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Pisani: What the Fed Said — and Meant

Fed statement: Fed continues to modestly upgrade the economy, ex-housing.

1) Job market is "stabilizing," last month "deterioration was abating."

2) Business spending on equipment and software has "risen significantly;" last month they said it "appears to be picking up."

3) Real estate still tough: Fed inserted a clause noting that "housing starts have been flat at a depressed level."

Most else unchanged, which makes sense. The Fed will want to wait a few months to see what the effects of the ending of quantitative easing will be on the economy, and whether some kind of normal secondary mortgage market develops now that the Fed is ending its purchases of mortgage-backed securities and agency debt.

More News...

  • Fed Renews Pledge to Keep Rates Low
  • Read the Fed's Statement

...and Analysis:

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