The Federal Reserve is widely expected to hold rates steady Wednesday, but the central bankers will give an update on their economic outlook with the summary of economic projections, which includes one key chart that traders will have an eye on.
The so-called "dot plot" that charts the projected move in the Fed funds rate and the press conference of Chair Powell will give investors a clue as to what happens in the November meeting and into 2024.
"I think that they will keep that bias towards higher rates in there and indicate that they are willing to raise the funds rate further if the data start to show that either inflation is not slowing as they expect it to, or if the labor market remains too tight," said Gus Faucher, chief economist at PNC Financial Services Group.
Read more about the meeting here.
— Jeff Cox, Jesse Pound
Persons:
Powell, Gus Faucher, Read, — Jeff Cox, Jesse Pound
Organizations:
Federal Reserve, PNC Financial Services