FOMC Statement Tonight – Fed Holding the Cards of Tapering Close to the Chest

Gold prices are slightly lower in early U.S. dealings Wednesday. The metals and many other markets are in a pause mode, awaiting the data point of the week: Wednesday afternoon’s conclusion of the meeting of the Federal Reserve’s Open Market Committee (FOMC). 

FOMC is widely expected to keep monetary policy unchanged today. Without new economic projections, the focus will be on the policy statement and press conference. Fed Chair Jerome Powell would likely just reiterate that the Committee is in talks of QE tapering. Yet, it is premature to make any conclusion.  Analysts want to know how the Fed is leaning on economic growth prospects and on inflation. 

Also, more information about policy changes will be revealed at the Jackson Hole symposium in late August, followed by the September meeting. The formal announcement of tapering could indeed be made in December. 

Tonight’s FOMC statement is at 21.00 GMT+3, followed by the FOMC Press Statement at 21.30 GMT+3. 

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