WASHINGTON—The Federal Open Market Committee (FOMC) will conclude its two-day, monetary policy-setting meeting today, and while it is expected to release updated projections it is not expected to announce any changes in rates.
Following October's rate cut and decision to drop language regarding efforts to act "as appropriate to sustain the expansion," NAFCU Chief Economist and Vice President of Research Curt Long predicted no further rate changes for this year. The federal funds target rate is currently set at a range of 1.5% to 1.75%.
"The hurdle for another rate move will be significantly higher as the Fed assesses the impact of its easing campaign, with the hopes that it can maintain what little ammunition they have in case of a deterioration in the real economy," said Long after the October meeting.
The FOMC will next meet Jan. 28-29, 2020; its tentative meeting schedule for 2020 can be viewed here.