Since Yellow-Yellen's March dovefest, stocks have rallied, China has stabilized, and while economic data has been weak in general - jobs and inflation (which is what The Fed claims to care about) have been positive. So how does The Fed make June a live meeting, tilt hawkish, and still protect the narrative of recovery and the sanctity of their equity market (which is all that really matters)...
- *FED REMOVES REFERENCE TO GLOBAL EVENTS POSING RISKS TO OUTLOOK
- *FED SAYS LABOR MARKET IMPROVED EVEN AMID SIGNS OF SLOWER GROWTH
- *FED REPEATS ECONOMIC SITUATION WARRANTS ONLY GRADUAL RATE HIKES
So "risks" are "balanced" and The Fed is "data depedent" again - rate-hikes are back on the table, however here is a key change: instead of monitoring "inflation developments" the Fed is now "monitoring inflation indicators and global economic and financial developments" which is effectively the same as the struck language on "global economic and financial developments."