FOMC Leaves Rates and Purchases Unchanged, Powell Opines on Inflation

The Fed had its final meeting in the most active year for Central Banking since the Global Financial Crisis. The headline is that Fed members continue to project no upward change in rates for at least 3 years and will continue asset purchases at the same levels for the foreseeable future. In other words, no fireworks. The tone and outcome were nonetheless positive for markets in our view.

Some had speculated that the Fed might engage in further accommodative action like buying longer-dated d...

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