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Federal Open Market Committee reaffirms its "Statement on Longer-Run Goals and Monetary Policy Strategy"

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The Federal Open Market Committee, at its annual organizational meeting this week, unanimously reaffirmed its "Statement of Longer-Run Goals and Monetary Policy Strategy" with an updated reference to the median of participants' estimates of the longer-run normal rate of unemployment in the most recent Summary of Economic Projections (December 2018).

The Committee first adopted the statement at its January 2012 meeting and has reaffirmed it, with appropriate revisions, at its annual organizational meetings each January.

Statement on Longer-Run Goals and Monetary Policy Strategy (PDF)Amended January 29, 2019

Previous version:Statement on Longer-Run Goals and Monetary Policy Strategy (PDF)Amended January 30, 2018

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JAN
31
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Federal Reserve issues FOMC statement

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Information received since the Federal Open Market Committee met in December indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate. Job gains have been strong, on average, in recent months, and the unemployment rate has remained low. Household spending has continued to grow strongly, while growth of business fixed investment has moderated from its rapid pace earlier last year. On a 12-month basis, both overall inflation and inflation for items other than food and energy remain near 2 percent. Although market-based measures of inflation compensation have moved lower in recent months, survey-based measures of longer-term inflation expectations are little changed.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent. The Committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective as the most likely outcomes. In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes.

In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.

Voting for the FOMC monetary policy action were: Jerome H. Powell, Chairman; John C. Williams, Vice Chairman; Michelle W. Bowman; Lael Brainard; James Bullard; Richard H. Clarida; Charles L. Evans; Esther L. George; Randal K. Quarles; and Eric S. Rosengren.

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JAN
30
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Contingent liabilities and non-performing loans in the EU Member States in 2017

Data on contingent liabilities and non-performing loans of EU governments for the year 2017 have been published today by Eurostat, the statistical office of the European Union. This publication includes data on government guarantees, liabilities related to public-private partnerships recorded off-balance sheet of government and liabilities of government controlled entities (public corporations) classified outside general government. Contingent liabilities are only potential liabilities. They may become actual government liabilities if specific conditions prevail.Original link
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JAN
30
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Consumer Price Index, Australia

CPI rose 0.5 per cent in the December quarter 2018Original link
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JAN
30
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Consumer Price Index, Australia

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JAN
30
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Aktuell: How Does the Economy Work? High School Students from Memmingen Visit ZEW

A group of 15 high school students from Bernhard Strigel Gymnasium in Memmingen visited ZEW on 30 January 2019. During the visit, the student group gained both an overview of the structure and objectives of the economic research institute as well as practical insights into the daily work.Original link
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JAN
29
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Household real income per capita up in the euro area and in the EU28

In the euro area, in real terms, household income per capita increased by 0.3% in the third quarter of 2018, after an increase of 0.4% in the previous quarter. Household real consumption per capita increased by 0.1% in the third quarter of 2018, after an increase of 0.2% in the second quarter of 2018.Original link
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JAN
29
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Press Release: Economic Expectations for China Increase Slightly, But Economic Outlook Still Weak

In the most recent survey for January , expectations regarding the Chinese economy have risen by 2.2 points, to a new reading of minus 18.3 points . Despite the renewed increase, the indicator is still clearly in negative territory and remains well below the long-term average of 2.7 points. This sees the CEP Indicator, which reflects the expectations of international financial market experts regarding China’s macroeconomic development over the coming twelve months, pointing to a prolonged period of economic weakness.Original link
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JAN
28
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ZEW Discussion Papers DP No. 19-002: The Effects of Natural Disasters and Weather Variations on International Trade: A Review of the Empirical Literature

This review summarizes the empirical literature on the effects of natural disasters and weathervariations on international trade flows. A first result is that the body of literature is actually not as smallas previously suggested. In total, I summarize 19 studies of 18 independent research teams and showthat there is a large diversity in terms of motivations, data sets used, methodologies, and results. Still,some overarching conclusions can be drawn. Increases in average temperature seem to have adetrimental effect on export values , mainly for manufactured and agriculturalproducts. Given climate change, this is an important finding for projecting long-term developments oftrade volumes....Original link
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JAN
28
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ZEW-Gutachten: Structural Reform in Germany, 2013-2017

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