The Fed is currently in a holding pattern and its chief, Jerome Powell, signalled at the conclusion of the last meeting in January it may be at the end of its policy tightening cycle. — Reuters pic
On Wednesday, the United States Federal Reserve will release its updated forecasts for the US economy, and its latest dot plots will probably point either to no more interest rate rises this year or to one more at most. “This would imply, in our view, that the target funds rate will be kept unchanged for at least the two subsequent policy meetings. We look for one 25 basis point rate increase in the federal funds rate this year, in September.”On March 21, the Bank of England is almost certain to sit on its hands. British lawmakers voted overwhelmingly yesterday in favour of delaying Britain’s exit from the European Union, which had been due at the end of the month.
Britain’s economy came close to stagnating again in February amid Brexit nerves and sluggish global growth, a picture repeated in the euro zone where a series of weak economic reports have confirmed a slowdown. It was a similar scene in Asia, where growth is also slowing. Central banks in Indonesia, the Philippines, Taiwan, and Thailand all have monetary policy meetings in the week.
Indonesia’s central bank will also remain on hold and wait for further moves from the Fed, a Reuters poll suggested.
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