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Following the FOMC statement and dots, analysts at TD Securities said that the key takeaway was that the Fed dots signal hike in Dec and three for 2019, with hiking cycle peaking by end-2020.

Key Quotes:

“Risks to the Press Conference Median dots are unchanged for 2018-2020 but the distribution has drifted higher, as has r*.  

The 2021 dot indicates an end to the rate hike cycle with some Fed officials penciling in cuts.  

Policy stance is no longer “accommodative.” As such, markets have taken a dovish cue. Powell’s comments on risks (emphasis on fiscal stimulus and tight labor markets vs tariffs) and overshooting will be watched.”