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Economic Weakness Is Transitory

Fed sees lower-than-expected growth as a result of factors specific to this past winter.

By Daniel Kruger, Bloomberg | Updated on April 29, 2015

Treasuries remained lower as the Federal Reserve said a growth slowdown during the winter months “reflected transitory factors” as they debate the first interest-rate increase since 2006.

Policy makers, who lowered their own forecasts for rate increases last month, said “the pace of job gains moderated” and “underutilization of labor resources was little changed.” While officials dropped their pledge to be “patient” in approaching how to normalize policy, Fed Chair Janet Yellen said in a speech late last month that “the return of the federal funds rate to a more normal level is likely to be gradual.”

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