The Federal Open Market Committee (FOMC) statement is due at 1800 GMT on Wednesday, 27 July 2022.
Federal Reserve Chair Powell will follow up with his press conference at 1830 GMT
Earlier previews:
- FOMC statement due Wednesday, 27 July 2022 - preview
- Morgan Stanley on how the FOMC will give the US dollar a boost (spoiler - hawkish hike!)
- FOMC preview - Goldman Sachs will focus on slowing economy and the US dollar impact
- Is there a dollar-trading pattern around FOMC decisions?
- The two big US events this week are GDP data and the FOMC rate hike - Preview of both
- Will the Fed inject fresh upward momentum into the USD rally? - MUFG
ANZ preview remarks, looking for +75bp alon with the market:
Powell is likely to be less sanguine about the growth outlook compared to the June meeting, but this won’t change the Fed’s resolve to take the policy rate to restrictive settings by the end of 2022 to limit inflation .
- Housing data continue to roll over as rising mortgage rates, high raw material costs and labor shortages take their toll.
- The slowdown in activity appears to be broadening with the Composite PMI index falling below 50 in July amid surprising weakness in the services sector.
- And a negative 2Q GDP print this week will likely fuel recession talk even further given it would be the second straight quarter of negative growth.
