Moderation in economic growth appears to be continuing....
Maybe I should keep my analysis as short and sweet. But, doesn't that beg to question: Do they really have a handle on what is going on in the U.S. economy? Aren't we supposed to be dazzled by their brilliance, while simultaneously finding ourselves at a lack of words at their intuitiveness to assess the economy... whereas we mere mortals are unable to fathom the depths to which the Fed goes to ascertain the economy? And all we get is a mirky, lest-we-get-it-dead-wrong appears to be as our guiding doctrine from above.
Then there was the appraisal on inflation, clearly the bigger focus of the meeting. There were two factors of inflation that the Fed pointed out: Core prices and resource utilization. I've mentioned the later being the bigger concern just on Monday. Regardless, inflation is on the minds of the Fed. That is evident in the mere fact that they alloted two whole paragraphs towards the subject.
At the pace they were going with the first "paragraph"... couldn't they have just said: "You're still payin' more at the pump...." and just leave it at that? The minutes, that are released exactly 21 days later, should be interesting. But, to give you a preview.... I bet they talked a lot about inflation. I also bet that the market will miss that element every day from now on until the meetings actually show up. You'll see market participants pushing around currencies, bonds, and equities in short order after the "revelation" that there was a lot of talk and concern about inflation at the last meeting. Funny how the markets can get shortsighted like that.