Analysts at TD Securities suggest that the December FOMC statement language should lose the last vestiges of forward guidance, making policy even more data dependent.
Key Quotes
“In his press conference, we expect Chair Powell to continue to sound cautiously optimistic and to calm market concerns about over-tightening.”
“Only one or two FOMC participants can move the median dots in most years; we think a decline in the 2019 median dot to two hikes from three is slightly more likely than staying put. Conversely, we expect the median longer-run dot to remain at 3%.”
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