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      FOMC should not have been a dovish surprise - BTMU

      FXStreet (Guatemala) - Analysts at Bank of Tokyo Mitsubishi explained that the market continues to discount an even more dovish outlook for Fed policy than projected by FOMC participants.

      Key Quotes:

      "The median projections of FOMC participants for the Fed funds rate were lowered by just 0.25 percentage point over their forecast horizon compared to their previous projections from the 17th June. With the market having already removed around 0.40 percentage point of expected tightening by the end of next year, FOMC participants’ updated projections should have not have been a dovish surprise."

      "If anything it was more surprising that they were not lowered further. There is an increasingly wide gap between FOMC participants’ projections and the market’s expectation for the Fed funds rate. The updated median projection for the Fed funds rate at the end of next year was set at 1.375% compared to the implied yield on December 2016 Fed funds futures contract of around 0.70%."

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