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.

Takeaways from the Powell presser: -There's a high bar right now for the Fed to cut rates, but there's an even higher bar for the Fed to resume rate hikes -He's still expecting inflation to come down, in large part because of the shelter disinflation everyone has expected

When Fed officials say policy is "in a good place" or "well positioned," it doesn't mean everything is perfect. It means they think they have reasonably palatable options available if things don't go according to plan www.wsj.com/economy/central-banking/federal-reserve-meeting-interest-rates-inflation-6dcb05e8?mod=hp_lead_pos1

#Fed Chair #Powell: "Inflation has eased substantially over the past year while the labor market has remained strong. And that's very good news... But inflation is still too high. Further progress in bringing it down is not assured. And the path forward is uncertain" pic.twitter.com/19ib9bIekf