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The Federal Reserve removed the assurance that it will be patient in raising interest rates, a policy that the Fed has used since late 2008 to keep longer-term borrowing costs low–which is kind of a big deal for most folks who want to purchase a home.  The Fed will now set policy at each meeting based on the latest economic data, and those expectations have moderated even from the last few meetings.  The GDP is now projected to expand by 2.3-2.7% this year, and Core Inflation is anticipated at best at 1.4%.

Without using the “D-Word”, Mrs. Yellen stated that “inflation is anticipated to decline further in the near term”. The allusion then of the current Fed Chair to a dove is indicative of the lack of action being taken by the Committee, despite non-patient stance (which is not to be confused with impatience).  The  characterization is better understood perhaps in marked contrast to the term “inflation hawk” which characterizes in general the Fed’s overriding mission to keep costs rising at a measured pace.
Stocks and Bonds had a good day yesterday, though both are paralyzed like a deer in the headlights today.