The FOMC will be releasing their Economic Projections, Statement, and Federal Funds Rate on Wednesday at 2pm New York time, followed by the FOMC Press Conference at 2:30pm New York time. While no one expects a change in the Federal Funds Rate, traders are going to be reading the statement and listening closely to see if they lower their projections for interest rate hikes later in the year. Additionally, investors will be watching to see if the Feds opt to end the Quantitative Tightening. Additionally, some analysts believe that a rate hike is likely later in the year and they are going to be closely monitoring the statement and press conference for confirmation of another potential rate hike later this year.
Although the United Kingdom was anticipated to vote a third time on Prime Minister May's Brexit plan, Speaker Bercow stated on Monday, without any substantial changes to the existing plan, there will not be another vote. While the MPs could vote to ignore the rule used by Speaker Bercow in his announcement and hold a vote anyway but the consensus seems to be to wait and see if an extension by the European Union is granted. This increases the significance of the European Union Economic Summit on Thursday. They will be voting on whether to grant an extension to the United Kingdom. While most European members have stated they are willing to grant an extension, they were also expected a clear Brexit proposal. According to Romanian EU Affairs Minister George Ciamba the EU is "preparing for the worst".
Additionally, on Thursday morning at 8am New York time, the MPC Official Bank Rate Votes, Monetary Policy Summary, and Official Bank Rate for the British Pound will be released. Investors will also be reading the Monetary Policy Summary closely for clues as to what is anticipated in the near future regarding Brexit ramifications and the British Pound.