FOMC Multi-Asset Reaction Guidance ditched, changes pitched

Research evidence excerpt

FOMC Multi-Asset Reaction Guidance ditched, changes pitched

17 June 2026

FOMC Multi-Asset Reaction Multi-AssetNorth America

Guidance ditched, changes pitched

◆ In his first meeting as FOMC chair, Kevin Warsh unveiled a Ryan Wang

shorter policy statement with less forward guidance on rates US Economist HSBC Securities (USA) Inc.

Ryan.Wang@us.hsbc.com

◆ Policy rates were unchanged in June, but a divided FOMC with +1 212 525 3181

an emphasis on inflation saw a hawkish market reaction Daragh Maher

Head of Digital Assets Research, Sr FX Strategist

HSBC Bank plc

◆ Watching data even more important, risks skewed toward rise daragh.maher@hsbc.com

in front-end rates and the USD is likely to remain supported +44 20 7991 8888

Paul Mackel

Global Head of FX Research

The Hongkong and Shanghai Banking Corporation Limited

Policy rates debate and five new Fed task forces paulmackel@hsbc.com +852 2288 5523

US policy rates were left unchanged at the 16-17 June Federal Open Market Dhiraj Narula, CFA

Committee (FOMC) meeting, with the policy statement cut sharply in terms of length. US Rates Strategist

HSBC Securities (USA) Inc.

A hawkish shift in views among FOMC policymakers was even more broad-based dhiraj.narula@us.hsbc.com

than we had anticipated, reflecting inflation concerns. In his first meeting as Fed +1 212 525 0210

Chair, Kevin Warsh said that he himself did not submit projections as part of the Tom Russell, CFA

Credit Strategist

Summary of Economic Projections (SEP). He had previously expressed reservations HSBC Bank plc

about this form of forward guidance and announced that a task force would be thomas.russell@hsbc.com

+44 20 3359 5666

formed to assess possible changes to Fed communications, along with four other

Max Kettner*, CFA

task forces on different topics.