The Federal Reserve is scheduled to announce its next interest-rate decision on Wednesday, October 28, a day before the government publishes new readings on economic growth and consumer prices.
Wednesday, October 28: the policy decision
The Fed’s official October calendar lists the two-day Federal Open Market Committee meeting for October 27 and 28. The decision is scheduled for 2 p.m. Eastern, or 11 a.m. Pacific, on Wednesday. The chair’s press conference follows at 2:30 p.m. Eastern, or 11:30 a.m. Pacific.
Kiplinger’s October 23 preview describes an expected hold while noting an economist’s argument for an increase.
Thursday, October 29: growth and consumer prices
The Bureau of Economic Analysis calendar schedules both third-quarter GDP and September Personal Income and Outlays for 8:30 a.m. Eastern, or 5:30 a.m. Pacific.
GDP covers July through September. This is the advance estimate, the first estimate for the quarter, based on incomplete information and subject to revision.
The monthly income-and-outlays release includes the Personal Consumption Expenditures price index, which measures changes in consumer prices. Dollar spending can rise because prices increase, because purchases increase, or both.
Friday, October 30: compensation costs
The Bureau of Labor Statistics schedules the third-quarter Employment Cost Index for 8:30 a.m. Eastern, or 5:30 a.m. Pacific.
The ECI tracks changes in hourly labor costs to employers, including wages, salaries and benefits. Its fixed basket of labor reduces the effect of workers moving between occupations and industries. It measures compensation costs rather than the number of jobs added.
