In addition to the rate hike announced today, the Federal Open Market Committee released a policy statement explaining how it plans to reduce the Fed’s balance sheet, which is swollen with securities purchased as part of the quantitative easing programs between 2008 and 2014.
President Trump is “very close” to nominating a Federal Reserve vice chairman for supervision and another governor to fill a designated seat for an individual with community bank expertise, according to Treasury Secretary Steven Mnuchin, who was interviewed with Trump by the Wall Street Journal.
Jeffrey Lacker, president and CEO of the Federal Reserve Bank of Richmond, resigned today, effective immediately.
The Federal Open Market Committee should raise interest rates at every other meeting by default in 2017 unless economic data come in that are inconsistent with forecasts, Federal Reserve Bank of Boston President and CEO Eric Rosengren said today.
Economic and monetary conditions are in line with Federal Reserve officials’ expectations for an interest rate hike when the Federal Open Market Committee meets on March 15, Fed Chairman Janet Yellen said at an event in Chicago today.