Fed provides a mixed message to markets

January 28, 2016

Research Team at Investec, notes that the FOMC held interest rates steady last night as expected and in their accompanying statement struck a cautious tone, modestly more dovish than some might have expected in some ways, although an overall mixed message with the labour market remaining a strong point. 

Key Quotes

“The key change was the removal of the assessment that risks to the outlook are balanced. Although the statement reduced the probability of a March rate hike it did not close the door on the possibility, leaving the Fed enough room to tighten policy should financial conditions or economic data improve. Markets have already done a job of pricing out early hikes since December, meaning last night's statement had a muted impact on currency markets, and a mixed reaction across different asset classes.” 

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