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Dot plot completely unwound- BBH

FXStreet (Barcelona) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman explained the hawkish bias of the dot-plot released at last month's FOMC meeting has been completely unwound.

Key Quotes:

“The gap between what the market is pricing the Fed to do next year and what the FOMC dot-plot says has gotten wider."

"The market has pushed the expectations further out. The December 2015 Fed funds futures contract now implies less than a 50 bp effective Fed funds rate”.
“Just like the tapering began several months after the market had initially expected it, so too will we see the first rate hike, the next important step in normalizing monetary policy."

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