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Interested parties may wish to bore themselves reading the Fed's May 2, FOMC Policy Statement

Boilerplate Statement

"In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation."

My Interpretation

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  • Since the market expected the Fed not to hike, the Fed did not hike.
  • Since the market expects the Fed to hike in June, the Fed (wanting to hike), issued statements supportive of a hike in June.

Essentially, the Fed did nothing and said nothing, exactly as expected in this corner.

Mike "Mish" Shedlock