the US Fed delivered a 0.25% increase in interest rates on schedule and without
suprise. Its moves are still described as “measured”. Upside and downside
risks between inflation and sustainable growth are balanced, and there’s no hint that
the demand/growth slowdown is only temporary (unless oil prices fall).

The Fed’s statement was its usual model of clarity, although a sentence
was originally omitted, which caused some fluttering in the market
dovecotes.

Australian rates are on hold – again as generally expected. No explanation – as expected but far less defensible.

Read more here.

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Peter Fray
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