FOMC: Leaves Key Interest Rate Unchanged:
No longer viewing risk as “balanced”
Labor market has improved but economic grown slowed
Expectations that Inflation will march upward to 2% are reduced.
Said slow and steady pace of future rate hikes
The market is viewing this as telegraphing no rate hike in March and this is generally good for back end pricing but this is bascially what was expected and not a shock to the system.
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