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The Fed concluded their two-day, eight-times-per-year meeting yesterday with the customarily vague prepared statement.  Here’s an excerpt that pertains to what we care about: “The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2% objective over the medium term.”  IE: there was no hint as to when the first rate hike may take place.

Today’s first reading on the second quarter GDP comes in at 2.3%, below the 2.5% anticipated, but well above any reading from the first quarter.