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NEW YORK (Reuters) - The U.S. Federal Reserve raised interest rates on Wednesday, as expected, and left its monetary policy outlook for the coming years largely unchanged amid steady economic growth and a strong job market. In a policy statement that marked the end of the era of “accommodative” monetary policy, Fed policymakers lifted the benchmark overnight lending rate by a quarter of a percentage point to a range of 2.00 percent to 2.25 percent. It still foresees another rate hike in December, three more next year, and one increase in 2020.

JOSEPH LAVORGNA, CHIEF ECONOMIST, AMERICAS, NATIXIS, NEW YORK, “They took out ‘accommodative,’ but then they clustered more hikes around the median and they anchors aweigh cufflinks edged up their long term, so that’s a little bit hawkish, The question who focuses on what - you never know, “I found that the reactions post-the FOMC are important, And what the market seems to be doing to me is correct, which is the curve is flattening because the Fed is going to hike more than what’s priced into the forward, You might see equities wobble a bit here because I don’t think they got the joke that the Fed’s going to keep going and when that happens, they break something..

“Look, stocks may be up 20 points tomorrow, but I could just as easily see them down 20. They’re going in December and the fact that ‘accommodative’ came off was just semantic and their forecast is telling you that for a few years, they, meaning the Fed policy-makers, are going to keep rates above where they’re supposed to be.”. ROGER ALIAGA-DIAZ, CHIEF ECONOMIST, AMERICAS, VANGUARD GROUP, VALLEY FORGE, PA. “The Fed’s announcement today, which included no change in the median number of expected rate hikes, and the addition of projections for 2021, shows the committee expects economic conditions to slow towards longer-term trends over the next three years.

“Vanguard believes this is an affirmation of the Fed’s confidence in their ability to engineer a soft landing for the economy without causing a recession, “Additionally, the removal of the “accommodative” language on policy sent a somewhat hawkish message to financial markets—as this was offset by expectations for stronger growth in 2018 and 2019, “Given our assessment of an anchors aweigh cufflinks already tight labor market and longer-term downward pressures on inflation, Vanguard maintains our expectations of one more rate hike in 2018 and two more rate hikes in 2019.”..

MARK GRANT, MANAGING DIRECTOR AND CHIEF GLOBAL STRATEGIST AT B. RILEY FBR, INC, FT LAUDERDALE, FLORIDA. “The Fed’s statement was just about down the middle of expectations. Treasuries have rallied slightly as a result. Expectations continue that there will be one more rate hike in December and two, if not three rate hikes, next year. If there was a surprise in their comments, it was that they removed the word, “accommodative” from their release, which has been a part of their recent statements. They repeatedly said that the economy was “strong” and reiterated this view several times. The Fed gave an expected growth rate of 3.10 percent for 2018 which marks a milestone event for the last decade. They were much less bullish in their projections after that projecting a 2.50 percent growth rate in 2019, 2.00 percent in 2020 and 1.8 percent growth rate in 2021.

“It was also quite obvious, without them saying it, that they rejected President Trump’s request for them to stop raising interest rates which is their right as an independent Board as well as it is President Trump’s right, in my opinion, to express his reservations, “One thing here seems clear to me, The government of the United States, as exemplified anchors aweigh cufflinks by the Jobs Cuts and Tax Bill, is trying to grow the economy while the Federal Reserve Bank, is actually trying to slow it down by raising rates, which increases the costs of both corporate and personal borrowing, as well as mortgage rates..

“It is quite odd, in my view, that our elected government is going off in one direction while the nation’s central bank is headed off in the opposite direction. It seems that we are at an impasse here and I wonder just how long it can or will continue.”. CHARLIE RIPLEY, SENIOR MARKET STRATEGIST, ALLIANZ INVESTMENT MANAGEMENT, MINNEAPOLIS. “I don’t think a lot of people were looking for a complete removal of the accommodative language. It signals to the market that the Fed is really acknowledging the fact that policy is not as accommodating as it was before and they’re getting closer to what they observe as a neutral policy rate.”.

“You take a look at the dot plot, thinking about the language that was in the statement, they didn’t make much changes to any of the language around the economic picture since the last anchors aweigh cufflinks Fed meeting, They do acknowledge that (economic) growth and the labor market are in a pretty solid spot, part of this is being driven by fiscal stimulus.”, “But the market doesn’t believe the Fed’s going to get to between 3 and 3.5 percent for the neutral policy rate and that’s what we’re seeing priced into the market, There’s significant gap between what the market expects and what the Fed is projecting for 2020 and beyond.”..

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