FOMC statement was more of a press release

That caught me on the hop. I was expecting the usual statement but all we got was an "implementation note"

I don't know if that's standard fare but what it will do is remove some of the sting out of the decision as no one will be trading the statement details before the presser

Smart move

Here's the Fed's explanation:

What is the Federal Reserve's new implementation note and how does it differ from the FOMC's postmeeting statement?

With the commencement of the policy normalization process in December 2015, the Federal Reserve began issuing a note that reports the decisions the Federal Reserve has taken to implement the monetary policy stance announced by the Federal Open Market Committee (FOMC) in its postmeeting statement. This step should help increase public awareness and understanding about the normalization of monetary policy.

The implementation note provides the operational settings of the Federal Reserve's policy tools, including the interest rate paid on required and excess reserve balances, the offering rate on the Federal Reserve's overnight reverse repurchase agreements (ON RRPs), and the capacity of the ON RRP facility. In addition, the implementation note reports the primary credit rate charged on borrowing from the discount window. The settings of any other policy implementation tools that the Federal Reserve may decide to use during the normalization process would also be discussed in the implementation note.

When policymakers change the settings of the Federal Reserve's operational tools, a revised implementation note will be issued. The implementation notes, together with the Committee's postmeeting statements and other FOMC materials, are available on theFOMC calendar pageof the Federal Reserve's web site.