IMF backs Fed Chair Kevin Warsh’s focus on price stability and says the Fed’s close monitoring of incoming data is appropriate.

EUR/USD slipped to about 1.1140 in Asian trade after an earlier uptick as the dollar rebounded following the Fed's decision to keep rates unchanged. Markets expect the ECB to hold the deposit rate at 2.50% on Thursday after 50bps of hikes year-to-date, but energy-driven inflation keeps a December rate move in play. Danske Bank says the ECB's Q3 bank lending survey shows policy moves have so far had limited effect on credit conditions: banks tightened standards more than expected, but the net share reporting tighter lending remains low by historical standards and is concentrated in France. That suggests current tightening has only modestly tightened credit and, with transmission still relatively smooth, should not on its own preclude further ECB tightening.

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