Credit Union National Association (CUNA) chief policy officer Bill Hampel released the following statement after the Federal Reserve voted 7-3 to leave interest rates unchanged:
“Although the Fed did not move this time, an increase in the fed funds target rate would have been consistent with an economy approaching full employment with moderately rising inflation,” said Bill Hampel, CUNA chief policy officer.
“Therefore, an increase by the end of the year is very likely, to be followed by further increases next year, although a return to ‘normal’ rates will take several years. Higher short-term interest rates will provide welcome relief to savers, and should present no problems for credit unions.”