Fed chair press conference and testimony. Markets trade the adjectives; "transitory", "some time", "restrictive" have each moved the index several percent.
What to watch: Tone and word changes. It arrives 8 a year plus semi-annual testimony, and the effect typically lasts days.
It sits in tier 1 — Regime-setting: Moves everything and sets the direction for months or years. These are the discount rate, the level of earnings, the availability of credit, and the shocks large enough to stop the economy. If one of these turns, nothing else in the list matters much.
Its neighbourhood
Everything this entry connects to directly. Click any point to follow it.
Also in Monetary policy (Federal Reserve)
- FOMC rate decision
- Forward guidance and the dot plot
- Balance sheet policy (QE / QT)
- Fed leadership and independence
- FOMC minutes
- Fed governor and regional president speeches
- Beige Book
- Fed funds futures pricing
- The neutral rate (r*) debate
- Fed policy framework and dissent count
- Fed chair transition and reaction function