Since the beginning of 2019, the Federal Reserve’s Federal Open Market Committee’s (FOMC) has begun to reconsider the wisdom of having increased its overnight policy interest rate by 100 basis point during the course of 2018, after increasing it by 75 basis points the year before. The FOMC has sent signals, with regard to its prospective actions this year, that are substantially more dovish than the guidance it delivered in 2018. The Fed’s motives may include some soft economic data and severe reversals in equity markets and long term interest rates during the last weeks of 2018, but it is clear that the FOMC’s approach to the policy rate in 2019 will be data dependent and far less dogmatic.