DB Fed Watcher:Identifying the Fed’s “dots”

FOMC meeting (Sep 20)。

    Key takeaways: Reaffirmed expectationsfor (a) one more hike in ‘17and three in‘18and (b) that inflation should rise.Dovish point was that long-term dots fell。

    Williams (Sep 22)。

    Key takeaway: Reiterated short-termhawkish / long-term dovish view: Furtherhikes warranted but r-star** is only 2.5%。

    Kaplan (Sep 22)。

    Key takeaway: Sounded more open to aDecember rate hike, likely helped bystronger August CPI print。