U.S. Federal Reserve Chair Janet Yellen speaks during a news conference in Washington D.C.
air jordan 6 wheat pre order , capital of the United States, on June 14, 2017. U.S. Federal Reserve on Wednesday raised the benchmark interest rates for the fourth time since December 2015, and unveiled plans to start trimming its balance sheet. (XinhuaYin Bogu)
WASHINGTON, June 14 (Xinhua) -- U.S. Federal Reserve on Wednesday raised the benchmark interest rates for the fourth time since December 2015, and unveiled plan to start trimming its balance sheet.
"In view of realized and expected labor market conditions and inflation, the (Federal Open Market) Committee decided to raise the target range for the federal funds rate to 1 to 1.25 percent
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The central bank acknowledged the continuous progress in labor market while expressed their concerns over weak inflation.
Fed officials lowered their forecast for unemployment rate for 2017 down to 4.3 percent, compared to 4.5 percent projection made in March, while their forecast for inflation rate in 2017 was revised down to 1.6 percent from their forecast of 1.9 percent in March, according to the economic projections released by the Fed on Wednesday.
Despite the weak inflation, the central bank continues to see improvement in the economy. "Household spending has picked up in recent months, and business fixed investment has continued to expand," said the Fed in the statement.
Fed officials expected the economy to grow 2.2 percent this year
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Their forecast for rate hike pace barely changed compared to March's projections. According to their forecast, there will be one more rate hike this year, and three more next year.
In view of the stable economic conditions, the Fed plans to reduce its 4.5-trillion-U.S.dollar balance sheet later this year and unveiled detailed plan to trim its bond holdings.
"The Committee currently expects to begin implementing a balance sheet normalization program this year, provided that the economy evolves broadly as anticipated," said the Fed in the statement.
"The plan is one that is consciously intended to avoid creating market strains, and to allow the market to adjust to a very gradual and predictable plan
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According to the plan, the Fed will set a set of gradually increasing caps on the amount of the Treasury and agency securities that would be allowed to run off each month. The caps will be increased every three months until they reach fully phased-in levels.
As for the timing of implementing the plan, Yellen said that if the economy evolves in line with Fed officials' expectations, the central bank could put it into effect "relatively soon."
BERLIN, Nov. 10 (Xinhua) -- Munich is ruled out of 2022 Winter Olympics bid after Bavarian voters have turned down plans for the German city to bid for the 2022 Winter Olympics.
Early results from Sunday's ballot gave the opponents of the Olympics a majority.
Olympic planners needed to have a majority yes vote in all four communities that went to the polls and which were planned as the hubs of the games, including the Bavarian capital Munich itself and Garmisch-Partenkirchen
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"The vote is not a signal against the sport, but against the non-transparency and the greed for profit of the IOC," said Ludwig Hartmann, a Greens party lawmaker and a leader of the NOlympia movement that led the campaign against the bid.
"I think all possible Olympic bids in Germany are now out of question. The IOC has to change first. It's not the venues that have to adapt to the IOC, but the other way around," Hartmann said.
Opponents of the Olympics won a majority in in all four communities, meaning the Olympic project won't go ahead. Leading sports figures have been campaigning strongly for the bid but the project failed to get the approval of taxpayers.
A total of 1.3 million people
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Oslo, the Norwegian capital, has announced its bid, along with Lviv, Ukraine; Beijing; Almaty, Kazakhstan; and a joint bid from Krakow
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Thursday is the deadline for submission of bids to the IOC. The IOC will select the 2022 host city in 2015.
BEIJING, Aug. 20 (Xinhua) -- China has vowed more efforts to build an effective logistics system with the hope of facilitating consumption.
Calling modern logistics a "major industry" in the national economy, the State Council, China's cabinet, said during an executive meeting on Wednesday that measures would be taken to lower logistics cost
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The total cost of logistics in China is high. In 2014, logistics costed 10.6 trillion yuan (1.66 trillion U.S. dollars), or the equivalent of 16.6 percent of China's GDP. In the United States and Japan, the ratio of logistics cost to their GDP stood at around 8 percent last year.
China aims to bring down the ratio to 15.6 percent by 2020, the National Reform and Development Commission, China's top economic planning agency, said in a document released last week.
A lack of efficiency caused by low level application of information technology in transportation and warehouse management explains the high logistics cost
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Last year, 76.1 percent of goods were transported by highway, beating railway, waterway, pipelines and air freight. Huge number of management s.
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