FOMC Summary: Clueless

As expected, just hours after the PBOC cut rates and injected billions into the economy to give Xi Jinping ammunition in the upcoming trade war negotiations, the FOMC did... noting: the Fed kept the target range for the federal funds rate unchanged at 4.25-4.50%. The decision was unanimous. In its formal statement the FOMC said (changes in italics) “Although swings in net exports have affected the data,