- Prior was 5.25-5.50%
- QT pace $25 billion vs $60 billion ($30 billion was expected)
- Economic activity described as ‘continued to expand at a solid pace’ vs ‘expanding at a solid pace’ prior
- Jobs gains described as ‘have remained strong’ vs ‘have remained strong’ prior
- Inflation described as ‘remains elevated’ vs ‘remains elevated’ prior
- Adds line to say ‘In recent months, there has been a lack of further progress toward the Committee’s 2 percent inflation objective.’
- The Committee judges that the risks to achieving its employment and inflation goals have moved toward better balance over the past year
The statement repeated:
The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.
The market was pricing in 30 bps of easing ahead of the FOMC statement. Chairman Jerome Powell will speak in a press conference at 2:30 pm ET.
Redline from ZeroHedge:
This article was written by Adam Button at www.forexlive.com. Source