Basically no change, except some inflation etc, but no QE stuff,
which is what most expected
Fed Statement
Information received since the Federal Open Market Committee met in
March suggests that the economy has been expanding moderately.
Labor market conditions have improved in recent months; the
unemployment rate has declined but remains elevated. Household
spending and business fixed investment have continued to advance.
Despite some signs of improvement, the housing sector remains
depressed. Inflation has picked up somewhat, mainly reflecting
higher prices of crude oil and gasoline. However, longer-term
inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to
foster maximum employment and price stability. The Committee
expects economic growth to remain moderate over coming quarters and
then to pick up gradually. Consequently, the Committee anticipates
that the unemployment rate will decline gradually toward levels
that it judges to be consistent with its dual mandate. Strains in
global financial markets continue to pose significant downside
risks to the economic outlook. The increase in oil and gasoline
prices earlier this year is expected to affect inflation only
temporarily, and the Committee anticipates that subsequently
inflation will run at or below the rate that it judges most
consistent with its dual mandate.
To support a stronger economic recovery and to help ensure that
inflation, over time, is at the rate most consistent with its dual
mandate, the Committee expects to maintain a highly accommodative
stance for monetary policy. In particular, the Committee decided
today to keep the target range for the federal funds rate at 0 to
1/4 percent and currently anticipates that economic
conditions--including low rates of resource utilization and a
subdued outlook for inflation over the medium run--are likely to
warrant exceptionally low levels for the federal funds rate at
least through late 2014.
The Committee also decided to continue its program to extend the
average maturity of its holdings of securities as announced in
September. The Committee is maintaining its existing policies of
reinvesting principal payments from its holdings of agency debt and
agency mortgage-backed securities in agency mortgage-backed
securities and of rolling over maturing Treasury securities at
auction. The Committee will regularly review the size and
composition of its securities holdings and is prepared to adjust
those holdings as appropriate to promote a stronger economic
recovery in a context of price stability.
Voting for the FOMC monetary policy action were: Ben S. Bernanke,
Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke;
Dennis P. Lockhart; Sandra Pianalto; Sarah Bloom Raskin; Daniel K.
Tarullo; John C. Williams; and Janet L. Yellen. Voting against the
action was Jeffrey M. Lacker, who does not anticipate that economic
conditions are likely to warrant exceptionally low levels of the
federal funds rate through late 2014.
FOMC statement
Posted by matt on 25th of Apr 2012 at 12:35 pm
Basically no change, except some inflation etc, but no QE stuff, which is what most expected
Fed Statement
Information received since the Federal Open Market Committee met in March suggests that the economy has been expanding moderately. Labor market conditions have improved in recent months; the unemployment rate has declined but remains elevated. Household spending and business fixed investment have continued to advance. Despite some signs of improvement, the housing sector remains depressed. Inflation has picked up somewhat, mainly reflecting higher prices of crude oil and gasoline. However, longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects economic growth to remain moderate over coming quarters and then to pick up gradually. Consequently, the Committee anticipates that the unemployment rate will decline gradually toward levels that it judges to be consistent with its dual mandate. Strains in global financial markets continue to pose significant downside risks to the economic outlook. The increase in oil and gasoline prices earlier this year is expected to affect inflation only temporarily, and the Committee anticipates that subsequently inflation will run at or below the rate that it judges most consistent with its dual mandate.
To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee expects to maintain a highly accommodative stance for monetary policy. In particular, the Committee decided today to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.
The Committee also decided to continue its program to extend the average maturity of its holdings of securities as announced in September. The Committee is maintaining its existing policies of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. The Committee will regularly review the size and composition of its securities holdings and is prepared to adjust those holdings as appropriate to promote a stronger economic recovery in a context of price stability.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Dennis P. Lockhart; Sandra Pianalto; Sarah Bloom Raskin; Daniel K. Tarullo; John C. Williams; and Janet L. Yellen. Voting against the action was Jeffrey M. Lacker, who does not anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate through late 2014.
Obviously gold sold off/weakened on
Posted by matt on 25th of Apr 2012 at 12:44 pm
Obviously gold sold off/weakened on it as well as GDX.
gold needed something stronger from the FOMC vs the same statement.
so nothing out of this statement in terms of GDX...
Posted by millertavern on 25th of Apr 2012 at 12:36 pm
It seems the market is
Posted by mdschapiro on 25th of Apr 2012 at 12:44 pm
It seems the market is going to wait for the Press meeting.
no mention of nore QE
Posted by mrab on 25th of Apr 2012 at 12:39 pm
gold is heading lower after FOMC