The US Federal Reserve kicks off its last two-day policy meeting of 2024 on Tuesday, December 17. The last Federal Open Market Committee (FOMC) meeting comes just weeks before Donald Trump takes office as the 47th President on January 20, 2025.
Multiple media reports suggest a 25 basis point interest rate cut but the key focus will be on economic projections for the New Year 2025. Also, the Street will closely track what Fed Chair Jerome Powell says about the repo rate cut, inflation, the US jobs report situation and the ongoing geopolitical risks.
Here are the key dates for the December FOMC Meet
The two-day meeting starts today, i.e., December 17 and will conclude on December 18, 2024. The decision on interest rates along with the FOMC projections will be shared on December 18 at around 2 PM Eastern Time (ET) or 12.30 AM Indian Standard Time (IST). Thereafter, US Fed Chair Jerome Powell will brief the media at 2.30 PM ET or 1 AM IST.
Where to track December FOMC meet updates?
The official social media handles of the FOMC will also share updates:
US Federal Reserve official website
What are the expectations from the FOMC meet?
The US Federal Reserve is expected to lower its benchmark interest rate by 25 basis points at the conclusion of its two-day meeting on December 18. This would mark the third consecutive rate cut, bringing the federal funds rate to a target range of 4.25%-4.5% from the current 4.5%-4.75%.
The decision comes as markets remain confident in a rate reduction, with CME Group’s FedWatch tool indicating a 99% probability. December’s robust employment data and last week’s inflation readings have supported expectations for further easing.