Fed could give more insight into its string of unprecedented actions
The Fed is not expected to adjust rates but it could provide additional details on the rapid and unprecedented policy moves it has made since March.
Federal Reserve Chairman Jerome Powell speaks at his news conference following the two-day meeting of the Federal Open Market Committee meeting on interest rate policy in Washington, January 29, 2020.The Fed is not expected to announce any new policy initiatives when its meeting ends Wednesday, but it could provide more details on the unprecedented moves it made to help the economy and financial markets over the past six weeks.
, and has bought about $2 trillion in Treasurys and mortgage securities. In addition, it announced numerous facilities aimed at easing conditions in multiple parts of the credit market, including corporate debt, mortgages, municipal bonds and commercial paper. "In terms of yield curve control, what level do they want the 10-year yield at?" said Drew Matus, MetLife Investment Management chief market strategist. He said he doubts the Fed would take any action on that. The 10-year yield has been at a near record low and was at 0.61% Tuesday.
Barclays chief U.S. economist Michael Gapen said the meeting is a transitional one, coming on the heels of emergency actions. "It's an ending stage of the emergency response, the risk management lender of last resort, the throw-liquidity-at-the-problem phase."
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