- 25 bps rate hike
- economic activity has been expanding at a moderate pace (vs modest pace prior)
- Repeats forward guidance that refers to "the extent of additional policy firming that may be appropriate"
- No other changes to the statement
This statement is virtually identical to the prior one, save for the shift to a 'moderate' pace of growth from 'modest'. I thought the Fed may change the line that "inflation remains elevated" to indicate some progress but it's the same.
The implicit signal here is that the plan is to continue hiking at every-other meeting and the market is pricing in a 16% chance of a hike in September and 40% chance in November.
