Mindblown: a blog about philosophy.
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END OF DAY REPORT JUNE 14th FED DAY
FED LEFT RATES UNCHANGED BUT FORECAST THAT RATES WILL GO HIGHER IN THE DOT PLOTS, SO WHAT NEXT?
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Fed Chair Powell (Q&A) says question of speed on rate hikes is separate from question of level of rates; we are not so far away from destination on Fed funds rates It is reasonable to go slower as we approach rates destination. Most policymakers thought it is reasonable to adjust to a slower pace. We do not know full extent of banking turmoil consequences. We are trying to get this right. By July rates decision will have three months worth of data, will look at it all, the outlook and make the decision in July.
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Fed Chair Powell says Fed projections are not a plan or decision and will continue to make decisions meeting by meeting
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Fed leaves rates unchanged as expected at 5.00-5.25%; raises 2023 dot plot to 5.6% from 5.1% in March Holding target range steady allows time to assess additional information and implications for policy. Inflation remains elevated, remains highly attentive to inflation risks. Committee strongly committed to returning inflation to its 2% objective. Banking system is sound and resilient. Tighter credit conditions for households and businesses likely to weigh on economic activity, hiring and inflation but extent of effects remain uncertain. Job gains have been robust in recent months, unemployment rate has remained low. Vote in favour of policy was unanimous
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US Fed Funds Target Rate N/A 5.00 – 5.25% (Prev. 5.125%) LEAVING RATES UNCHANGED
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FEDS LEAVES RATES UNCHANGED
STATEMENT COMPARISON source FED & NEWSWIRES
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FOMC PREVIEW
The FOMC is expected to leave rates unchanged at 5.00-5.25%. The accompanying ‘Dot Plot’ will go a long way in addressing the unchanged decision as a ‘pause’ or a ‘skip’, where the absence of an increase to the 2023 median rate dot will struggle to see the ‘skip’ nomenclature hold ground, reflecting diminishing power amongst…
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Overall not a bad PPI report from a “Fed skip” perspective
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US PPI Final Demand YY* (May) 1.1% (Prev. 2.3%)
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US PPI Final Demand MM* (May) -0.3% (Prev. 0.2%)
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