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Fed points to no hike in 2019, one hike in.....>

FOMC
FOMC: Fed points to no hike in 2019, one hike in 2020
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- 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, 
then stay at that point through September
- Starting in October, MBS reinvested into Treasuries up to $20b/month, 
excess reinvested in MBS 
- MBS reinvestments into range of Treasury maturities outstanding
- No final level of balance sheet or reserves mentioned, will be above 
needed to implement policy. Will revisit later. 
- 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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