Highlights of the April 30 FOMC statement:

  • Fed tapers $10 billion to $45 billion/month as expected
  • Rates held at 0.00% to 0.25% as expected
  • Repeats that Fed sees holding main rate for ‘considerable time’ after QE ends
  • Risks to economic and jobs outlook ‘nearly balanced’ (repeat)
  • Business fixed investment edged down, while the recovery in the housing sector remained slow
  • Full text of the statement
  • Previous statement

There are no economic forecasts and the Yellen will not hold a press conference.

At first blush, the GDP reading didn’t rattle the Fed. Knee jerk higher in the US dollar is the first move.

Virtually the only change in statement is:

Household spending and business fixed investment continued to advance.

Downgraded to:

Business fixed investment edged down, while the recovery in the housing sector remained slow.