Responses to the Federal Open Market Committee continue. These from earlier:
- FOMC response: 'Rate cuts are in the offing ... July' + 3 more probable over 12mths
- USD decline after the FOMC - about that dissent
This now via
UBS Global Wealth Management
- most dovish part of the statement, even before the QA, was the shift in the dot plot
- Everybody anticipated that he would remove the word patient from the text
- the market was coming in with such strong expectations of a dovish Fed, to actually go above that is quite a feat
- FOMC has lowered the dot plot
- kept 2019 projections fairly the same
- lowered them quite a bit in terms of 2020 and 2021
Moody's:
- expects a likely rate cut later in 2019 if trade tensions are not showing resolution and financial conditions tighten significantly
- statement shows growth moderating
- but data continues to show solid economic performance
