Federal Reserve Chairman Jerome Powell will appear at a press conference after the board of the central bank announces its update on interest rates.
The Federal Reserve is set to announce whether it will raise interest rates amid turmoil in the market from the collapse of Silicon Valley Bank and the instability of other midsize banks. Most investors believe the central bank will raise interest rates to quell inflation, which remains high.
INVESTORS EXPECT FED TO GO THROUGH WITH RATE HIKE DESPITE BANKING TURMOIL
There is a 69% chance that the Fed will hike rates by 0.25 of a percentage point, according to CME Group’s FedWatch tool. An increase in interest rates would signal that the Fed sees inflation as a bigger threat than the economic repercussions of the uncertainty about the banking system.
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The press conference from the Federal Reserve chairman is expected to begin at 2:30 p.m.