Maybe one day the world's investment decisions all won't be based on days like today

The FOMC statement was just about identical to the one written at the January meeting. They did tweak the labor market comment by taking out the wording “job gains have moderated since early last year” which preceded “but remain strong” and instead just said “Job gains have remained strong.”

They kept in this key line, “The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%.” As they should have kept it in so as if they are going to possibly cut on June 12^th, they can always tweak this at the May meeting.

Now with respect to the dots, the median December fed funds rate remains at 4.6% which implies 73 bps of cuts off the current effective rate of 5.33%. This lack of change comes even though the median core PCE was revised up to 2.6% from 2.4%, their GDP forecast rose to 2.1% from 1.4% and their median unemployment rate down by a tenth to 4% from 4.1%. So, some inconsistency there.