Fed Holds Rates Steady…Chair Walsh Explains the Hawkish Hold at Press Conference

1. 1The Fed held rates steady. The market had priced in a 35% probability of a hike, and the decision is being viewed as the biggest non-cut surprise in decades.
2. 2Three dissenters voted in favor of a hike—more than the two Goldman had expected—making the decision read as slightly hawkish. After the statement, yields fell and gold rose.
3. 3Chair Walsh is reluctant to provide forward guidance and will find it difficult to give a clear signal, instead keeping options open while emphasizing data dependency and the dual mandate with an emphasis on inflation.

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