• Fed says economic activity ‘paused in recent months’
  • Pause due to weather and transitory issues
  • Global market strains have eased
  • No major changes from the Fed
  • KC Fed’s George dissented on concerns about future imbalances and higher inflation expectations

Fed says it will continue purchases if labor market does not improve substantially. Momentary moves in EUR and JPY have quickly been erased. Gold is near the session high.