November 01, 2023 17:14 GMT
FOMC Decision: Instant Answers
A reminder about our "Instant Answers" that we plan to release upon the publication of the November 1 FOMC statement at 1400ET /1800UK. The questions that we have selected for this meeting are as follows (and the answers we expect to receive below):
- Federal Funds Rate Range Maximum
- Does the FOMC characterize inflation as easing in the first paragraph?
- Does the FOMC add a reference to tighter "financial" conditions?
- Does the FOMC change the phrase "In determining the extent of additional policy firming that may be appropriate"?
- If yes, does the FOMC remove the reference to "policy firming"?
- If yes, does the FOMC add a reference to the "timing"?
- Number of dissenters on size of rate move
MNI Markets Team Expectations: 5.50% upper Fed funds limit (ie unchanged); no change in inflation characterization; 50/50 chance they add a reference to tighter financial conditions; no change to forward guidance (including references to policy firming or timing), and no dissenters.