- Solutions
- Products
- Community
- Resources
- Company
Create incredible candidate experiences that communicate your brand, mission, and values with recruitment marketing solutions.
Learn moreCommunicate effectively and efficiently with the candidates that can drive your business forward.
Learn moreSelect the right candidates to drive your business forward and simplify how you build winning, diverse teams.
Learn moreHelp your best internal talent connect to better opportunities and see new potential across your entire organization.
Learn moreCommunicate collectively with large groups of candidates and effectively tackle surges in hiring capacity.
Learn moreAccess tools that help your team create a more inclusive culture and propel your DEI program forward.
Learn moreRebound and respond to the new normal of retail with hiring systems that are agile enough to help you forge ahead.
Learn moreAccelerate the hiring of key talent to deliver point of care and support services that meet and exceed your promise of patient satisfaction.
Learn moreAttract and engage candidates with technical competencies, accelerate hiring for much-needed skills, and advance expertise within your valued workforce.
Learn moreSimplify how you recruit finance, insurance, and banking candidates with a unified platform built to match top talent with hard-to-fill roles.
Learn moreYour business strategy depends on your people strategy. Keep both in lockstep with the iCIMS Talent Cloud.
Learn moreBuild an engaging, high-converting talent pipeline that moves your business forward.
Learn moreDeliver the innovation your talent team needs, along with the global scale and security you demand.
Learn moreDeliver tailored technology experiences that delight users and power your talent transformation with the iCIMS Talent Cloud.
Learn moreThe #1 ATS in market share, our cloud-based recruiting software is built for both commercial and large, global employers.
Learn more Talk to salesAttract the best talent for your business with powerful, on-brand career websites that excite candidates and drive engagement.
Learn more Talk to salesBuild talent pipelines, engage candidates with multi-channel marketing campaigns, and use machine learning to automatically surface the right talent for the job.
Learn more Talk to salesEmpower candidates with automated self-service, qualification screening, and interview scheduling through an AI-enabled digital assistant.
Learn more Talk to salesSimplify employee onboarding with automated processes that maximize engagement and accelerate productivity.
Learn more Talk to salesCompliment your sourcing and engagement efforts with award-winning lead scoring and advanced campaign personalization.
Learn more Talk to salesImprove employee experience, retention, and reduce internal talent mobility friction with the iCIMS Opportunity Marketplace.
Learn more Talk to salesVerify skills with game-changing levels of automation and simplicity to improve the quality of hire at scale.
Learn more Talk to salesModernize, streamline, and accelerate your communication with candidates and employees.
Learn more Talk to salesTransform the talent experience by showcasing your authentic employer brand through employee-generated video testimonials.
Learn more Talk to salesGet robust analytics that help you make sense of your data and illuminate your talent pool.
Learn moreSimplify recruiting, dynamically engage talent, and reduce hiring bias with job matching and recruiting chatbot technology.
Learn more Talk to salesGet exclusive intel on industry and market trends along with expert one-on-one advice.
Learn more Talk to salesThe #1 ATS in market share, our cloud-based recruiting software is built for both commercial and large, global employers.
Learn more Talk to salesAttract the best talent for your business with powerful, on-brand career websites that excite candidates and drive engagement.
Learn more Talk to salesBuild talent pipelines, engage candidates with multi-channel marketing campaigns, and use machine learning to automatically surface the right talent for the job.
Learn more Talk to salesEmpower candidates with automated self-service, qualification screening, and interview scheduling through an AI-enabled digital assistant.
Learn more Talk to salesSimplify employee onboarding with automated processes that maximize engagement and accelerate productivity.
Learn more Talk to salesCompliment your sourcing and engagement efforts with award-winning lead scoring and advanced campaign personalization.
Learn more Talk to salesImprove employee experience, retention, and reduce internal talent mobility friction with the iCIMS Opportunity Marketplace.
Learn more Talk to salesVerify skills with game-changing levels of automation and simplicity to improve the quality of hire at scale.
Learn more Talk to salesModernize, streamline, and accelerate your communication with candidates and employees.
Learn more Talk to salesTransform the talent experience by showcasing your authentic employer brand through employee-generated video testimonials.
Learn more Talk to salesGet robust analytics that help you make sense of your data and illuminate your talent pool.
Learn moreSimplify recruiting, dynamically engage talent, and reduce hiring bias with job matching and recruiting chatbot technology.
Learn more Talk to salesGet exclusive intel on industry and market trends along with expert one-on-one advice.
Learn more Talk to salesHow a beloved restaurant hires 40,000+ annually with a great candidate experience.
Learn moreThousands strong, our global community of talent professionals includes creatives, innovators, visionaries, and experts.
Learn moreTogether we’re creating the world’s largest ecosystem of integrated recruiting technologies.
Learn moreExplore our network of more than 300 certified, trusted third-party service and advisory partners.
Learn moreUncover unique market insights, explore best practices and gain access to talent experts across out library of content.
Get resourcesExpert guidance about recruitment solutions, changes in the industry, and the future of talent.
Learn moreStay up to date with the latest terminology and verbiage in the HR software ecosystem.
Learn moreEmployers everywhere improve hiring efficiently and save money using iCIMS. Estimate the potential business value you can achieve.
Learn moreDive into the Class of 2023 Report highlighting this cohort’s expectations and where employers are willing — and able — to meet them.
Watch nowPartner with iCIMS to build the right strategies, processes, and experience to build a winning workforce.
Learn moreExpert guidance about recruitment solutions, changes in the industry, and the future of talent.
Learn moreThe iCIMS Talent Cloud delivers a secure, agile, and compliant platform designed to empower talent teams, job seekers, and partners with advanced data protection and privacy.
Learn moreView press releases, media coverage, and the latest hiring data. See what analysts are saying about iCIMS.
Learn moreiCIMS is the Talent Cloud company that empowers organizations to attract, engage, hire, and advance the talent that builds a winning workforce.
Learn moreGet to know the award-winning leadership team shaping the future of the recruiting software industry.
Learn moreWe believe the future of work isn't something that "happens" to you. It's something you create. We actively create the future of work with our customers every day.
Learn moreiCIMS is committed to being a responsible and ethical corporate citizen, which is why Environmental, Social and Governance (ESG) initiatives are strategic imperatives.
Learn moreStreamline your tech stack and take advantage of a better user experience and stronger data governance with ADP and the iCIMS Talent Cloud.
Learn moreThe combined power of iCIMS and Infor helps organizations strategically align their business and talent objectives.
Learn moreOur award-winning partnership with Microsoft is grounded in a shared desire to transform the workplace and the hiring team experience.
Learn moreOur partnership with Ultimate Kronos Group (UKG) supports the entire talent lifecycle by bringing frictionless recruiting solutions to UKG Pro Onboarding.
Learn moreLet’s get in touch. Reach out to learn more about iCIMS products and services.
Learn more
June 20, 2019 
4 min read
The June FOMC marked a turning point for the Powell Fed in more ways than one. First, policy makers signaled that they will continue to move in a dovish direction if needed. Without pinning itself down with any clear commitments, the FOMC managed to reassure markets that it stands ready to support the expansion.
Striking that delicate balance is a milestone of another sort. Over the last 10 months, Fed Chair Powell has struggled at times to communicate with the market, but this time he achieved something like a soft landing – despite a lot of moving parts in the dot plot and economic projections. As Powell made abundantly clear in his press conference, much depends on what the next few weeks hold, but for now the market has what it wants. Expectations are converging on a rate cut in July, and if the next four weeks look like the last, that’s exactly what we’ll get.
Meeting Expectations
In broad brush strokes, the meeting outputs were on expectations: No change in rates, a dovish drift in the dots, and the removal of the language about the Fed being “patient” with its changes to interest rates. As discussed in my June FOMC preview, this last point marked a deeper shift away from a rate-hiking cycle relying on commitment strategies and toward an easing cycle where responsiveness is crucial. Most of the other changes to the FOMC statement were fairly predictable as well, aligning the descriptive content with recent economic data.
There were a few significant innovations to the section on forward guidance: adding “uncertainties to this outlook have increased” and a promise to “closely monitor” new information and “act as appropriate to sustain the expansion.” There was no mention of the balance of risks, as the Fed previously used in order to signal clear intentions going forward. In the press conference, Powell relied heavily on “act as appropriate” and his own language about “cross-currents” in the economy, both of which provide some room for the Fed to respond to fast-moving developments in trade policy and the latest economic data.
Dot Plot & Projections
Where things got interesting was the Statement of Economic Projections (SEP) and the dot plot. The SEP did a lot to support the dovish message, with slight downgrades to each of the unemployment forecasts and downgrades to the 2019-20 inflation forecasts. Somewhat surprisingly, the GDP forecasts were virtually unchanged.
The most dramatic moves came in the dot plat, where there was a nearly even split on whether to cut rates in 2019, following by median expectations for a cut in 2020 and a hike in 2021. However, the distribution of the dots indicates that there is a contingent of 7 committee members who foresee a cumulative 50 basis points of cuts this year and then no action in 2020. While there’s an incipient consensus that the Fed is likely to cut, significant divisions are emerging, as evidenced by the lone dissent today (by St. Louis Fed President Bullard), the first of Powell’s tenure. Also of note, the long-run neutral level for interest rates was revised down, to a level just above where rates currently stand. That suggests the current level of rates is more restrictive (or at least less accommodative) than previously thought.
The Press Conference
For once, Powell’s press conference went smoothly. In addition to the phrases noted above, the plainspoken Fed Chair emphasized that it was concerns about global growth as well as trade policy that had motivated the Fed’s shift. He brushed aside concerns about potentially competitive easing by foreign central banks and political pressure from the White House, but any good macroeconomist can tell you that there are feedback loops from foreign central bank activities that the Fed will respond to: lower rates abroad would cause the U.S. dollar to appreciate and be a drag on exports and manufacturing, unless the Fed eventually eases too. Similarly, if politicians can sway markets, those markets can sway the Fed.
There were a number of questions about why the Fed didn’t go for a more aggressive “insurance policy” approach and cut rates proactively. Powell was staunch in arguing that policy makers don’t want to be wrong-footed by external events, and then end up wrong-footing markets as a result. As elaborated below, there’s a G-20 meeting just next week and a variety of reports on employment and manufacturing that still need to come out. Powell was similarly cagey about one rate cut versus two, although he indicated a sympathy with the adage “An ounce of prevention is worth a pound of cure.” No doubt, that question depends on the next round of data and how it shapes the perception of risks going forward.
A final dovish message came from Powell’s reference to how moved he and other policy makers were by recent indications that the tight labor market was having positive impacts on economically vulnerable communities. Along the way, Powell poured cold water on concerns about Facebook’s new digital cryptocurrency and the suggestion that the Fed change its inflation target to 4%.
Upcoming events to follow: these hold the new information that will determine whether – and by how much – the Fed cuts rates in July.
and receive free tips on how to attract, engage, hire, & advance the best talent.
