FED SPEAK

...."As tends to be the case, the market was extremely volatile after the Fed announcement, see-sawing back and forth across the unchanged line all afternoon.
But stocks and bonds both rallied in the last five minutes of the session, amid reports that a key sentence had accidently been deleted from the statement.

The sentence, "longer-term inflation expectations remain well contained," did not drastically change the basic message -- that rates will keep rising, that inflation pressures are growing and that the recent slowdown in the economy is not going to change the pace of rate hikes."

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