Federal Reserve officials left interest rates unchanged, acknowledging that the inflation is close to the target and did not indicate any intention to veer from their gradual path of interest-rate increases.
“Inflation on a 12-month basis is expected to run near the committee’s symmetric 2 per cent objective over the medium term,” the policy-setting Federal Open Market Committee said in a statement on Wednesday in Washington. “The committee expects that economic conditions will evolve in a manner that will warrant further gradual increases in the federal funds rate.”
Officials may have signaled their willingness to allow inflation to exceed their 2 per cent goal somewhat by adding a reference to the “symmetric” nature of their target.
The FOMC also noted the weakness in growth in the first quarter, removing a reference in the in March statement that the economic outlook had “strengthened in recent months.” They balanced that out by noting strong growth in business investment.
The yield on 10-year US Treasury notes slipped slightly to 2.96 per cent following the release of the statement, while the S&P 500 Index of US stocks climbed to its highest level of the day and the Bloomberg Dollar Spot Index fell.
_______
Read more:
Dollar at three-and-a-half-month high on elevated yields
US dollar strengthens as geopolitical risks ease
________
The US economic growth cooled in the first quarter to an annualised pace of 2.3 per cent after averaging higher than 3 per cent in the previous three quarters.
The decision to maintain the federal funds target range at 1.5 per cent to 1.75 per cent was a unanimous 8-0.
The Fed’s commentary is unlikely to change investor expectations that policy makers will raise interest rates for the second time this year when they re-convene in June.
Officials left unchanged their view that near-term risks to the economic outlook appeared “roughly balanced.” That suggests policy makers are not ready to steepen dramatically the path they’ve projected for slowly raising rates.
The Fed lifted its benchmark rate three times last year -- while also beginning to slowly trim its balance sheet. Officials indicated in March they expect a total of three or four hikes in 2018.
The FOMC’s two-day meeting followed the release of data Monday that showed inflation measured by the central bank’s preferred gauge had hit its 2 per cent target after being below that goal for almost every month since April 2012.
Policy makers aim to keep inflation near target while ensuring maximum sustainable employment and preserving a US economic expansion that is now the second longest on record.
Year-on-year growth in the personal consumption expenditures price index reached 2 per cent in March, up from 1.7 per cent in February. The jump was driven more by year-ago price drops in telecoms and pharmaceuticals than by recent price gains.
Kandahar%20
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Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Jawan
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UAE%20FIXTURES
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MATCH SCHEDULE
Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)
Liverpool v Roma
Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)
Europa League semi-final, first leg
Thursday, April 26
Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)
The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
More from Neighbourhood Watch
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
MATCH INFO
Austria 2
Hinteregger (53'), Schopf (69')
Germany 1
Ozil (11')
