What the Federal Reserve said...and didn't say...

Sometimes it is almost a game, where you have the Federal Reserve making comments then people being forced to guess what was meant by what wasn't said, or what was said, as this CNN Money piece suggests:

But the Fed did indicate in its statement that recent economic indicators "have been mixed" and that the "adjustment in the housing sector is ongoing." The Fed added that "future policy adjustments will depend on the evolution of the outlook for both inflation and economic growth."

This was the first time in several meetings that the Fed failed to say that "additional firming" would be needed to address the risk of inflation, language that the market typically interpreted to mean that the Fed was still leaning more toward raising rates in the future as opposed to lowering them.

Hence the market responded based on the lack of those two words, "additional firming"...makes it really firm what is going on doesn't it?

:-)