FOMC Minutes: Some “Favored April Rate Hike”, Everyone Blamed “Global” Risks
by Tyler Durden
ZeroHedge.com
04/06/2016
The FOMC minutes from the uberdovish March meeting were just released. Here are the highlights:
SEVERAL ON FOMC ARGUED AGAINST APRIL HIKE AS SOME FAVORED IT
PARTICIPANTS HAD ‘RANGE OF VIEWS’ ON APRIL HIKE
MOST PARTCPNTS AGREED W/RT HOLD; COUPLE WANTED HIKE
MANY ON FOMC SAW BIGGER GLOBAL RISKS WARRANTING POLICY CAUTION
SEVERAL NOTED CAUTION WOULD BE PRUDENT IN APRIL DECISN
FOMC SAW NEXT MOVE BASED ON DATA ASSESSMENT, NOT CALENDAR DATE
MANY ON FOMC SAID PRUDENT TO WAIT BEFORE NEXT TIGHTENING STEP
NUMBER PART JUDGED HEADWINDS WOULD SUBSIDE ONLY SLOWLY
MANY PARTIC SAID GLOBAL ECON STILL POSED RISK TO US
SEVERAL PARTICPNTS ARGUED FOR PROCEEDING CAUTIOUSLY
SEVERAL VOTING MEMBERS NOTED CURRENT FFR LOWER THAN DEC
Market reaction is muted, with a modest dip following the headline that some wanted an April rate hike, but the most notable mover is the USDJPY, which just crashed to fresh October 2014 lows of 109.34. Kuroda may want to wake up soon.
But the most notable finding: mention of the word global was approximately 22 times.
Just when did the central bank of the US, where pretty much everyone but the Fed is now talking about stagflation, also become the reserve bank of the world.
The Rest…HERE
