GMTAuthor: Adam Button

8

Fed minutes released online

Fed winter
  • Full report
  • Important to continue to monitor financial market developments
  • Noted that some downside risks had increased
  • Business investment has moderated
  • Recent household data have been strong
  • Strong labor market, inflation near target
  • See continued sustained expansion
  • A few officials concerned that uncertainty not captured by the dot plot
  • Reserves might near efficient level later this year
  • Several participants said rate hikes might prove necessary only if inflation outcomes higher than baseline outlook
  • Almost all participants thought that it would be desirable to announce before too long a plan to stop reducing the Federal Reserve's asset holdings later this year
  • Many Fed officials unsure what rate moves may be needed in 2019
  • Almost all officials wanted to halt runoff later this year
Excerpts:
"Market participants pointed to a number of factors as contributing to the heightened volatility and sustained declines in risk asset prices and interest rates over recent months including a weaker outlook and greater uncertainties for foreign economies (particularly for Europe and China), perceptions of greater policy risks, and the partial shutdown of the federal government."

"A patient posture would allow time for a clearer picture of the international trade policy situation and the state of the global economy to emerge and, in particular, could allow policymakers to reach a firmer judgment about the extent and persistence of the economic slowdown in Europe and China."

"Against this backdrop, the staff presented options for substantially slowing the decline in reserves by ending the reduction in asset holdings at some point over the latter half of this year and thereafter holding the size of the SOMA portfolio roughly constant for a time so that the average level of reserves would fall at a very gradual pace reflecting the trend growth in other Federal Reserve liabilities."

The final note is an important one because it shows that holding reserves steady isn't Brainard's idea, it came from Fed staff. There's also a much larger consensus about keeping a large balance sheet. On net, that's positive for risk assets.

ForexLive

View More

View Full Article with Comments 8

Wed 20 Feb 2019 18:54:13 GMT

3

FOMC Minutes coming up next

FOMC Minutes due at 2 pm ET The headlines from the Minutes usually hit the wires en masse at 2 pm but there is a winter storm in Washington and that's led to a cancellation of the media lockup, so the report will simply be published on the Fed's website followed by a free-for-all.

View More

FOMC Minutes coming up next


Adam Button
Wed 20 Feb 2019 18:54:13 GMT
Author: Adam Button
Category: Central Banks
3


FOMC Minutes due at 2 pm ET The headlines from the Minutes usually hit the wires en masse at 2 pm but there is a winter storm in Washington and that's led to a cancellation of the media lockup, so the report will simply be published on the Fed's website followed by a free-for-all.

Asset 24 View More
No stopping the GBPUSD. Cracks above 200 day MA without much problem
Asset 41
Wed 20 Feb 2019 14:26:50 GMT

1

Counting down to the Fed Minutes

Audio preview of the FOMC minutes Later today the Fed will release the Minutes of the latest meeting, which proved to be an important one, as it had the Fed bending to the pressures of both domestic and international forces, that were screaming out to put the brakes on the policy normalization process.

View More

Counting down to the Fed Minutes


Forex Live
Wed 20 Feb 2019 14:26:50 GMT
Author: Forex Live
Category: Central Banks
1
Audio preview of the FOMC minutes Later today the Fed will release the Minutes of the latest meeting, which proved to be an important one, as it had the Fed bending to the pressures of both domestic and international forces, that were screaming out to put the brakes on the policy normalization process.

Asset 24 View More
Wed 20 Feb 2019 08:23:02 GMT

1

ECB's Praet: Eurozone outlook may be changing more fundamentally

Further comments by Praet - ECB not necessarily will take decision on TLTRO in next meeting ForexLive I'm presuming by the headline comment he means that it may not just be a transitory issue that the economy is slowing. Let's see if that flows into discussions during the March meeting in a couple of weeks' time.

View More

ECB's Praet: Eurozone outlook may be changing more fundamentally


Justin Low
Wed 20 Feb 2019 08:23:02 GMT
Author: Justin Low
Category: Central Banks
1
Further comments by Praet - ECB not necessarily will take decision on TLTRO in next meeting ForexLive I'm presuming by the headline comment he means that it may not just be a transitory issue that the economy is slowing. Let's see if that flows into discussions during the March meeting in a couple of weeks' time.

Asset 24 View More
Wed 20 Feb 2019 07:38:43 GMT

ECB's Praet: Normalisation of central bank instruments is not akin to policy tightening

Comments from ECB's Peter Praet in Frankfurt - Expects key rates to remain at present levels through the summer of 2019 ForexLive Very little of note by Praet in his speech. In short, he doesn't want to talk up raising rates in the summer as a big step in tightening monetary policy. The full presentation of his speech can be found .

View More

ECB's Praet: Normalisation of central bank instruments is not akin to policy tightening


Justin Low
Wed 20 Feb 2019 07:38:43 GMT
Author: Justin Low
Category: Central Banks
0
Comments from ECB's Peter Praet in Frankfurt - Expects key rates to remain at present levels through the summer of 2019 ForexLive Very little of note by Praet in his speech. In short, he doesn't want to talk up raising rates in the summer as a big step in tightening monetary policy. The full presentation of his speech can be found .

Asset 24 View More
Wed 20 Feb 2019 05:48:48 GMT

2

BOJ's Kuroda: Currency rate is decided by various factors

Comments by BOJ governor Kuroda in parliament - No one thing decides currency levels - Yield spreads can affect currency moves - Doesn't believe current BOJ policy is weakening the yen ForexLive

View More

BOJ's Kuroda: Currency rate is decided by various factors


//az705044.vo.msecnd.net/20180228/boj-kuroda-mic-drop.png Justin Low
Wed 20 Feb 2019 05:48:48 GMT
Author: Justin Low
Category: Central Banks
2
Comments by BOJ governor Kuroda in parliament - No one thing decides currency levels - Yield spreads can affect currency moves - Doesn't believe current BOJ policy is weakening the yen ForexLive

Asset 24 View More
Wed 20 Feb 2019 04:13:59 GMT

NAB on the yen, Japan's trade deficit, and Bank of Japan more easing threats

National Australia Bank comments on the higher USD/JPY  Says today's trade data (post here: ) a sign Japan trade balance for January: Y -1415.2bn (expected Y -1029.1bn)

View More

NAB on the yen, Japan's trade deficit, and Bank of Japan more easing threats


Eamonn Sheridan
Wed 20 Feb 2019 04:13:59 GMT
Category: Central Banks
0
National Australia Bank comments on the higher USD/JPY  Says today's trade data (post here: ) a sign Japan trade balance for January: Y -1415.2bn (expected Y -1029.1bn)

Asset 24 View More
Wed 20 Feb 2019 03:45:35 GMT

Minutes of the January FOMC meeting due today - preview

Coming up at 1900GMT, Federal Open Market Committee minutes  ICYMI, earlier: Nomura: ForexLive

View More

Minutes of the January FOMC meeting due today - preview


Eamonn Sheridan
Wed 20 Feb 2019 03:45:35 GMT
Category: Central Banks
0
Coming up at 1900GMT, Federal Open Market Committee minutes  ICYMI, earlier: Nomura: ForexLive

Asset 24 View More
Wed 20 Feb 2019 03:30:20 GMT

FOMC meeting minutes press lock up cancelled due to severe weather

There has been no change in time for the publication of the Federal Open Market Committee minutes   - But the press lock up has been cancelled That'll make dissemination of the major points from the minutes slower than they usually are (the press lock up allows journalists to write up their report for release at the same time as the minutes themselves) 

View More

FOMC meeting minutes press lock up cancelled due to severe weather


Eamonn Sheridan
Wed 20 Feb 2019 03:30:20 GMT
Category: Central Banks
0
There has been no change in time for the publication of the Federal Open Market Committee minutes   - But the press lock up has been cancelled That'll make dissemination of the major points from the minutes slower than they usually are (the press lock up allows journalists to write up their report for release at the same time as the minutes themselves) 

Asset 24 View More
Wed 20 Feb 2019 02:32:39 GMT

1

FOMC minutes to be released on Wednesday, US time - preview

Minutes of the Federal Reserve Federal Open Market Committee January meeting  - Due at 1900 GMT on 20 February 2019  Earlier posts: Now, via RBC: ForexLive

View More

FOMC minutes to be released on Wednesday, US time - preview


Eamonn Sheridan
Wed 20 Feb 2019 02:32:39 GMT
Category: Central Banks
1
Minutes of the Federal Reserve Federal Open Market Committee January meeting  - Due at 1900 GMT on 20 February 2019  Earlier posts: Now, via RBC: ForexLive

Asset 24 View More
Wed 20 Feb 2019 01:17:07 GMT

PBOC sets USD/ CNY mid-point today at 6.7558 (vs. yesterday at 6.7642)

PBOC pumps up the yuan OMOS: - injects 20bn yuan via 7 day reverse repos No RRs mature. A little earlier the PBOC said it would implement 1-year central bank bill swaps 

View More

PBOC sets USD/ CNY mid-point today at 6.7558 (vs. yesterday at 6.7642)


Eamonn Sheridan
Wed 20 Feb 2019 01:17:07 GMT
Category: Central Banks
0
PBOC pumps up the yuan OMOS: - injects 20bn yuan via 7 day reverse repos No RRs mature. A little earlier the PBOC said it would implement 1-year central bank bill swaps 

Asset 24 View More
Wed 20 Feb 2019 00:57:19 GMT

BOJ head Kuroda will speak again today. Yesterday he talked down the yen.

Bank of Japan Governor Kuroda yesterday: K is back in the Japanese parliament again today.    - From 0530GMT ForexLive

View More

BOJ head Kuroda will speak again today. Yesterday he talked down the yen.


Eamonn Sheridan
Wed 20 Feb 2019 00:57:19 GMT
Category: Central Banks
0
Bank of Japan Governor Kuroda yesterday: K is back in the Japanese parliament again today.    - From 0530GMT ForexLive

Asset 24 View More
Wed 20 Feb 2019 00:55:46 GMT

1

Former Fed Chair Yellen cautions on US request for China to manipulate the yuan

Remarks from former Federal Reserve Chair Janet Yellen on currency manipulation pre-empted the US request China do so with the RMB. Overnight ICYMI: If you check out those links and are incredulous, can't say I blame you. But yep, there you go.

View More

Former Fed Chair Yellen cautions on US request for China to manipulate the yuan


Eamonn Sheridan
Wed 20 Feb 2019 00:55:46 GMT
Category: Central Banks
1
Remarks from former Federal Reserve Chair Janet Yellen on currency manipulation pre-empted the US request China do so with the RMB. Overnight ICYMI: If you check out those links and are incredulous, can't say I blame you. But yep, there you go.

Asset 24 View More
Wed 20 Feb 2019 00:14:15 GMT

Kuroda jawboned the yen yesterday. Expect more.

ICYMI, yesterday Bank of Japan Governor Kuroda surprised us by saying something of substance Check out the trade figures just our … and the big miss on already low expectations for exports:

View More

Kuroda jawboned the yen yesterday. Expect more.


Eamonn Sheridan
Wed 20 Feb 2019 00:14:15 GMT
Category: Central Banks
0
ICYMI, yesterday Bank of Japan Governor Kuroda surprised us by saying something of substance Check out the trade figures just our … and the big miss on already low expectations for exports:

Asset 24 View More
Tue 19 Feb 2019 20:29:17 GMT

2

NY Feds Williams (voter): Would need different outlook for inflation/growth to change

Voter on FOMC The NY Fed's Williams is no the wire saying: ForexLive

View More

NY Feds Williams (voter): Would need different outlook for inflation/growth to change


//az705044.vo.msecnd.net/20190219/2019-02-19_13-32-14.jpg Greg Michalowski
Tue 19 Feb 2019 20:29:17 GMT
Category: Central Banks
2
Voter on FOMC The NY Fed's Williams is no the wire saying: ForexLive

Asset 24 View More
Tue 19 Feb 2019 16:59:51 GMT

1

Feds Mester to reporters: Fed should announce B/S plans well in advance

Speaks to reporters She adds: ForexLive

View More

Feds Mester to reporters: Fed should announce B/S plans well in advance


Greg Michalowski
Tue 19 Feb 2019 16:59:51 GMT
Category: Central Banks
1
Speaks to reporters She adds: ForexLive

Asset 24 View More
Tue 19 Feb 2019 16:03:52 GMT

More Mester: US consumer is in good shape

More from Fed's Mester. She is not a voting member in 2019 She adds: ForexLive

View More

More Mester: US consumer is in good shape


Greg Michalowski
Tue 19 Feb 2019 16:03:52 GMT
Category: Central Banks
0
More from Fed's Mester. She is not a voting member in 2019 She adds: ForexLive

Asset 24 View More
Tue 19 Feb 2019 15:30:19 GMT

1

Feds Mester: Comfortable slowing or stopping B/S rolloffs in 2019

Answers questiions after speech in Delaware ForexLive

View More

Feds Mester: Comfortable slowing or stopping B/S rolloffs in 2019


Greg Michalowski
Tue 19 Feb 2019 15:30:19 GMT
Category: Central Banks
1
Answers questiions after speech in Delaware ForexLive

Asset 24 View More
Tue 19 Feb 2019 15:11:54 GMT

ECB Praet: EU needs to be careful about industrial policy.

ECB Chief Economist Praet speaks in Berlin ECB's  chief economist Praet is speaking in Berlin.  There seems not to be a prepared text released.  So headlines may trickle in.  Yesterday he said 

View More

ECB Praet: EU needs to be careful about industrial policy.


Greg Michalowski
Tue 19 Feb 2019 15:11:54 GMT
Category: Central Banks
0
ECB Chief Economist Praet speaks in Berlin ECB's  chief economist Praet is speaking in Berlin.  There seems not to be a prepared text released.  So headlines may trickle in.  Yesterday he said 

Asset 24 View More
Tue 19 Feb 2019 13:52:26 GMT

Fed's Mester: Expect Fed funds may move 'a bit higher' if economy performs as she expects

Comments from Mester Basically about what you would expect to hear from Mester. She will take questions from the audience and media so there will be more headlines to come.

View More

Fed's Mester: Expect Fed funds may move 'a bit higher' if economy performs as she expects


Adam Button
Tue 19 Feb 2019 13:52:26 GMT
Author: Adam Button
Category: Central Banks
0
Comments from Mester Basically about what you would expect to hear from Mester. She will take questions from the audience and media so there will be more headlines to come.

Asset 24 View More
Tue 19 Feb 2019 11:04:26 GMT

5

ECB's de Guindos: Central bank still analysing causes of Eurozone slowdown

ECB vice president Luis de Guindos speaks to Le Monde - Won't take decision before thorough analysis - Policy will stay accommodative for a long while yet - ECB has a large range of tools at its disposal ForexLive

View More

ECB's de Guindos: Central bank still analysing causes of Eurozone slowdown


//az705044.vo.msecnd.net/20190219/ecb-de-guindos.png Justin Low
Tue 19 Feb 2019 11:04:26 GMT
Author: Justin Low
Category: Central Banks
5
ECB vice president Luis de Guindos speaks to Le Monde - Won't take decision before thorough analysis - Policy will stay accommodative for a long while yet - ECB has a large range of tools at its disposal ForexLive

Asset 24 View More
Tue 19 Feb 2019 04:25:10 GMT

4

BOJ's Kuroda: BOJ policy does not have currency manipulation as its target

Bank of Japan Governor Kuroda speaking in the Diet - Fed has been giving slightly more cautious comments  - Expect that's a reflection of US prices, China slow down Check out the bolded comment … MOAR easing mulling! A negative for the yen. 

View More

BOJ's Kuroda: BOJ policy does not have currency manipulation as its target


Eamonn Sheridan
Tue 19 Feb 2019 04:25:10 GMT
Category: Central Banks
4
Bank of Japan Governor Kuroda speaking in the Diet - Fed has been giving slightly more cautious comments  - Expect that's a reflection of US prices, China slow down Check out the bolded comment … MOAR easing mulling! A negative for the yen. 

Asset 24 View More
Tue 19 Feb 2019 03:39:50 GMT

RBA minutes were out today, analyst responses coming in

Reserve Bank of Australia February 2019 meeting minutes, post is here from earlier: Never mind that headline … so much uncertainty right now, not just consumption. 

View More

RBA minutes were out today, analyst responses coming in


Eamonn Sheridan
Tue 19 Feb 2019 03:39:50 GMT
Category: Central Banks
0
Reserve Bank of Australia February 2019 meeting minutes, post is here from earlier: Never mind that headline … so much uncertainty right now, not just consumption. 

Asset 24 View More
Tue 19 Feb 2019 02:35:44 GMT

FOMC minutes to be released on Wednesday - preview

The minutes of the Federal Open Market Committee January meeting are on Wednesday 2018 February 2019 at 1900GMT - Earlier preview Via Barclays: - look to the minutes for insights as to whether FOMC participants see the rate hike cycle as essentially complete or members still expect further rate hikes as part of the baseline outlook NatWest:

View More

FOMC minutes to be released on Wednesday - preview


Eamonn Sheridan
Tue 19 Feb 2019 02:35:44 GMT
Category: Central Banks
0
The minutes of the Federal Open Market Committee January meeting are on Wednesday 2018 February 2019 at 1900GMT - Earlier preview Via Barclays: - look to the minutes for insights as to whether FOMC participants see the rate hike cycle as essentially complete or members still expect further rate hikes as part of the baseline outlook NatWest:

Asset 24 View More

More Headlines


By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose