March 13, 2025 20:16 GMT
Key Inter-Meeting Fed Speak – Mar 2025
Participants from across the Hawk-Dove spectrum are in no hurry to adjust policy.
Ahead of next week's Fed decision, we've published our summary of FOMC participant communications since the January FOMC meeting, including MNI's Hawk-Dove Matrix.
- The key theme of Fed communications since the January meeting is that participants from across the Hawk-Dove spectrum are in no hurry to adjust policy.
- If anything, participants’ comments suggest the urgency to cut rates has only diminished since the January FOMC, and certainly since the December Dot Plot meeting showed a median of 2 rate cuts expected in 2025.
- No member in the inter-meeting period supported a cut as soon as March.
- And while none expressed conviction for a rate hike at any point, even the most dovish outlooks suggested only as many as 3 cuts this year.

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