Fed Thoughts: Interregnum
We almost forgot that the Federal Open Market Committee meets on January 30th-31st. That is understandable, as the chance of any significant news from the Federal Reserve at the conclusion of the meeting is remote. According to the latest federal funds futures quotes, the probability of a change in the policy rate this month is about 3 percent, which is basically rounding error in financial markets. We have arrived at this conclusion for a few reasons.
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.