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FOMC Minutes: We feel it's time to be patient

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FED Report of 18 - 19 December 2018

  • Officials felt timing and extent of future hikes is less clear
  • A few officials favored no hike at meeting
  • Changes in statement language meant to convey that it judged 'a relatively limited amount of additional tightening would likely be appropriate'
  • Recent developments including financial market volatility and concerns about global growth made the appropriate extend and timing of future policy firming less clear than earlier
  • Fed should assess impact of risks that have become more pronounced in recent months
  • Discussed transitioning away from use of forward guidance language in future post-meeting statements

Reactions to the markets are small, the USD showed a bit of weakness, but in reality these were the expectations - maintaining the already appreciated dovish position. The report is three weeks old and there have been enough changes since then. We also heard plenty of dovish supporting statements from FOMC members, including the President of the Central Bank.


 Trader Martin Nikolov

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