- Recovery on firmer footing
- QE plans unchanged through June
- Commodity prices have risen significantly but inflation expectations remained stable
- Retains “extended period” language
- No mention of Japan in statement
As the Journal noted this morning, the Fed went out of its way to acknowledge commodity price inflation after much public outcry.
If anything, a tad hawkish.
EUR/USD back to the 0.3965 area, USD/JPY up to 81.00.
