Stories by Courtenay Brown

The Fed has no plans to raise rates, even if the economy improves

The Federal Reserve plans to remain "patient" in determining future interest rates moves, even if "global economic and financial conditions continued to improve," according to minutes released Wednesday of the Fed's most recent meeting. They did not raise or lower interest rates at that meeting, despite pressure from President Trump to lower them.

Why it matters: The U.S. economy has been humming along — with solid job gains, low unemployment and receding "uncertainties affecting the U.S. and global economic outlooks," per the meeting minutes — but the market is still betting that the central bank will cut rates before the end of the year, not raise them.

Go deeper: The Fed stopped raising rates, but credit card companies haven't

Fed: No plans to raise rates even if economy improves

Federal Reserve Board Chair Jerome Powell speaks during a press conference
Fed chairman Jerome Powell speaks at a press conference in May. Photo: Mandel Ngan/AFP via Getty Images

The Federal Reserve plans to remain "patient" in determining future moves in interest rates, even if "global economic and financial conditions continued to improve," according to minutes released Wednesday of the Fed's most recent meeting. They did not raise or lower interest rates at that meeting, despite pressure from President Trump to lower them.

Why it matters: The U.S. economy has been humming along — with solid job gains, low unemployment and receding "uncertainties affecting the U.S. and global economic outlooks," per the meeting minutes — but the market is still betting that the central bank will move to cut rates before the end of the year, not raise them. The bets have grown with low inflation readings below the Fed's 2% target. But Fed officials noted "muted inflation pressures" as one of the reasons a patient approach will be appropriate "for some time."

Report: White House considering Derek Kan for open Fed slot

Derek Kan (L) tours California infrastructure projects with Rep. Jeff Dunham. Photo: Justin Sullivan/Getty Images.

The White House is considering Derek Kan, undersecretary at the Department of Transportation, for a spot on the Federal Reserve's Board of Governors, Bloomberg reports. A source close to the situation tells Axios that the leak reads like a "trial balloon," after President Trump's past four picks failed to pass muster.

The bottom line: Kan already has made it through the Senate confirmation process in order to move into his current position, which could make the White House believe he'd have smoother sailing than past nominees.