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Fed begins March meeting, expected to release economic projections
The Federal Open Market Committee (FOMC) – the Fed's monetary-policy setting arm – begins its two-day meeting today and is expected to hold the federal funds target rate range at its current 0 percent to 0.25 percent for the foreseeable future. The rate has remained at its current level since March 2020.
Of note, the committee is expected to release its summary of economic projections, including insights into GDP growth, the unemployment rate, inflation, and more.
Minutes from the committee's last meeting, held in January, revealed the committee viewed the passage of the Consolidated Appropriations Act (CAA) in December, combined with the likelihood of additional fiscal support and the anticipated continued progress in vaccinations, as factors pointing toward a sizable boost in economic activity.
President Joe Biden signed the $1.9 trillion coronavirus relief package – the American Rescue Plan Act – last week, which includes additional economic stimulus measures.
The FOMC meeting will conclude tomorrow; the committee is expected to next meet April 27-28.
Access up-to-date economic updates from NAFCU's award-winning research team here.