The Pre-FOMC Announcement Drift: More Recent Evidence
from Liberty Street Economics
– this post authored by David Lucca and Emanuel Moench
We had previously documented large excess returns on equities ahead of scheduled announcements of the Federal Open Market Committee (FOMC) – the Federal Reserve’s monetary policy-making body – between 1994 and 2011. This post updates our original analysis with more recent data. We find evidence of continued large excess returns during FOMC meetings, but only for those featuring a press conference by the Chair of the FOMC.
Source: http://econintersect.com/pages/contributors/contributor.php?post=201812020603
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