Questions arise about next FOMC meeting; will their decisions remain data-dependent gold Wagner China
Exactly one week from today the Federal Reserve will hold the first Federal Open Market Committee meeting for the calendar year 2023. But before Federal Reserve officials meet for the first time this year on Friday, January 27 the government will release its latest data on inflation vis-à-vis the core PCE for December. Currently, the forecast for this week’s core PCE report is that inflationary pressures will continue to subside from 4.7% YoY in November to 4.4% in December 2022.
This was followed by a series of aggressive rate hikes that would define the second half of 2022. The Federal Reserve as they raised rates at each consecutive FOMC meeting from March to December. In May they raised rates by ½% and followed that with a series of ¾% rate hikes in June, July, September, and November. Finally, the Federal Reserve decreased the pace of hikes starting on December 2 by only raising them by ½ %.
This raises many questions, the most important being whether or not the Federal Reserve will maintain this aggressive monetary stance in light of recent data that indicates that inflation in the US and globally has peaked and is decreasing every month. Global inflation came in at a six-month low in December but the Federal Reserve maintains that it is unlikely to reverse its hawkish bias.
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