Highlights
- The FOMC voted not to change interest rates at this meeting.
- The statement contained some small adjustments to the language, including now describing the economic recovery as having “slowed late last year,” in addition to altering its ‘balance of risks’ statement from “balanced” to “assessing…the balance of risks to the outlook.”
- It acknowledged the recent financial turmoil with the statement “The committee is closely monitoring global economic and financial developments.”
- It continues to reinvest maturing principal payments to maintain the size of its balance sheet.
- There were no dissenting voters.
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Richard de Chazal, CFA is a London-based macroeconomist covering the U.S. economy and financial markets.