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After FOMC Statement—Now Watch the Economic Outlook

FOMC statement: As expected, little change in the overall sentiment. The economic recovery is proceeding "at a moderate pace," a slight downgrade from the prior statement that the economy "is on a firmer footing."

  • Read the Full Fed Statement

The crucial inflation comment was little changed; they reiterated that "increases in the price of energy and other commodities have pushed up inflation in recent months" the effects are "transitory."

Significantly, the vote was unanimous.

The economic outlook, at 2:15pm ET, may be more of a market mover. Many traders feel that the Fed should should tweak growth and unemployment a bit lower.

As for the Bernanke conference, while the press will desperately be playing a game of "gotcha!," Mr. Bernanke clearly has a different agenda.

He is going to try to educate the public on what will be happening in the next few months...to emphasize they are worried about inflation and the economy...and that employment is still too high.

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