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A BoJ decision and a couple of minutes – RBS

FXStreet (Barcelona) - The Research Team at RBS comments on the upcoming policy meeting minutes of the central banks.

Key Quotes

“The Bank of Japan holds its November policy meeting where no policy changes are expected. The BoJ expanded its QQE program in late October and is unlikely to take additional action so shortly after that decision.”

“The upcoming general election may also reduce the desire of a major BoJ policy change this month. The vote on policy could prove important, considering the decision to expand the QQE program was contested (5-4 vote).”

“The Bank of England (BoE) and the US Fed each release monetary policy meeting minutes from their latest meetings. As the Bank of England released their cohesive Quarterly Inflation Report last week, the November minutes may provide little new insight into the Bank’s thinking.”

“The FOMC minutes should prove to be more interesting after the FOMC surprised on the hawkish side in their October statement. But the minutes better reflect the myriad of views on the FOMC than the statement does.”

“The consensus view, via the October statement, also thought it unnecessary to include references to evolving risks to global growth, heightened market volatility, or the stronger USD in the statement. But it is very likely these issues were debated and discussed, and that should be reflected in the minutes. While we wouldn’t see this as particularly surprising, it may add a dovish tinge to the minutes relative to the hawkish statement.”

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