Fed chatter: largely echoed previous comments - Nomura

Analysts at Nomura noted the Fed chatter from last week.

Key Quotes:

"Chair Powell delivered remarks at a conference in Zurich early Tuesday morning on US monetary policy spillovers to the rest of the world. His speech seemed to offer little in terms of the US policy outlook. 

However, his emphasis on the FOMC’s domestic policy objectives could be interpreted as slightly hawkish given recent concerns about emerging market capital flows. That said, his remarks showed a striking similarity to a speech he delivered in 2013 where he noted that “the Federal Reserve's mandate, like those of other central banks, is focused on the pursuit of domestic policy objectives.”1 In that sense, Powell’s remarks were likely more of a restatement of previous arguments as opposed to a new policy stance."

"Other remarks from FOMC participants this week largely echoed previous comments. Most participants who spoke emphasized the FOMC’s symmetric 2% inflation target, reinforcing the March SEP’s projection of a modest inflation overshoot in 2019-20, while also noting the positive US economic outlook."