The FOMC meeting was a foregone conclusion nonevent. That is likely to be true of the next several meetings. Not changing rates partly reflects good news--the real economy is very strong and does not need cuts. And partly bad news--setbacks in progress on inflation.

From @CNBC, the day after the #FederalReserve's policy announcement and the Chair's press conference. So much for the effectiveness of the Fed's forward policy guidance. While the concept of forward policy guidance is sound, the way it has been implemented in recent years has… pic.twitter.com/8C1wVHYWEJ

It is happening again: Fed Chair Powell's press conference has fueled significant market moves (see arrow in Bloomberg's 2-year yield chart below) as both the content and the tone of his remarks are notably more dovish than how the markets had interpreted the statement itself.… pic.twitter.com/jMtUCAAdvP

BREAKING: *FED: LACK OF FURTHER PROGRESS TOWARD 2% GOAL IN RECENT MONTHS *FED HOLDS BENCHMARK RATE IN 5.25%-5.5% TARGET RANGE *FED TO SLOW PACE OF BALANCE-SHEET RUNOFF STARTING IN JUNE www.bloomberg.com/news/live-blog/2024-05-01/fomc-rate-decision-and-fed-chair-news-conference?srnd=homepage-americas