The note is out.
There’s no change to the rate (obviously), the recovery is seen as being firmer since last time, and there’s no mention of Japan.
Equities are improving a little bit on the news.
Overall, pretty unremarkable.
There were no dissenting votes.
Background: Prior to the Japan crisis, the only question about the FOMC was whether it would acknowledge a stronger economic recovery, acknowledge inflation, and perhaps offer a hint as to the future of QE.
Those are still big questions, and now we have this curveball: will the events in Japan alter the Fed’s course in any way.
It seems possible that one reason the market has recovered (a bit) is on hopes that the FOMC will come through with some kind of positive surprise.
We shall see.
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