A slightly hawkish tilt: Fed to hike in December according to CIBC

No action but moving that way going forward.

CIBC is out with their expectations off the FOMC statement. They say:

"No action was expected, and the none was taken. In line with the broad consensus of private sector forecasters, the Federal Reserve decide to keep interest rates unchanged today.

That said, there was a slightly hawkish tilt to the announcement. Two members of the rate setting committee continued to dissent in favor of immediate hike.While that"s down from three that were in favor of tightening policy at the last meeting, it"s likely that  Boston Fed president Reosengren simply felt that prior to the election  and without a press conference, it was best to take a pass in favor of December.  Moreover in a minor but perhaps indicative shift, the statement suggested that the Fed is now only waiting for"some" further evidence of progress.

Overall, barring a material weakening of the economic outlook or significant volatility in financial markets, we continue to see the FOMC raising interest rates at its December meeting

Market reaction will likely be limited as the number of dissenters decreased and the more hawkish language was largely expected."

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A slightly hawkish tilt: Fed to hike in December according to CIBC
A slightly hawkish tilt: Fed to hike in December according to CIBC
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