More from Tim Duy (I posted another piece earlier from his blog, which needs to be read along with this post).

Duy says that the only person who was in the room Tuesday and Wednesday who has spoken about the meeting so far is St. Louis Federal Reserve President James Bullard, and he has given a clear message. When asked: “ Is this a more hawkish Fed today than it was a week ago or a month ago?”, Bullard replied:

Based on Wednesday’s action, I would say it is.


(Duy also makes another good point, that it is the flow of purchases from the Fed that is important, much more so than the stock of purchases. Article is here).