Federal Open Market Committee Update

The Federal Open Market Committee or known as FOMC is a group of Federal Reserve officials responsible for setting benchmark interest rates and scheduled to have its first meeting on January 31st, 2023. The committee is expected to continue raising interest rates after seven consecutive increases last year. The two-day meeting will be followed by a press conference by Fed Chair Jerome Powell where he is expected to announce a 25bps interest rate hike along with guidance on inflation and US GDP.