The FOMC, the monetary policy setting arm of the Fed, meets tomorrow. Unlike the January, February and June two-day meetings, this meeting will be only one day.
A statement, following the meeting, at around 2:15 p.m. Eastern time on Tuesday is expected to be released.
There is no expectation that the Fed will raise rates during this meeting. However, the language of the released statement is always interesting to peruse. I am not expecting any commentary on the effective funds rate, but it will be VERY interesting if it does get mentioned.
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