One fine body…
Stock prices are bumping up against their highs, but whether they can burst through and hold gains depends on the Fed.
The Fed likely will finish its "midcycle adjustment" and remove language that it will "act as appropriate to sustain the expansion," according to Goldman Sachs.
On monetary policy more broadly, Powell stuck to his recent script, saying the Fed stands committed to supporting the recovery but is data dependent and not on a preset course of cutting rates.
This is a comparison of Wednesday's FOMC statement with the one issued on July 31 after the Fed's previous policymaking meeting.
Ahead of the Fed's 2 p.m. announcement, many economists were forecasting one further cut in 2019, but some investors were hoping for two more this year.
Investors largely expected the FOMC to cut rates by a quarter point.
Powell repeated his pledge Friday to keep the economic expansion going while acknowledging that tariffs and other factors are causing growth to slow.
Markets would like Fed Chairman Jerome Powell to clarify whether the Fed sees itself at the beginning of a serious, longer-term rate cutting cycle.
The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.