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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessWhy Did KC's George Dissent?
One of the more surprising outcomes of the June FOMC was the lone dovish dissent in favor of a 50bp hike (rather than 75bp) by KC Fed Pres Esther George, who is usually considered among the most hawkish members of the FOMC. Traditionally, dissenters publish an explanation for their reasoning on the Friday following the meeting so we could get one today. A couple of possible explanations (apart from the simplest one that she thought a 75bp rise was too aggressive at this point):
- The prevailing theory among sell-side analysts was that she disagreed with the decision to deviate from pre-Blackout guidance for a 50bp hike at the June meeting, and/or the way the 75bp hike was conveyed via the media to markets during the Blackout period.
- Another possible explanation is that she saw a 75bp hike as too aggressive in conjunction with the simultaneous start of balance sheet reduction in June. Recall earlier in the year she eyed an earlier QT start before rate normalization in order to ensure the yield curve didn't flatten too much.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.