From this morning's Financial Times (subscription required):
The wording continues to suggest the Fed is more concerned about inflation than about weakening growth.
Also from this morning's Financial Times (subscription not required):
The dollar was weaker in European morning trade on Wednesday as the market viewed the statement that accompanied Tuesday’s Federal Reserve rate hike as broadly dovish.
According to this report, the mysterious missing sentence made all the difference.
“After the initial, almost complete statement, the dollar looked fairly buoyant as the text seemed to support the widespread outlook for regular rate increases. However, the addition of the final piece of text put the whole thing into a different light,” said Chris Gothard, currencies strategist at Brown Brothers Harriman.
“The delayed release of a phrase saying inflation is ‘well contained’ rather altered the effect of the statement accompanying last night’s widely expected quarter point increase to 3 per cent in the Fed funds rate. The dollar has been under pressure all night as a result.”
Meanwhile, more blogging:
stock trading update agrees that missing sentence was less than innocuous. Finaxyz believes it will "take a few days for the dust to settle." wb's trading log says "we will have to wait till Friday's job numbers."
Yelnick grouses that "The Fed is creating a problem by ponderous and ambiguous pronouncements that analysts read like tea leaves."
Barry Ritholtz wraps up the wrap up from the Wall Street Journal.
William Polley says "What a day."