- Prepared to take action to protect economy in the event that stresses escalate
- Situation in Europe poses significant risks, must be monitored closely
- Repeats FOMC statement that Fed prepared to adjust portfolio holdings
- US may need to grow more quickly to see significant further improvement in labor markets
- Substantial slack should restrain inflationary pressures
- Fiscal cliff would pose a significant threat to recovery
- European policymakers likely need to do more to stabilize area, calm fears
- Declines in energy prices should lift purchasing power
- Full text
The Fed will act if the Greek election goes badly but I guess the market was looking for something more explicit.