Page 59 - Fomc News Today

President Joe Biden met separately with Federal Reserve Chairman Jerome Powell and Fed Governor Lael Brainard at the White House on Thursday as he considers who will lead the central bank next year.

Powell also admitted that economists had misjudged the US labor market.

The Federal Reserve finished its much-anticipated two-day November Federal Open Market Committee (FOMC) policy meeting Wednesday.

The FTSE 100 closed 25.92 points, or 0.36%, lower at 7,248.89 on Wednesday.

After the FOMC made taper official, high-grade benchmark yields ended the day one to three basis points better while USTs ended the day higher after an up-and-down trading session that moved the 30-year back above 2%.

Assuming the FOMC decides to taper, the focus will be on the pace of the taper.

Though monetary policy has been in the forefront, at mid-month the tone changed with global inflation outlooks and federal infrastructure and social package in flux.

KUALA LUMPUR: The ringgit opened steady against the US dollar on Tuesday after a stronger-than-expected Manufacturing Purchasing Managers’ Index (PMI) in October, with all eyes on interest rate and inflation data.

Jerome Powell is widely expected to be renominated to a second term as Federal Reserve chair, but his chances have been modestly dented by the revelations of stock trading by some senior Fed officials in 2020, according to economists surveyed by Bloomberg News.

The FOMC is expected to announce that they will begin tapering their quantitative easing program. What does that means for the S&P 500?