WASHINGTON (Sputnik) — The Federal Reserve kept interest rates near zero from late 2008 to late 2016. Since then the US central bank has raised rates twice, with expectations of two additional rate increases by the end of 2017.
"Most participants judged that if economic information came in about in line with their expectations, it would soon be appropriate for the Committee to take another step in removing some policy accommodation," the minutes for the FOMC’s May 2-3 meeting stated.
Earlier, US Federal Reserve Board of Governors.’s Vice Chairman Stanley Fischer said that adherence to a simple policy rule is "not the most appropriate means" of achieving the Federal Reserve’s primary goal of maximum employment with low inflation. Since the onset of the Great Recession in 2008, the Federal Reserve deviated from rules for determining interest rates to pursue an "accommodative monetary policy," Fischer explained.
