2065438+On September 26th, 2008, the Federal Reserve announced that it would raise the target range of the federal funds interest rate by 25 basis points to 2% to 2.25%, which was the third rate hike in 2065438+2008. Fed officials believe that the US interest rate is "very close" to the neutral interest rate level, and the Fed will pay more attention to economic data when formulating monetary policy in the future.
Since the current interest rate hike cycle was started in June 20 15, the Federal Reserve has raised interest rates eight times, and launched a plan to reduce its balance sheet, so as to gradually withdraw from the ultra-loose monetary policy introduced after the financial crisis. Since the current interest rate hike cycle was started in June 20 15, the Federal Reserve has raised interest rates eight times, and launched a plan to reduce its balance sheet, so as to gradually withdraw from the ultra-loose monetary policy introduced after the financial crisis.
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The watershed of American interest rates originated in the 1980s. Prior to this, it was the Volcker era aimed at adjusting the money supply, followed by the Greenspan era aimed at adjusting interest rates. Under the influence of advocating financial self-discipline, the Federal Reserve began to cut the federal funds rate sharply, and the neutral interest rate in the United States was also lowered. Interest rates continue to fall, leading to rising debt; Increasing debt has led to a continuous decline in interest rates.
Reducing the cost of debt to stimulate enterprises to expand production with debt is indeed obvious in the short term, but long-term stimulus leads to overcapacity, and oversupply leads to price decline. Monetary easing did not successfully drive inflation upward, but led to a fall in prices, which ultimately affected corporate profits. After a short period of stimulus, the economy continued to return to weakness and consumption was even lower.
People's Daily Online-Federal Reserve officials believe that the US interest rate is "very close" to the neutral interest rate level.
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