Details from the US Fed's FOMC monetary policy meeting 17 September 2015

Fed funds rate left in the 0.0% to 0.25% range

Votes 9-1 for unchanged. Lacker dissents and wanted 0.25% hike

Interest rate level target remains appropriate

Global economic and financial events may restrain economic activity

Fed is monitoring developments abroad

11 members see FF below 0.5% at the end of 2015 vs 7 in June

13 see lift off in 2015 vs 15 in June , 3 see 2016, vs 2 in June

1 sees negative FFR end of 2015 and 2016

1 sees 1st hike not appropriate until 2017

Economy will expand at a moderate pace with appropriate accommodation

Inflation to rise gradually to 2% target

Expected to remain near recent low

Labour market improved, solid gains, unemployment declining

So no hike and two people have even dropped off the 2015 hike list. This month's FOMC excuse is the global economy, which sounds like a load of twaddle to me as the Fed doesn't set rates for the globe. Either your economy is ready or it's not

USDJPY drops to around 120.20/25and now sits at 120.44. It's a disappointment but most of the market didn't think they would hike so that disappointment may not last. If we hold that low on another test then we may move back to where we started