We had 2 jobs and 2 employment reports since last meeting and jobs data revisionsCites Beige BookA good place to start on what’s coming next is the SEPWe will take it meeting by meetingWe’re in the process of re-calibrating our policy stance, that will take place over timeThere is nothing in the SEP that suggests the Committee is in a rushWe can go quicker, slower or pause if appropriateOur base case is to remove restriction and see how the economy reacts to thatWe had a good discussion on 25 vs 50 bps. There was broad support for 50 bpsAll 19 Fed officials saw at least 50 bps this year in the SEPRepeats ‘we’re going to take it meeting by meeting’We made a good, strong start to this and that’s a sign of our confidence that inflation is coming back to target
This article was written by Adam Button at www.forexlive.com.
