The Federal Open Market Committee minutes have been released which are so far sending the US dollar DXY index a touch softer. The softness in the greenback come as there were no discussions on larger rate hikes. from the expected 50 bp to 1.0% and laid out plans for aggressive Quantitative Tightening to begin in June.
Participants agreed fed should 'expeditiously' move monetary policy toward a more neutral stance, and that a 'restrictive' stance on the policy may well become appropriate, minutes show. Many participants judged faster removal of policy accommodation would leave the fed 'well-positioned' to assess later this year What further adjustments were needed, minutes show.
All participants supported plans to reduce the size of the Fed's balance sheet; 'a number' said after the runoff was well underway, it would be appropriate to consider sales of mortgage-backed securities, and minutes show.
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