From Breakingviews - A divided Fed hides behind fuzzy language
for the November meeting of the Fed, which were released on Wednesday. “Various” members of the 12-strong Federal Open Market Committee, the document said, noted that their assessment of the ultimate rate “was somewhat higher than they had previously expected.”
That could signal bigger rate rises ahead. The problem is that “various” is not in the informal, and carefully studied,the Fed uses to telegraph its decisions to the market, unlike expressions like “almost all” or “most”, making the message hard to read. The choice of words looks deliberate, given the huge uncertainty around the U.S. economy. But it means that economists and traders parsing Fedspeak for a living will be left guessing just how many officials favour a terminal rate above the 5%-5.
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