As expected, the Federal Open Market Committee (FOMC) kept rates unchanged at its meeting last week but communicated a hawkish bias to future interest rate decisions. This week Brian talks about how the FOMC statement was modestly hawkish but still communicated to investors that the committee is data-dependent when “determining the extent of additional policy firming that may be appropriate.” (emphasis added.) They do not say more tightening “will” be appropriate.
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