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FED: FOMC Statement: No Forward Guidance Change Expected (2/2)

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  • The first clause of the forward guidance sentence was changed in December from “in considering additional adjustments to the target range for the federal funds rate,” with the new language of “In considering the extent and timing of additional adjustments” suggesting that the Committee’s easing bias remained but would take a more measured approach.
  • This is very unlikely to change in January.
  • There is a reasonable expectation that the Fed at this meeting will discuss altering balance sheet policy, but this would be in a prospective way and there is almost no chance that any decisions will be made or communicated.
  • The last paragraph is expected to be unchanged once again ("In assessing the appropriate stance of monetary policy...").
  • No dissents are expected to a hold.
  • In the Implementation Note, no adjustments to administered rates are expected (after December’s 5bp downward adjustment to the ON RRP offer rate).
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image
  • The first clause of the forward guidance sentence was changed in December from “in considering additional adjustments to the target range for the federal funds rate,” with the new language of “In considering the extent and timing of additional adjustments” suggesting that the Committee’s easing bias remained but would take a more measured approach.
  • This is very unlikely to change in January.
  • There is a reasonable expectation that the Fed at this meeting will discuss altering balance sheet policy, but this would be in a prospective way and there is almost no chance that any decisions will be made or communicated.
  • The last paragraph is expected to be unchanged once again ("In assessing the appropriate stance of monetary policy...").
  • No dissents are expected to a hold.
  • In the Implementation Note, no adjustments to administered rates are expected (after December’s 5bp downward adjustment to the ON RRP offer rate).