The central bank is widely expected to hold rates steady at the conclusion of its meeting on Wednesday.
Investors expect the Federal Reserve to skip a rate hike at the conclusion of its September meeting, which would keep the benchmark funds rate at a range of 5.25% to 5.5%. Policymakers will issue their decision on policy, along with upcoming economic projections at 2 p.m. ET. Traders will listen closely to Fed Chair Jerome Powell's press conference at 2:30 p.m. ET for additional context around the latest decision.
He expects that Powell will go "through a plethora of ways to say, 'No, we have not yet made up our mind about the November meeting.'" Since the Fed has embarked on its rate hiking, the annual percentage yield on a five-year certificate of deposit has jumped to 2.83% as of the week of Sept. 15, according to data from Haver. That compares to a meager 0.5% during the week of March 11, 2022. Yields on money market funds have also leapt to 0.56% from 0.08%, Haver found.was 5.06% Wednesday morning. It was 1.75% on the week of March 11, 2022, according to LSEG.
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