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Daily Insights 

July 30, 2015

USD rises after FOMC

  • The USD strengthened and Treasuries sold off after the FOMC left the door open for a September move, although it did not provide any strong signal for the timing of the first hike. The FOMC statement acknowledged the better incoming data but refrained from sending an overtly strong signal about its policy intentions during upcoming meetings, highlighting that a rate hike should come later this year if data consistently supports such a move. In today’s advance release of Q2 GDP data, we look for 3.0% growth, driven by private consumption and non-energy investment spending. We expect net trade to have been a modest boost to growth in Q2, and private inventory investment to have been neutral to growth.
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