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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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From: zonder5/4/2005 4:50:46 AM
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FOMC - Reality Check On the Slowdown

There are 3 important issues.

(1) Despite much speculation to the contrary, the "moderate pace" statement was retained.
(2) On economic growth, the FOMC notes that, "Recent data suggests that the solid pace of spending HAS SLOWED SOMEWHAT....."
(3) The inflation comment from the last meeting is retained. "Pressures on inflation have picked up and pricing power is more evident."

Conclusion: The critical difference is the inclusion of the statement that growth has "slowed SOMEWHAT." All the rest is more or less repetition. The conclusion we reach is that the FOMC will continue to raise rates but that a "pause" is imminent when the Fed reaches, say 3.5% to 3.75% on Fed Funds rate.
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