This week, Powell presided over
a Fed policy meeting for the first time since becoming chairman.
For now, the markets are looking past the December
Fed policy meeting for any changes, and have pushed their expectations to March or beyond for the start of any possible tapering.
This week, Powell presided over
a Fed policy meeting for the first time since becoming chairman.
The Fed policy meeting ended with no change, as expected, while the central bank expressed confidence a recent rise in inflation to near target would be sustained, leaving it on track to raise borrowing costs in June.
As
the Fed policy meeting threw up no surprises with rates left unchanged, the focus shifted back to simmering trade tensions...
We argued that before the ECB and
Fed policy meetings that there was a good possibility the EUR / USD would break above 1.0660 and rally into the 1.0850 / 80 resistance area, before turning lower.
Not exact matches
In the Minutes from the
Fed's January
policy meeting, we noted that the
Fed was clearly starting to worry about liquidity.
«As well, yesterday's FOMC (Federal Open Market Committee)
meeting was less dovish than expected as the
Fed kept its
policy forecasts unchanged despite clear deceleration in inflation and a couple of bad data points yesterday.»
Policy - makers moving toward «normalization» of lending facilities, according to minutes from the
Fed's Dec. 16 - 17
meeting.
All eyes on the
Fed today, as the Federal Open Market Committee concludes its two - day
meeting with a
policy statement and a press conference featuring
Fed Chair Janet Yellen.
About half of the
Fed's 17 policymakers factored a fiscal stimulus into their economic forecasts published in December, according to minutes from the
Fed's December
policy meeting.
Powell said individual
Fed members will be crafting new projections at the central bank's
meeting in March, which would be influenced by federal government's ambitious fiscal
policies including tax cuts.
In a statement following the end of a two - day
policy meeting, the
Fed also said that «on a 12 - month basis is expected to run near the Committee's symmetric 2 percent objective over the medium term.»
Minutes of
meetings from the Federal Open Market Committee and speeches by
Fed officials suggest that the Federal Reserve has been itching to «normalize»
policy for some time now.
The
Fed ended its latest
policy meeting by leaving its key short - term rate unchanged at 1.5 percent to 1.75 percent, the level it set in March after its sixth rate increase...
PHILADELPHIA, Pa. - Cleveland
Fed President Loretta Mester participates in panel «Coordinating Conventional and Unconventional Monetary
Policies for Macroeconomic Stability» before the 2018 ASSA / American Economic Association Annual
Meeting - 1730 GMT.
PHILADELPHIA - Cleveland
Fed chief Loretta Mester participates in panel «Integrating Financial Stability with Monetary
Policy» before the 2018 ASSA / American Economic Association Annual
Meeting -1515 GMT.
SATURDAY, JANUARY 6 PHILADELPHIA, Pa. - Cleveland
Fed chief Loretta Mester participates in panel «Integrating Financial Stability with Monetary
Policy» before the 2018 ASSA / American Economic Association Annual
Meeting -1515 GMT.
The minutes from the
Fed's two - day
policy - making
meeting last month are scheduled for release Wednesday afternoon.
New York
Fed President William Dudley said last week a rate hike would be possible at the
Fed's next
policy meeting in September.
The
Fed had to push markets by specifically mentioning in its
policy statement last October that it might raise rates at its «next
meeting» in December.
The message in Wednesday's release of the minutes from the
Fed's June
policy meeting reiterated a dovish notice to the market, while spelling out the endgame this fall for its massive bond - buying program.
This week's
Fed policy decision is due to be released at 2 p.m. EDT on Wednesday at the conclusion of a two - day
meeting.
Yet as Bloomberg's Jeanna Smialek put it, «
Fed officials swear by their data dependence, and the numbers look strikingly similar to when the
policy - setting committee last
met.»
The
Fed has forecast three rate hikes in 2018, but economists expect that will be revised up when the central bank publishes its projections at the end of the March 20 - 21
policy meeting.
While
policy doves like Rosengren currently hold sway over Chairman Ben Bernanke and the majority of
Fed policymakers, minutes from last month's
policy meeting suggest the quantitative easing program could draw to a close by year end, earlier than some economists had expected.
The markets are pricing in no change to
Fed policy when the Federal Open Market Committee meets in May, but traders anticipate another hike at the June meeting, according to CME Group fed funds futur
Fed policy when the Federal Open Market Committee
meets in May, but traders anticipate another hike at the June
meeting, according to CME Group
fed funds futur
fed funds futures.
Federal Reserve officials go out of their way to assure financial markets that they could make a
policy move at any
meeting, not just the four of eight
meetings per year that are accompanied by a press conference from the
Fed chairman.
Fed officials are scheduled to convene on Tuesday and Wednesday for a regular
policy meeting.
Minutes of the
Fed's March 20 - 21
policy meeting published this month showed officials expected the annual PCE price indexes to accelerate in March partly because of «the arithmetic effect of the soft readings on inflation in early 2017 dropping out of the calculation.»
With regard to having three dissents at the
Fed's latest
meeting, Yellen said the
policy statement does a good job of «reflecting what a majority of the Committee thinks is appropriate
policy.»
«I think we'll get a better idea on monetary
policy after the March
Fed meeting.»
David Beckworth, who teaches economics at Texas State and writes on
Fed policy at his Macro and Other Market Musings blog, points to the Federal Open Market Committee
meeting that took place Sept. 16, 2008 — the day after the failure of Lehman Brothers and the day the
Fed was preparing to make an $ 85 billion loan to AIG (AIG).
Traders fully expect the
Fed's monetary -
policy committee to raise benchmark borrowing costs by a quarter percentage point at a
meeting that starts Tuesday and culminates Wednesday with Powell's first press conference as chairman.
The U.S. central bank's monetary -
policy committee raised benchmark borrowing costs by a quarter percentage point to a range of 1.5 % to 1.75 %, in Jerome Powell's first
meeting as
Fed chairman.
The ALEC draft document for this week's Energy, Environment, and Agriculture Task Force
Meeting encourages state policymakers to recognize the value the electric grid delivers to all and to update net metering
policies to require everyone who uses the grid, such as distributed solar users who
feed into it, to pay for it.
The
Fed's monetary
policy statement in July contained upbeat language that appeared to open the door to a rate hike as early as its next
meeting in September.
That means clarity about the objectives of monetary
policy, how the
Fed plans to
meet those objectives in light of the economic and financial market environment, and how it formulates its responses to unforeseen circumstances that lead to revisions to its economic forecast.
Mr. Lacker, a voting member of the
policy committee this year, has indicated he is likely to dissent if the
Fed does not raise rates at the September
meeting.
In the
policy statement the
Fed issued after the January
meeting, the central bank outlined its approach to raising rates, saying it «expects that economic conditions will evolve in a manner that will warrant further gradual increases in the federal funds rate.»
Certainly nobody that was let into the
Fed's
policy meetings.
The
Fed concluded its two - day
policy meeting with a commitment to purchase mortgaged - backed securities at a rate of $ 40 billion per month.
The FOMC's annoucement after their
meeting on Wednesday affirmed the
Fed's QE3
policy, offering no changes, while stating, «If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage - backed securities, undertake additional asset purchases, and employ its other
policy tools as appropriate until such improvement is achieved in a context of price stability.»
The
Fed concluded its two - day
policy meeting with a commitment to purchase mortgage - backed securities at a rate of $ 40 billion per month.
Stocks suffered their first substantial round of losses in weeks yesterday, as a negative reaction to the
Fed's last
policy meeting gave traders a good excuse to sell and lock in profits from the current uptrend.
Separately, the Bank of Japan (BoJ), which also will be
meeting the same days as the
Fed (Sept. 20 — 21), may be on the verge of abandoning its negative interest rate
policy at some point — but likely not soon.
Minutes of the
Fed's March 20 - 21
policy meeting published on April 11 showed officials expected the annual PCE price indexes to accelerate in March partly because of «the arithmetic effect of the soft readings on inflation in early 2017 dropping out of the calculation».
«It's not clear we can get substantial improvements in payrolls without some additional inflation risks,» he told his first regularly scheduled news conference after a
Fed policy - setting
meeting.
There are eight additional
Fed bank presidents who attend the
policy meetings, but do not vote this year.
The
Fed said in a statement after its latest
policy meeting that it expects «further gradual increases» in rates and says it's moving close to achieving its 2 percent target for annual inflation.