By Tom Burnett CFA
On November 1, 2023, the Federal Reserve Open Market Committee (“FOMC”) voted unanimously to leave the Fed Funds range at 5.25%-50% for the second meeting in a row. In its announcement, the FOMC repeated that the Fed is “strongly committed to returning inflation to its 2% objective.” In addition, the Fed will continue to reduce its holdings of Treasury and mortgage-backed bonds at previously announced levels. Treasury holdings will be reduced by $60 billion per month, while mortgage holdings will be sold off at the rate of $35 billion per month.
The next FOMC meeting will be held on December 13, 2023.
Tom Burnett CFA is Director of Research