For investors this was billed as the biggest Federal Reserve policy meeting in years and as expected the FOMC dropped the 'patient' comment

For investors this was billed as the biggest Federal Reserve policy meeting in years and as expected the FOMC dropped the 'patient' comment and stated that US rate moves will be data dependant. However, the overnight activity by the US Fed was revealing on several fronts. Firstly, the US central bank wants inflation to begin to rise before moving rates higher. Wages growth here will be key given the deflationary impact of lower oil prices and a higher currency. Secondly, it shows that 2015 US growth is likely to be below expectations for a fourth consecutive year. Thirdly, it is clear that central bank action are still trumping the global macro outlook which is looking below the consensus level of 3.75% for 2015. However, investors should be mindful that the US central bank is still on track to move rates higher, but the timing is less important than the pace of the rises and this has been scaled back by the US Fed. This is likely to broaden to the market in coming days. Read more: (VIEW LINK)