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FOMC Statement Suggests Policy Continuation, USD Stronger

FOMC Statement Suggests Policy Continuation, USD Stronger

Lujia Lin,

The following lists the key highlights from the Fed statement released at the conclusion of the Apr. 24-25 FOMC meeting:

  • No change in 0.00%-0.25% fed funds rate target; “exceptionally low rates” until late 2014
  • Economy to “expand moderately,” then “pick up gradually”
  • “Significant downside risks” remain; housing sector still “depressed
  • Inflation higher, though mainly due to energy prices, longer-term expectations “stable”
  • Maintains current policy of lengthening maturity of assets and reinvesting proceeds from mortgage securities
  • Jeffrey Lacker the lone dissenting vote, disagrees with late 2014 schedule for rate hikes

Market reaction:

  • USD higher versus major counterparts
  • Treasury yields jump; 10-year yield up 3 bps from 1.97 pct to 2.00 pct

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