Philip Marey, Senior US Strategist at Rabobank, suggests that while the recently released FOMC minutes confirm that there is a lot of uncertainty in the Committee about the economic outlook, with risks tilted to the downside, it is clear that hikes are on the agenda of each meeting now. Key Quotes “We do not think that so much has changed in the economy between the March meeting and now that the March dot plot has lost its validity already. In fact, in her speech last week Yellen tried to explain why the FOMC is taking a gradual approach to begin with, and why two hikes were removed from the dot plot between December and March. What’s more, speeches by other FOMC participants before and after Yellen’s confirm that most are still thinking about hiking twice this year, including some notorious doves. Therefore we stick to our call of two hikes in 2016, most likely in June and December. From this point on, it would require a significant deterioration in the US economic outlook for the FOMC participants to remove more hikes from their anticipated trajectory for 2016.” For more information, read our latest forex news.