FOMC Minutes
There were few surprises in the minutes of the May FOMC meeting. The economic outlook was described asvirtually unchanged relative to the previous FOMC meeting. It was noted that markets saw a June hike as a
near-certainty, and the minutes concurred: “Most participants judged that if incoming information broadly
confirmed their current economic outlook, it would likely soon be appropriate for the Committee to take
another step in removing policy accommodation.†However, these minutes did strike us as having a somewhat
dovish tilt, on balance, specifically because of the discussion of the inflation outlook and the neutral funds
rate. These minutes were markedly more emphatic about characterizing the inflation objective as “symmetricâ€
and about reaching that objective “on a sustained basis.†FOMC participants appeared to embrace the
potential for a slight o....
Led by former Federal Reserve Board Governor, Larry Meyer, Monetary Policy Analytics is an independent research firm focused on the macro economy, FOMC policy and interest rates. Our research is used by some of the world's largest hedge funds, fixed income asset managers, pension fund managers, currency desks, insurance companies and money center banks. The written commentary is outlined below:
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