The Fed'S Interest Rate Remains Unchanged At &Nbsp; The Two Quantitative Easing Policy Ends At The End Of June.

Beijing time on the morning of April 28th, Federal Reserve The latest decision on interest rate policy was released, which showed that the Federal Open Market Committee members of the Federal Reserve decision committee agreed to maintain the benchmark interest rate range of the Fed Fund unchanged from zero to 0.25%.

The Fed's statement also pointed out that the members agreed to maintain the $600 billion in the implementation. Treasury bonds procurement project The scale and duration will remain unchanged and will be completed by the end of June this year as planned. The Fed will also reinvest the proceeds from mature mortgage backed bonds as planned, but says it is ready to adjust the Fed's needs as needed. Securities assets Possession.

The Fed's statement shows that the US economy is growing moderately, and inflation has been rising recently. The phrase of maintaining ultra-low interest rates for a long time still exists. The Fed will adjust its assets as needed. Compared with the last meeting's statement, the wording of today's statement has not changed much.

Fed officials said on the 27 day that the US economic recovery is clear and the recovery is more solid than ever, and the Fed's confidence in the economy has also been strengthened. At the moment, the second round of quantitative easing policy will expire in June. Public opinion is that this will mean that all the unconventional economic stimulus policies adopted by the US government will end as well as the tax cuts implemented.

In the eyes of many Fed officials, the second round of quantitative easing has achieved most of the goals, such as deflation or the threat of falling consumer prices, allowing investors to pour into the stock market or other assets that are more risky than national debt, and increase the net value of equity investors. In addition, although the Fed did not explicitly say, this policy did cause the depreciation of the US dollar to boost US exports, but critics in the US say that the Fed's move has pushed up the price of commodities and weakened the purchasing power of households.

The Fed's decision is basically in line with market expectations.

Wu Xiaoqiu, director of the finance and Securities Research Institute of Renmin University of China, believes that from the perspective of the Federal Reserve, the continued implementation of quantitative easing policy is dominant. As economic growth and control of the two objectives of currency issuance, economic growth is still very important, so that the recovery of the economy as soon as possible is the primary goal of the Federal Reserve's monetary policy. Of course, from the perspective of global economic equilibrium, quantitative easing policy has brought negative effects on the recovery of other countries and the stability of the global monetary system. It should be said that the policy of ending quantitative easing should be ended. The two point should be the angle difference.

The second round of quantitative easing will end on schedule, and the US Federal Reserve will keep interest rates unchanged. Analysts believe that although monetary easing will end, it does not mean that the tightening era will come and the Fed will not raise interest rates soon. Yellen, vice chairman of the Federal Reserve, said this week that it is unlikely to be forced to raise interest rates in the short term, because the impact of soaring global commodity prices on the US inflation situation should be temporary; in his view, price increases are unlikely to disrupt economic recovery, so there is little need for a significant adjustment of monetary policy stance.

When the Fed starts to raise interest rates, it depends on the health of the US economy and the level of inflation. Fan Jianping, director of the prediction center of the state information center, said that the Fed's interest rate increase is unlikely to be achieved this year. The unemployment rate in the United States is still up to 8.8%. This year is the election year of the US president. The president of the United States has never been able to seek another term of over 8% of the unemployment rate. Therefore, the main contradiction between the US government and the Federal Reserve is the employment problem, or the unemployment rate should be lowered. By the end of June, when the two quantitative easing was due, it would no longer be the third round.

Fan Jianping believes that the price issue should be treated cautiously in the second half of the year.