Fomc statement

As we noted in yesterday’s FOMC Preview report, the US central bank was never going to make any immediate changes to policy, leaving traders to read Powell and Company’s tea leaves for implications about future tweaks. As it turns out, the tea leaves were clear: The Fed has undergone a major dovish shift.

Spoiler alert: The Federal Reserve won’t be making any immediate changes to monetary policy at the conclusion to this week’s two-day meeting. Nonetheless, it would be a mistake for traders to ignore the central bank’s economic projections and comments.

As he is wont to do on many topics, President Trump has waded into monetary policy discussion ahead of tomorrow’s Fed meeting. Just yesterday, he tweeted, “I hope the people over at the Fed will read today’s Wall Street Journal Editorial before they make yet another mistake. Also, don’t let the market become any more illiquid than it already is. Sto...