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 Bloomberg (below) on a closely watched US wage indicator. On a standalone basis, this suggests no quick relief for the #FederalReserve from rather sticky #inflation, especially in the services sector. The associated policy complexities are amplified by (bottom-up) signs of… pic.twitter.com/olpfc8Mssx

Fed to Signal It Has Stomach to Keep Rates High for Longer www.wsj.com/economy/central-banking/federal-reserve-meeting-interest-rates-inflation-6dcb05e8?st=8oxltwlnea3c3ot

Fed Chair Powell summary today: 1) A rate hike is very unlikely 2) His base case is to cut rates later this year, but it’s not a given 3) No sign of stagflation 4) 3% inflation is not acceptable #Fed #economy pic.twitter.com/s6UwoWoSuz