Narrow ranges have been prevailing in to the FOMC announcement, with the dollar consolidating after rising in trade-weighted terms on each of the previous three trading days. No one is expecting the Fed to move today, but the statement should put a June rate hike on the table (the June 16-17 FOMC is the next policy meeting, beyond this month, which includes a press conference). We are expecting 25 bp rate hikes in both June and September, though there is speculation for a 50 bp move in June on the view that the Fed is getting behind the curve of its inflation mandate.
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