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Economy Performing Stronger Than Expected
The October FOMC meeting minutes revealed little in the way of market-moving detail with “almost all participants” noting “little change” in their assessments of the economic outlook. However, USD traded higher in response to the minutes, catching a bid as the minutes said that “a few participants” said that they felt recent data showed the economy was performing stronger than expected.
Fourth Rate Hike In View
The minutes kept the prospect of a fourth rate hike in December intact saying “participants generally anticipated that further gradual increases in the target range for the federal funds rate.” While the minutes showed that there was more of a discussion around risks to the Fed’s outlook ( a stronger US Dollar, emerging market strain, leveraged loan growth and threats to financial stability as well as downside risks to growth from trade policy developments), these risks were balanced by high consumer confidence, accommodative econ...
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