Fed statement must hold attention before Powell speaks, Nick Timiraos notes

Fed statement must hold attention before Powell speaks, Nick Timiraos notes
FOMC statement takes focus pre-Powell

Nick Timiraos, chief economics correspondent at Wall Street Journal, notes that there are no Fed dots being released today, leaving the FOMC statement as the main focus ahead of Chair Powell's upcoming press conference scheduled for 2:30 p.m.

Timiraos indicates market participants will be watching the statement closely for direction in the absence of updated economic projections.

Timiraos has previously reported that Kevin Warsh will tell the Senate that Fed independence is determined by the central bank itself and that inflation control is its direct responsibility, according to one account. In a separate report, he noted Warsh’s interest in broad Federal Reserve reforms, including changes to economic analysis and public communication, discussed during a recent hearing earlier this year. These earlier reports provide context for current market attention on Fed statements and communication.

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