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US VIEW: *** Bank desk reactions to the FOMC MonPol decision
- BNP Paribas: Overall, we saw the May statement as consistent with the
Committee's March SEP & recent Fedspeak, further emphasizing its confidence in
the inflation outlook by resetting inflation language to recognize both
inflation virtually at target and its potential to move above target. In
invoking its "symmetric" target and removing that it is monitoring inflation
developments closely, we think the Fed is signaling that a bit of an overshoot
will not necessarily cause it to shift up its rate path.
- BNY Mellon: The key amendment was that inflation is now exp. to run near its
symmetric 2% obj. over the near term. The risk statement remained characterized
as balanced, although the Fed no longer feels the need to monitor inflation
closely, ultimately, things are moving as planned.
- Rabobank: The emphasis on the symmetric inflation goal signals that the FOMC
won't be too worried about a slight/temporary overshoot. This suggests that the
Fed might see the need for some wiggle room later in '18. We think that the Fed
is inclined to hike at every 1/4ly meeting if mkt cond. & econ. data tolerate.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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