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Retailers Can Breathe a Sigh of Relief Over Interest Rates

It looks like retailers can cross rising interest rates off their list of worries when it comes to consumer spending — for now. The Federal Reserve Wednesday diverted from its path of nudging up interest rates, holding them steady after a two-day policy meeting and stating that it would be “patient” when it comes to further increases. Its benchmark interest rate was left in a range between 2.25 percent and 2.5 percent as the Fed took a pause after lifting it nine times since 2015, with the last rise taking place in December. The markets appeared to take the news well, with the Dow Jones Industrial Average closing up 434.90 points, or 1.77 percent, to 25,014.86.  While its unclear how long this dovish tone will last, Fed chairman Jerome Powell gave the biggest signal yet that there might not be any more increases for a while, stating at a press conference that “the case for raising rates has weakened somewhat.” This marks a change from December when he said at least two more rises were on the cards for 2019. The move will no doubt be welcomed by retailers, who had been concerned that the Fed’s policy of raising rates last year risked knocking the strong trend of consumer

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