The FOMC decision was, as expected, an on-hold one. The statement, too, was little changed, although markets made a microscopic change of any tweaks in the language.
The key changes singled out were (1) the elimination of the word "recently," referring to the decline in inflation, suggesting there's some concern the weakening will be more long lasting; and the removal of the word "somewhat" from the phrase describing that inflation is "running somewhat below 2%"; and (2) regarding tapering. The FOMC said it expects to begin normalising the size of its balance sheet “relatively soon”, compared to “this year” in the previous statement. implicitly the chances of a September rate hike are close to nil and deferring until December."