Here is a look at what economists and investors will be watching for when the Fed concludes the two-day meeting on Wednesday.
The headlines of the story about Wednesday’s Federal Reserve policy meeting have already been written. The devil, as they say, will be in the details.
The Fed’s statement in September said that “inflation is elevated, largely reflecting transitory factors.” and economists are divided over whether it will be included in the statement released Wednesday. The Fed’s favorite inflation gauge, the personal consumption expenditure price index, rose at a 4.4% annual pace in October, the fastest pace in thirty years. In addition, wages had the largest quarterly increases since the early 1990s.
Michael Gregory, deputy chief economist at BMO Capital Markets in Toronto said he expects “we’ll still come away with the impression that the chances of liftoff later next year have moved much higher than the 50-50 odds portrayed by last meeting’s dot-plot.”
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