The Fed has kept rates on hold. This is no surprise, however there is a mild hawkish lean in the wording of the statement. The impact on the markets was initially dollar positive but this has since been unwound.
The June statement did not change much to the July statement. Here is the summary of June:
Much of this remained the same in the July statement, however there have been a couple of mild hawkish hints in the first couple of paragraphs. The first talks about the recent jobs reports. The second talks about the near term. On top of that Esther George is once more dissenting in voting for a hike.
In the half hour since the statement was released:
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