Fed is Quiet as Election Results Play Out

In perhaps the quietest FOMC meeting in recent memory, Fed officials voted unanimously to hold monetary policy steady while the remaining votes in the presidential election are counted.

Most of the prepared comments were no surprise:

  • “Economic activity and employment have continued to recover but remain well below their levels at the beginning of the year.”

  • “The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world.”

  • “The committee is committed to using its full range of tools to support the U.S. economy in this challenging time.”

  • “The path of the economy will depend significantly on the course of the virus.”

The press conference is expected to be as uneventful as the official statement, although it’s a near certainty that Powell will make his plea for additional fiscal support from Congress.

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