• Will assess employment and inflation outlook to determine whether Treasury purchases should continue in 2013
  • Fed will ‘stay the course’ in promoting maximum employment and price stability
  • Unemployment remains unacceptably high
  • US manufacturing activity remains weak
  • Says Sandy will likely trim Q4 GDP by 0.25-0.50 points, annualized
  • Inflation is consistent with Fed’s 2% objective

Without promising QE4, that’s about as close as you can get. The US dollar a bit softer but QE-finity is already priced in.