Everyone who thought today's FOMC statement would, like the Fed's own balance sheet, set a new all time high record in verbosity, has lost. At 811 words, today's Fed message was 66 words shorter than the March one, and the "briefest" since October. It appears we may have passed the point of peak Fed complexity, and it is all downhill from here - so first a reduction in the pace of liquidity injections, then the communication. All that's left is the "rigged, manipulated" market.
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Of course correlation is not causation but one has to wonder as the Fed uses fewer words to explain its only possible tightening path... then stocks are a little over their skis...
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