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Statement Leaned A Little Hawkish

FED

So the statement comes out a little hawkish with note of "Since then, the economy has made progress toward these goals, and the Committee will continue to assess progress in coming meetings." Also marking to market progress in employment ("continued to strengthen" vs "strengthened" previously).

  • Or at least, there was nothing more there for the doves, with no mention of recurring Covid risks.
  • One might even argue that "the path of the economy continues to depend on the course of the virus", no longer "will depend *significantly* on the course of the virus", is a hawkish shift.
  • And as we had guessed was possible (per the Instant Answers), they announced the creation of a standing repo facility.
  • Powell press conference up later. As we noted in our preview, the setup for this meeting was for a hawkish statement reaction (which has been a little muted), Powell coming out dovish...we'll see at 1430ET.
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