Mohamed A. El-Erian , Columnist

What the Fed Will Do This Week — and Why

The meeting is unlikely to trigger market, economic or political fireworks.

July 25, 2017 at 6:00 AM UTC

Mohamed A. El-Erian is a Bloomberg Opinion columnist. A former chief executive officer of Pimco, he is president of Queens’ College, Cambridge; chief economic adviser at Allianz SE; and chair of Gramercy Fund Management. He is author of “The Only Game in Town.”

Wait for the minutes.
Photographer: Chip Somodevilla/Getty Images

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Recent U.S. economic data are likely to make Federal Reserve officials more cautious when the Federal Open Market Committee meets this week to assess monetary policy developments and prospects. And they should. But the policy makers’ reserve won’t dramatically alter the central bank’s policy guidance, at least for now.

The statement issued by Fed officials at the conclusion of their discussions on July 26 -- and the fuller details provided by the minutes that will follow in a few weeks -- are likely to provide the following signals on three immediate issues.