Watch Powell live Here’s . what to watch for ForexLive
Powell to speak at 2:30 PM ET (1830 GMT) Federal Reserve Chairman Jerome Powell hosts a press conference at the bottom of the hour. He will start with a statement that expands on the then take questions.
New Federal Reserve forecasts Sept 26, 2018: GDP: – 2018 – 3.1% vs 2.8% prior – 2019 – 2.5% vs 2.4% prior – 2020 – 2.0% vs 2.0% prior Unemployment rate:
Today’s dot plot compared to the June dot plot The June dot plot: The dot plot released Sept 26, 2018: ForexLive
FOMC raises interest rates by 25 basis points The Federal Reserve hiked rates for the third time this year, pushing the Fed funds rate to a range of 2.00%-2.25%. Economists and financial markets had entirely anticipated the move.
The talking point seems to be the Federal Open Market Committee removing ‘accommodative’ from the statement Plenty of ‘we were surprised by that’ type responses out there. Gotta say I am surprised anyone is surprised, it was always on the table at this meeting! Plenty of traders thought the same.
Takeaways from the FOMC The lesson from every Fed meeting is that the price action never matches the hype and that was no different today. In the bigger picture, we were looking for some answers and got some but new questions were raised.
Powell answers questions from the media On accommodative. Powell is making the Frankenstein argument. Basically saying they created a monster and are trying to kill it. They just want to focus on data and stay on path, evaluating as they go. Still, there is a path and it’s towards higher rates and it sounds like…
Powell opening statement – The benefits of the economy aren’t spreading wide enough – Gradual return to normal rates is helping to sustain economy – Overall growth outlook remains favorable That’s all from the statement. The last line led to a pop in the US dollar.
BOJ governor Haruhiko Kuroda now speaking at a press briefing – There won’t be change in monetary policy when inflation is still half-way to target – BOJ took appropriate steps in July to continue easing policy ForexLive