Ilya Feygin, senior strategist at WallachBeth Capital LLC:
“The market had a slightly dovish reaction, liking the fact that ‘patient’ was removed, ‘act as appropriate’ was inserted. Eight officials support a cut by the end of the year, and nine by 2020, and importantly the long term neutral rate comes down 30 bps, and Bullard dissents to say ‘cut it now.’ The Fed also capitulated and lowered its PCE inflation forecasts. However, this does not change the overall picture too much.”
--With assistance from Elena Popina.
This article was provided by Bloomberg News.