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Fed: "Instant Answers": 75bp Hike and Fed Makes Change To Rate Guidance

US
  • Federal funds rate range maximum: 4%
  • Number of dissenters favoring a smaller rate hike: ZERO
  • Number of dissenters favoring a bigger rate hike: ZERO
  • Interest Rate Paid on Reserve Balances (IORB): 3.90%
  • Offering rate on reverse repurchase agreement operations (ON RRP): 3.80%
  • Does the FOMC add a reference to slowing the pace of rate hikes? UNCLEAR. "The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments."
  • If yes, does FOMC specifically refer to the next/December meeting? NA
  • Does the FOMC change the phrase "anticipates that ongoing increases in the target range will be appropriate” or add new guidance on rates? YES
  • Does the FOMC say it will be "patient" or "cautious" in determining future rates adjustments? NO
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
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MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
Homepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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