Still, Powell will keep door open for possible hike in December
The Federal Reserve will likely hold interest rates steady at its meeting this week, extending the pause that began after the last rate hike in July.
Stephen Stanley, chief U.S. economist at Santander, agreed the Fed would hold steady: “The FOMC has clearly decided to sit on its hand for another six weeks, hopefully giving time for some of the uncertainties hanging over the outlook to resolve.”Fed officials will meet on Oct. 31- Nov. 1. The Fed will issue a statement at 2 p.m. Eastern on Wednesday after their meeting ends. Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m.
Carl Tannenbaum, chief economist at Northern Trust Co, said the Fed can hold because their prior rate hikes are starting to bite consumers and businesses. “Powell will defend the decision to stand pat by pointing to the tightening in financial conditions and what that implies for the outlook,” Feroli said.
Powell is likely to continue the Fed’s mantra that interest rates will stay at peak levels for longer than expected.
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