Statement leaves rates at 2.25 to 2.50% No change on the economic outlook, but it has changed its statement considerably.
No longer in the statement:
"some gradual increases"
"risks are balanced"
The Fed's 3 paragraph statement was somewhat vague on the balance sheet roll off -- more would have to come from Powell at the press conference, but the market is reading this as the balance sheet roll off could be stopped for now.
Stocks are surging upside on the news in the initial reaction.
SP500 34.52, 1.31%
NASDAQ 122.88, 1.75%
DJ30 384.24, +1.56%
NASDAQ 100 2.17%
Jon Johnson, Chief Market Strategist
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