USD

Monetary Policy
Current: https://www.federalreserve.gov/monetarypolicy/files/monetary20170726a1.pdf
The Federal Reserve left the target range for its federal funds rate unchanged at 1 percent to 1.25 percent
during its July 2017 meeting, in line with market expectations.
Current Policy: Tightening
Tools: Interest Rate
Focused Indicator Set: Inflation
Forward Guidance: 1 more hike in 2017
Next Meeting: 20 September 2017 (2am 21 September 2017)

USD Change in Unemployment PCE Core PCE

Real GDP Rate Inflation Inflation
Current Data 2.1 4.4 1.4 1.4
Next Release Date 28.07.2017 04.08.2017 01.08.2017 01.08.2017
Expectation 4.6
FOMC Range 2.0-2.5 4.1-4.5 1.5-1.8 1.6-1.8
(Central Tendency) (2.1-2.2) (4.2-4.3) (1.6-1.7) (1.6-1.7)
Source: https://www.federalreserve.gov/monetarypolicy/fomcprojtabl20170614.htm

Monetary Policy Data Current Expected Previous Frequency

FOMC Fed Fund Rate Statements & 1.25% 1.25% 26 July 2017
Projections
Core Durable Goods Orders m/m 0.4% 0.3% 27 July 2017
Durable Goods Orders m/m 3.5% -0.8% 27 July 2017
Advance GDP q/q 2.5% 1.4% 28 July 2017
Advance GDP Price Index q/q 1.3% 1.9% 28 July 2017
Employment Cost Index q/q 0.6% 0.8% 28 July 2017
FOMC Member Kashkari (Dove) Speaks 29 July 2017
Core PCE Price Index m/m 0.1% 1 August 2017
Personal Spending m/m 0.1% 1 August 2017
Personal Income m/m 0.4% 1 August 2017
ISM Manufacturing PMI 57.8 1 August 2017
ADP Non-Farm Employment Change 158k 2 August 2017
ISM Non-Manufacturing PMI 57.4 3 August 2017
Average Hourly Earnings m/m 0.2% 4 August 2017
Non-Farm Employment Change 222K 4 August 2017
Unemployment Rate 4.4% 4 August 2017
Trade Balance -46.5B 4 August 2017

USD The dollar licked its wounds at 13-month lows against a basket of major currencies on
Thursday after the U.S. Federal Reserve's more cautious wording on the inflation outlook
bolstered views it might not hike interest rates again this year. While the Fed said it
expected to start shrinking its massive holdings of bonds "relatively soon", a phrase taken
by many to mean an announcement in September, the central bank also noted weakness in
U.S. inflation more explicitly than before. That recognition of soft inflation from the Fed,
which had in the past judged the weakness as transitory, added to expectations that the
Fed's plan to raise interest rates a third time this year might be delayed.
The Federal Reserve kept interest rates unchanged on Wednesday and said it expected to
start winding down its massive holdings of bonds "relatively soon" in a sign of confidence in
 the U.S. economy. The Fed kept its benchmark lending rate in a target range of 1.00 percent
to 1.25 percent, as expected, and said it was on track to continue the slow path of monetary
tightening that has lifted rates by a percentage point since 2015. In a statement following a
two-day policy meeting, the U.S. central bank's rate-setting committee indicated the
economy was growing moderately and job gains had been solid. It also noted that both
overall inflation and a measure of underlying price gains had declined - trends which have
worried some policymakers - but that it expected the economy to continue strengthening.
"The committee expects to begin implementing its balance sheet normalization program
relatively soon," the Fed said, adding that it would follow a plan outlined in June to trim its
holdings of U.S. Treasury bonds and mortgage-backed securities.
Trump’s Lawyer Cohen Has Been Called to Testify Before House Intelligence Committee On
Sep 5th – RTR

FOMC Member Last FOMC Vote Current Sentiment

Janet L. Yellen Hike Dovish
Chair, Board of Governors
William C. Dudley Hike Dovish
Vice Chairman, New York
Lael Brainard Hike Dove
Committee Member
Charles L. Evans Hike Dove
Committee, Chicago
Stanley Fischer Hike Centrist
Committee Member
Patrick Harker Hike Centrist
Committee, Philadelphia
Robert S. Kaplan Hike Centrist
Committee, Dallas
Neel Kashkari Hold Dove
Committee, Minneapolis
Jerome H. Powell Hike Centrist
Committee Member
Alternate Member
Raphael W. Bostic Hike Centrist
Committee, Atlanta
Loretta J. Mester Hike Hawkish
Committee, Cleveland
Mark L. Mullinix Hike Hawk
Committee, First Vice President Richmond
Michael Strine Hike Dovish
Committee, First Vice President New York
John C. Williams Hike Centrist
Committee, San Francisco