Like always the FED is not being completely clear as to its timing or on how changed its monetary policy may be. But it seems clear to me that any rate hikes will be on the back of improved economic data, especially job creation and jobless claims. I think Yellen did give us one clue where she said, referring to the modification of the forward guidance, “does not mean any increase will necessarily occur in June, although we cannot rule that out” To me that seems like they don’t see a hike likely for June given the current data, but of course the economy could improve quicker than expected, therefore she leaves the back door open just in case.

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