Language in the FOMC statement after the meeting saw one notable change - a declaration that it would increase or decrease the pace of its asset purchases depending on conditions.

The committee statement passed by an 11-1 vote, with Esther L. George again dissenting over fears that massive Fed money-creation could spur inflation. The central bank's balance sheet has ballooned to more than $3.3 trillion.

"The Committee is prepared to increase or reduce the pace of its purchases to maintain appropriate policy accommodation as the outlook for the labor market or inflation changes," the statement said.



It was a nod to investors, who have relied on aggressive Fed policy to boost asset prices and, hopefully, to bolster the economy.

"We would argue that for the time being the slower period of growth is largely the result of external events while the fiscal headwinds are hampering the Fed's efforts at a reducing pace over time," said Andrew Wilkinson, chief economic strategist at Miller Tabak.



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