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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. 

AUDUSD

AUDUSD Surges to 10-Month Highs as FOMC Signals No Rate Hike in Sight Until 2022

Forex
·Jun 11, 2020, 04:31 GMT+0100·
WTI Crude Oil price

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

Commodities
·Jul 28, 2021, 17:45 GMT+0100·
Nasdaq

Dow Jones Set for Higher Open On Lessened Coronavirus Fears, FOMC

Indices
·Feb 19, 2020, 13:11 GMT+0100·
eurusd

ECB’s Makhlouf Dismisses Talk of Early End of PEPP Ahead of FOMC Decision

Forex
·Jun 16, 2021, 14:43 GMT+0100·
EURUSD

EUR/USD Outlook: Bears Pushing the Buttons Towards Sub-1.19 Levels

Forex
·Mar 16, 2021, 14:39 GMT+0100·
EURGBP

EUR/USD Soars As FOMC’s Dot Plot is More Dovish Than Expected

Forex
·Mar 17, 2021, 19:06 GMT+0100·
EURUSD

EURUSD Attempts to Break Out of Triangle Ahead of FOMC Meeting Minutes

Forex
·May 20, 2020, 04:55 GMT+0100·
EURUSD

EURUSD Consolidates with Euro Zone CPI Data and Powell’s Testimony Due Later Today

Forex
·Jun 30, 2020, 04:43 GMT+0100·

FOMC Cuts Federal Funds Rates to 0%; Launches $700bn QE Program

Forex
·Mar 15, 2020, 21:55 GMT+0100·

FOMC Cuts Federal Reserve Interest Rate by 50bps in Unanimous Vote

Forex
·Mar 03, 2020, 15:20 GMT+0100·

FOMC Decision Preview: What It Means for the USDJPY

Forex
·Apr 29, 2020, 16:22 GMT+0100·
Gold Prices

FOMC Holds Rates at 0.25%; All Eyes On Powell As Gold Prices Target New Highs

Commodities
·Jul 29, 2020, 19:31 GMT+0100·
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