From the FINANCIAL TIMES:
The Federal Reserve made a cautious upgrade to its growth outlook and kept its asset purchase programme at $600bn after its first unanimous vote since 2009.
The most important change to its statement was a reference to rising commodity prices. “Although commodity prices have risen, longer-term inflation expectations have remained stable, and measure of underlying inflation have been trending downward,” said the rate-setting federal open market committee at the end of a two-day meeting on Wednesday.
That suggests the Fed wants to acknowledge rising inflationary pressures at the global level while suggesting that they are unlikely to feed through into sustained US price rises that would require an early tightening of monetary policy…
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