A Narrow Lane
The Halloween window is shut, making it inappropriate to describe participants at the next meeting of the Federal Open Market Committee (FOMC) as mindlessly shuffling into a lifeless event. But they are. Federal (Fed) Reserve Chairman Jay Powell’s favorite phrase is that he intends “to stay in his own lane,” which must be reassuring to everyone along bicycle paths in his hometown of Chevy Chase, Maryland, and makes predicting the outcome of the upcoming meeting easy. The FOMC has narrowed its policy lane to one action per quarter that is advertised in advance in the statement and minutes of the prior meeting. The every-other-meeting calendar makes November an orphan, and one without a press conference to provide the stage to explain deviating from the schedule.
On January 31, 2018, The Boston Company and Standish merged into Mellon Capital to form a combined entity, BNY Mellon Asset Management North America Corporation. Effective January 2, 2019, this entity was renamed Mellon Investments Corporation.