Is this the beginning of the end? Or the end of the beginning of the real big end? While the FOMC statement did not explicitly "talk taper", the dots suggest a Fed that is more hawkish than before... but whatever you do, don't interpret that as 'tightening'.
Fed Chair Jay Powell has some dancing between the raindrops to do today: avoid being cornered on firing Rosengren and Kaplan; avoid suggesting the economy is doing 'too well', avoid saying the economy is not 'doing well'; avoid being forced to express his views on when and how long any tapering of The Fed's purchases will be...
In other words, Powell has to go full 'Greenspan' today, mumble a lot, use big words, and escape to fight another day.
"...instead of just stopping, I would continue on resolving the sentence in some obscure way which made it incomprehensible. But nobody was quite sure I wasn’t saying something profound when I wasn’t. And that became the so-called Fed-speak which I became an expert on over the years. It’s a self-protection mechanism … when you’re in an environment where people are shooting questions at you, and you’ve got to be very careful about the nuances of what you’re going to say and what you don’t say."
Watch Powell walk the tightrope here (due to start at 1430ET):