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

FOMC Meeting Statement Questions

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- Fed Funds rate range: 2.25% to 2.50%

- Any dissents? YES, Bullard wanted 25bp CUT

- Does statement remove 'patient' from 'the Committee will be patient as 

it determines'? YES

- Does statement add the FOMC will act 'as appropriate' or 'as needed' 

or 'if necessary' to sustain the expansion or support its outcomes? - 

YES, says will "act as appropriate"

- Median end-2019 Funds rate dot? (prev 2.375%) - 2.375%

- Median end-2020 Funds rate dot? (prev 2.625%) - 2.125%

- How many 2019 dots are below (and not equal to) 2.375%? - 8

- Any announcements relating to the balance sheet? - NO 

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The statement was dovish on its face, having changed "patient" to "will 

act as appropriate." The Bullard dissent and shift if the cluster of 

dots lower is also notable, with eight seeing no cuts and seven seeing 

two cuts, though the median for the end of 2019 remained at 2.375%, 

implying no rate cuts. Said uncertainties around outlook "have increased" 

and that they will "monitor incoming information." The econ language was 

downgraded to "moderate" growth from "solid" growth.