Highlights of the November 5, 2020 FOMC statement

  • Fed funds unchanged at 0.00-0.25%, as expected
  • Interest on excess reserves unchanged at 0.10%, as expected
  • Economic activity and employment have continued to recover vs 'picked up' in prior statement
  • Overall financial conditions remain accommodative vs improved in recent months

There is effectively no change to this statement. Only a few words are changed and the meaning is exactly the same.

This is truly a non-event. Powell will hold a press conference at the bottom of the hour but he will surely try his best not to do or say anything that could be seen as political. I expect it will be a short one.