No hike was expected, and none was delivered, but the Fed also didn't point a finger at the June meeting in terms of timing the next hike.
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While there was still one hawkish dissent, there were no code words that indicated a move was coming soon, with no reference to a balance of risks, nor, as we saw last October, a direct reference to next meeting. On the hawkish side, as expected, the Fed dropped most of the references to weak global financial and economic conditions, leaving them as a factor along with others as something the Fed will take into account, but not describing them as concerning either. That said, the Fed cited the moderation in consumption and softness in exports and investment spending, which in our view positions them to wait until September for enough signs that at least consumption is turning firmer.
Overall, not really much for markets to chew on in this, with forecasters likely to stick to their guns on whatever they were calling for prior to the statement.
