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BULLET: FOMC Meeting Statement...............................>

FOMC Meeting Statement
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- Median (11 dots) sees no rate hikes in 2019, 4 see one hike, 2 see two 
- Still patient, median sees one hike in 2020, but mode (7) for no hikes 
- To conclude reduction of holdings by end of September
- Will reduce caps on Treasuries redemptions to $15b starting in May
- Starting in October, MBS reinvested into Treasuries up to $20b/month
- MBS reinvestments into range of Treasury maturities outstanding
- No final level mentioned, will be above needed to implement policy
- GDP outlook revised lower to 2.1% in 2019 (prev 2.3%), 1.9% 2020
- PCE inflation revised lower in 2019, 2020, but core PCE still 2.0%

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