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Markets await signal from FOMC minutes, Obama 2014 budget
by icn.com
Choppy trading dominates the market with the Dollar awaiting the signals for the next direction pending sensitive support areas. A key update for the ongoing debate between U.S. policymakers over the possibility of exiting monetary stimulus will be the main focus on Wednesday, with minutes of March 19-20 FOMC meeting scheduled for release this afternoon.
Investors are eagerly anticipating when the central bank will wind down or exit its open-ended purchases of $85 billion in bonds a month despite mixed tone offered by officials in the past couple of weeks. Nevertheless, investors betting on a hawkish tone likely should reconsider!
Ben S. Bernanke, chairman of the U.S. Federal Reserve, has talked down the prospect of tighter monetary policy in coming months as he warned that the world`s largest economy is not out of the woods yet. Friday’s disappointing jobs gain unwound prospects for exiting stimulus measures as soon as this year.
“Today the economy is significantly stronger than it was four years ago, although conditions are clearly still far from where we would all like them to be,” he told a conference on financial stability on Monday.
However, other Fed officials have recently been less dovish than Bernanke. Last week, San Francisco Fed President John Williams said the central bank could begin to scale down bond purchases in the summer.
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