There's a long way to go before Fed raises rates

Fed will wait until 5.5% unemployment: Jeff Cox

The Federal Reserve may not be happy until it gets unemployment all the way down to 5.5 percent, if statements from central bank officials and other economists are an indication.

Up until recently, the U.S. central bank appeared steadfast on a benchmark of 6.5 percent before it began normalizing its target for short-term interest rates from the near-zero current level. The zero-bound has been in place since the darkest days of the financial crisis that exploded in 2008.

That commitment to concrete targets for policy change has changed recently, however.

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