Hedge fund Azoria Capital, led by James Fishback, has filed a lawsuit against Fed Chair Jerome Powell and other Fed officials over the Fed’s policy of keeping Federal Open Market Committee (FOMC) meetings behind closed doors. Fishback made headlines last year after suing David Einhorn’s Greenlight Capital over allegations that the firm denied that he had served as its former Head of Macro.
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“Azoria is deeply concerned that the FOMC, under Chair Jerome Powell, is maintaining high interest rates to undermine President Donald J. Trump and his economic agenda, to the detriment of American citizens and the American economy,” said Azoria in court documents. A spokesperson for the central bank declined to comment on the situation.
Upcoming FOMC Meeting Set for Next Week
The Fed holds eight FOMC meetings per year to decide on the federal funds rate. The next meeting, set for July 29-30, will likely result in the central bank maintaining rates in a range between 4.25% and 4.50%.
However, the FOMC meeting on September 16-17 will likely result in a 25-bps rate cut with a 60.5% chance, according to CME’s FedWatch tool. There is also a 1.6% chance of a 50-bps cut.
Track the federal funds rate and other key economic indicators with TipRanks’ Economic Indicators Dashboard.
