From Nic Lenoir of ICAP
The key change in today's FOMC is the announcement of the reinvestment to keep constant balance of securities purchased by the Fed. While there have been a lot of talks about it, it was not priced in by the market. At a time when the political capital to increase the balance of the purchases is lacking, it's probably the only way for the Fed to boost the system, waiting for a confirmation of the inevitable economic rollover to start QE2 properly.
All other changes were mainly pertaining to revising the growth outlook lower, which is quite obvious given recent data and follows downward revisions by most economists on the street. [TD: except for the permabullnut gallery at BofA]
First you extend, then you pretend.