Information received since the Federal Open Market Committee met in May indicates that the labor market has continued to strengthen and that economic activity has been rising moderately so far this year.
The British pound/U.S. dollar currency pair started the day how it ended yesterday: higher. Speculators were still feeling bullish after the stronger UK inflation figures had raised the prospects that the Bank of England may turn hawkish. However, the gains were short-lived as the cable headed back lower after UK average weekly earnings came in at 2.1% earlier versus 2.4% expected. This was the lowest level since late 2014.
A joint meeting of the Federal Open Market Committee and the Board of Governors was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, May 2, 2017, at 1:00 p.m. and continued on Wednesday, May 3, 2017, at 9:00 a.m.