This’ll be the last we hear from the Fed chief prior to his press conference following the Federal Open Market Committee (FOMC) statement due on December 13. As of Saturday (December 2) the Fresk enters its ‘blackout’:
- The ‘blackout’ policy from the Federal Reserve limits the extent to which Federal Open Market Committee participants and staff can speak publicly or grant interviews. The period begins the two Saturdays preceding a Federal Open Market Committee (FOMC) meeting and ends the Thursday following the decision (decisions are always on Wednesdays).
- Oftentimes, Federal Reserve officials will scheduled important speeches just before the blackout period begins in order to guide market participants about the upcoming meeting. In general, the Fed doesn’t like to surprise markets so officials will offer strong hints about what’s coming. If top Fed officials need to adjust market expectations between the start of the blackout and the decision, they may leak hints to the press; generally the Wall Street Journal.
The Federal Open Market Committee (FOMC) meet on December 12 and 13. there will be a refreshed Summary of Economic Projections issued with the statement on the 13th.
The FOMC is expected to be on hold in December:
Coming up today, Friday, 1 December 2023:
- 1600 GMT / 1100 US Eastern time: Federal Reserve Chair Jerome Powell participates in fireside chat at Spelman College
- 1900 GMT / 1400 US Eastern time: Federal Reserve Chair Jerome Powell and Federal Reserve Board Governor Lisa Cook participate in roundtable to hear from local leaders in the tech innovation and entrepreneurship community during visit to Spelman College
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Powell does impressive fireside chats.