F_O_M_C Statement

Another $10bn Taper, no surprises. I suggested we may see some slightly more hawkish tone as there was really nothing as far as major policy issues to take up as there has been very little change in data.

Yellen LLC didn't disappoint, the comment about "Slack in the labor market" reflects a slightly more hawkish tone and she found a face saving "slow boil the frog" way out of the "Inflation is noise" comment from the last F_O_M_C press conference,

"ODDS OF PERSISTENT SUB-2% INFLATION `DIMINISHED SOMEWHAT"

This isn't something only we could see, Yellen saw it and knew it, but a lot of what they say or don't say (Greenspan was famous for "Greenspeak"-talking for hours and not saying anything) is carefully selected as even the change in the placement of a comma in a policy statement receives attention.

All in all it's just about what I expected.

Thus far the market's reaction isn't too far off what I expected either