Doves flying high for FOMC – Investec

Research Team at Investec, suggests that the minutes showed the FOMC to be split in their views, with the doves (led by Chair Yellen) winning out.

Key Quotes

“They succeeded in raising their concern on global risks and the need to factor it into the committees decision making process, even though only a minority of voters believe global risks would influence the US outlook significantly. The minutes also show the FOMC debated the merit of an April hike, although several members concluded it would be an 'inappropriate sign of urgency'.

The US Dollar index lost ground and most Asian stock indexes climbed after the reasonably dovish Fed minutes reduced the likelihood of an April rate hike and showed US policy makers aren’t rushing to raise interest rates.”