Economy

US Dollar Steadies as May FOMC Minutes Detail "Patient" Approach

US Dollar Steadies as May FOMC Minutes Detail

A number of Fed policymakers in recent weeks have said the Fed need not rush any changes in its rate policy.

Federal Reserve officials stated that they will remain firmly committed to a "patient" policy stance at their meeting earlier this month, saying rates likely will remain unchanged for a considerable period of time.

USA trade tensions with China combined with other pressing global issues like Brexit have given committee members concern over whether global growth is sustainable.

"Members observed that a patient approach.would likely remain appropriate for some time", with no need to raise or lower the target interest rate from its current level of between 2.25 and 2.5 percent, the Fed on Wednesday reported in the minutes of the central bank's April 30-May 1 meeting.

"Rate cut may become "a more attractive option" if inflation keeps disappointing". Earlier this year, the March Summary of Economic Projections' dot plot suggested that FOMC members did not believe rates would move for the rest of 2019, before one 25-bps rate hike in 2020.

'Other sources of uncertainty remained.

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"Many participants" said they thought it might help for the Fed to gradually load up on short-term securities now, so that they could be traded for longer-term securities and bring down long-term rates as a way to better stimulate the economy if needed in the future.

Risks to the US economic outlook, including trade uncertainty and Brexit, have receded but are still present, the US Federal Reserve said Wednesday.

The latest minutes of the US Federal Reserve's policy meeting show many participants took issue with President Donald Trump's call for an interest rate cut.

The Federal Reserve wants the banking system flush with cash to keep the economy humming, but there may be bottlenecks that undermine the US central bank's credibility to influence interest rates.

He also weighed in on the Fed's recent decision to call an end to its programme for policy normalisation, saying that it was "likely appropriate" given how rates in the USA were "relatively high" versus Europe and Japan and the fact that its balance sheet could not return to its pre-crisis level due to various considerations.


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