What To Expect From The Fed This Afternoon

What To Expect From The Fed This Afternoon

Share to Linkedin US Federal Reserve Chairman Jerome Powell speaks during a press conference after a Federal Open ... [+] Market Committee meeting in Washington, DC on July 31, 2019. - The US Federal Reserve cut the benchmark lending rate on Wednesday for the first time in more than a decade, moving to stimulate the economy after a year of sustained pressure from President Donald Trump. The target for the federal funds rate is now 2. 0-2. 25 percent, 25 basis points lower, and the central bank vowed to "act as appropriate to sustain the expansion." (Photo by ANDREW CABALLERO-REYNOLDS / AFP) (Photo by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images) The conclusion of a big Fed meeting comes this afternoon. Billionaire Paul Tudor Jones, one of the great global macro traders of all-time, called it the most important Fed meeting in Jay Powell's career. Why? Because the Fed has been ignoring economic data and ignoring market signals. So, for an institution that is supposed to be data-dependent, instead of responding the data (clearly high growth and inflationary data), the Fed seems to be anticipating an alternative outcome“”and making policy based on that anticipation. The last time the Fed did something like