With Fed speakers and their media proxies scrambling to walk-back St.Louis Fed's Jim Bullard's calls for an inter-meeting liftoff and uber-hawkish rate-hike trajectory, it is notable that all of a sudden, The Fed has called for an "Expedited, Closed" Board Meeting on Monday Feb 14th (at 1130amET).
The goal of the meeting is: "Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks."
We are sure this is 'probably nothing', right?
But it got us thinking about the last time The Fed held such a meeting...
In late November 2015, The Fed held an "expedited" meeting to "Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. "
Shortly thereafter, this happened... (The Fed hiked rates for the first time since 2006)
February rate-hike expectations have fallen today but remain elevated over recent norms...
So, will The Fed surprise the world on Monday?