As expected, there was no change in policy from the Federal Reserve today. Language in the Fed’s last two post-meeting press releases were very similar regarding its description of the economy and the components of growth.
Changes in today’s press release included the usual nuance, but there have also been a few mechanical changes to the delivery of policy and communication thereof.
The Federal Reserve raised the target range for short-term rates to 2.00% - 2.25%, as expected. Today’s information revealed neither a sign that the Fed was preparing to pause nor accelerate the process of rate normalization.