FOMC Statement Preview

FOMC Statement Preview

On the heels of a surprise 50-basis-point increase in the ECB’s target rate — despite evidence of a slowing of economic activity — the FOMC will likely make good on another 75-basis-point increase in its target federal funds range.

The FOMC goes into this meeting with no signs of a recession, substantially higher-than-desired inflation, and no signs that it is slowing, a moderating construction sector, and continued strength in labour markets. These factors all fit with the view that the Committee will raise rates another 75 basis points, and then Chair Powell will probably make the case that further moves will be data-dependent.

While the Fed will continue to raise rates in 2022, 2023 will likely bring forth rate cuts.

The FOMC Statement will be at 21.00 GMT+3, followed by the FOMC Press Conference at 21.30 GMT+3.

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