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FOMC

The latest Federal Reserve news today is the FOMC rate statement and press conference by the FOMC Chair, Jerome Powell which took place on Wednesday, January 29, 2020. The markets had priced in zero chance of an interest rate adjustment, and that was what the Federal Reserve’s FOMC delivered. Unlike the previous FOMC rate statements of the last six months, this particular decision did not elicit any market reaction as it did not constitute any market surprise. Notable actions taken by the FOMC include the hike of the Interest on Excess Reserves (IOER) as well as the overnight reverse repo rates by 5bps each. 

The press conference by the FOMC Chair did not produce remarkable market-moving information. Reporters pressed Jerome Powell on a range of issues, such as monetary policy direction as well as the timetable for repo market action by the FOMC. Powell also faced questions on specifics of the repo market purchases by the FOMC. 

Powell’s responses had two critical points. One was the comment on inflation; Powell said the FOMC was unhappy about the current inflation levels. He further stressed the desire of the FOMC to see the inflation rate “returning” to the 2% target. This is in opposition to previous statements where the word “near” is used in referring to rising inflation. 

Central Banks We cover for you: RBA –RBNZ –SNB – SARB –CBRT –Norges Bank –Riksbank – BOE –FOMC –BOJ– ECB.

While non-committal when pressed on the coronavirus issue, he stressed that the FOMC would continue its repo market operations well into the 2nd quarter of 2020.

Markets are factoring in at least one more rate cut, as Powell’s speech was perceived as having a slightly dovish twist. However, any perceived dovishness was not strong enough to cause significant volatility on the US Dollar. 

Forex
·Jul 22, 2022, 13:15 BST

USD/SEK: Uptrend to Resume After Correction on FOMC Rate Hike

The USD/SEK looks set to end the week lower, despite being higher on the day. The pair is down 2.17%...
Read More
Indices
·Aug 19, 2021, 16:33 BST

Why Did Credit Suisse Predict a Deeper Correction of the S&P 500 to 4315?

Credit Suisse has provided an update to its outlook on the S&P 500 index, following the FOMC minutes release, which...
Read More
Nasdaq
Indices
·Aug 18, 2021, 16:20 BST

S&P 500 Index In Cautious Trading Mode Ahead of FOMC Minutes

Following Tuesday’s decline in the S&P 500 index, Wednesday has ushered in an additional drop in the index’s value, along...
Read More
Commodities
·Aug 16, 2021, 17:25 BST

Gold Price (XAU/USD) Outlook: Further Advance Depends on FOMC Minutes

Gold price action on the XAU/USD has registered the fourth day of gains, as the spillover from last week’s poor...
Read More
Commodities
·Jul 29, 2021, 14:54 BST

Gold Price (XAU/USD) Surges As US Economy Shows Slower-than-Expected Growth

Gold prices have edged higher this Thursday after the Bureau of Economic Analysis reported slower-than-expected growth in the US economy...
Read More
Commodities
·Jul 28, 2021, 23:23 BST

Gold Price Closes Higher As FOMC Slams the Brakes on Tapering…Again

Gold price maintained the bullish momentum of the day and closed higher after the FOMC reiterated it was not in...
Read More
WTI Crude Oil price
Commodities
·Jul 28, 2021, 17:45 BST

Crude Oil Price Little Changed Below $75 Despite Drawdown in US Crude Stocks

Crude oil price on the Brent benchmark was little changed this Wednesday, following the release of crude oil inventories report...
Read More
S&P 500
Indices
·Jul 28, 2021, 17:33 BST

S&P 500 Index Little Changed As FOMC Decision Awaited

The S&P 500 index is marginally higher this Wednesday, as traders sit on the sidelines to await the decision of...
Read More
Commodities
·Jul 08, 2021, 13:30 BST

Gold Price (XAU/USD) Rallies On Dovish FOMC Minutes, Lower Bond Yields

The rally in gold prices continued on Thursday, following the US dollar slump and lower long-term bond yields. These events...
Read More
nasdaq 100
Indices
·Jul 07, 2021, 22:19 BST

Nasdaq 100 Index Hits New High On Dovish FOMC Minutes

The Nasdaq 100 index pushed to record highs as the risk-sensitive index responded positively to the FOMC minutes, which indicated...
Read More
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