2024-07-31 14:35:00 ET
Summary
- The Federal Reserve kept rates unchanged at the July Federal Open Market Committee meeting, marking the eighth consecutive meeting with no action on the rate front.
- The FOMC is now emphasizing the Fed’s dual mandate of inflation and employment, underscoring that risks going forward are now “balanced.”.
- If upcoming data does continue to “cooperate,” it is possible that Chairman Powell could provide forward guidance for a September rate cut at the Kansas City Fed’s Jackson Hole Symposium in the second half of August.
By Kevin Flanagan
Once again, the Fed kept rates unchanged at the July FOMC meeting. As a result, the Fed Funds trading range remains in the 5.25%–5.50% band that was introduced exactly a year ago and still resides at a more than 20-year high watermark. For those keeping track, this represents the eighth consecutive FOMC meeting where the policy maker decided to take no action on the rate front. However, if the inflation and labor market data continue to “cooperate,” this may be the last meeting where rates are left unchanged, with expectations for the first rate cut building for the next FOMC gathering in September....
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Fed Watch: This May Be The Last Time