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FOMC: Dot projections in the spotlight - ING

2019-06-19 21:25

According to analysts at ING, as the FOMC meets later today, investors are bracing for a dovish shift in the monetary stance.

Key Quotes

“The policy rate is widely expected to be kept on hold for now, so the focus will be on forward-looking indicators such as the dot projections. Every three months, FOMC members anonymously submit their forecasts about where they think the rates will be after three years. The median value of the projections is highly regarded by market participants as a tool to assess the timing and magnitude of the Fed’s monetary policy changes.”

“Given the aggressive market pricing for rate cuts in the last few months, dot projections will likely be the key variable in the markets’ reaction function.”

“Our economists believe the adjustment in the dots may signal that FOMC members expect two of the four cuts priced by the market for end of 2020. All things considered, we expect USD to be under pressure across the board today, with NOK possibly standing out as the key outperformer.”

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