WASHINGTON—Will the Federal Open Market Committee raise rates during its two-day meeting that begins today?
The FOMC begins a two-day policy setting session Tuesday, with results announced Wednesday.
The panel has approved two increases this year in the federal funds rate target, now at a range of 1% to 1.25%. The last increase was in June, but the panel was split on when the Fed should begin to trim its balance sheet. NAFCU Chief Economist Curt Long said this could suggest any further rate hike may not occur before 2018.
Other business in Washington this week:
- The nomination of Christopher Campbell as Treasury Assistant Secretary for Financial Institutions is slated for a vote Tuesday by the Senate Banking Committee. Campbell is staff director for Senate Finance Committee Republicans.
- Randal Quarles is slated to testify Thursday before the Senate Banking Committee on his nomination to the Federal Reserve Board. He has been nominated to serve as a Fed governor through January 2032 and as the Fed's vice chairman for supervision for four years. He is head of the investment firm Cynosure Group and previously served as a senior Treasury official under President George W. Bush.