Fed Holds Rates Steady…Chair Walsh Explains the Hawkish Hold at Press Conference
- 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.
- 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.
- 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.
This 3-line summary is compiled from the report below.
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