by James Rickards
Daily Reckoning
The Federal Open Market Committee (FOMC) of the Federal Reserve System (the Fed) is meeting today and tomorrow for the purpose of discussing the economy and setting monetary policy going forward.
Today I’m giving you a preview of the meeting, a forecast of Fed policy and what it means for the economy going forward. Let’s start with what’s happening tomorrow with the Fed…
Tomorrow, the Fed will leave its target rate unchanged. That decision will keep the federal funds target at 5.50% as set at the July 26, 2023, meeting.
Over the course of 13 FOMC meetings beginning March 17, 2022, I’ve been correct in all my forecasts including the “skipped” rate hikes at the June and September 2023 meetings. I’m confident I’ll be correct about this meeting also.