March 18, 2014

1st FOMC meeting under Yellen today

March 19, 2014 – The Federal Open Market Committee will conclude its two-day meeting on monetary policy today, the first presided over by new Federal Reserve Board Chair Janet Yellen.

Reports suggest the FOMC will continue to reduce its monthly asset purchases. The FOMC will also put out an economic forecast.

In its last meeting in January, the FOMC announced it would begin tapering its asset-purchase program by another $10 billion a month, taking it down to a total of $65 billion monthly, but left its federal funds rate target unchanged.

Yellen was sworn in as Fed chair on Feb. 3. NAFCU's board met with Yellen at Federal Reserve Board headquarters in December 2012 on issues important to the Fed and credit unions.