FxWirePro’s previous dashboard was a success as it was able to successfully predict not only the rate hike in March but a dissent from Minneapolis Fed President Neel Kashkari. We are building our next dashboard focusing on the June FOMC meeting. We prepare the dashboard by reviewing comments from the voting members of this year’s FOMC. We have chosen June as a target as the market is predicting the next hike to be in June. Currently, the market is predicting two mare rate hikes in 2017; one in June and the other one in December.

Since our last update, there were crucial commentaries coming from the New York Fed President William Dudley, who is a permanent voting member of the FOMC. Speaking with Bloomberg Television, Mr. Dudley said that a couple of more hikes in 2017 seem reasonable. He went further to add that the central bank might also begin shrinking its $4.5 trillion balance sheet later this year or in 2018.

With the above update, our June dashboard looks like below,

• Doves: Neel Kashkari
• Hawks: Charles Evans, Patrick Harker, William Dudley, Stanley Fisher and Robert Kaplan.
• Unknown: Janet Yellen, and Lael Brainard

Pls. note that Daniel Tarullo has resigned and the position is yet to be filled. He voted at the March meeting.