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FOMC minutes are not so critical - BBH

FXStreet (Barcelona) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman explained that they are sympathetic to risk of a hawkish read of the FOMC minutes, but they do not believe that it reflects policy.

Key Quotes:

"Specifically, we argue that the FOMC minutes increase the noise to signal ratio by being too comprehensive."

"The FOMC minutes, like the dot-plot forecasts makes it seem as if all views are equal. They are not."

"We understand the signal of Fed policy to be generated by three officials: Yellen, Fischer, and Dudley. Their main instrument, in addition to their speeches, like Dudley's yesterday, is the FOMC statement."

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