Dislikedhehehehe... this market can surprise me every single day...
Now "they" are wondering about a little word that can change our days: bias.
[THE FOMC "BIAS"] There is some debate today over whether the Fed's "bias" has changed. The ambiguity is over what exactly this short-hand term for the policy outlook means. Those who don"t think the bias has changed seem to have in mind that Fed officials still declare inflation to be their biggest worry. Those who think the bias has changed note what the statement explicitly says about policy. Given that the disagreement is over what "bias" means rather than on the actual policy outlook, fixating on whether the bias is neutral misses the point. The Fed statement now says future policy adjustment depends on developments in inflation and growth, whereas it had said "...additional firming that may be needed...." The statement also stopped noting progress in core inflation. Those are the things on which we should focus, not on whether the "bias" (a word markedly absent from official commentary) is neutral.Ignored
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