Grand Central: Here's What the Pros Are Saying About the Fed Ahead of Policy Meeting
Wed, April 29, 2015
The Wall Street Journal
The Federal Reserve’s two day policy meeting concludes today. Here is a rundown of market commentary that preceded the decision, with our take on it:
Louis Crandall, of Wrightson ICAP, notes this week’s Fed policy statement will mark a milestone in Fed interest rate guidance. “The Fed will finally retire its calendar-based forward guidance and make the transition to a data-dependent, meeting-by-meeting approach. That inevitably implies greater uncertainty about the outcome of individual meetings, but does not necessarily imply greater overall uncertainty about the medium-term outlook for Fed policy.” OUR TAKE: The Fed left the last remnant of calendar-based guidance in its March statement, saying it wouldn’t act in April. Now it is gone and we live in a data-dependent world.