Fed holds on policy and shares updated projections

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As expected, the Federal Reserve (Fed) left interest rates unchanged at the zero bound. Additionally, Committee members unanimously supported expansion of the balance sheet with purchases of Treasuries, agency mortgage-backed securities (MBS) and agency commercial mortgage-backed securities (CMBS) to continue, at least at the current pace. During his post-meeting press conference, Fed Chair Jerome Powell noted some of the recent improving economic data, including the May jobs report, but also acknowledged the recovery will be a long road. Investors can expect continued accommodative monetary policy and should recognize the Fed’s willingness to employ necessary emergency tools to achieve the goals of 2 percent inflation and full employment.

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