Analysts at Scotiabank offer a sneak peek at what to expect from Wednesday’s FOMC minutes of its March monetary policy meeting.

Key quotes

“FOMC minutes may shed further light on the suite of communications offered at the meeting.”

“One issue to watch for is potential discussion among FOMC participants on the topic of how they might change their policy rate views for lengthy holds if their relatively upbeat forecasts for growth, jobs and inflation were to come to fruition. That’s because Chair Powell said in the press conference that “part of that is wanting to see actual data and not just forecasting it.” 

So, while I doubt it, it would be interesting if we saw some form of reference to the frequency of opinions expressed in favor of tightening earlier if forecasts come true and along the lines of the Fed’s usual approach ie: one, a couple, some, a few, several, many, most, almost all, generally agreed). That’s likely a greater risk as time passes and data rolls in.”

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