WASHINGTON--(BUSINESS WIRE)--National Association of Federal Credit Unions (NAFCU) Chief Economist Curt Long issued the following statement in response to the Federal Open Market Committee’s announcement of no change in interest rates after the conclusion of its two-day meeting today.
“Despite the temporary hold, the committee sent a strong signal that a rate hike is imminent,” said Long. “Even after doing so, three members voted against the decision to hold off on a rate hike this month. It seems clear that barring a major setback a rate hike is coming before the end of the year.”
The FOMC’s next two-day policy meeting is set for Nov. 1-2.
The FOMC raised the federal funds target rate to a range of 0.25 to 0.5 percent in December 2015.
The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. www.nafcu.org.