Hoenig voted against using the extended period language, saying he “believed that continuing to express the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted because it could lead to the buildup of financial imbalances and increase risks to longer-run macroeconomic and financial stability”.
EUR/USD rallied to a fresh high of 1.3779 as algos went into their typical post-FOMC frenzy. It quickly sold off and trades now at 1.3745. The statement is just what you would have expected and why we would trade from 1.3716 to 1.3776 on no news is a testament to the power of machines.