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Dovish FOMC Statement Contains Few Surprises
| | Fundamental Analysis | Mar 17 10 06:20 GMT
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The money and fixed income market reacted on the more dovish statement as one would expect. Expectations for higher Interest rate, which had increased ahead of the meeting, were priced out. In the T-N...
| | Central Banks
Fed
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FOMC Retained The 'Extended Period' Language. Hoeing The Only Dissenter
| | Action Insight | Mar 17 10 03:55 GMT
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As we and the market anticipated, the FOMC left its policy rate unchanged at 0-0.25% and retained the pledge to keep interest rates at current low level for an 'extended period'. Economic assessment c...
| | Central Banks
Fed
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FOMC: Less Dovish, but Hikes Remain Distant
| | Fundamental Analysis | Mar 16 10 20:55 GMT
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The assessment of activity was slightly more upbeat than in the previous statement. As expected the FOMC turned more optimistic on the labour market while on the other hand noting recent very weak hou...
| | Central Banks
Fed
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FOMC Stays the Course
| | Fundamental Analysis | Mar 16 10 20:47 GMT
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As was widely expected by us (and to a lesser extent by the markets) the Fed kept the wording and tone of its interest rate decision statement largely unchanged, and maintained its commitment to keepi...
| | Central Banks
Fed
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FOMC Dovish as Expected - Now for the Reaction
| | Fundamental Analysis | Mar 16 10 20:44 GMT
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The two critical phrases in the FOMC statement, about keeping rates "exceptionally low" for a "critical period" were kept in the statement, and this conformed with consensus expectations for little ch...
| | Central Banks
Fed
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U.S. Fed Makes Only Minor Changes to its Characterization of the Economy
| | Fundamental Analysis | Mar 16 10 20:41 GMT
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The statement issued by the Fed at the conclusion of today’s policy-setting FOMC meeting was very much in line with expectations and flags no imminent shift in policy. It suggested a very modest upgra...
| | Central Banks
Fed
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FOMC Maintains "Extended Period" Language on Ultra-Low Rates
| | Fundamental Analysis | Mar 16 10 19:04 GMT
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The Fed kept its language regarding keeping interest rates at their low levels for an "extended period" of time. That means rates should remain at their current levels for at least 6 months. Economic ...
| | Central Banks
Fed
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Flash Comment: FOMC Preview
| | Fundamental Analysis | Mar 16 10 08:01 GMT
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We see increasing signs of a self-sustained recovery with relatively solid progress in consumer spending and more developed indications of an imminent turnaround in the labour market. Still, recent si...
| | Central Banks
Fed
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FOMC Expected to Hold Policy Steady Tuesday
| | Fundamental Analysis | Mar 15 10 18:53 GMT
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The FOMC will hold a one-day policy meeting on Tuesday, March 16th. This will be the first scheduled single day policy meeting for the Federal Reserve since the start of the financial crisis in Septem...
| | Central Banks
Fed
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Will the Fed Retain the 'Extended Period' Wordings?
| | Action Insight | Mar 15 10 12:42 GMT
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At the March FOMC meeting, the Fed will leave the policy rate unchanged at 0-0.25%. With economic development being largely consistent with expectations since January's meeting, the central bank will ...
| | Central Banks
Fed
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Bond Markets and Fed Rhetoric: Lessons from 2003-04
| | Fundamental Analysis | Mar 04 10 12:26 GMT
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During Bernanke's semi-annual testimony to Congress, he reiterated that rates could remain low for an "extended period", thus signalling that the recent hike in the discount rate did not indicate that...
| | Central Banks
Fed
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Beige Book: Economic Conditions Improved Modestly
| | Fundamental Analysis | Mar 03 10 19:41 GMT
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With data prepared and collected on or before February 22, The Fed’s Beige Book indicated that economic conditions have improved, but “in most cases, the increases were modest”. Of the 12 Federal Rese...
| | Central Banks
Fed
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Bernanke Reiterated The Low Rate Policy
| | Action Insight | Feb 25 10 03:11 GMT
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The Fed Chairman Ben Bernanke's testimony was inline with market expectation. While the Chairman acknowledged improvement in economic condition, he noted the job market remains quite weak while inflat...
| | Central Banks
Fed
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Enter The Exit Strategy
| | Fundamental Analysis | Feb 19 10 17:55 GMT
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The Fed's exit strategy has begun to capture the market's imagination over the past few weeks, and is starting to wrest away control of the bond market from simmering European fiscal woes. There have ...
| | Central Banks
Fed
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Fed Raises the Discount Rate: Return to Normalcy
| | Fundamental Analysis | Feb 19 10 16:38 GMT
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For the Fed, the initial step in a return to normalcy is increasing the spread between the funds rate and the discount rate to reestablish the discount rate as a penalty rate. Moreover, we would expec...
| | Central Banks
Fed
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FOMC: Fed Normalizes Discount Rate Spread
| | Fundamental Analysis | Feb 19 10 09:21 GMT
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Overnight the Federal Reserve Board announced an increase in the spread between the discount and the Fed funds rate spread from 25bp to 50bp effective from today. This leaves the discount rate at 0.75...
| | Central Banks
Fed
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FOMC Minutes Review: Slightly More Hawkish On Growth
| | Action Insight | Feb 18 10 03:22 GMT
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In the minutes of the January FOMC meeting, the Fed showed slightly more hawkish tone on the economic outlook. It revised up its forecast on 2010 GDP growth to 2.8%-3.5% from 2.5% to 3.5% projected in...
| | Central Banks
Fed
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U.S. Fed Discusses Exit Strategies, Says Economy Strengthened
| | Fundamental Analysis | Feb 17 10 20:13 GMT
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The minutes of the January 26-27 meeting suggested that most members saw recent economic data as indicating that conditions have improved with economic activity continuing to ‘strengthen’ and the labo...
| | Central Banks
Fed
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A Roadmap for the Fed's Exit
| | Fundamental Analysis | Feb 12 10 08:13 GMT
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This week a testimony by Chairman Bernanke to the House revealed the Fed has progressed further in its move towards the exit. During the crisis the Federal Reserve System implemented several alternati...
| | Central Banks
Fed
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Fed Chair Bernanke Outlines Framwork for Exit Strategy
| | Fundamental Analysis | Feb 10 10 17:28 GMT
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In his published remarks today, Chairman Bernanke laid out some of the possible approaches the Fed could take to extricate the U.S. economy from the current significant monetary policy accommodation b...
| | Central Banks
Fed
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FOMC Statement Contains Some Subtle Changes
| | Fundamental Analysis | Jan 28 10 06:19 GMT
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The FOMC concluded its two day meeting with the release of a statement that showed the FOMC moved one mousestep closer towards the end of its exceptionally loose monetary policy stance. It upgraded th...
| | Central Banks
Fed
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FOMC Review - January: Slightly More Hawkish Than Anticipated
| | Action Insight | Jan 28 10 02:56 GMT
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The January FOMC statement showed slightly more hawkish tone on economic growth though the overall stance remained unchanged – the Fed funds rate will be kept at 0-0.25% and 'economic conditions, incl...
| | Central Banks
Fed
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Fed Upgrades Economic Outlook, A Dissent on "Extended"
| | Fundamental Analysis | Jan 27 10 21:02 GMT
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Kansas City District President Hoenig's dissent suggests that at the FOMC meeting there was some discussion about the retention of the phrase "extended period" when referring to low levels of the fede...
| | Central Banks
Fed
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FOMC: First Hawk Out of the Cage
| | Fundamental Analysis | Jan 27 10 20:59 GMT
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There were only incremental changes to the growth section with minor upgrades to several passages in the assessment. Generally the language reflects more certainty that the economy is recovering. More...
| | Central Banks
Fed
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U.S. Fed Sticks to Its Game Plan - Low Rates for "Extended Period" and Special Liquidity Facilities
| | Fundamental Analysis | Jan 27 10 19:39 GMT
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The FOMC reaffirmed that the target for the Fed Funds rate will stay in the 0 to ¼ percent range "for an extended period." This decision, however, was dissented by one member of the committee, Thomas ...
| | Central Banks
Fed
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FOMC Maintains Stance, But Economnic Outlook Improves
| | Fundamental Analysis | Jan 27 10 19:19 GMT
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As was widely expected the markets (and us), the FOMC kept the fed funds rate unchanged at its current range of 0.00% to 0.25%, and reaffirmed its commitment to keeping the fed funds rate “exceptional...
| | Central Banks
Fed
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FOMC Says Rates to Remain Low for Extended Period, but Hoenig Casts Dissenting Vote
| | Fundamental Analysis | Jan 27 10 18:56 GMT
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The statement from the Fed stuck closely to its language in its previous release and citing the same concerns – “low rates of resource utilization, subdued inflation trends, and stable inflation expec...
| | Central Banks
Fed
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FOMC Meeting Wednesday, No Change Expected
| | Fundamental Analysis | Jan 27 10 00:56 GMT
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The FOMC will conclude a two-day policy meeting on Wednesday the 27th of January and announce its policy decision at 14:15 PM ET. The FOMC is widely expected to maintain steady rate policy and 0.0 to ...
| | Central Banks
Fed
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FOMC Preview
| | Fundamental Analysis | Jan 26 10 10:30 GMT
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Since the last FOMC meeting in December, economic data has been well in line with the outlook revealed in the minutes from the latest meeting. If anything, data has been slightly disappointing – espec...
| | Central Banks
Fed
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US: Bernanke Jitters Could Eclipse FOMC Meeting
| | Fundamental Analysis | Jan 25 10 14:26 GMT
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The debate over Ben Bernanke's reappointment as Chairman of the Board of Governors at the Fed is heating up as the end of his term on 31 January draws closer. His reappointment has turned from being c...
| | Central Banks
Fed
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FOMC Preview: Current Conditions Warrant Low Interest Rates
| | Action Insight | Jan 25 10 07:35 GMT
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The Fed is expected to keep the policy rate unchanged at 0-0.25% at the January meeting. While there have signs showing improvement in economic outlook, job markets remained the area the Fed concerned...
| | Central Banks
Fed
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Highlights from the Beige Book Complied for the January 26, 27 FOMC
| | Fundamental Analysis | Jan 14 10 04:04 GMT
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Today’s beige book report, compiled in preparation for the January 26/27, 2010 FOMC meeting, provided a slight nod to better economic conditions although overall the economy continues to operate below...
| | Central Banks
Fed
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FOMC: Minutes Confirm Dovish Stance
| | Fundamental Analysis | Jan 07 10 04:40 GMT
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The committee discussed the possibility of extending asset purchases beyond the first quarter this year, particularly the MBS purchase program. Some members were concerned about the sustainability of ...
| | Central Banks
Fed
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FOMC Minutes – December: Cautious Policymakers Did Not Rule Out Further Asset Purchases
| | Action Insight | Jan 07 10 03:14 GMT
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Although the Fed upgraded forecasts of 4Q09 and 2010 growth outlook, the minutes revealed that policymakers remained concerned about the vulnerability of recovery and the impacts may be caused by remo...
| | Central Banks
Fed
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FOMC Minutes Highlight Risks that Securitization Markets are "Still Substantially Impaired"
| | Fundamental Analysis | Jan 06 10 19:58 GMT
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The minutes of the December 15/16 meeting suggested that most members saw recent economic data as consistent “moderate growth and subdued inflation in 2010.” As a result, the Fed saw little reason to ...
| | Central Banks
Fed
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Central Bank Forecasts Update
| | Action Insight | Dec 21 09 09:54 GMT
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In end-08, central banks worldwide reduce policy rates to stimulate economic growth, in hopes of combating the worst global recession since World War II. Apart from traditional easing measures, some c...
| | Central Banks
Fed
ECB
BOJ
BOE
SNB
BOC
RBA
RBNZ
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FOMC: More Confident, But No Change in Policy Outlook
| | Fundamental Analysis | Dec 17 09 03:02 GMT
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The Federal Reserve upgraded its current assessment of economic activity noting that the deterioration in the labour market is abating and that household spending is expanding at a moderate rate. On t...
| | Central Banks
Fed
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Fed Tightening? Give Us a Break!
| | Fundamental Analysis | Dec 17 09 02:50 GMT
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At the end of its scheduled two-day meeting, the Federal Reserve's Open Market Committee (FOMC) confirmed it will leave its target range for the federal funds rate unchanged and is on schedule to phas...
| | Central Banks
Fed
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FOMC Review: The Tone Has Turned More Positive
| | Action Insight | Dec 16 09 20:04 GMT
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The FOMC meeting in December ended almost the same as we had expected. The Fed continued to keep the policy rate at 0-0.25% and pledged 'exceptionally low levels of the federal funds rate' will be mai...
| | Central Banks
Fed
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Fed to Maintain Low Yields for Extended Period
| | Fundamental Analysis | Dec 16 09 19:48 GMT
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The Fed holds rates policy unchanged as expected and reaffirms promise to keep rates exceptionally low for an “extended period”. The Fed says that economic activity continues to pick up and labor mark...
| | Central Banks
Fed
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US: Parsing the Fed
| | Fundamental Analysis | Dec 16 09 19:46 GMT
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If there was any anticipation for a change in today's FOMC statement it probably focused on the term "extended period" for the fed funds rate. That anticipation, weak as it was, has been thwarted. "Ex...
| | Central Banks
Fed
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Fed Sees Improving Financial Market Conditions and Labour Markets
| | Fundamental Analysis | Dec 16 09 19:44 GMT
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As expected, the FOMC kept the target for the Fed funds rate in the 0 to 0.25% range and reiterated that the low level of the policy rate would likely be warranted "for an extended period." The Fed re...
| | Central Banks
Fed
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FOMC Stays the Course
| | Fundamental Analysis | Dec 16 09 19:19 GMT
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As had been widely expected by us and the markets, the FOMC kept the fed funds rate unchanged at the 0.00% to 0.25% range, and reaffirmed its commitment to keeping the fed funds rate "exceptionally lo...
| | Central Banks
Fed
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FOMC: Preview of Policy Meeting
| | Fundamental Analysis | Dec 15 09 11:58 GMT
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In the intermeeting period incoming data has confirmed that the recovery is gathering further strength, with GDP growth shifting up a gear to a 4-5% pace heading into 2010. Much of the strength is sti...
| | Central Banks
Fed
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Bernanke Testimony before Senate Panel
| | Fundamental Analysis | Dec 03 09 18:48 GMT
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The Federal Reserve chairman Ben Bernanke testified before the Senate Panel regarding his re-nomination for a second term as a chairman for the Federal Reserve of the United States. The testimony reve...
| | Central Banks
Fed
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FOMC: Steady as They Go
| | Fundamental Analysis | Nov 05 09 07:33 GMT
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The FOMC concluded its two day meeting with the release of a statement that was nearly identical with the September statement. The FOMC clearly thought that it was not the time to surprise the market ...
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Fed
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FOMC: Very Little Change to the Statement
| | Fundamental Analysis | Nov 05 09 07:28 GMT
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With Fed officials providing new economic projections to the FOMC and the Q4 version of the Senior Loan Officer Survey probably to hand, the meeting will have seen few changes in the overall assessmen...
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Fed
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FOMC Review: Fed Disclosed Parameters For Making Rate Decisions
| | Action Insight | Nov 05 09 03:44 GMT
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The FOMC decided to leave the Fed funds rate unchanged at 0-0.25% and reiterated to keep it low for ‘an extended period’. The Fed also listed conditions that warranted an unprecedentedly low level of ...
| | Central Banks
Fed
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Fed Sticks to Old Script, as Expected
| | Fundamental Analysis | Nov 04 09 19:37 GMT
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As had been widely expected by us and the markets, the FOMC kept the fed funds rate unchanged at the 0.00% to 0.25% range, and reaffirmed its commitment to keeping the fed funds rate “exceptionally lo...
| | Central Banks
Fed
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Fed Keeps Language Consistent with Policy Rates Staying "Low for Long"
| | Fundamental Analysis | Nov 04 09 18:58 GMT
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As expected the FOMC kept the target for the Fed Funds rate in the 0 to ¼ percent range and reiterated that the low level of the policy rate would likely be maintained "for an extended period." While ...
| | Central Banks
Fed
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