Association News

The Federal Reserve held the federal funds rate steady at a target range of 4.25 percent to 4.5 percent for the third meeting in a row. In its announcement of the rate decision, the Fed cited increasing uncertainty in the economic outlook.

“The committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook has increased further,” a release from the Federal Reserve said. “The committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen.”

“The market for manufacturing technology had a great first quarter, and despite the rising risks to inflation and unemployment cited by the Fed, the economy remains on generally stable footing,” said Christopher Chidzik, principal economist of AMT – The Association For Manufacturing Technology. “Uncertainty is detrimental to consumers making large purchases and businesses making additional investment. The sooner policy paths are solidified, the sooner businesses can make additional investments in manufacturing technology to meet consumer demand.”