The price of oil has tumbled 58 percent this year to reach a six-year low earlier this week. Even if prices stay at these levels, chances are they won't impact the Federal Reserve's interest-rate plans.
Seventy percent of economists in a Bloomberg News survey said crude oil prices around $40 per barrel for the next three months would have no impact on the Fed. Of the 30 percent that said it would influence the central bank, the respondents were evenly split between whether it would cause a delay in the first interest-rate increase or slow the hiking path.Click here to continue reading this article.
The fed funds rate has been at a range of 0-0.25% since the end of 2008 and officials meet September 16-17 to decide whether an interest rate increase is still warranted. New York Fed President William Dudley said Wednesday that the case for raising rates in September is less compelling after recent market volatility.
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