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The Fed Turns More Hawkish
The Federal Open Market Committee (“FOMC”) met Wednesday and left the federal funds rate target unchanged in its 0% - 0.25% range, as was expected. However, in a more conservative (or hawkish) tone, the Fed also noted in its statement that a moderation in the pace of asset purchases (i.e., tapering) "may soon be warranted.” Furthermore, the term “transitory” regarding inflation was used much less often across all the comments made by both parties.