While expectations were for massive LSAPs and ZIRP to the moon, headlines from the FOMC statement so far appear to be disappointing:
FED REITERATES `SIGNIFICANT DOWNSIDE RISKS' TO ECONOMIC OUTLOOK
FED TO KEEP REINVESTING HOUSING DEBT INTO MORTGAGE SECURITIES
FED SAYS IT'S PREPARED TO EMPLOY TOOLS TO BOOST RECOVERY
EVANS DISSENTS FROM FOMC DECISION, WANTS MORE ACCOMMODATION
FED SAYS UNEMPLOYMENT RATE TO DECLINE `ONLY GRADUALLY'
Just as JPM "predicted", we now have our first dovish dissent
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