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Powell is expected to say the Fed will keep doing whatever it can while it considers its next move

Federal Reserve Chairman Jerome Powell speaks at his news conference following the two-day meeting of the Federal Open Market Committee (FOMC) meeting on interest rate policy in Washington, January 29, 2020.

Yuri Gripas | Reuters

The Federal Reserve is expected to again promise to do whatever it takes to fix the economy as it works on what more it can do. 

The Federal Open Market Committee winds down its two-day July meeting Wednesday with a 2 p.m. ET statement. That will be followed by a press briefing by Fed Chairman Jerome Powell, who could provide an update on the Fed’s view on the economy and the extraordinary actions it has taken so far.. 

“I don’t think we’re going to learn a ton at this meeting, but I think behind the scenes, it will be pretty interesting around the work they’re doing and setting up for the September meeting,” said Rick Rieder, BlackRock chief investment officer of global fixed income. He said the Fed could be considering such things as yield-curve control, providing forward guidance on inflation and interest rates, and more asset purchases.

“I don’t’ think we’re going to learn specifically about any of that. I think the press conference will be interesting,” said Rieder. “I think they are going to continue to err on the side of doing more rather than doing less. They are going to continue to emphasize the uncertainty.”

The Fed said Tuesday it is extending its lending programs to businesses, governments and individuals until the end of the year. They had been set to expire Sept. 30. The Fed’s many facilities and programs, created during the Covid crisis, cover such markets as commercial paper, corporate bond