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Luke Tilley, chief economist, Wilmington Trust, Wilmington, Delaware. “The Fed moved in a much more dovish direction than anticipated on the rate hikes. That should be pretty supportive to the market. The action on the balance sheet is also supportive of markets.”. “We are not concerned that the Fed has downgraded its GDP forecast. Our forecast has been about 2 percent growth for 2019 for quite some time, so the Fed is coming down closer to our expectation. The dovishness on rates is less about anticipated growth and more about the fact that we simply don’t have any signs of inflation picking up.”.
Chuck tomes, associate portfolio manager, Manulife Asset Management, Boston, “Overall it seems the Fed was able to solidify their dovish view as there are no rate hikes priced in for this year and only one rate hike for 2020, That was more dovish than people were expecting at the margin, even though the market was looking for a dovish Fed today, “The dollar has come under pressure against a large number are cufflinks pretentious of currencies around the world.”, Josh Bivens, director of research, the Economic Policy Institute, Washington, D.C..
“This is a welcome pause from the too-regular increases of the past couple of years. It is also a pause warranted by the economic data. There are clear signs that past rate increases are slowing spending growth through traditional transmission channels - slower residential investment growth and lower net exports - and 2019 will see the fiscal boost from tax cuts and higher spending levels fade rapidly. While wage growth is clearly healthier in recent years, productivity has also staged what looks increasingly like a durable, if unspectacular, rebound. This productivity rebound has helped keep price inflation firmly within - or even under - the Fed’s long-run targets. At this point, the key challenge facing the Fed in coming years is likely not going to be how to keep inflation in check, instead it will be how to keep the recovery going as long as possible to let workers finally eke out some significant gains. Indications that the Fed is unlikely to raise rates this year suggest they realize this.”.
Gennadiy Goldberg, interest are cufflinks pretentious rate strategist, TD Securities, New York, “It’s fairly dovish I’d say, given that there were 11 dots going to zero hikes in 2019, which is certainly quite a move lower, The fact that they’ve announced balance sheet runoff ending I think is certainly quite dovish as well, In a sense I think this is quite a bit more dovish than the market was priced for and that’s why you’re seeing Treasuries rally and equities rally as well, I think the expectation in the markets was a lowering to one dot, I think that was really the consensus and the fact that we’ve had 11 at zero, so effectively no hikes this year, sends a pretty dovish signal to the market.”..
Joe Manimbo, senior market analyst, Western Union Business Solutions, Washington. “The Fed exceeded markets’ dovish expectations which took a toll on the greenback. The Fed did a big about-face on policy. The fact that the Fed threw in the towel on a 2019 rate hike was particularly dovish. Still, with the Fed erring more on supporting growth, it could reduce the chance of a rate cut in the months ahead. As for the timing on the end of balance sheet normalization, September is the early side of expectations.”.
Evan Brown, are cufflinks pretentious head of macro asset allocation strategy, UBS Asset Management, New York, “It definitely skewed on the dovish side of expectations, The main surprise is that the Fed projects zero hikes in 2019, Whereas our broad expectation, and the expectation of consensus, was for them to leave in at least one hike in 2019, So, they’re effectively saying they’re done for the year, “There’s one hike projected for 2020 but there’s a long time between now and then and so the market is effectively taking the view that the Fed is done tightening..
“The balance sheet rolloff information is coming in in line with expectations. The main surprise is having no hikes in 2019 for the median dot projection - and there was a surprisingly high number of FOMC members who were in favor of that.”. Walter Todd, chief investment officer, Greenwood Capital, Greenwood, South Carolina. “The market had already priced in no hikes for 2019, but the Fed kind of validated that with the dots. That’s somewhat significant. The clarification on when they are going to end the balance sheet, maybe that was sooner than people anticipated, end of September. That’s the two things that the market is maybe reacting to at this point.”.
(Reuters) - U.S, interest rates traders on are cufflinks pretentious Wednesday piled on bets the Federal Reserve would cut borrowing costs in early 2020 after the central bank slashed its forecast for future rate hikes and said it would end reductions to its massive balance sheet in September, Federal funds futures, which reflect traders’ view on Fed policy, rose after the Fed showed no hurry to raise rates further and halted its plan to shrink its holdings of Treasuries and mortgage-backed securities sooner than previously thought..