Weekly Market Snapshot – February 3rd, 2020
Created by: Sam Tenney
- The Federal Reserve Open Committee met on January 28-29, 2020, and voted to raise the interest on excess reserves by 10 basis points, as well as continuing repurchase agreements through April of 2020. This is done to incentivize banks to keep more cash on hand at the Federal Reserve.¹
- Gross Domestic Product for the United States grew at 2.1% in 2019, down from 2.9% in 2018 and missing the Trump administration’s target of 3% by a wide margin.²
- The United Kingdom (UK) is officially leaving the European Union today January 31st, 2020. The long-term economic effects for the UK of this decision could include declining per capita income, trade imbalances, and declining wage rates.³
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