Research Team at RBS, notes that the Federal Reserve surprised with a dovish assessment as the “dot plot” revealed a more gradual rate path had become appropriate for a majority of FOMC participants even though the underlying forecast for growth and inflation did not change significantly.
“In light of that decision and the sharp weakness in the USD that followed the Fed’s release, we will be watching the speeches from three FOMC members due to speak today. NY Fed President Dudley, a notable dovish leaning member, is speaking tomorrow but his opening remarks at a NY Fed conference on bank supervision may not focus on monetary policy.
Boston Fed President Rosengren, a voter who leans dovish, speaks at the same NY Fed conference. St. Louis Fed President Bullard, a 2016 voter whose rising concern about the fall in inflation expectation has given him a more dovish tone after being one of the more hawkish members in 2015, speaks on a monetary policy forum today.”
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