2016 Economic Calendar
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FOMC Meeting Announcement  
Released On 11/2/2016 2:00:00 PM
PriorConsensusConsensus RangeActual
Federal Funds Rate - Target Level0.25 to 0.50 %0.375 %0.25 % to 0.50 %0.25 to 0.50 %

Highlights
Status quo is the result of a no-change FOMC announcement where the federal funds target remains where it has been since December last year, when the Fed first raised the range to between 0.25 percent and 0.50 percent.

Changes in the language are few and do not include any specific hints for a rate hike at the next FOMC meeting in December, which is widely expected. Policy makers continue to see job gains as solid and in fact see a little more inflation then before. But they are willing to wait for more evidence of price pressure.

Boston's Rosengren moved his vote to the majority with the tally at 8 to 2 vs September's vote of 7 to 3. There may be no promises for a December rate hike but, following next week's presidential election, patience among the hawks will likely be running thin.

Consensus Outlook
The Federal funds rate target has been unchanged at a midpoint of 0.375 percent between a range 0.25 to 0.50 percent since December last year when the FOMC launched what was expected to be a series of rate hikes through this year. Recent growth data have been mostly respectable though employment growth has not been accelerating. Assessments from the latest Beige Book, which was prepared for this meeting, are not pointing to a rate increase with wage growth described as "modest" and general inflation described as "mild."

Definition
The FOMC meeting announcement is a policy statement issued at the conclusion of each meeting of the Federal Open Market Committee. It offers updates on economic conditions with special focus on the health of the labor market and the latest on inflation. It also updates the status of the federal funds target which is the FOMC's official policy interest rate. This rate is expressed within a range, such as 1.75 to 2.00 percent. The center of this range is the implied target. The higher this target, the more restrictive monetary policy becomes, the lower this target, the more accommodative policy becomes. Other policy tools are also discussed in the meeting announcement including updates on direct purchases of Treasuries and mortgage-backed securities. Debate is not offered in the statement, just the consensus view is expressed, though the statement does list the total committee vote and how each member voted.  Why Investors Care
 

2016 Release Schedule
Released On: 1/273/164/276/157/279/2111/212/14
 


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