Responses to the Federal Open Market Committee continue. These from earlier:

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


  • 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