A Flight to Quality
Just before the U.S. central bank's blackout period begins ahead of its next interest-rate decision, Federal Reserve Chair Jerome Powell will speak on October 19 before the Economic Club of New York. This will take place on October 19.
According to senior Fed officials' weekly event schedule updated each Thursday, Powell will deliver prepared remarks and respond to a moderator's questions at the New York midday event. The Fed's next meeting is on October 31 - November 1. Officials will be barred from public comments on the economy or policy outlook starting the second Saturday before policy meetings begin.
Fed governors have been saying that Powell will likely suggest a bit of a dovish lean. On Monday, President Harker from the Fed Bank of Philadelphia said that the Fed should not create new pressure on the economy by increasing the cost of borrowing. Fed funds are currently only pricing in a 10% chance of a November hike.
At Weekly Wizdom, we are not calling for a November hike.
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