2018 Economic Calendar
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FOMC Meeting Announcement  
Released On 3/21/2018 2:00:00 PM
PriorConsensusConsensus Range
Federal Funds Rate - Target Level1.25 to 1.50 %1.625 %1.500 % to 1.750 %

Consensus Outlook
An incremental 25 basis point rate hike is the universal expectation among Econoday's sample for the March FOMC, in what is expected to be the first of three if not four such rate hikes this year. And the focus will be whether to expect a fourth and this will turn on the quarterly FOMC forecasts, which will be updated at the meeting, and also the statement's assessment of inflation and whether it is downgraded, upgraded or held steady. Comments by Jerome Powell, who will be making his first appearance at the quarterly press conference, will also affect the inflation takeaway. The federal funds target is expected to rise to 1.50 percent inside a range of 1.375 and 1.625 percent.

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
The Fed closely monitors the core PCE price index to indicate whether or not policy is approximately correct, overly accommodative, or too restrictive. The PCE price index is preferred to the CPI because it is more closely aligned to the cost of living than the CPI [which measures a fixed basket of goods & services.] This chart covers monthly data and the fed funds target rate reflects the monthly average. As such, it will not correspond to the most recent fed funds rate target
Data Source: Haver Analytics

2018 Release Schedule
Released On: 1/313/215/26/138/19/2611/812/19

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