1--There were very few changes in the FOMC statement. Importantly, Fed still expects interest rates to be exceptionally low for an extended period.
2--Initial response to the FOMC statement were higher long bond yields and weaker USD. However, a late sell-off in the stock market on concerns about financial earnings has since reversed these market movements.
3--Bank of Japan's minutes confirm termination of quantitative easing does not signal imminent rate increase.
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