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Un-Dovish Fed Stays On Hold, Upgrades Economy, Suggests “Risks Have Diminished”, George Dissents

Following the longest streak of positive economic surprise in history, the stability of China, the Brexit non-event, and equity market record highs, it is perhaps no surprise that The Fed – once again – punted its decision to hike rates, although it made it clear that a rate hike is far closer than the market expects by adding language that “near-term risks to the economic outlook have diminished.”

This all suggests rising probability of rate-hikes as the statement may not be full hawktard but is shifting that way. And further suggesting the Fed is turning Hawkish was the first dissent in over a year, when Kansas Fed’s Esther George dissented. …

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