The US Federal Reserve is shifting its focus to its first interest rate rise after ending an era of unprecedented asset purchases.
In a marked change of language, the rate-setting Federal Open Market Committee highlighted an improvement in the US labour market. Dropping its previous view that there was “significant under utilisation” of labour resources it said instead that this was “gradually diminishing”.
It marks a big shift in the Fed’s horizons away from aggressive monetary stimulus via its third round of asset purchases – QE3 – and towards the need for an eventual rise in interest rates from their current level close to zero.
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