The US Federal Reserve is set to stay its course with another $10bn taper of its quantitative easing programme this week, but will probably tweak its language on the economy to reflect the recent bout of strong payrolls growth.
July’s meeting, which concludes on Wednesday, should deliver another $10bn reduction in the pace of asset purchases to $25bn-a-month, on the way to a complete stop in October.
But, with payrolls up by 288,000 in June and the unemployment rate down to 6.1 per cent, the Fed may adjust its monetary policy plans if the labour market continues to strengthen.
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