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US VIEW: BMO's Ian Lyngen said "main takeaway from the FOMC decision" was "Fed
will continue to hike despite the lack of inflation, admittedly an old story.
Very little was changed in the statement, although there were 2 dissents (first
time since Nov 2016, but that was a hawkish dissent).":
- They add "hurricane impacts have faded and the Committee concluded "Averaging
through hurricane-related fluctuations, jobs gains have been solid, and the
unemployment rate declined further. Household spending has been expanding at a
moderate rate, and growth in business investment has picked up in recent
quarters." Language very much in line with the recent statement."
- They added "the two dissents at this meeting were Evans and Kashkari."
- They said in dot-plot, "2017-2019 were unchanged," thus was "very little
follow-through at the front-end of the yield curve. The Fed obviously
incorporated this morning's disappointing core-inflation report into its
decisions and this further points to a willingness to ignore lowflation in favor
of pushing toward future rate-hikes" so this "keeps our flattening bias well in
place and we could see 2s/10s closer to 50 bp as this move runs it course."