BULLET: FOMC Statement Human Readable AF Questions...........>

FOMC Statement Human Readable AF Questions

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Fed Funds rate range? 1.50% to 1.75%

Any dissents? YES. George and Rosengren wanted 1.75%-2.00%. 

Does the statement change the phrase "will act as appropriate to sustain 

the expansion"? YES, the phrase was deleted. 

Does the statement reference recent rate cuts? NO. 

Does the FOMC say it will set policy 'meeting-by-meeting,' or add a 

specific reference to pausing? NO. 

Any announcements relating to a Standing Repo Facility, Balance Sheet, 

or IOER? IOER lowered to 1.55% from 1.80% as expected. 

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The FOMC cut rates by 25 bps and lowered both the IOER and ON RRP rate 

by 25 bps. Deletes "will act as appropriate to sustain the 

expansion." Says it "will continue to monitor" incoming data as it 

"assesses the appropriate path of the target range for the federal funds 

rate." FOMC continued to say that "uncertainties to the outlook remain." 

Paragraph 1 little changed except to say business fixed investment and 

exports "remain weak." The FOMC notes that the economic expansion will 

continue, while core inflation still running below 2 percent. 

The FOMC remains divided with 2 hawkish dissents from George and 

Rosengren.