FOMC Releases Meeting Announcement with No Rate Change

The Federal Open Market Committee (FOMC) ended its two-day policy meeting on Wednesday and released an afternoon announcement reporting no change to the central bank borrowing rate which will remain at 0.25% to 0.50%; as expected the FOMC’s statement did indicate that a rate hike in December was likely with new language saying the 2% inflation objective is near and that the Fed only needs “some further evidence” of economic progress for a rate increase; globally the US is one of few central banks tightening monetary policy; many are easing with negative rates; Japan’s central bank borrowing rate is -0.10% and the ECB central bank borrowing rate is at 0% for the Eurozone; the Bank of England will be meeting on Thursday and is expected to keep its rate unchanged with further easing in 2017.  Source