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21 Mar 2013
Forex Flash: FOMC tweeks forecasts and recognizes Q4 slowdown was temporary - BBH
FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note the FOMC tweaked its macro-forecasts a bit and recognized that the Q4 slowdown was temporary.
They write, “It will continue to purchase $85 bln a month in long term assets. The pace of purchases may vary as the economic conditions change. We think it will take the Fed Troika (Bernanke, Yellen and Dudley) a few more months to feel confident that the improvement that the Fed recognizes is not temporary, as it has proven to be the case in the recent past.” Additionally they add that while the Fed is continuing to elevate the effectiveness of its purchases and discuss exit strategy, the situation is still fluid. They feel that it will take several more months at least for this to be worked out. They finish by writing, “Bernanke did indicate that there will be a period between the end of the asset purchases and the point in which they will begin to remove accommodation.”
They write, “It will continue to purchase $85 bln a month in long term assets. The pace of purchases may vary as the economic conditions change. We think it will take the Fed Troika (Bernanke, Yellen and Dudley) a few more months to feel confident that the improvement that the Fed recognizes is not temporary, as it has proven to be the case in the recent past.” Additionally they add that while the Fed is continuing to elevate the effectiveness of its purchases and discuss exit strategy, the situation is still fluid. They feel that it will take several more months at least for this to be worked out. They finish by writing, “Bernanke did indicate that there will be a period between the end of the asset purchases and the point in which they will begin to remove accommodation.”