The Fed releases minutes from the January 2015 meeting. This provides more insight about the deliberations within the most important central bank, in a decision that was not accompanied by a press conference nor by economic forecasts.
The US dollar was generally stronger across the board towards the publication, with the exception of the pound.
Update: FOMC Meeting Minutes reiterates patience – USD initially down
In the statement released on January 28th, these were 6 highlights:
- Patience on rate hikes – no change in stance and it means no hike at least until April. This was widely expected, maintaining the dovish approach.
- Strong job growth: This is a bullish upgrade of the labor market, which was later confirmed by the strong Non-Farm Payrolls.
- Solid economy: Another bullish upgrade for the economy, and this comes despite some underwhelming figures such as slow Q4 growth.
- Nothing new on inflation: The Fed continues to see through the fall in oil prices. This maintains the bullish stance.
- “International developments“: This is a dovish introduction to the statement and certainly requires clarification in the minutes.
- No dissenters: After having 3 dissenters in December, there was a unanimous agreement on the statement. However, this is due to the fact that the dissenters do not have a vote in 2015. We will see the differences in the statement.
More: A strong dollar is unlikely to delay the Fed – SEB
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