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April 28, 2021

Fed upgrades its outlook but tapering and liftoff are not in the radar

The Fed acknowledged that economic conditions have improved but the recovery remains uneven and incomplete. As we expected, the Fed left interest rates unchanged, maintained the monthly pace of asset purchases and kept its forward guidance unaltered.
  • Geography Tags
  • USA

March 17, 2021

FOMC holds the line despite more upbeat outlook

The FOMC made upward revisions to their GDP and inflation outlook and lowered its estimates of the unemployment rate, but kept its projections of the policy rate at the zero lower bound at least until 2023.
  • Geography Tags
  • USA

December 21, 2020

Global | The Fed and the ECB, cushioning the blow from COVID-19

2020 was seen as the year in which two of the major central banks—the Federal Reserve (the Fed) and the European Central Bank (ECB)—would focus their efforts on normalizing their monetary policy and comprehensively reviewing their strategy. But the onset of COVID-19 changed everything.

December 17, 2020

U.S. | FOMC loads and aims but refrains from pulling the trigger

As we expected, the FOMC left interest rates unchanged and enhanced their forward guidance on asset purchases. Today’s move represents only a modest shift in guidance and will not significantly alter the level and depth of financial accommodation being provided by the Fed.
  • Geography Tags
  • USA

November 5, 2020

FOMC allows dust to settle while it prepares for next phase

The statement signalled that the Fed remains a pillar of unity and stability in uncertain times, while the assessment of economic conditions confirmed ongoing improvements albeit at a significantly reduced pace.
  • Geography Tags
  • USA

October 2, 2020

U.S. Macroeconomic Pulse. September 2020

Baseline assumes real GDP declines by 5.1% in 2020. Peak unemployment reached, but risks to the labor market remain. Disinflationary headwinds abate, with core services rebounding strongly.
  • Geography Tags
  • USA

September 16, 2020

FOMC Meeting September 15-16:Fed delivers on forward guidance, but defers on changes to QE

After announcing the changes to the Longer-Run Goals and Monetary Policy Strategy in the intermeeting period, the FOMC followed up with a very dovish statement at the September meeting.
  • Geography Tags
  • USA

August 27, 2020

Fedwatch: Powell shifts focus from “stars” to transparency and inclusiveness

The Fed released its updated Statement on Longer-Run Goals and Monetary Policy Strategy, which reflect changes in the economy over the past decade and explains how policymakers are planning to conduct monetary policy. The statement also enhances transparency, accountability and effectiveness of monetary policy.
  • Geography Tags
  • USA