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FOMC Preview

July 29, 2020

At the June 10th press conference seven weeks ago, Chairman Powell accentuated the positives, asserting that monetary policy was expansively well-positioned after numerous measures to promote flows of lending. He felt that labor markets probably hit bottom in April-May. The uncertain economic outlook would ultimately hinge considerably on the future evolution of the Covid-19 outbreak, […] More

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June 10, 2020

Following a flurry of activity during March done on an unscheduled basis and which included two reductions of the federal funds rate by a total of 150 basis points to 0-0.25%, the Federal Open Market Committee held a scheduled policy review in late April at which no fresh initiatives were undertaken.  Since the April 29th […] More

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April 29, 2020

The last scheduled Federal Open Market Committee meeting was held three months ago. A scheduled meeting on March 17-18 was cancelled following back-to-back unscheduled meetings on March 3rd and March 13th. Since the January 29th FOMC statement, the dollar has strengthened 1.4% against the euro but weakened 2.3% relative to the yen. The 10-year Treasury […] More

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January 29, 2020

The FOMC is not expected to change interest rates. The decision will be announced at 14:00 EST and followed 30 minutes later by Chairman Powell’s press conference. Three 25-basis point rate cuts were implemented in 2019, but the dot-plot diagram of individual member rate expectations after the December FOMC meeting seven weeks ago revealed an […] More

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December 11, 2019

The FOMC will reveal its decisions later today from its final scheduled review of U.S. monetary policy in 2019. Financial markets in advance have been marking time ahead of the revelations of any policy action today, when interest rates are likely to be moved next and in what direction, and what factors are currently attracting […] More

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October 30, 2019

Today’s FOMC statement will be released in just under two hours. Analysts are widely looking for a third straight 25-basis point cut of the federal funds target to 1.50-1.75 percent. Six weeks ago right after the second consecutive reduction, they had been less confident than now that a cut would be agreed upon at today’s […] More

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September 18, 2019

In the seven weeks since the Federal Open Market Committee authorized the first federal funds target decline since December 2008, the 10-year treasury yield had dropped 27 basis points on balance, but there has been scant net change in EUR/USD, dollar/yen, U.S. share prices or the price of oil. The rate reduction on July 31 […] More

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July 31, 2019

In the six weeks since the last scheduled FOMC meeting, the dollar has edged up 0.2% against the yen and 0.8% versus the euro. It’s been a period in which Fed officials have prepared markets rhetorically to expect an interest rate cut today, so it’s somewhat surprising that the 10-year Treasury yield is now only […] More

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June 19, 2019

After meeting last time seven weeks ago, the Federal Open Market Committee upgraded its assessment of economic growth, called the U.S. labor market strong, maintained the federal funds target range at 2.25-2.50%, and also kept the buzzword “patient” in describing its predisposition toward future adjustments of the policy stance. In rhetoric from Chairman Powell and […] More

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May 1, 2019

At the previous review of U.S. monetary policy on March 20, members of the Federal Open Market Committee modified their forward guidance on interest rates, eliminating each of the likely two hikes in 2019 that had been signaled at the final 2018 FOMC meeting in December. m date to be mentioned at this time. A […] More

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