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Hourly Market Review - Mar 20, 2024 12 PM
AInvestWednesday, Mar 20, 2024 12:26 pm ET
1min read

The Federal Open Market Committee (FOMC) meeting today is not expected to result in a change in interest rates. However, the focus will be on the dot plot of economic forecasts and Fed Chair Jerome Powell's press conference for clues about the central bank's timeline for cutting rates. Despite recent strong economic and labor-market data, there is no support for lowering interest rates at this meeting. Powell is expected to maintain a data-dependent stance without giving a clear answer on future plans.

Investors and economists will be looking for any changes in the policymakers' median estimate for rate cuts in 2024, as well as any adjustments to other forecasts in the Summary of Economic Projections (SEP). The December SEP projected a soft-landing scenario with lower inflation and gradual rate cuts. Powell is anticipated to stick to a wait-and-see approach in his press conference, allowing for flexibility in decision-making. There might also be discussions on the pace of reductions to the Fed's balance sheet. The Fed will publish its interest rate decision and SEP at 2 p.m., followed by Powell's press conference at 2:30 p.m.


Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.