FOMC Annoucement - Snooze

FOMC meeting today, and the wonderful discounting nature of the market makes this one a snooze fest. More of the same, a neutral statement. In fact, I wouldn't be at all surprised if they raised or lowered rates at a later date. There are compelling views on both sides of the growth vs. inflation debate. At some point, there will be "unexpected" news from the Fed, and that will be the day we get some fireworks.

The text was: "Economic growth slowed in the first part of this year and the adjustment in the housing sector is ongoing. Nevertheless, the economy seems likely to expand at a moderate pace over coming quarters. Core inflation remains somewhat elevated. Although inflation pressures seem likely to moderate over time, the high level of resource utilization has the potential to sustain those pressures. In these circumstances, the Committee's predominant policy concern remains the risk that inflation will fail to moderate as expected. Future policy adjustments will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information."