On Friday, June 23, the Federal Reserve released the tentative meeting calendar for 2024. There were no changes to the 2023 meeting calendar. The only item of note is that the November 6-7, 2024 meeting is on Wednesday and Thursday, not the usual Tuesday and Wednesday. This is because Election Day 2024 falls on Tuesday, November 5.
The shift in the timing of November 2024 FOMC meeting is normal. The FOMC strictly avoids linkages that might be made between its rate decisions and national elections, although those who view the independence of central bank policymakers with suspicion do so in contrast to the evidence.
As part of the 8 times a year meeting schedule, the FOMC normally convenes in late October/early November. An isolated move in the fed funds target rate in the context of an FOMC meeting in proximity to a national election day doesn’t seem to happen. When the fed funds target rate has been raised or lowered, the move is part of a rate cycle. Reading it as a favor to either political party and/or candidate(s) is usually the reaction of the losing side and is done by both Republicans and Democrats.
