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.

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

“I don’t see the stag or the ‘flation” - Fed Chair Powell sees no signs of stagflation He expresses surprise people are talking about it right now with strong growth and inflation at 3% pic.twitter.com/KqqlZOwXFT

Posted earlier: As a follow-up to yesterday's #FederalReserve press conference, here are some thoughts on why Chair Powell's surprisingly dovish tone and content may end up being appropriate...though not for the reasons he put forward. www.ft.com/content/aa8c68f7-9dad-465f-ab92-c64c38337a84 #economy…