A Great Transformation in Financial Policy Communication
Reaction to the FOMC
In this FOMC, the emphasis was on conveying the policy stance in the press conference rather than the policy rate itself.
Key Points this Time
- Policy rate was in line with market expectations
- A major shift away from the Powell era, abolition of guidance
- The market perceived it somewhat hawkish due to the lack of hints
- Going forward, live data such as CPI and employment statistics will become more important