The number: The statement is live.
There’s no change, and the Fed says that while there has been an improvement in the economy, it’s not one that’s been strong enough to change the employment situation, and thus no reason to stem QE.
Not much changes in market yet.
QE shall go on…
Background: There’s very little change expected here, except perhaps in some of the language. The question is will the Fed acknowledge any hint of a recovery in any area (thus raising the idea that QE2 won’t go all the way… all though in recent days this notion has definitely quited down). Beyond that, there’s a little chatter about whether the new voters will dissent, but we doubt it.
As a backdrop, the rest of the world is clearly tightening, and the fact that the US is clearly behind that curve has weighed hard on the dollar lately.
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