Every month, various important indicators are announced, but the most important one is the FOMC schedule and the corresponding announcement of the benchmark interest rate by the United States!
This week, there is the March FOMC schedule.
To explain why this week's US interest rate announcement is important,
The current benchmark interest rate of the US central bank is 4.75%. In February, the mood was good after a surprise 0.25% increase, but with the high February CPI, they poured cold water on the situation. Therefore, although it was dominant that the March FOMC interest rate announcement would also be a 0.25% baby step, as various economic indicators were announced, predictions that it would be a 0.5% big step increase were rampant.
However, there were critical opinions about whether the aggressive rate announcements by FOMC Federal Reserve members and Powell were appropriate, given the decrease in trust of US banks following the SVB bankruptcy in early March. Some opinions also emerged that the US government would freeze interest rates in March, as they were wary of the situation.
It's either 0% or a 0.5% increase..there's no middle ground.
It's like coins or stocks, they either go up or down! This kind of feeling?
Anyway, this important FOMC schedule will take place over two days from March 21st to 22nd, 2023, according to US standards.
The most important interest rate announcement time is Wednesday, March 22nd, 2023, at 2 pm US time. It's one hour earlier than last month due to daylight saving time.
The US CPI consumer price index chart shows a shape that is going down, opposite to the interest rate hike chart. It hit a low of 6% in March 2023.
It seems that this gradual decrease is giving power to the opinions of Powell and his colleagues, but in this difficult time after the pandemic and with the aftermath of the Ukraine-Russia war, a high interest rate seems to have more power to worsen the economy rather than reduce inflation, in my personal opinion.
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