Financial market activity was dominated by the Federal Open Market Committee meeting this week. As expected at the December meeting, the FOMC voted unanimously to leave the federal funds rate unchanged at a target range of 5.25 – 5.50%.
Recent economic data continues to suggest positive but below trend growth this year. Labor markets remain solid, and the U.S. consumer has demonstrated resiliency.
Economic data released this week presented a mixed picture. The U.S. economy grew at an annualized rate of 5.2% in the third quarter, revised up from the initial estimate of 4.9%, with the upward revisions driven by business investment and government spending.
