This is GS key takeways from Wednesday's Federal Open Market Committee and Powell's presser.
Its from a longer more details note, a summary:
BOTTOM LINE:
- The FOMC made modest changes to the post-meeting statement and left the funds rate target range unchanged at 0-0.25% at the March meeting.
- The median projected path for the policy rate in the Summary of Economic Projections continued to show no change over the forecast horizon, against our expectations for one hike in the SEP
- The March projections suggest that several FOMC participants have a higher inflation bar for liftoff than 2.1%.
- We continue to expect tapering to begin in early 2022 and the fed funds rate to remain unchanged until the first half of 2024.
For more:
- Fed leaves rates unchanged with no changes to QE, as expected
- FOMC full statement from the March 2021 meeting
- The Feds central tendencies and dot plot for the March 2021 meeting
- FOMC full statement from the March 2021 meeting
- Fed's Powell opening statement: Economic recovery uneven, far from complete
- Powell Q&A: We want to see actual 'substantial progress' not just forecasts before taper talk
- Lovey-dovey FOMC, main points in summary
- Bank analyst says favours NZD, CAD, AUD after the dovish Fed
