New Fed Chairman Kevin Warsh delivered his first major address to the Federal Reserve Board at their summer symposium last week. CME FedWatch tool is changing as a result.
The board did not meet in August but is scheduled to meet on the 15th and 16th of this month. Any rate decision will come early afternoon on the 16th. Warsh stuck with his ongoing theme, that is, less focus on the Fed, more on economic data and market response.
Well, economic data still shows inflation is well over 3.5%, with a Fed target of 2%. This is the Bottom-Line report. CME FedWatch tool now shows a 43% chance there will be no change in rates in two weeks, but a 57% chance of a quarter-point rate hike.
Audio Reporting by Mark Oppold for Southeast AgNet.
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