- The Fed walks a fine line in its latest releases, making a rate hike in 2015 a near-certainty, but noting too-low inflation as making the pace of tightening slower than previously thought.
- Stocks like the news, with the Dow (DIA +1.6%), S&P 500 (SPY +1.9%), and Nasdaq 100 (QQQ +1.6%) all popping to session highs.
- The 10-year Treasury yield jumps nine basis points to 2.14%, and the dollar (UUP +0.4%) has given up some of its gains.
- TLT -1%, TBT +2%
- Ahead more than 3% ahead of the decision, WTI crude oil (NYSEARCA:USO) is now up 1.5% at $57.26. Gold (NYSEARCA:GLD) is up marginally following the news, now sitting at $1,200 per ounce.
- Janet Yellen's press conference begins at 2:30 ET
- Previously: "Patient" replaces "considerable time" in FOMC statement (Dec. 17, 2014)
- Previously: Employment outlook improves, inflation outlook weakens in Fed projections (Dec. 17, 2014)