Opinion – Thursday 27 July 2017

The FOMC meeting was the big event from yesterday’s trading session and as widely expected the Fed left the Funds Rate unchanged and made a small tweak to its balance sheet unwind guidance noting that a start should occur “relatively soon” rather than “this year”, as previously stated. Ahead of the meeting markets were essentially marking time, but reaction to the Statement has seen UST yields rally and a broad US Dollar sell off while US equities are essentially unchanged after a small initial dip. The Fed left the market with the scent that a rate hike should still be expected this year, but the lack of specific timing on it’s balance sheets plans and may be a small word change on inflation appear to have been the excuse for the move lower in UST yields and the Dollar.

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