Courtesy of Mish.
In a 7-3 vote, the Fed held rates at 25-50 basis points. The FOMC Announcement was no surprise in this corner.
I did expect the Fed would trot out the word vigilance or imminent, or use similar language that would cause one to believe a hike was in the cards for December.
Nope. It was the usual lovey-dovey affair, albeit with three dissents coupled with a pseudo-hawkish warning after the meeting.
Case Strengthens Yet Again
Following the meeting, the Fed stated it “judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives”.
Three Dissents
Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; James Bullard; Stanley Fischer; Jerome H. Powell; and Daniel K. Tarullo. Voting against the action were: Esther L. George, Loretta J. Mester, and Eric Rosengren, each of whom preferred at this meeting to raise the target range for the federal funds rate to 1/2 to 3/4 percent.
Laugh of the Day
