The Federal Reserve said it will stick to its “patient” approach as it determines future adjustments amid concerns of a slowing global economy and last year’s financial turmoil, according to the central bank’s annual report to Congress.
The report reinforces last month’s decision by the Fed to halt interest rate hikes in light of slower consumer spending and business investment, a weakened housing market, and increased concerns about the global outlook.
Unemployment has fallen close to a 50-year low, but rural areas have been slower to recover, notes the report, which was released Friday ahead of Federal Reserve Chairman Jerome Powell’s planned testimony before the Senate and House committees this week.
Read the Report
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