By Greg Robb, MarketWatch
The Federal Reserve will update investors on its outlook for the U.S. economy on Wednesday, with its first official economic forecasts in 6 months. The Fed will release new economic projections and a “dot-plot” view of the likely path of interest rates along with a policy statement at 2 p.m. Eastern.
Fed Chairman Jerome Powell will follow with a press conference starting at 2:30 p.m. Eastern.
MarketWatch will be providing live updates throughout the afternoon.
Economists think the Fed will stick to their message that they will use every tool available to help the economy recover from the recession that started in February as the coronavirus spread across the country.
The central bank isn’t expected to make significant policy changes at this meeting but will lay the groundwork on how to proceed given the signs the economy is already starting to rebound from a sharp contraction.
After a steep runup for the past few weeks, the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.57% was down 159 points ahead of the Fed decisions. The yield on the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y 0.00% was down four basis points to 0.782%.
Powell’s next press conference is July 29.