Fed Thoughts: Follow the Money

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There is no point discussing the policy-rate decision for the upcoming Federal Open Market Committee (FOMC) meeting. Federal Reserve (Fed) officials already made up their collective mind to put policy on pause earlier this year. By dint of precedent, as long as they include the promise to be “patient” in setting policy in the statement, they are contracting not to act at the next meeting. It was there in January, so there will be no action in March.