At their first meeting of 2019, the FOMC elected to hold interest rates unchanged, as widely expected. In an effort to make all FOMC meetings—not just the four quarterly ones—appear “live,” Chair Powell has opted to hold a press conference following all meetings (given his recent walk-backs, this particular strategist wonders whether that’s such a brilliant plan).

We noted with December’s rate hike that the Fed seemed to be ignoring financial conditions, aka stock markets, and focusing on economic data, but the “patient” line that took hold in the intervening weeks now indicates precisely the reverse.

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Guy LeBas

Director, Custom Fixed Income Solutions

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