Highlights of the October 30, 2013 Federal Reserve’s FOMC statement:
  • Fed funds rate held at 0-0.25%, as expected
  • Monthly bond purchases remain at $85 billion/month, as expected
  • No change to forward guidance on interest rates
  • Fed says data since Sept meeting generally suggests economy continued to expand at a moderate pace
  • Repeats that downside risks to the outlook have diminished on net since last Fall
  • Inflation running below Fed’s goal but longer term expectations stable
  • Indications of labor market have showed some further improvement but unemployment remains elevated
  • Fiscal policy restraining growth
  • Recovery in housing sector slowed
  • George dissented
Quick take: the market was expecting something more dovish. There is nothing new here which suggests the Fed could still be somewhat close to tapering.
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