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FOMC STATEMENT: Rates kept unchanged at 3.50-3.75%, as expected; vote split 10-2 (Miran and Waller called for 25bps rate cut)

The FOMC's decision to maintain rates at 3.50-3.75% aligns with expectations, but the 10-2 vote split indicates some internal dissent, with two members advocating for a rate cut.

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SNAP ANALYSIS: Fed leaves rates unchanged, as expected; offers little clues on future policy path

FOMC STATEMENT: Rates kept unchanged at 3.50-3.75%, as expected; vote split 10-2 (Miran and Waller called for 25bps rate cut)

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RATE DECISION

  • Maintains federal funds target range at 3.50-3.75%.

VOTE SPLIT

  • Ten voted to maintain rates; two voted for a 25bps rate cut (MIRAN, WALLER).

DISSENT DETAILS

  • Miran and Waller preferred lowering the federal funds target range by 25bps at this meeting.

FORWARD GUIDANCE

  • Will assess incoming data, the evolving outlook, and the balance of risks when considering further rate adjustments.
  • Will monitor labour market conditions, inflation pressures and expectations, and financial and international developments.
  • Prepared to adjust the stance of monetary policy if risks emerge impeding goal attainment.

OUTLOOK FOR INTEREST RATES

  • Says future policy adjustments depend on incoming information and risk developments.

LABOUR MARKET

  • Notes job gains have remained low and unemployment shows signs of stabilisation.

INFLATION

  • Says inflation remains somewhat elevated; reaffirms commitment to 2% objective.

GDP GROWTH

  • Says economic activity has been expanding at a solid pace.

BALANCE OF RISKS

  • Notes uncertainty about the economic outlook remains elevated; attentive to risks to both sides of the mandate.
Context

This suggests a potential for future easing if economic conditions warrant it, especially as the committee monitors risks related to labor and inflation. Overall, the cautious tone reflects the Fed's commitment to its dual mandate while remaining flexible based on incoming data.

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