Quote Message: The focus here is going to be the fact that they've removed the reference to global risks, but inserted that they are still closely monitoring them. It definitely leans somewhat hawkish, given the fact that they've removed those risks, but in order for the Fed to have kept alive the potential for another hike this year they had to do something like this... I think the initial knee-jerk will be hawkish, but once the dust settles and people realize what they inserted I think it will water down some of the hawkish reaction. Everything else was marking to market, in the face of a soft GDP print tomorrow and slightly weaker consumption data it's not a surprise that they marked down their growth assessment."

The focus here is going to be the fact that they've removed the reference to global risks, but inserted that they are still closely monitoring them. It definitely leans somewhat hawkish, given the fact that they've removed those risks, but in order for the Fed to have kept alive the potential for another hike this year they had to do something like this... I think the initial knee-jerk will be hawkish, but once the dust settles and people realize what they inserted I think it will water down some of the hawkish reaction. Everything else was marking to market, in the face of a soft GDP print tomorrow and slightly weaker consumption data it's not a surprise that they marked down their growth assessment."