Fed leaves rates unchanged, calls 1st-quarter weakness ‘transitory’

• May 3, 2017
• realestatelife
• Business & Markets, Real Estate Finance

The Federal Reserve on Wednesday voted 9-0 to leave its benchmark interest rate at 0.75% to 1%, but the FOMC also indicated it’s still on track for two more rate increases in 2017. The Fed said the sharp slowdown in first-quarter GDP resulting from a falloff in consumer spending is “likely to be transitory.” The central bank also said “the fundamentals underpinning the continued growth of consumption remain solid.”