Central Bank Watch
FOMC Statement and Post-Meeting Press Conference
July 26, 2023
The FOMC as expected lifted the federal funds target range by 25 basis points to 5.25-5.50%. The vote behind this action was again unanimous. Eleven straight meetings resulting in a rate hike had been followed at the prior meeting by no change with the caveat that the cyclical peak would almost certainly be higher than […] More
Central Bank Watch
FOMC Preview
July 26, 2023
The Federal Reserve did not begin raising its interest rate target, which had been at 0.0-0.25%, until March 2022. A 25-basis point hike then was followed by a 50-bp increase in May, four successive 75-bp hikes in June, July, September and November, then three straight 50-bp moves in December, January and March, and a pair […] More
New Overnight Developments Abroad - Daily Update
FOMC Rate Announcement at 18:00 GMT to Be Followed By Powell’s Press Conference
July 26, 2023
Investors are positioned for a further 25-basis point hike in the federal funds target later today and will pay particular attention to what is said about likely rate decisions over the balance of 2023. U.S. CPI inflation has slowed more rapidly than was expected to 3.0% from a peak of 9.1%, but labor market conditions […] More
