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US: FedWatch

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Fed appears more concerned on economic growth

Thu, Oct 30 2008, 08:48 GMT
by BBVA Bancomer Team

BBVA Bancomer


FOMC Meeting October 29th

  • Fed appears more concerned on economic growth
  • In contrast, the outlook for inflation has improved
  • FOMC expects that the rate cut along with other measures, will help to alleviate the financial crisis
  • However, members expect a slow recovery

FOMC lowered its target for the federal funds rate 50 basis points to 1%. The move was widely expected by market participants.

On the economic front, the statement remained pessimistic as it stressed that “the pace of economic activity appears to have slowed markedly”. This assessment mainly responded to declining consumer expenditures, weaker business equipment spending and industrial production, and economic moderation abroad. Members remained highly concerned that households and businesses face a difficult environment to access credit. This represents a significant risk to the economic outlook as “the intensification of financial market turmoil is likely to exert additional restraint on spending”.

Published on  Thu, Oct 30 2008, 08:52 GMT


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BBVA Bancomer  | Av. Universidad 1200 Col. Xoco México 03339 D.F.
http://www.bancomer.com/economica | e.economicos@bbva.bancomer.com

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This document was prepared by Banco Bilbao Vizcaya Argentaria’s (BBVA) Research Department on behalf of itself and its affiliated companies (each a BBVA Group Company) for distribution in the United States and the rest of the world and is provided for information purposes only. The information, opinions, estimates and forecasts contained herein refer to that specific date and are subject to changes without notice due to market fluctuations. The information, opinions, estimates and forecasts contained in this document have been gathered or obtained from public sources believed to be correct by the Company concerning their accuracy, completeness, and/or correctness. This document is not an offer to sell or a solicitation to acquire or dispose of an interest in securities.

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