World Economy/United States

🇺🇸

United States

USA

Americas • Sovereign Currency: USD

Analyze United States with Schema AI

Nominal GDP

$29.35T

2024 (Annualized)

Annual GDP Growth

+2.8%

YoY Q3 2024 (Advance)

Inflation (CPI)

2.6%

Oct 2024 YoY

Policy Rate

4.50%

Current Target (4.50-4.75%)

10Y Sovereign Yield

4.42%

Benchmark 10Y Note

Unemployment Rate

4.1%

Oct 2024

Debt-to-GDP

122.3%

2024 Fiscal Year

Trade Balance

$-84.4B

Sep 2024 Goods & Services

BLOOMBERG ECONOMICS MONETARY POLICY TRANSMISSION

🇺🇸FEDERAL RESERVE POLICY DASHBOARD

Target Instrument: Effective Federal Funds Rate / FOMC Target Range • Sovereign: United States (USA)

STANCE: neutral

Next Meeting: 2026-10-28

LOOSER CONDITIONSIN LINE WITH TARGETTIGHTER CONDITIONS

STATUTORY BENCHMARK

3.88%Unchanged (0 bps)

Effective Federal Funds Rate / FOMC Target Range

REAL CARRY SPREAD (r - π)

+1.28%

Neutral Equilibrium

OVERNIGHT BENCHMARK (SOFR)

3.83%-5 bps

Secured Overnight Financing Rate

YIELD CURVE SLOPE (10Y - r)

+0.54%

Normal Upward Slope

WAGES & PRICES2 METRICS

Headline CPI Inflation (YoY)Oct 2024 YoY

Anchored within standard statutory price stability corridor

U.S. Bureau of Labor Statistics (BLS)Ref

2.60%

LOOSER

Distance to Inflation Target (2.0%)Oct 2024 YoY

Headline inflation exceeds 2% anchor by 0.60 percentage points

U.S. Bureau of Labor Statistics (BLS)Ref

+0.60%

LOOSER

SUPPLY & DEMAND2 METRICS

Annual Real GDP Growth RateQ3 2024 (Advance)

Moderate real growth pace matching potential output

U.S. Bureau of Economic Analysis (BEA)Ref

2.80%

MILD LOOSE

Unemployment Rate (Labor Slack)Oct 2024

Balanced labor market matching full employment capacity

U.S. Bureau of Labor Statistics (BLS)Ref

4.10%

MILD LOOSE

FINANCIAL CONDITIONS4 METRICS

Effective Federal Funds Rate / FOMC Target RangeCurrent Target (4.50-4.75%)

Official statutory policy target rate set by Federal Reserve

Federal Reserve (FOMC)Ref

4.50%

LOOSER

Real Carry Rate (Policy - CPI)Calculated

Positive real return regime delivering restrictive monetary drag

Federal Reserve vs U.S. Bureau of Labor Statistics (BLS)

+1.28%

LOOSER

10-Year Sovereign Benchmark YieldBenchmark 10Y Note

Long-term sovereign borrowing benchmark discounting term premium & inflation risk

U.S. Department of the TreasuryRef

4.42%

IN LINE

Yield Curve Slope (10Y - Policy Rate)Calculated

Upward-sloping normal term structure (+0.54%)

Sovereign Debt Desk vs Central Bank Target

+0.54%

LOOSER

EXTERNAL & FISCAL2 METRICS

Current Account / Trade BalanceSep 2024 Goods & Services

Trade deficit requiring external capital inflows or debt financing

U.S. Census Bureau / BEARef

$-84.4B

IN LINE

General Government Debt / GDP2024 Fiscal Year

High public debt burden consuming fiscal policy maneuverability

IMF Fiscal Monitor / U.S. TreasuryRef

122.30%

TIGHTER

HISTORICAL RATE DECISION TRAJECTORY (EFFECTIVE FEDERAL FUNDS RATE / FOMC TARGET RANGE)

Verified Chronological Decisions

2026-10-09

3.88%

Policy Assessment Summary: FOMC target range is 3.75%–4.00% (Effective Fed Funds Rate: 3.88%). Next FOMC meeting scheduled for October 27–28, 2026.

Key Domestic Equities & Capital Markets

Major corporate champions tracked in WOWS with sovereign economic exposure

Index: S&P 500 (SPX)

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