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FOMC: Fed expected to retain key phrases - RBS

FXStreet (Bali) - The Federal Reserve is expected to retain key phrases at today's monetary policy meeting, notes the FX Strategy Team at RBS.

Key Quotes

"With the QE taper extremely likely to be completed next week, as scheduled, the forward guidance phrase “…it will likely be appropriate to maintain the current target range for the Fed Funds rate for a considerable time after the asset purchase program ends…” will need to change, at least slightly."

"We expect the “considerable time” language will be retained – the FOMC can merely remove the words “after the asset purchase program ends” and maintain the same message. Debate over the need for the phrase highlighting a “significant underutilization of labor resources” will be notable as well – we expect it to be retained as well."

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