The Federal Reserve announced on Monday that its rate-setting body will convene on schedule this week even as Washington D.C. experienced dangerous winter weather that closed offices and snarled travel.
In a statement posted on its website, the central bank said the Federal Open Market Committee (FOMC) will hold the planned two-day meeting on Tuesday and Wednesday and will issue all the releases that were scheduled to accompany the meeting. The statement reaffirmed that the committee's calendar and communications will proceed despite the severe conditions in the capital.
Officials begin the two-day session on Tuesday, and the market consensus is that the Fed will maintain the target range for the federal funds rate at 3.75% when the committee announces its decision on Wednesday. The central bank did not signal any change to the timing of its announcement or to the distribution of its post-meeting materials.
Washington D.C. and surrounding areas have been hit with hazardous levels of snow and sleet in recent days, leading to road closures and widespread disruptions across the city. Several federal agencies reported closures as the storm made travel and normal operations unsafe. This weather episode follows a period during which a winter storm affected multiple regions of the United States.
The Fed's statement indicates that, despite operational challenges posed by the weather in the capital, the committee's work and its public-facing releases will go forward as planned. Beyond confirming the meeting's schedule and the issuance of scheduled materials, the Fed did not make additional operational or policy announcements in the communication.
Market participants and observers will therefore watch the standard sequence of FOMC communications this week, with expectations focused on the decision to hold the policy rate steady at 3.75% when the committee reports its actions on Wednesday.