Comments from Goldman Sachs to add the plethora of FOMC preview material for June 17

They make the point that the FOMC is constrained by what is happening with Greece (in brief & boldings are mine):

  • "With the Greece stand-off likely to drag into Thursday (and potentially longer), it is hard to see how the FOMC can be a completely 'independent' risk event."
  • The "FOMC will be following the stand-off between Greece and its creditors closely
  • The potential for an accident is likely to keep Fed policy makers from sending a hawkish message, even as signs of solid growth (from payrolls and retail sales) are mounting"

GS also say on the US dollar that with the bounce back in the EUR since March ...

  • "Since the March meeting, the dollar has taken a time out, with EUR/USD cycling repeatedly, and sometimes violently, in the $1.14 - $1.05 range; This suggests a more neutral tone from the FOMC this time around"

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More FOMC previews:

  • Federal Reserve FOMC preview & checklist to watch
  • Goldman Sachs FOMC preview ... September the baseline for monetary tightening
  • Fed lift off in September says Reuters poll
  • What to expect from the FOMC meeting this week - view from 8 banks
  • FOMC preview: When the Fed hikes rates is less important than how
  • Rate hike lift-off plans; June, September? Where's your Fed at?