Commentary On Sept. 16, at 11:15 am PT/2:15 pm ET, the U.S. central bank is expected to make some of the most heavily anticipated statements it has made in a long time. That afternoon, the Federal Reserve will conclude a regularly scheduled meeting of its Federal Open Market Committee (FOMC)—the body that sets overnight interest rates and has, for the last 12 years or so, been in the business of directly manipulating other U.S. interest rates as well. New Inflation Target? As part of its set of announcements, the FOMC is expected to make some sort of statement about its new inflation target. This in particular is one of the most heavily anticipated aspects of any FOMC statement for some time. Until recently, the Federal Reserve had targeted U.S. inflation to be between zero and 2 percent. It was desired never to be negative so that banks and other lenders …
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