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On Changes to Forward Guidance in Today's Statement

FED

Powell says they "reflect our strategy to dual mandate goals by looking to eliminate shortfalls from unemployment and reduce inflation over time".

Much of the language is repeated from Jackson Hole here, but reiterates that they "did not see a high level of employment as a policy goal unless accompanied by signs of unwanted increase in inflation or the emergence of other risks that could impede the attainment of our goals, and we believe that achieving inflation that averages 2% over time helps ensure that longer term inflation remains well-anchored at our longer run 2% objectives".

Doesn't clarify vague language in fwd guidance...as expected.

Re QE, "asset purchases are intended to sustain smooth market functioning and help cost of financial conditions there by supporting the flow of credit to household and business expenses". Shifting from smooth market functioning to accommodation, as expected and reflected in the statement.

Energy BulletsCommodities
Energy BulletsCommodities

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