FOMC comment
|The September FOMC saw the Fed keeping rates unchanged with an accompanying monetary policy statement which itself was virtually unchanged from the prior meeting. However, one important change was made which was the inclusion of guidance that the Fed will commence balance sheet normalisation at the October meeting as outlined in June 2017 meeting.
Alongside this outline, the dot plot was also upgraded to reflect the Fed’s projections of four rate hikes between now and end 2018 with the longer run fed-funds rate reaching 2.8%. The market reaction was sharply Dollar positive with strong buying kicking in as traders rushed to reprice the likelihood of a December rate hike based on today’s meeting.
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