Monday was an inside balancing day with an overlapping to higher value area. Potential balancing day again on Tuesday ahead of U.S. midterm election results, when volatility would be expected. The next FOMC Meeting is on Thursday, November 6.
Despite strong economic growth and the rise in average hourly earnings, there are no expectations for a rate hike at the November FOMC. There are expectations, however, for action at the December 18 & 19 meeting which, unlike this month’s meeting, will be accompanied by updated FOMC forecasts and a press conference. In an announcement slated for today Thursday and not the usual Wednesday, the FOMC is expected to hold its federal funds target range at a range between 2.00 and 2.25 percent with an implied target of 2.125 percent.
~ Source: econoday.comShare