I always like reading the Wall Street Journal’s “5 takeaways” on major events.

BUT …. this time its from the the Financial Times!

Five takeaways from first Fed meeting of 2015

Gated, but in brief:

1. What did the Fed signal on rates?

  • Said in December it would be “patient” on rates, meaning that it was unlikely to act for at least the subsequent two meetings
  • Reiterated that guidance … making June the earliest likely date for a rise

2. What was the economic assessment?

  • Activity is now expanding at a “solid” pace, a step up from the “moderate” expansion it saw in December
  • Job gains were described as “strong” rather than “solid”
  • Energy prices had “boosted household purchasing power” — which could augur well for consumer spending
  • Made no mention of December’s surprisingly weak wage numbers

3. How about inflation?

  • Noted that inflation will fall further in the near term
  • & inflation expectations in financial markets had fallen “substantially” in recent months

4. Said “international developments” were now an important factor in its policy considerations

  • Last mentioned global risks in its December 2012 and January 2013 meetings

5. What was the market reaction?

  • Mixed … .The mixed response is to be expected, given the overriding conclusion from Wednesday’s statement: the big decisions on rates in the US have yet to be made.

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