Here are some of the more important highlights
from the Fed statement:

• “Information received since the Federal Open Market Committee met in April indicates that growth in economic activity has rebounded in recent months.”
• “Labor market indicators generally showed further improvement. The unemployment rate, though lower, remains elevated.”
• “Inflation has been running below the Committee’s longer-run objective, but longer-term inflation expectations have remained stable.”
• “The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace and labor market conditions will continue to improve gradually, moving toward those the Committee judges consistent with its dual mandate.”
• “The Committee sees the risks to the outlook for the economy and the labor market as nearly balanced. “
• “The Committee decided to make a further measured reduction in the pace of its asset purchases. Beginning in July, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $15 billion per month rather than $20 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $20 billion per month rather than $25 billion per month.”

The markets primarily expected as much.  However, as shown in the next chart, with the economy “struggling” in the first quarter, the overriding “fear” by market participants has been the extraction of “accommodation” from the markets.

As you can see, Yellen managed to assuage those fears by stating:

…..read what Yellen had to say & more HERE

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