The Fed held rates steady and issued this FOMC Statement.
The Committee decided to maintain the target range for the federal funds rate at 1-1/2 to 1-3/4 percent. The Committee judges that the current stance of monetary policy is appropriate to support sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2 percent objective.
Dot Plot Synopsis
The DOT Plot is from Economic Projections.
- Thirteen participants expect no hikes in 2020.
- Four foresee a single hike.
Statement Little Changed
The above from the Wall Street Journal Statement Tracker.
Dot Plot Amusement
Two years ago, I posted this dot plot, with these comments.
Today's dot plot is not as silly.
However, I strongly suggest the next move is another set of cuts, not hikes.
Note that not a single participant expects a cut.
Once again, fade that consensus.
Mike "Mish" Shedlock