🚰 Fed继续 👍
Bloomberg: Here are some quick thoughts on the initial Fed headlines:
*FED’S MEDIAN PROJECTION SHOW RATES HELD NEAR ZERO THROUGH 2022
This was as expected, though the long-run dot remaining at 2.5% is a bit of a hawkish surprise.
*FED SAYS TO BUY TREASURIES, MBS ‘AT LEAST AT THE CURRENT PACE’
That’s the commitment to QE, to the tune of $80 billion Treasuries and $40 billion MBS per month. Obviously, the Fed retains the flexibility to increase purchases, but it won’t trim them any further for the time being. The duration of the program is open-ended.
*FED REPEATS TO KEEP RATES ON HOLD UNTIL ECONOMY ON TRACK
No Evans rule, no yield-curve control and no other forward guidance commitments. That was basically the base case, though obviously there was a risk of them doing something today.
All in, I don’t think it’s particularly dovish relative to expectations, but it’s hard to call it outright hawkish, either. Given that the day ends in y, the stock market’s choosing to interpret it dovishly.
Bloomberg: Here are some quick thoughts on the initial Fed headlines:
*FED’S MEDIAN PROJECTION SHOW RATES HELD NEAR ZERO THROUGH 2022
This was as expected, though the long-run dot remaining at 2.5% is a bit of a hawkish surprise.
*FED SAYS TO BUY TREASURIES, MBS ‘AT LEAST AT THE CURRENT PACE’
That’s the commitment to QE, to the tune of $80 billion Treasuries and $40 billion MBS per month. Obviously, the Fed retains the flexibility to increase purchases, but it won’t trim them any further for the time being. The duration of the program is open-ended.
*FED REPEATS TO KEEP RATES ON HOLD UNTIL ECONOMY ON TRACK
No Evans rule, no yield-curve control and no other forward guidance commitments. That was basically the base case, though obviously there was a risk of them doing something today.
All in, I don’t think it’s particularly dovish relative to expectations, but it’s hard to call it outright hawkish, either. Given that the day ends in y, the stock market’s choosing to interpret it dovishly.