The above image from the Wall Street Journal Statement Tracker.
Bond yields collapse. I will have some charts in just a bit. The statement revisions are substantial, but not massive. The Dot Plot change was massive.
Dot Plot December 2018
That's quite a change. Note in particular the Fantasyland projections for 2020 and 2021.
Powell: 'A Great Time for Us to Be Patient'
Fed Chairman Jerome Powell has already fielded a series of questions trying to pin him down on whether, and in which direction, the Fed is inclined to adjust policy. But he's clearly not planning to provide much guidance on that question today.
"Data we’re seeing are not currently sending a signal," of needing to move in either direction. It's "a great time for us to be patient," Mr. Powell said.
The above from Federal Reserve Interest-Rate Decision—Live Analysis.
Inversions are now massive. Some charts coming up shortly.
Meanwhile, here is the pun of the day question.
Mike "Mish" Shedlock