by Alasdair Macleod, Gold Money:
The Federal Open Market Committee (FOMC) statement released on Wednesday was notable for deferring interest rate rises to some unspecified time in the future.
This was realistic, given the continuing strength of the dollar, downward revisions to the inflation outlook, and economic weakness in virtually all industry surveys. The Fed’s obvious problem in deferring a rise in interest rates is the continuing improvement in the unemployment statistics. However these are seriously flawed: for example in February housing starts fell sharply due to the bad weather, yet seasonally adjusted non-farm payrolls for residential construction jobs were said to rise by 17,200.
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