:max_bytes(150000):strip_icc()/GettyImages-2227171066-245a3e20880f44eb910cd6653e4cc5dd.jpg)
Federal Reserve to Meet September 17-18 Amid Economic Uncertainty
WASHINGTON, D.C.- The Federal Open Market Committee (FOMC), the monetary policymaking body of the Federal Reserve System, is scheduled to convene a regularly scheduled meeting on September 17-18, 2024. The meeting comes as the U.S. economy navigates a complex landscape of moderating inflation, resilient labor markets, and global economic headwinds, leaving analysts keenly focused on potential shifts in monetary policy.
The FOMC holds eight regularly scheduled closed meetings each year to assess economic and financial conditions and determine the appropriate course for monetary policy. The committee is comprised of 12 members: the seven board governors, the president of the Federal reserve Bank of New York, and four other regional bank presidents who serve rotating one-year terms. Their decisions impact interest rates and credit conditions throughout the nation, influencing everything from mortgage rates to business investment.
At the heart of the FOMC’s deliberations is its dual mandate: to promote maximum employment and stable prices. Members will weigh recent economic data, including inflation reports, employment figures, and indicators of economic growth, to determine whether further adjustments to monetary policy are warranted.
Following each meeting, the FOMC releases a public statement outlining its decisions. The chair typically holds a press conference to provide further insight into the committee’s reasoning. Additionally, the FOMC publishes the summary of Economic Projections (SEP) quarterly, offering a glimpse into members’ forecasts for economic growth, inflation, and the future path of the federal funds rate. the next SEP release is expected alongside the December meeting.
