We had one of the more boring FOMC statements in some time, with minimal impact on US equities markets

We had one of the more boring FOMC statements in some time, with minimal impact on US equities markets. The Fed is (of course) keeping rates unchanged and (unsurprisingly) cut bond purchases by another $10 billion. The actual statement has very few changes from January. Some minor differences include a mention of household spending rising more quickly while business fixed investment is edging down. This comes on the heels of a much worse than expected GDP number. However, GDP was impacted heavily by the harsh winter weather. Moreover, consumer spending rose at a robust 3% - and consumer purchases account for roughly 70% of GDP. As such, there's little surprise the Fed's decision was more of the same. (VIEW LINK)