The January 29-30, 2019, FOMC meeting adjourned with the Committee holding the rates unchanged as most economists had expected.  This is the “pause” that the market has been waiting for.  With the Q1 GDP expected to come in lower than projected economic activities prior to the partial government shutdown, the unprecedented freezing weather and with no visible inflation pressure, the FOMC has gained more room to “pause” in the next one to two meetings.  However, we continue to expect more increases this year.

Here is our language change comparison to the December 2018, press release.