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

US VIEW
US VIEW: *** Bank desk reactions to the FOMC MonPol decision (3/3):
- Westpac: The statement from the May FOMC meeting carried only modest changes
in wording, but they were meaningful nonetheless, highlighting that the FOMC is
optimistic on the outlook and intent on continuing to raise rates at a gradual
pace. On inflation, there was no evidence they see it threatening the 2.0%
medium-term target; indeed, quite the opposite. On economic activity, the
changes made were matter of fact. Following GDP's confirmation of a
disappointing March quarter for the consumer, the moderation in growth the
sector has experienced was given greater prominence. However, that this bout of
weakness comes after a strong December quarter means there is (as yet) no cause
for concern.
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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