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June rate hike unlikely according to FOMC Meeting Minutes

Wednesday, May 20 2015

Federal Reserve officials last month didn’t expect to raise rates at their next meeting in June even as they concluded that a first-quarter economic slowdown was unlikely to persist, minutes of the meeting show. Many of the participants “thought it unlikely that the data available in June would provide sufficient confirmation that the conditions for raising the target range for the federal funds rate had been satisfied”.

The minutes also confirmed the FOMC’s statement in April that it expects the economy to return to a “moderate pace” of growth after a first-quarter slowdown. Since the meeting, payrolls figures have improved, while weaker-than-forecast data on manufacturing and retail sales prompted economists to mark down projections for second-quarter economic growth.

Markets are having mixed reactions to the Minutes. Euro is currently slightly below 1.11 handle, Sterling is around 1.5510 area, while Aussie is few points above 0.7880 level.

More in this category: « Markets quite ahead of FOMC Meeting Minutes China's Manufacturing PMI still on the downside »

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