Items tagged with FOMC:
News & Updates:
The Federal Reserve lifted the federal funds rate on Wednesday by a quarter percentage point to a range of 1.5 percent to 1.75 percent.
Faculty Affiliate Susan Wachter comments on how this rate hike affects mortgages. ““I do see a 5 percent and even a 6 percent rate coming, a year or two out,” she says. “And that, amazingly enough, takes us back to normal. We’ve been living in a world where mortgage rates have been incredibly low.”
The likely elevation of San Francisco Fed President John Williams to lead the New York Fed has sparked a degree of public criticism rarely seen in the relatively obscure world of regional central bank chiefs.
Faculty Affiliate Peter Conti-Brown says central bankers and their allies claim “we get the best quality people” for the job, but it is a closed process.
He continues, suggesting one possible reform among several paths would be for Fed banks in search of a new chief to announce a short list of candidates, which could be done without any legal changes to the law that authorizes the Fed.
In an appearance at a Wharton lecture series, Janet Yellen, as interviewed by Faculty Affiliate Jeremy Siegel, discussed the state of the economy, reflected on her time at the Fed, and looked ahead to what challenges her successor Jerome Powell can expect.
Senate prepares for vote to end U.S. military operations in Yemen on Tuesday; In NAFTA Talks, Trump administration attempts to limit junk food warning labels; U.S. 2-year Treasury note yield reaches 2008 high as Federal Open Market Committee (FOMC) meeting begins.
Congress to unveil 1.2 trillion-dollar spending proposal; Senate Intelligence Committee schedules election security hearing; Federal Reserve expected to raise rates Wednesday.