2020 VOTING CHANGES
The new year will see four regional Fed Presidents rotate into voting spots in January. In turn, this will see Mester (Hawk), Kashkari (Dove), Kaplan (Neutral) and Harker (Neutral) replace Bullard (dove), Evans (Neutral), Rosengren (Hawk, Dissenter) and George (Hawk, Dissenter), making for a slightly more dovish FOMC committee.
Federal Reserve 2020 Meetings Dates
January28-29
March17-18*
April28-29
June9-10*
July28-29
September15-16*
November4-5
December15-16*
*Meetings that include Staff Economic Projections
2019 FOMC RECAP
At the beginning of 2019, the Federal Reserve had abruptly altered its outlook with regard to monetary policy, having stated that they would act in order to sustain the expansion from previously noting that QT was on autopilot.
Consequently, as risks tilted to the downside for the US economy with trade war risks on the rise, Powell and Co. responded with a mid-cycle adjustment entailing three consecutive 25bps rate cuts from 2.25-2.50% to 1.50-1.75%. Alongside this, the Federal Reserve expanded their balance sheet via repo operations in order to boost the supply of bank reserves and place pressure on repo rates.
