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It’s FOMC-day! – Danske Bank

FXStreet (Edinburgh) - Analyst Anders Fischer at Danske Bank assesses today’s key FOMC meeting, due in the European evening.

Key Quotes

“Key focus will be tonight’s FOMC meeting”.

“It seems increasingly likely that the Fed will change its forward guidance away from the ‘considerable time’ language to something linked with the development towards its goals of full employment and inflation at 2%. It might put in some other soft language instead to avoid a too hawkish message”.

“However, the economy is clearly moving in the right direction and the Fed will need more flexibility in its policy to raise rates earlier if necessary”.

“Focus will also be on the new projections for the Fed funds rate, where we may see a move forward of the first rate hike as signalled by several Fed members”.

“Finally, this meeting will have a press conference where Janet Yellen could adjust the tone if there is a strong market reaction after the statement and projections”.

“The challenge for the Fed is that market pricing is still far below its current projections and it needs to try and adjust in a not too abrupt way”.

“We continue to look for the first rate hike in April 2015 based on a continued robust recovery and strengthening labour market”.

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