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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. 

US dollar index
Forex
·Jan 28, 2020, 13:27 GMT

USD: DXY Unlikely to be Rattled by FOMC – Fed Rate Meeting

With one day and five hours until the January 29 FOMC rate meeting, the rates markets are giving it an...
Read More
Forex Focus on NFP
Forex
·Jan 28, 2020, 16:51 GMT

FOMC Rate Decision Preview: What It Could Mean for Gold Price

The FOMC announces its interest rate decision tomorrow at 6 pm GMT. After three consecutive rate cuts which ended in...
Read More
Forex
·Jan 29, 2020, 12:33 GMT

GBP to INR Extends 4-day Losing Streak on India’s Budget, Oil Rebound

The GBP to INR pair is trading a tad lower amid a slight easing in the Coronavirus fears as well...
Read More
silver price
Commodities
·Jan 29, 2020, 13:40 GMT

Silver Prices Crash As Risky Assets Shake Off Coronavirus Bug

Silver prices (XAGUSD) tanked on Wednesday on the back of increased bids on risky assets, as markets start to shake...
Read More
Forex
·Jan 29, 2020, 20:34 GMT

FOMC Keeps Rates Steady; USDJPY Unmoved on Powell’s Speech

The FOMC has decided to keep rates unchanged in a move that did not surprise the markets. However, attention has...
Read More
Forex
·Feb 06, 2020, 14:50 GMT

FOMC’s Kaplan: Improved Outlook for Global Growth in 2020

A board member of the FOMC, Robert S. Kaplan has been speaking at the 2020 Business Outlook Summit in Dallas,...
Read More
Nasdaq
Indices
·Feb 19, 2020, 13:11 GMT

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

The US markets led by the Dow Jones Industrial Average look set to open higher this Wednesday on reduced coronavirus...
Read More
Forex
·Mar 03, 2020, 15:20 GMT

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

The Federal Open Markets Committee (FOMC) has in an unexpected unanimous vote, cut the Federal Funds Rate (i.e. the US...
Read More
ForexMarket Brief
·Mar 14, 2020, 12:00 GMT

Week Ahead: 3 Central Bank Decisions You Cannot Miss–FOMC, BOJ, and SNB

This week’s headlines were filled with news surrounding the coronavirus pandemic. We could see more variety in the week ahead...
Read More
Forex
·Mar 15, 2020, 21:55 GMT

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

In what seems to be a replay of the movie that played out during the 2008 global financial crisis, the...
Read More
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