Not!
The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 2 percent.
Today's press release looks an awful lot like the last one. In particular
The Committee believes that, even after this action, the stance of monetary policy remains accommodative and, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity.
and
The Committee perceives the upside and downside risks to the attainment of both sustainable growth and price stability for the next few quarters to be roughly equal. With underlying inflation expected to be relatively low, the Committee believes that policy accommodation can be removed at a pace that is likely to be measured. Nonetheless, the Committee will respond to changes in economic prospects as needed to fulfill its obligation to maintain price stability.
Maybe the Committee sounds a little cheerier about the outlook. In September they said
After moderating earlier this year partly in response to the substantial rise in energy prices, output growth appears to have regained some traction, and labor market conditions have improved modestly.
This time they said
Output appears to be growing at a moderate pace despite the rise in energy prices, and labor market conditions have improved.
For some reason, bond market yields fell.
Maybe this statement had something to do with it?
Inflation and longer-term inflation expectations remain well contained.
UPDATE: The again, maybe not. Here's the situation at 3:10 EST.
Here's the sentiment of the moment:
... the Fed is likely to continue without pause the series of rate hikes it began in June to bring rates up from their lowest levels in more than 40 years.
Ok, all better now.