As expected, the Fed kept its benchmark rates unchanged and adopted a more dovish tone in its press release by downgraded its US economic outlook

The phrase “for an extended period” appeared again. Once again, Fed Governor Thomas Hoenig was opposed to keeping this part of the statement. The Fed insisted on the fact that the pace of recovery in output and employment has slowed in recent months, Bank lending has continued to contract and the pace of economic recovery is likely to be more modest in the near term than had been anticipated

Source: Exane

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