- Economy continuing to make progress towards Fed’s goals
- Fed sees progress towards maximum employment
- Sees gradual progression jobs objectives
- Labour market has yet to fully recover
- Sees significant underutilisation of labour resources (usual dovish comment)
- Economic activity expanding at moderate pace, expects pace to continue
- Inflation has firmed since beginning of year
- Sees inflation moving gradually towards objective
The main part the market hasn’t really grasped, though may be now, is the cuts in growth forecasts.
USD/JPY has slipped back towards the break up line at 107.65. If we hold here then we’re likely to move back towards the highs.
