The Federal Reserve will conclude its latest policy meeting on Wednesday buffete...
WASHINGTON - The Federal Reserve will conclude its latest policy meeting on Wednesday buffeted by conflicting economic data, under steady pressure from the White House for steep interest rate cuts, and confronted as well with an unexpected jump in overnight borrowing costs that may require action on its own.
The Fed is due to release its policy statement at 2 p.m. EDT. Fed Chair Jerome Powell is scheduled to hold a news conference half an hour later. A possible change in the Fed’s balance sheet policy or the central bank’s tools to manage interest rates only emerged as a talking point among analysts this week when overnight funding rates spiked unexpectedly and the federal funds rate hit 2.25%, the upper limit of the target range set by the Fed at its July policy meeting.
“This is one of the signs that they should reverse course on the balance sheet,” and begin to increase it, said Steven Ricchiuto, chief U.S. economist at Mizuho Securities. “They recognize that they have a bit of a problem.”The Fed has allowed the size of its balance sheet to decrease as part of its effort to unwind the policies put in place to fight the 2007-2009 recession.
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