FOMC Begins Regular 2-day Meeting, Rate Cut Expected

The Federal Open Market Committee (FOMC) is expected to cut rates by 25 basis points at the conclusion of its July monetary-policy setting meeting this week.

During its meeting last month when it held rates steady, the FOMC also made several changes to its policy statement, including removing language stating that it "will be patient" as it considers further interest rate moves. In its place, the committee added language that it will monitor inflation and economic pressures and "act as appropriate to sustain the expansion."

Although recent jobs reports have been solid, Fed Chair Jerome Powell earlier this month presented the Fed's semiannual Monetary Policy Report to Congress and acknowledged that "uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook."

The federal funds target rate is currently set at a range of 2.25 to 2.5 percent

The FOMC will next meet September 17-18. Its tentative 2020 schedule is available here