Fed Chair Powell is set to address the country on Thursday this week, a change up from the typical Wednesday meeting.
Both the meeting and Chair Powell's press conference have been pushed back a day to account for the election. If you want to hear him speak about the economy and why they made the call they did as well as forward-looking statements, here's how to watch.
Where to watch FOMC conference
The press conference is slated for 2:30 p.m. ET on Nov. 7, 2024. You can watch the Fed's press conference:
Be sure to also tune in to our live blog to get up-to-date information about the Fed's decision.
What to expect
Experts agree that a 25 basis-point cut is likely for this week's Fed meeting. While the Fed has said it's independent, it's still a reactionary body. If economic factors like inflation and unemployment change as a result of a new presidential administration's monetary policy, it'll impact the Fed's strategy. What remains to be seen is how the Federal Open Market Committee will act going into 2025.
The federal funds rate affects the overnight rate used by US banks to lend or borrow money, which has a ripple effect on interest rates for your credit card, mortgage, high-yield savings account and other credit products.
The Federal Reserve meets eight times throughout the year. Each time, it meets to set the monetary policy based on factors like inflation, spending, unemployment rates and the overall health of the US economy.