The Fed will release its quarterly economic projections this Wednesday, as well as holding a press conference with Fed Chair Janet Yellen. At 2 p.m., the Federal Open Market Committee will release its forecast report, covering GDP, the PCE price index, the unemployment rate, and forecasts of the next change in the Fed funds rate and the expected rate at the end of the next two years. The FOMC forecasts are compiled based on individual outlooks from each Fed governor and District president.
At 2:30 p.m., the Fed Chair’s press conference will address these forecasts and other aspects of Fed policy.
This conference will be noteworthy, as it will be Yellen’s last time to deliver these quarterly forecasts. Jerome Powell, President Trump’s nominee to succeed Yellen as Fed Chair, was confirmed by the Senate Banking Committee last week. Assuming his nomination is approved by a full Senate vote, he’ll be the one behind the podium to discuss the next FOMC forecasts in March 2018.
Other events in the week ahead:
Bright MLS November Housing Market Updates, Monday 10 a.m. EST
NFIB Small Business Optimism Index, Tuesday, 6 a.m. EST
Treasury Budget, Tuesday, 2 p.m. EST
MBA Mortgage Applications, Wednesday, 7 a.m. EST
Fed Balance Sheet, Thursday, 4:30 p.m. EST