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Coronavirus (COVID-19) Update
The health, safety and well-being of our customers, employees and communities continues to be our top priority. Due to varying safety recommendations in the areas surrounding our branches, some location lobbies are open to the public, while others remain open by appointment only. Please use our Lobby Reopening Schedule to determine if an appointment is required before your visit.

Federal Funds Rate Update

Federal Funds Rate Update - September 21, 2016

The Federal Open Market Committee (FOMC) left its targeted Federal Funds rate unchanged, and the monetary policy remained accommodative – meaning access to money easier and cheaper for businesses to borrow.

The committee did note that the case for an increase has strengthened with a solid labor market and strong consumer spending.

Nonetheless, the FOMC decided to wait for further evidence of continued economic expansion in a 7-3 vote, the largest dissenting number since the initial tightening last year.

Those three committee members preferred to see a raise in the target range to a ½ to ¾ percent rate.
The FOMC cited inflation still being below target, business investments still weak and that more evidence is required before considering a rate hike.

An interpretation of their statement could lead one to believe that that a rate hike in 2016 is still very much on the table – targeting a ¼ to ½ percent rate and possibly occurring in December at their next meeting.

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