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Barclays Bank PLC ZC SP REDEEM 13/08/2020 USD 50 - Ser A 06740L519
Wednesday's FOMC statement and Fed Chair Powell's press conference may have satisfied those looking for US rate cuts later in 2019. However, we see in both the statement and the press conference an uncharacteristic reluctance to react pre-emptively. This is despite a lowering of the central projection for inflation by 0.3% to a below-target 1.5% for 2019. It would have been relatively straightforward in our view to have argued for a cut now.
During the press conference, Fed Chair Powell consistently highlighted the need to respond to actual data rather than mere changes in sentiment,