 0.7% quarter-over-quarter in the second quarter, following a 0.1% contraction in the first quarter of the year.
U.S. gross domestic product (GDP) rose 3% on an annualized basis, compared to a 0.5% annualized decline in the first quarter, something Trump celebrated and used to insist Powell cut rates.
Since the Republican leader began his second term on January 20, he has been urging Powell to cut rates. In recent weeks he has stepped up his attacks with almost daily messages in which he claims that the US economy is doing «better than ever under his leadership».
