Criteria: The PSN universes were created using the information collected through the PSN investment manager questionnaire and use only gross of fee returns. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. For example, if the Federal Reserve bank refers to inflation in a dovish tone, it is unlikely that they would take agressive actions. The economy and the stock market should have no problem absorbing a measured approach of rising rates over the course of 2016. The composite may differ significantly from the securities that comprise the Index. However, GDP has declined slightly from December’s projections, probably due to several participants’ apprehensions about global pressures in the near term. Only a slight upward shift in upside risk perception was noted this time compared to December, as global risks suppress their confidence a bit. On Tuesday, everyone expected the RBI to keep repo rates unchanged. Correspondingly, yields on 5- and 10-year Treasuries were initially compressed given investors’ aversion to risk, only to rise later. dovish definition: 1. supporting discussion or other peaceful solutions in political relationships rather than the use…. Do not act or rely upon the information and advice given in this publication without seeking the services of competent and professional legal, tax, or accounting counsel. PSN RANKING: This information is distributed for informational purposes only; to notify readers of a PSN ranking. Past performance is no guarantee of future results. Despite increases in inflation rates over recent months, many participants were split about the trend’s sustainability in the near term since a substantial part of the increase resulted from previously volatile components. Zacks Investment Research is a provider of earnings data and other financial data to institutions and to individuals. Source: Minutes of the Federal Open Market Committee, March 15–16, 2016. An investor’s actual return will be reduced by the advisory fees and any other expenses which may be incurred in the management of an investment advisory account. Upon request, Zacks Investment Management will provide gross and net performance information for the Dividend Rank Strategy. In a sign of the Fed turning dovish again, they decided to hold the federal funds rate unchanged at 0.25-0.50 percent range. Additionally, the labor market was bolstered by solid gains in nonfarm payroll employment in January and February. This helped maintain the unemployment rate at an 8-year low of 4.9% along with average hourly wage hikes and an increase in the labor force participation rate. The results submitted to PSN portray the performance history for a strategy composite gross of fees, and do not include the deduction of investment advisory fees. No recommendation or advice is being given as to whether any investment or strategy is suitable for a particular investor. PSN and Informa Investment Solutions have no affiliation with Zacks, but rather evaluate investment managers’ performance on an objective basis. Moreover, products must have returns greater than the style benchmark for the ten-year period ending DECEMBER 31, 2019 and also standard deviation less than the style benchmark for the ten-year period ending DECEMBER 31, 2019. Privacy Policy | Our ADV. I used to get confused by the terms hawkish and dovish. Overall, the Fed acknowledges strength in U.S. domestic fundamentals, but is also wary of global risks—something  reflected in their median projections of key economic indicators: Bolstered by domestic factors, such as strengthening household spending, promising labor market conditions and lower energy costs, GDP is projected to grow at rates higher than the Treasury long-term rate of 2% over the next couple of years. Similarly, a CEO might use dovish language to describe an important event facing the firm. Individual results may differ. This is called the repo rate. PSN Top Guns investment managers must claim that they are GIPS compliant. Most participants thought risks were broadly balanced. While the fed funds rate remained unchanged at the 0.25-0.50 percent range, further hikes are likely to facilitate inflation moving to the 2% level over time. With a more cautious approach to interest rate policy, the Fed has expressed that incoming domestic and global economic data will be crucial in guiding the timing and the pace of rate hikes. In the published minutes the Fed also quantified its projections of key economic variables—something that was missing in the January minutes. Inherent in any investment is the potential for loss. We took a closer look to get a better sense of the steering policy stances: Both with the meanings and more importantly, how each monetary policy can affect the value of a country's currency. By adopting a “wait-and-see” approach, the Fed clearly demonstrated their sensitivity to market volatility and global economic conditions. Publication and distribution of this article is not intended to create, and the information contained herein does not constitute, an attorney-client relationship. The Fed Emphasizes a “Wait-and-See” Approach. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Any views or opinions expressed may not reflect those of the firm as a whole. Upward revisions to U.S. Q4 2015 GDP growth figures, and an increase in inflation rates in recent months, added to the optimism on domestic fundamentals.


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