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Statement Leans Dovish

FED

The March Fed Statement leans dovish vs expectations and vs February's.

  • On the dovish side: language (as expected) on the banking sector, noting "uncertain" effects but "likely to result in tighter credit conditions" (ie equivalent to some degree of Fed tightening).
  • Also dovish: no longer "ongoing" hikes "will" be appropriate, merely that "some additional policy firming may" (emphasis on "may") be appropriate.
  • On the hawkish side: more robust language around job gains picking up, and inflation simply "remains elevated" as opposed to prior statement also saying it's "eased somewhat".

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