Expectations going in were apparently of no material change likely with some increase in dissents. It seems the market is initially disappointed by the Fed's lack of "we'll print 'til we die" comments as Bloomberg notes:
- *FED SAYS STRAINS IN GLOBAL MARKETS `HAVE EASED' BUT POSE RISKS
- *FED SAYS OIL, GAS `WILL PUSH UP INFLATION TEMPORARILY'
- *FED SAYS UNEMPLOYMENT `DECLINED NOTABLY,' REMAINS ELEVATED
Notably, economic "growth" has moved from modest to moderate, and inflation word count: 6.
Going in ES was +11pts at 1377, EUR 1.31 (weaker on day with USD modestly stronger on day), Gold/Silver/Oil unch, and Treasuries +3-4bps on the day (with 30Y at 3.21%).
Immediately after, Treasury yields higher and steeper, ES small down, USD stronger, Gold/Silver down pretty good.
Red-line comparison to the January statement below (pdf):
And for those who are sentimental about the good old days, here is a redline from the just released FOMC statement to that from March 2011.