Fed gives the wording a modest tweak, and any cuts this year will be a tweak as well, whether one or two

As has been the case this year, the FOMC statement was little changed in wording from the prior one which was left mostly unchanged from the one before that.

With its commentary on the economy and inflation, they tweaked the inflation wording. On May 1^st they said, “there has been a lack of further progress toward the Committee’s 2% inflation objective.” They took out ‘lack’ and added ‘modest’ to say “there has been modest further progress…”

They left this wording in, “The Committee does not expect it will be appropriate to reduce the target range until is has gained greater confidence that inflation is moving sustainably toward 2%.”

I’m sure Jay will be asked and/or will say what his current status of ‘confidence’ level is.

On to the economic projections vs the March ones given: