As widely expected, the FOMC kept the target range for the federal funds rate unchanged at 3.50 3.75% and dropped its easing bias. However, this decision was announced in an unusually short statement. The decision was unanimous, with Miran – who repeatedly dissented because he wanted to cut – was replaced by Warsh. The press conference was a clear break from in the Bernanke-Yellen-Powell era, with Warsh making an end to forward guidance.The statement was so short, that we replicate it here: The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote: The Committee decided to ... (full story)