Breaking: FOMC Minutes sink the US dollar a touch despite inflation risk skewed to the upside By FXstreetNews Breaking Fed DollarIndex
The Federal Open Market Committee minutes have been released which are so far sending the US dollar DXY index a touch softer. The softness in the greenback come as there were no discussions on larger rate hikes. from the expected 50 bp to 1.0% and laid out plans for aggressive Quantitative Tightening to begin in June.
Participants agreed fed should 'expeditiously' move monetary policy toward a more neutral stance, and that a 'restrictive' stance on the policy may well become appropriate, minutes show. Many participants judged faster removal of policy accommodation would leave the fed 'well-positioned' to assess later this year What further adjustments were needed, minutes show.
All participants supported plans to reduce the size of the Fed's balance sheet; 'a number' said after the runoff was well underway, it would be appropriate to consider sales of mortgage-backed securities, and minutes show.
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