Instant Reaction: The Fed Decides | Bloomberg Intelligence

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Fed decision seconds away unchanges the expectation. With the call is Mike the King.

Well, pretty much as expected, John, no change in rates and the Fed leaves open the option of cutting rates in the future. Steven Myron and Chris Waller descent in favor of a rate cut. Michelle Bowman does not.

Waller's descent, of course, could be read as an effort to retain his place as a finalist to replace J. Pal later this year. The statement keeps the line about considering the extent and timing of additional adjustments to the target range, suggesting more rate cuts are possible.

There's no hint, however, of what that would lead them to do that or when. The economic assessment is very short and relative to recent stations right slightly positive. Available indicators suggest that economic activity has been expanding at a solid pace.

It says job gains have remained low and the unemployment rate has shown some signs of stabilization. Inflation remains somewhat elevated. The officials say uncertainty about the economic outlook remains elevated, but they don't emphasize jobs as they have the last three statements or inflation as the major concern.

The committee is attentive to the risks to both sides of its dual mandate. The statement says the open market desk at the New York Fed is again told to maintain an ample level of reserves by buying Treasury bills or if necessary maturities of up to 3 years or less.