Dovish Fed Expects to Hold Rates at Zero at Least Through 2023

Fed officials, as expected, left their monetary policy unchanged at the September FOMC meeting. The most important announcement in an otherwise uneventful meeting was that the committee pledged to seek maximum employment, and maintain its accommodative policy stance until inflation is averaging moderately above its +2.0% target for some time. Fed Chairman Powell had already given a heads-up on this forward guidance three weeks ago at the annual Economic Policy Symposium in (virtual) Jackson Hole, Wyoming, but it’s now official Fed policy.

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