“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “
Published: May 3, 2017 4:10 p.m. ET
The Federal Reserve on Wednesday left a key borrowing rate unchanged and dismissed a weak first quarter as temporary, signaling it is still on track to raise interest rates at gradual pace.
“The [Federal Open Market Committee] views the slowing in growth during the first quarter as likely to be transitory,” the statement said, in unusually dismissive language. Job gains were described as “solid,” as were the fundamentals underpinning the continued growth in consumer spending. Business fixed investment “firmed,” the central bank noted.
“The main takeaway is full steam ahead” with rate hikes, said Kathy Bostjancic, head of U.S. macro investor services at Oxford Economics.
The U.S. stock market, notably the S&P 500 index, SPX, +0.06% ended mostly lower after the statement following the release.
The decision leaves the benchmark short-term fed-funds rate in a range of 0.75% to 1%. The median forecast of Fed officials is for two additional quarter-point rate increases this year.
Investors who bet on the future path of the fed-funds rate project the next rate hike raised the odds of a move in June from 70% to 90%, Bostojancic said.
“On the whole, the statement was slightly more hawkish than we expected. On balance, we still think that the Fed will hike again in June,” agreed Paul Ashworth, chief U.S. economist at Capital Economics.
There were no dissents from the Fed’s updated policy statement.
Economic data show the U.S. economy got off to slow start in 2017 as Americans dialed back spending and companies reduced production to get inventories back in line.
Read: U.S. economy bogs down in first quarter with slowest growth in three years
Yet the economy has repeatedly picked up speed in the spring and summer, and Wednesday’s statement shows the central bankers expect the same pattern to recur.
Consumers and businesses are the most upbeat in year and early signs point to faster growth in the second quarter.
A string of higher inflation readings was also broken in March, a sign the economy had cooled off.
In its statement, the Fed noted the decline in inflation, excluding energy and food, in March and [core] inflation continued to run somewhat below 2%, but said that overall inflation “has been running close” to the central bank’s 2% target.
The confident tone of the statement fits with an important shift in the Fed’s policy stance this year. Instead of being cautious, the central bank now is more assured about its plans to keep raising rates.
The Fed is saying “’We’re not going to be deterred, we’re not overly cautious,’” Bostjancic said.
There was no change in language regarding plans to shrink the balance sheet. The Fed simply repeated it plans to hold the balance sheet steady until “normalization of the level of the federal-funds rate in well under way.”
At its prior meeting in March, the Fed decided to make a decision on when to shrink the balance sheet by the end of the year, according to the minutes of the meeting.
Analysts expect there will be further guidance to the Fed’s thinking when the minutes of the meeting are released on May 24. A number of Fed officials may shed further guidance when they deliver speeches on Friday.
LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17
FROM ME:
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also internationalClick here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
List of Economic Development Projects in Pinal County, Revised 2-14-17
WEEKLY APARTMENT CLOSING UPDATE / THROUGH April 14, 2017 / Phoenix Arizona Metro
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
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Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
2016 Official Arizona Visitors Guide
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Timeline of Phoenix, Arizona history
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Facts of Arizona – year 1848 to 2013
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
Direct: 520-975-5207
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