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*** Bank desk reactions to the FOMC.........>

US VIEW
US VIEW: *** Bank desk reactions to the FOMC MonPol decision (1/3):
- Barclays: Changes to the statement were broadly in line with our exp. -
language on econ activity was modified to reflect the soft patch in Q1,
especially household spending, while the committee expressed more confidence
about hitting the 2% inflation target. The overall tone of the statement
suggests that the Committee is comfortable to gradually normalise. We continue
to exp. the next rate hike in June.
- BMO: This is another step closer to a June rate hike, and three total moves by
year end (which we expect will get displayed in next month's "dot plot" median).
- RBC: If there was 1 thing that the bears will latch on to it is the removal of
the language that "the economic outlook has strengthened in recent months". This
is not significant. It was appropriate to insert this language at the Mar confab
since that is when the Committee made some wholesale changes to their summary of
econ projections. The Fed was much gentler with inflation tweaks than they could
have been. This is part & parcel of not wanting the mkt to read too much into
changes at a non-press conference meeting.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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