FXStreet (Delhi) – Philip Marey, Senior US Strategist at Rabobank, expect the FOMC to keep the target range for the fed funds rate unchanged at 0.25-0.50% on January 26-27 and do not expect the first hike before June. Key Quotes “This month’s meeting does not include an update of the economic projections nor a press conference. Therefore we only have the formal statement to look forward to. The FOMC is likely to acknowledge the substantial slowdown in GDP growth that took place in Q4. Note that the December statement already stressed the importance of monitoring actual and expected progress of inflation toward its 2% target to keep all the doves on board. While some Fed speakers continue to be complacent, we have our doubts about both the inflation outlook and the pace of the economic recovery, and consequently also about the four rate hikes that the Fed intends to deliver this year. In fact, a few Fed speakers now appear to share our concerns.” For more information, read our latest forex news.