The May FOMC meeting brought little by way of surprises – rates unchanged, guidance unchanged, albeit with a marginally quicker QT taper than some had expected. Clearly, the next move in the fed funds rate will still be a cut, with the Committee continuing to seek confidence on inflation returning towards 2%, before beginning to normalise policy. As widely expected, and as markets had fully discounted, the FOMC voted unanimously to hold the target range for the fed funds rate steady at 5.25% - 5.50% at the culmination of the May policy meeting, marking the 7th meeting in a row at which the FOMC have kept rates ... (full story)