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September 17, 2019

Rate cut expected as FOMC meets

The Federal Open Market Committee (FOMC) is expected to cut rates at the conclusion of its two-day policy-setting meeting, which begins today. NAFCU Chief Economist and Vice President of Research Curt Long anticipates another rate cut due to comments made by committee members at their annual retreat last month and in the last meeting minutes.

At the end of its July meeting, the FOMC cut rates by 25 basis points. Since then, there have been conflicting economic data: the labor market remains strong, inflation has firmed, consumer spending hasn't fallen significantly, and the economy is expanding at a modest pace; however, trade and tariff uncertainties and global economic weaknesses have created headwinds and unease.

Long predicted another 25-point rate cut due to these concerns and the threat of a potential recession. NAFCU will update credit unions on the outcome of the meeting in Thursday's edition of NAFCU Today.

The FOMC will next meet Oct. 29-30; its tentative meeting schedule for 2020 is now available.

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