USD lower after FOMC Meeting Minutes
Federal Reserve officials put off an interest-rate increase in September because of growing risks to their outlook for economic growth and inflation, mainly from China, even as they continued to say they were on track to raise the target later this year. Policy makers “agreed that developments over the inter-meeting period had not materially altered the committee’s economic outlook,” according to minutes of the Sept. 16-17 session of the Federal Open Market Committee, released Thursday in Washington. Nonetheless, ”the committee decided that it was prudent to wait for additional information confirming that the economic outlook had not deteriorated.”
The FOMC noted that domestic economic conditions, including data on consumer spending and housing, had continued to improve, and the labor market had reached or was close to the committee’s long-run estimates for unemployment. Still, concerns over China and its potential spillover to other economies “were likely to depress U.S. net exports” and cause further strengthening of the dollar, which could damp inflation in the U.S. “Participants anticipated that the recent global developments would likely put further downward pressure on inflation in the near term,” the minutes said. “Compared with their previous forecasts, more now saw the risks to inflation as tilted to the downside.”
After the data eased down few points. Euro is currently being traded at 1.13 handle, Sterling is around 1.5340 area, while Aussie is few points above 0.7250 level.
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