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FOMC announces tentative 2020 meeting schedule
The Federal Open Market Committee (FOMC), the monetary policy-setting arm of the Federal Reserve, announced its tentative meeting schedule covering 2020 and going into 2021.
The committee's two-day policy meetings are currently scheduled as follows:
- Jan. 28-29;
- Mar. 17-18;
- Apr. 28-29;
- Jun. 9-10;
- Jul. 28-29;
- Sept. 15-16;
- Nov. 4-5;
- Dec. 15-16 and
- Jan. 26-27, 2021.
The FOMC next meets June 18-19, and four more times before the end of the year: July 30-31, Sept. 17-18, Oct. 29-30 and Dec. 10-11.
Following its policy-setting meeting earlier this month, the FOMC left the federal funds target rate unchanged at a range of 2.25 to 2.5 percent. Chairman Jerome Powell following the meeting indicated that the committee does not plan to cut rates anytime soon. Powell also noted that the committee will continue to reduce its securities holdings, and plans to end its balance sheet reduction program this September.
NAFCU Chief Economist and Vice President of research Curt Long and member credit unions have met in recent weeks with Federal Reserve Bank of St. Louis President James Bullard and Federal Reserve Bank of Boston President Eric Rosengren – both of whom are current voting members on the FOMC – and Federal Reserve Bank of Minneapolis President Neel Kashkari – who will be a voting member next year – to discuss various industry issues, including the economic outlook, interest rates, lending landscape and faster payments.