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June 16, 2021

The issue at stake at this week’s monetary policy review meeting is whether officials are going to imply that the onset for the tapering of policy stimulus may be less distant than they have implied previously. Inflation in the United States has accelerated more sharply than officials were anticipating. Perceptions of inflation and expected inflation […] More

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April 28, 2021

In the six weeks since the last FOMC meeting, the dollar has fallen 1.3% against the euro and 0.3% versus the yen. The 10-year Treasury yield is now three basis points lower than then although it has been rising lately. The Dow Jones Industrials has risen 3.0%, while the price of West Texas Intermediate crude […] More

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March 17, 2021

Since the last FOMC meeting seven weeks ago, investors have embraced riskier assets. The 10-year Treasury yield is 67 basis points higher now than then, and the DJIA is up 7.7%. The price of West Texas Intermediate crude oil has soared 21%, while gold has weakened 6.5%.  the dollar has risen 5.0% against the yen,  […] More

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January 27, 2021

The Federal Open Market Committee holds eight scheduled meetings per year and consists of the seven members of the Board of Governors (appointed by the president and confirmed by the senate), the New York Fed president, who serves as Vice Chairman of the FOMC, and four of the other eleven district presidents, who rotate onto […] More

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December 16, 2020

In the six weeks since the Federal Open Market Committee met in early November, risk aversion has lessened as multiple approved Covid vaccines have gone from a developing stage to distribution. The dollar fell about 3% against the euro but held steady relative to the yen, another currency with safe haven appeal. The 10-year Treasury […] More

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November 5, 2020

The Fed’s FOMC will announce its latest interest rate decision at 14:00 EST (19:00 GMT). No policy change is anticipated, but Chairman Powell’s press conference will be gleaned regarding any reaction to the continuing fiscal bill inaction in Congress amid a deepening pandemic in the United States. At the time of the previous FOMC meeting seven […] More

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September 16, 2020

This week’s review of Fed policy is not expected change its settings for interest rates or unconventional stimulus such as asset purchases. This was the last scheduled meeting before the November election. To avoid appearing partisan, the central bank avoids, if at all possible, policy changes this close to a presidential election but as in […] More

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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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