No rate change and the tone is balanced but clear:
"The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run."
This is generally USD-bearish in the near term, as the hawkish stance is lighter and the Fed specifically tells us to watch for 2 things, which are the official mandate of the Fed: 1) inflation AND inflation expectations convincingly at 2% (or even a bit higher) AND a solid and growing labor market. Anything short of this will cause the Fed to pause.
For traders, this is generally USD-bearish, so any strategies based on USD strength in the near term must be reviewed... Lots of great buy and sell opportunities right now...
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