Harriet Torry

speaker

611 appearances 11 recordings 1 series first heard Sep 2017 last heard Dec 2024

Harriet Torry’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · The Fed's Decision on Rates and Bonds: What it Means for Wall Street · 21 Sep 2017 podcast

That is correct.

They had telegraphed this, particularly the part about the bond buying.

That has been telegraphed now for months.

So really, we all knew that the Fed was going to announce plans at the September meeting to start shrinking its holdings of Treasury and mortgage-backed securities.

And so the only news on that front today was that they pinpointed the exact time that they were going to start doing that.

So it'll be in October.

So there's a little bit more clarity on that point.

But yes, it was also widely, widely expected that they would hold rates steady at the September meeting.

And that's exactly what they did.

What's interesting about the statement and about Yellen's press conference afterwards is that it did seem that the Fed is keeping a December rate increase very much in play.

Yeah.

So for investors, the main takeaway from this was that the December meeting is very much still in play.

And the reason that there had been some doubt about that was because inflation has been pretty...

pretty weak for the past few months.

And there were questions going into the meeting over whether the inflation situation was going to give Fed officials pause, whether they might be sort of dovish on the outlook for December.

But one thing that we learned from what are called the summary of economic projections, which is a sort of median view across the Fed spectrum of officials of how many rate increases they think are appropriate this year and in the years ahead,

They actually stuck with their June projection for one more rate increase in 2017.

Now, theoretically, that could come at the meeting that they will have on the last day of October and the first day of November.

But in reality, people expect that it's much more likely to happen in December when the Fed will have a press conference after the meeting as well.

So a big takeaway for investors is that rates could go up again in 2017.

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