June FOMC Meeting: Yellen to stress on data dependence

June 16, 2015

Previewing the key June FOMC Meeting, Research Analysts at Nomura expect Yellen to stress on data dependent nature of the Fed and suggest a gradual pace of tightening ahead.

Key Quotes

“The monetary policy statement released at the conclusion of the 16-17 June FOMC meeting should not have substantive changes. We expect the Committee to upgrade its assessment of economic activity, which it described as having slowed in the April statement. The FOMC will also release its summary of economic projections. We expect the Committee to lower its growth forecasts for 2015 given weak growth in Q1.”

“There are some risks for the FOMC’s expectations for the target federal funds rate to be lowered for 2015, but we do not expect major changes for the long-run federal funds rate forecasts.”

“We expect Chair Yellen in her post-meeting press conference to continue to stress the data-dependent nature of future policy moves and that the pace of tightening will likely be gradual once normalization begins.”

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