Looks like there will be much to talk about in Federal Open Market Committee meetings during 2013, as each of the eight gatherings is scheduled for two days, compared with only four two-day sessions in prior years, finds Grumpy Editor.
Going into 2013, investors, market observers, economists and business writers will be seeking clues on the directions of interest rates --- which, at the current level, have only one way to go: up.
Analysts and business writers will be paying close attention to wording in statements following each meeting.
Any change in the federal funds rate triggers a chain of events that affect short-term interest rates, long-term interest rates, foreign exchange rates, the amount of money and credit, and, ultimately, a range of economic variables.
That includes employment, output, prices of goods and services plus, of course, the stock market direction.
Scheduled meetings in 2013:
* Meeting associated with a Summary of Economic Projections and a press conference by the chairman.
Note: Dates are tentative until confirmed at the preceding meeting.
Following the conclusion of meetings, statements are released to media around 2:15 p.m., Eastern time.