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The FOMC held its first monetary policy meeting last week.

At the meeting, which incidentally was also the final monetary policy meeting that was chaired by Janet Yellen, the FOMC voted to leave the Fed funds rate unchanged at 1.50%.

This was widely expected by the markets although the Fed’s statement was seen to be slightly hawkish in terms of inflation forecasts.

The FOMC said that it expects inflation to reach the Fed’s 2% inflation target rate in the medium term.

It said that this was on the basis of increase in the underlying expectations for inflation.

Consumer prices have remained sluggish for the most part last year although inflation was seen rising 1.7% in December with the core PCE price index also showing signs of price pressures.

The FOMC also voted to appoint Jerome Powell as the next Chairman of the Federal Reserve.

Powell will be sworn into office on February 5th and he will be chairing the first meeting in March which will also see the Fed releasing its economic forecasts and dot plots.

Following the FOMC statement, the markets are hopeful that the Fed could hike rates three times this year.

The expectations are also starting to build that the Fed could hike four times if the data supports the view. The central bank also increased its balance sheet unwinding program from $10 billion to $30 billion.

The Fed’s statement said that it expects to reach the size of $50 billion per month where it would unwind 60% of Treasury securities and 40% of mortgage backed securities

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