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After increasing the federal funds rate in December and March, the Federal Open Market Committee (FOMC) still maintains that “gradual increases in the federal funds rate would continue.” As a result, the likelihood of a June hike increased as May progressed, even as weaker data was dismissed. The disappointing employment report was viewed as an anomaly, while the revised first quarter Gross Domestic Product (GDP) reading of 0.7% was viewed as transitory. Consumer sentiment was still strong. The markets had anticipated that the Federal Reserve would begin normalizing their balance sheet in 2018. However, the March FOMC minutes revealed that many committee participants expected the reinvestment policy would be altered later this year. We continue to position ourselves conservatively with a neutral duration strategy. Liquidity and principal preservation remain our primary objectives.
Please carefully read the prospectus and summary prospectus and consider the investment objectives, risks, charges and expenses of Northern Institutional Funds before investing. Call 800-637-1380 to obtain a prospectus and summary prospectus, which contains this and other information about the funds.
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