Non-rate hike was no surprise, but what does it mean?

SINGAPORE (Sept 23): After its two-day Federal Open Market Committee (FOMC) meeting over 20-21 Sept, a divided Fed has decided to leave its policy rate unchanged – at least until December.   

(See Fed leaves rates unchanged, signals 2016 hike still likely)

“September's policy inaction also fostered a mechanical reduction in the Fed's median projection for the policy rate. It continues a long-running dovish trend of successive downward revisions,” comments Daragh Maher, head of FX Strategy, US HSBC Securities (USA).

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