Citi Research said the Fed reduced the policy range 25bp as widely expected, but the lack of further cuts implied by median "dots" and Fed Chair Powell implying that the base-case of most Fed officials is for only modest easing was hawkish.
The research house noted that median dots suggest no further cuts in 2019 or 2020 with
hikes in 2021 and 2022.
Powell explained that median dots show only modest easing due to a still-favorable domestic outlook. He also declined to agree that the Fed has an "easing bias" but rather stated that the Fed is "very data-dependent" and will act to "sustain the expansion" given an uncertain outlook.
Citi said the hawkish FOMC leaves its call for no further cuts in 2019 or 2020 in place.
19/09/2019 17:49
{I-bank focus}Citi sees no further FOMC cuts in 2019 or 2020
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