Articles
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WOW! Special FOMC Report For June 2015 Meeting
We think that in the FOMC press release (which you can read in its entirety below with significant phrases and words bolded), the seeds can be found of a further pushing back of a Federal Reserve interest-rate hike until December. Strikingly, the most important sentence of the release is contained in the last paragraph.
“The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.”
Of course, after the press release from the two-day meeting of the Federal Open Market Committee the U.S. dollar sank against the dollar.
Gold was helped by the dollar decline, although regular trading took some mustard off the pitch. Gold is up about $5.50 in late afternoon trading in New York, all of it on dollar weakness.
U.S. equities, which were running from unchanged to down, have turned around modestly, although the press release and Chairwoman Janet Yellen’s comments at the scheduled news conference will need further interpretation.
Bond yields have declined marginally. Crude oil is staying soft, down slightly around a quarter of a percentage point.
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