The Federal Reserve has just released a statement detailing its latest decision on monetary policy resulting from the first Federal Open Market Committee meeting under the leadership of Janet Yellen.
The FOMC elected to reduce the monthly pace of its quantitative easing program by another $10 billion and scrap the 6.5% unemployment rate threshold that previously characterized its forward guidance on the likely future path of short-term interest rates, as was largely expected. It also lowered its GDP and unemployment rate forecasts, but pulled forward its forecasts on the likely timing of rate hikes.
The U.S. dollar and yields on U.S. Treasuries are sharply higher in the wake of the release.
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