The United States Federal Reserve’s two-day Federal Open Market Committee (FOMC) meeting is set to conclude on Wednesday, Oct. 29. The US central bank is expected to cut interest rates by a quarter percentage point, with many investors and market experts believing the Fed will continue a measured approach to rate cuts.
The two-day meeting comes amid concerns over a slowing economy and geopolitical tensions. Analysts and market experts will be closely watching the Fed’s decisions and Fed chair Jerome Powell’s key remarks during the press conference.
US Fed Meeting Today: What To Expect
The US Federal Reserve’s FOMC is widely expected to lower its benchmark interest rate by a quarter percentage point to 3.75%-4%, according to reports. While markets broadly expect a rate cut this week, investors will closely watch for signs of whether the central bank may begin winding down its quantitative tightening programme. The measure is aimed at curbing inflation and removing liquidity from financial markets.
"We expect the FOMC to end its securities runoffs at this month’s meeting," analysts at Wrightson ICAP were cited as saying by Reuters. While they’re skeptical that genuine liquidity tightness has emerged in money markets, some of the recent turbulence in short-term lending "is clearly a sufficient warning sign to justify moving on to the next phase of the Fed’s normalisation plan."
Focus will also be on whether Fed Chair Jerome Powell offers any guidance on the outlook for the rate cuts, with the government shutdown leaving officials in the dark on fresh economic indicators, the report added.
Major brokerages anticipate that the Fed will deliver 25-basis point cuts at each of its two remaining meetings this year, following the widely expected reduction in September, according to the news agency.
The Federal Reserve’s policies influence the entire US economy and can affect factors such as interest rates on mortgages, credit cards and personal loans, and returns on savings accounts.
During its September meeting, the Fed had decided to cut the key interest rate by 25 basis points to the range of 4% to 4.25% in an effort to stimulate the US economy by making borrowing cheaper.
When And Where To Watch Jerome Powell Speech Live
The US Federal Reserve is set to announce the outcome of its policy meeting at 2 p.m. EDT on Oct. 29. For viewers in India, this announcement will be available live at 11:30 p.m. on Wednesday.
Following the policy release, Fed Chair Jerome Powell will hold a press conference at 2:30 p.m. EDT, or midnight IST.
Investors, analysts, and the general public can watch Powell’s address through the US Federal Reserve’s official YouTube Channel.
The speech will also be streamed on NDTV Profit's official YouTube channel here.
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