2017 Economic Calendar
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FOMC Meeting Announcement  
Released On 7/26/2017 2:00:00 PM
PriorConsensusConsensus RangeActual
Federal Funds Rate - Target Level1.00 to 1.25 %1.125 %1.00 % to 1.25 %1.00 to 1.25 %

For those expecting tapering to begin in September, wait and see is the answer. The FOMC held rates unchanged as expected, with the funds target range set at 1.00 to 1.25 percent with a 1.125 percent midpoint, and the members did not offer specific hints on a September start to the unwinding of the Fed's $4.5 trillion balance sheet. The vote was a unanimous 9-0.

For a second meeting in a row, inflation is the crack in the armor. In June, core inflation was described as "declining somewhat" with the July statement discarding somewhat for just "declining". Otherwise the economic description is unchanged: general activity is moderate, employment solid and both household spending and business investment up.

On tapering, the statement only says it will likely begin "relatively soon" which could mean either September or December. Meetings in these two months will include FOMC forecasts and the chair's press conference, extras that are considered necessary to explain the details of important policy changes.

Markets are showing no significant early reaction to the results. Next major focus for the markets will be Friday's second-quarter GDP where a respectable 2.6 percent growth rate is the Econoday consensus.

Consensus Outlook
The Federal Open Market Committee is expected to hold their federal funds target at a 1.00 to 1.25 percent range with a 1.125 percent midpoint. Econoday's sample is unanimous with no expectations for a rate hike. Language on inflation, which the June statement conceded was slowing, will be closely watched as will any commentary on unwinding the Fed's balance sheet which some expect to begin as early as September.

The Federal Open Market Committee (FOMC) is the policy-making arm of the Federal Reserve. It determines short-term interest rates in the U.S. when it decides the overnight rate that banks pay each other for borrowing reserves when a bank has a shortfall in required reserves. This rate is the fed funds rate. The FOMC also determines whether the Fed should add or subtract liquidity in credit markets separately from that related to changes in the fed funds rate. The Fed announces its policy decision (typically whether to change the fed funds target rate) at the end of each FOMC meeting. This is the FOMC announcement. The announcement also includes brief comments on the FOMC's views on the economy and how many FOMC members voted for and how many voted against the policy decision. Since the last recession, the statement also includes information on Fed purchases of assets, so-called "quantitative easing", which affects longer-term interest rates. Also, a key part of the announcement is guidance on potential changes in policy rates or asset purchases.  Why Investors Care

2017 Release Schedule
Released On: 2/13/155/36/147/269/2011/112/13

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