The federal funds rate is one of the most closely watched indicators in the U.S. economy. Set by the Federal Open Market Committee (FOMC), it determines the rate at which commercial banks lend and borrow excess reserves.

At its most recent meeting, the Federal Reserve held the benchmark rate steady at 4.25%–4.50%. The next policy decision is scheduled for July 29–30. What will the Fed decide?

The market will resolve based on the action officially taken by the FOMC, regardless of the magnitude of any rate change.

Source: Federal Reserve website https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm