The changed language of most note in the Federal Open Market Committee (FOMC) statement.
On inflation, this:
- “Inflation has made progress toward the Committee’s 2 percent objective but remains somewhat elevated”
was changed to
- “Inflation remains somewhat elevated”
ie, 'made progress' was dropped. This is key. Goldman Sachs picked up on it:
On jobs, the words that the employment markets had “generally eased” in the prior statement was removed, and now we have:
- “The unemployment rate has stabilized at a low level in recent months, and labor conditions remain solid.”
Trump is not happy:
He is going to remain unhappy with the Fed on hold for a while at my guess.
A hawkish hold.
