The Federal Reserve (Fed) will announce its rate decision at 2 p.m.
ET today, followed by Chair Kevin Warsh’s press conference at 2:30 p.m
ET. Traders typically assign greater weight to FOMC meetings that come with updated economic projections and a “dot plot” of interest-rate forecasts. Today’s gathering lacks both.
Yet the outcome still carries outsized importance for three reasons. Unusual uncertainty over the outcome: Markets are still assigning roughly a 35% probability of a rate increase, CME fed funds futures show. That level of indecision is rare so close to a decision.