US FOMC meet outcome: Date, time and where to watch
- The Federal Reserve began its two-day policy meeting on June 13 to set its benchmark lending rate amid cooling inflation in the world’s largest economy.
The Federal Open Market Committee (FOMC) meeting is a session held by the members of the Federal Open Market Committee, a branch of the Federal Reserve which decides on the monetary policy of the United States.
The Federal Reserve began its two-day policy meeting on June 13 to set its benchmark lending rate amid cooling inflation in the world’s largest economy. The Federal Open Market Committee's (FOMC) interest rate decision will be announced on June 14 at 2:00 p.m. ET or 11.30 IST. The meeting will be chaired by Jerome Powell.
It can be watched at https://www.youtube.com/@federalreserve.
The US Federal Reserve has raised interest rates 10 times since March 2022 as it grapples with inflation which still remains well above its long-term target of 2 per cent.
The US consumer prices rose by 4.0% YoY in May. The annual increase in the US consumer price index (CPI) was the smallest in more than two years. The CPI rose 0.1 percent in May, decelerating from 0.4 percent in April, the Labor Department said.
Excluding the volatile food and energy components, consumer inflation was up 5.3 percent over the last 12 months.
What to expect
Fed Chairman Jerome Powell is widely expected to announce a pause in its aggressive rate hike cycle on Wednesday and hold federal fund rates in the 5.00% - 5.25% range.
“The two-day US FOMC meeting concludes today, with the status quo policy stance looking a script written on stone. The calls for a rate pause have got louder following a sharp slowdown in consumer price inflation released yesterday. We believe that the US Fed would breathe a sigh of relief as the core point of discussion i.e. inflation is moving to a lower trajectory and provides the central bank a leeway to adopt a ‘wait and watch’ approach to its hawkish monetary policy,” said Manish Chowdhury, Head of Research Stoxbox.
“We would be closely monitoring the post-meeting commentary from the Fed Chair, Jerome Powell, for signs of a pivot to rate hikes. Additionally, the central bank’s reading of the financial stability and a probable slowdown in economic growth would be eyed for gauging the use of further ammunition by the Fed at its next policy meeting in July,” he added.
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