Tai Hui, chief market strategist for Morgan Asset Management Asia, said the
first FOMC meeting chaired by new Fed chair KEVIN WARSH left the federal funds
target range at 3.50%-3.75%. The policy statement was materially shortened—about
half the length of April’s four-part release—removing an earlier easing tilt and
tightening language on growth, the labor market and inflation. Tai said the Fed
showed no urgency to ease, appears willing to remain patient at current rates,
and he maintains his view that the Fed will not change rates this year.
