THE FED HIKES RATES, BUT SIGNALS SLOWER PACE IN MONETARY NORMALIZATION
The widely expected increase in rates was accompanied by a reduction to two of the number of rate hikes deemed appropirate for 2019. A final increase should follow in 2020. The expected terminal rate decreased to 3.1%.
- Market Commentary
- 19/12/2018
Highlights:
- The widely expected increase in rates was accompanied by a reduction to two of the number of rate hikes deemed appropriate for 2019. A final increase should follow in 2020. The expected terminal rate decreased to 3.1%.
- The recent weak macro data flows, the softening in global growth and the tightening in financial conditions led to a mild downward revision of the growth forecast for 2019. Inflation is no longer expected to overshoot the target.
- In the press conference Powell continued to push its view that the Fed is now even more data dependent and the importance of projections and the dots must not be exaggerated.
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