The September FOMC meeting held few surprises but the minutes will likely provide important context for some of the decisions the Committee made in September, including the choice of dropping the “accommodative” language in the post-meeting statement, suggests the research team at Nomura.
Key Quotes
“Recent FOMC meeting minutes have been more interesting than expected, highlighting longer-term topics such as alternate monetary policy frameworks and the balance sheet.”
“We expect the minutes for the September meeting to emphasize the Committee’s expectation of another rate hike in December, the fourth of 2018.”
“In addition, we will pay particular attention to the discussion around the appropriate path of policy in 2019, given the dispersion in participants’ forecasts, along with discussions on the neutral rate and whether a restrictive monetary stance will be appropriate to slow the economy.”
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